Voya Index Correlations

Mutual Funds . USA . 
Fund . Voya Index Plus
IPLIX Fund  USD 28.92  0.02  0.07%   
The current 90-days correlation between Voya Index Plus and T Rowe Price is 0.13 (i.e., Average diversification). The correlation of Voya Index is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Voya Index Correlation With Market

Poor diversification

The correlation between Voya Index Plus and DJI is 0.76 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Voya Index Plus and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Voya Index Plus. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with Voya Mutual Fund

  0.92IMCVX Voya Multi ManagerPairCorr
  0.96IMOPX Voya Midcap OpportunitiesPairCorr
  0.96IMORX Voya Midcap OpportunitiesPairCorr
  0.96IMOWX Voya Midcap OpportunitiesPairCorr
  0.96IMOZX Voya Midcap OpportunitiesPairCorr
  0.91INGIX Voya Stock IndexPairCorr
  0.74VPISX Voya Index SolutionPairCorr
  0.82VPRAX Voya T RowePairCorr
  0.75VPSSX Voya Index SolutionPairCorr
  0.97VPRSX Voya Jpmorgan SmallPairCorr
  0.71VPSAX Voya Index SolutionPairCorr
  0.94IOGPX Vy Oppenheimer GlobalPairCorr

Moving against Voya Mutual Fund

  0.67IMBAX Voya Limited MaturityPairCorr
  0.65ILBPX Voya Limited MaturityPairCorr
  0.65ILMBX Voya Limited MaturityPairCorr
  0.62ILBAX Voya Bond IndexPairCorr
  0.6ILABX Voya Bond IndexPairCorr
  0.6ILUAX Voya Bond IndexPairCorr
  0.57INGBX Voya Global BondPairCorr
  0.47INTIX Voya International IndexPairCorr
  0.57IOSAX Voya Global BondPairCorr
  0.57IOSIX Voya Global BondPairCorr
  0.57IOSSX Voya Global BondPairCorr
  0.44NAWCX Voya Global EquityPairCorr
  0.44NAWGX Voya Global EquityPairCorr
  0.44NAWIX Voya Global EquityPairCorr
  0.34NAPIX Voya Multi ManagerPairCorr
  0.33NARCX Voya Multi ManagerPairCorr
  0.61IPIIX Ing Intermediate BondPairCorr
  0.61IPISX Voya Intermediate BondPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Voya Mutual Fund performing well and Voya Index Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Voya Index's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

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