Voya Gnma Correlations

LEINX Fund  USD 7.28  0.01  0.14%   
The current 90-days correlation between Voya Gnma Income and Voya Bond Index is 0.93 (i.e., Almost no diversification). The correlation of Voya Gnma 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 Gnma Correlation With Market

Average diversification

The correlation between Voya Gnma Income and DJI is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Voya Gnma Income and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Voya Gnma Income. 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 board of governors.

Moving together with Voya Mutual Fund

  0.99ILABX Voya Bond IndexPairCorr
  0.95ILBAX Voya Bond IndexPairCorr
  0.85ILBPX Voya Limited MaturityPairCorr
  0.83ILMBX Voya Limited MaturityPairCorr
  0.95ILUAX Voya Bond IndexPairCorr
  0.91IMBAX Voya Limited MaturityPairCorr
  0.91INGBX Voya Global BondPairCorr
  0.84INTIX Voya International IndexPairCorr
  0.82IOGPX Vy Oppenheimer GlobalPairCorr
  0.91IOSAX Voya Global BondPairCorr
  0.91IOSIX Voya Global BondPairCorr
  0.91IOSSX Voya Global BondPairCorr
  0.78NAPIX Voya Multi ManagerPairCorr
  0.8NARCX Voya Multi ManagerPairCorr
  0.96IPIIX Ing Intermediate BondPairCorr
  0.95IPISX Voya Intermediate BondPairCorr

Moving against Voya Mutual Fund

  0.44IMOPX Voya Midcap OpportunitiesPairCorr
  0.41INGIX Voya Stock IndexPairCorr
  0.32IPEIX Voya Large CapPairCorr
  0.31IPEAX Voya Large CapPairCorr
  0.47VRLCX Voya Large CapPairCorr
  0.46IPLSX Voya Index PlusPairCorr
  0.45IPLIX Voya Index PlusPairCorr
  0.31IPESX Voya Large CapPairCorr
  0.31IPETX Voya Large CapPairCorr

Related Correlations Analysis

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.
High positive correlations   
ILUAXILBAX
IMBAXILBPX
ILBAXILABX
ILUAXILABX
IMBAXILABX
ILUAXILMBX
  
High negative correlations   
IMOPXILUAX
IMOPXILBAX
IMOPXILABX
IMOPXIMBAX
IMOPXILMBX
IMORXILABX

Risk-Adjusted Indicators

There is a big difference between Voya Mutual Fund performing well and Voya Gnma 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 Gnma'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.
Mean DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
ILABX  0.24 (0.07) 0.00 (1.36) 0.00 
 0.45 
 1.56 
ILBAX  0.24 (0.07) 0.00 (5.81) 0.00 
 0.44 
 1.55 
ILBPX  0.08 (0.02) 0.00 (1.12) 0.00 
 0.21 
 0.73 
ILMBX  0.08 (0.02) 0.00  2.86  0.00 
 0.21 
 0.62 
ILUAX  0.25 (0.08) 0.00 (3.17) 0.00 
 0.33 
 1.56 
IMBAX  0.08 (0.02) 0.00 (1.64) 0.00 
 0.21 
 0.64 
IMCDX  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 
IMCVX  0.73 (0.21) 0.00 (0.86) 0.00 
 1.07 
 13.13 
IMOPX  0.85  0.13  0.11  0.14  1.09 
 1.87 
 7.42 
IMORX  1.06 (0.06) 0.00 (0.02) 0.00 
 1.95 
 16.07