Voya Multi-manager Correlations

NAPIX Fund

USD 61.89 0.74 1.18%

The correlation of Voya Multi-manager 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 Multi-manager Correlation With Market

Poor diversification

The correlation between Voya Multi Manager Internation and DJI is 0.66 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Voya Multi Manager Internation 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 Multi Manager International. 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

0.83	ILABX	Voya Bond Index	Pair Corr
0.82	ILBAX	Voya Bond Index	Pair Corr
0.85	ILBPX	Voya Limited Maturity	Pair Corr
0.83	ILMBX	Voya Limited Maturity	Pair Corr
0.83	ILUAX	Voya Bond Index	Pair Corr
0.84	IMBAX	Voya Limited Maturity	Pair Corr
0.76	IMYCX	Voya High Yield	Pair Corr
0.88	INGBX	Voya Global Bond	Pair Corr
0.98	INTIX	Voya International Index	Pair Corr
0.67	VPRDX	Voya Morgan Stanley	Pair Corr
0.89	IOSAX	Voya Global Bond	Pair Corr
0.89	IOSIX	Voya Global Bond	Pair Corr
0.87	IOSSX	Voya Global Bond	Pair Corr
1.0	NARCX	Voya Multi Manager	Pair Corr
0.94	NAWCX	Voya Global Equity	Pair Corr
0.94	NAWGX	Voya Global Equity	Pair Corr
0.94	NAWIX	Voya Global Equity	Pair Corr
0.62	IPEIX	Voya Large Cap	Pair Corr
0.62	IPESX	Voya Large Cap	Pair Corr
0.61	IPETX	Voya Large Cap	Pair Corr
0.83	IPIIX	Ing Intermediate Bond	Pair Corr
0.79	IPIMX	Voya High Yield	Pair Corr
0.83	IPISX	Voya Intermediate Bond	Pair Corr
0.8	IPHYX	Voya High Yield	Pair Corr

Moving against Voya Mutual Fund

0.35	IMOPX	Voya Midcap Opportunities	Pair Corr
0.35	IMORX	Voya Midcap Opportunities	Pair Corr
0.34	IMOWX	Voya Midcap Opportunities	Pair Corr
0.34	IMOZX	Voya Midcap Opportunities	Pair Corr
0.49	VPRSX	Voya Jpmorgan Small	Pair Corr
0.47	VRLCX	Voya Large Cap	Pair Corr
0.46	IPSIX	Voya Index Plus	Pair Corr
0.46	IPSSX	Voya Index Plus	Pair Corr
0.44	IPMSX	Voya Index Plus	Pair Corr
0.44	IPMIX	Voya Index Plus	Pair Corr
0.4	IPLIX	Voya Index Plus	Pair Corr

Related Correlations Analysis

	ILABX	ILBAX	ILBPX	ILMBX	ILUAX	IMBAX	IMCVX	IMOPX	IMORX	IMOWX
ILABX		1.0	0.92	0.95	1.0	0.93	-0.45	-0.62	-0.62	-0.62	ILABX
ILBAX	1.0		0.93	0.95	1.0	0.93	-0.48	-0.65	-0.65	-0.64	ILBAX
ILBPX	0.92	0.93		0.97	0.92	1.0	-0.5	-0.64	-0.64	-0.63	ILBPX
ILMBX	0.95	0.95	0.97		0.94	0.98	-0.47	-0.64	-0.65	-0.64	ILMBX
ILUAX	1.0	1.0	0.92	0.94		0.92	-0.46	-0.62	-0.63	-0.62	ILUAX
IMBAX	0.93	0.93	1.0	0.98	0.92		-0.52	-0.66	-0.67	-0.66	IMBAX
IMCVX	-0.45	-0.48	-0.5	-0.47	-0.46	-0.52		0.9	0.9	0.9	IMCVX
IMOPX	-0.62	-0.65	-0.64	-0.64	-0.62	-0.66	0.9		1.0	1.0	IMOPX
IMORX	-0.62	-0.65	-0.64	-0.65	-0.63	-0.67	0.9	1.0		1.0	IMORX
IMOWX	-0.62	-0.64	-0.63	-0.64	-0.62	-0.66	0.9	1.0	1.0		IMOWX
	ILABX	ILBAX	ILBPX	ILMBX	ILUAX	IMBAX	IMCVX	IMOPX	IMORX	IMOWX

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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

ILBAX	+ 1.0	ILABX
ILUAX	+ 1.0	ILABX
ILUAX	+ 1.0	ILBAX
IMBAX	+ 1.0	ILBPX
IMORX	+ 1.0	IMOPX
IMOWX	+ 1.0	IMOPX

High negative correlations

IMORX	- 0.67	IMBAX
IMOWX	- 0.66	IMBAX
IMOPX	- 0.66	IMBAX
IMORX	- 0.65	ILMBX
IMORX	- 0.65	ILBAX
IMOPX	- 0.65	ILBAX

Risk-Adjusted Indicators

There is a big difference between Voya Mutual Fund performing well and Voya Multi-manager 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 Multi-manager'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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
ILABX	0.24	0.02	0.28	1.98	0.15	(0.29)	0.56	(0.34)	1.36
ILBAX	0.25	0.03	0.27	1.72	0.18	(0.30)	0.55	(0.45)	1.36
ILBPX	0.09	0.01	0.49	(0.63)	0.00	(0.16)	0.21	(0.11)	0.74
ILMBX	0.09	0.02	0.48	1.18	0.00	(0.14)	0.21	(0.11)	0.74
ILUAX	0.24	0.02	0.27	1.77	0.16	(0.30)	0.56	(0.34)	1.36
IMBAX	0.09	0.01	0.48	(0.41)	0.00	(0.15)	0.22	(0.11)	0.65
IMCVX	0.67	0.00	0.00	(0.05)	0.00	0.00	1.18	(1.47)	2.86
IMOPX	1.27	(0.10)	0.00	(0.12)	0.00	0.00	2.14	(2.53)	6.04
IMORX	1.27	(0.10)	0.00	(0.12)	0.00	0.00	2.20	(2.58)	6.38
IMOWX	1.27	(0.10)	0.00	(0.12)	0.00	0.00	2.20	(2.57)	6.30

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