Voya Multi-manager Correlations

Mutual Funds USA . 
Fund . Voya Multi Manager International
NAPIX Fund  USD 61.88  0.35  0.57%   
The current 90-days correlation between Voya Multi Manager and Ultrasmall Cap Profund Ultrasmall Cap is 0.76 (i.e., Poor diversification). 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

Very weak diversification

The correlation between Voya Multi Manager Internation and DJI is 0.49 (i.e., Very weak 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

  0.63ILABX Voya Bond IndexPairCorr
  0.65ILBAX Voya Bond IndexPairCorr
  0.7ILBPX Voya Limited MaturityPairCorr
  0.67ILMBX Voya Limited MaturityPairCorr
  0.61ILUAX Voya Bond IndexPairCorr
  0.7IMBAX Voya Limited MaturityPairCorr
  0.63IMOPX Voya Midcap OpportunitiesPairCorr
  0.87IMYCX Voya High YieldPairCorr
  0.81INGIX Voya Stock IndexPairCorr
  0.68INGBX Voya Global BondPairCorr
  0.93VPISX Voya Index SolutionPairCorr
  0.98INTIX Voya International IndexPairCorr
  0.91VPRDX Voya Morgan StanleyPairCorr
  0.76VPRAX Voya T RowePairCorr
  0.93VPSSX Voya Index SolutionPairCorr
  0.92VPSAX Voya Index SolutionPairCorr
  0.81IOGPX Vy Oppenheimer GlobalPairCorr
  0.64IOSAX Voya Global BondPairCorr
  0.64IOSIX Voya Global BondPairCorr
  0.63IOSSX Voya Global BondPairCorr
  1.0NARCX Voya Multi ManagerPairCorr
  0.77NAWCX Voya Global EquityPairCorr
  0.79NAWGX Voya Global EquityPairCorr
  0.79NAWIX Voya Global EquityPairCorr
  0.84IPARX Voya Global PerspectivesPairCorr
  0.81IPEAX Voya Large CapPairCorr
  0.82IPEIX Voya Large CapPairCorr
  0.81IPESX Voya Large CapPairCorr
  0.81IPETX Voya Large CapPairCorr
  0.72IPIIX Ing Intermediate BondPairCorr
  0.88IPIMX Voya High YieldPairCorr
  0.72IPISX Voya Intermediate BondPairCorr
  0.84IPIRX Voya Global PerspectivesPairCorr
  0.88IPHYX Voya High YieldPairCorr

Related Correlations Analysis

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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.

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