Voya Global Correlations

Mutual Funds . USA . 
Fund . Voya Global Equity
NAWCX Fund  USD 44.50  0.27  0.60%   
The current 90-days correlation between Voya Global Equity and Gabelli Gold Fund is 0.25 (i.e., Modest diversification). The correlation of Voya Global 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 Global Correlation With Market

Significant diversification

The correlation between Voya Global Equity and DJI is 0.03 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Voya Global Equity 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 Global Equity. 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 main economic indicators.

Moving together with Voya Mutual Fund

  0.93ILABX Voya Bond IndexPairCorr
  0.92ILBAX Voya Bond IndexPairCorr
  0.92ILBPX Voya Limited MaturityPairCorr
  0.91ILMBX Voya Limited MaturityPairCorr
  0.93ILUAX Voya Bond IndexPairCorr
  0.91IMBAX Voya Limited MaturityPairCorr
  0.82IMYCX Voya High YieldPairCorr
  0.93INGBX Voya Global BondPairCorr
  0.97INTIX Voya International IndexPairCorr
  0.68VPRDX Voya Morgan StanleyPairCorr
  0.94IOSAX Voya Global BondPairCorr
  0.94IOSIX Voya Global BondPairCorr
  0.93IOSSX Voya Global BondPairCorr
  0.93NAPIX Voya Multi ManagerPairCorr
  0.93NARCX Voya Multi ManagerPairCorr
  1.0NAWGX Voya Global EquityPairCorr
  1.0NAWIX Voya Global EquityPairCorr
  0.93IPIIX Ing Intermediate BondPairCorr
  0.85IPIMX Voya High YieldPairCorr
  0.93IPISX Voya Intermediate BondPairCorr
  0.86IPHYX Voya High YieldPairCorr

Moving against Voya Mutual Fund

  0.45IMORX Voya Midcap OpportunitiesPairCorr
  0.44IMOPX Voya Midcap OpportunitiesPairCorr
  0.44IMOWX Voya Midcap OpportunitiesPairCorr
  0.44IMOZX Voya Midcap OpportunitiesPairCorr
  0.33INGIX Voya Stock IndexPairCorr
  0.56VPRSX Voya Jpmorgan SmallPairCorr
  0.54VRLCX Voya Large CapPairCorr
  0.51IPSIX Voya Index PlusPairCorr
  0.51IPSSX Voya Index PlusPairCorr
  0.49IPMSX Voya Index PlusPairCorr
  0.49IPMIX Voya Index PlusPairCorr
  0.46IPLSX Voya Index PlusPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Voya Mutual Fund performing well and Voya Global 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 Global'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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