Voya High Correlations

Mutual Funds . USA . 
Fund . Voya High Yield
IMYCX Fund  USD 6.98  0.01  0.14%   
The current 90-days correlation between Voya High Yield and Western Asset High is 0.69 (i.e., Poor diversification). The correlation of Voya High 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 High Correlation With Market

Weak diversification

The correlation between Voya High Yield and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Voya High Yield 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 High Yield. 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

  0.73IMCVX Voya Multi ManagerPairCorr
  0.63IMOPX Voya Midcap OpportunitiesPairCorr
  0.63IMORX Voya Midcap OpportunitiesPairCorr
  0.63IMOZX Voya Midcap OpportunitiesPairCorr
  0.69INGIX Voya Stock IndexPairCorr
  0.77VPISX Voya Index SolutionPairCorr
  0.77VPRAX Voya T RowePairCorr
  0.75VPSSX Voya Index SolutionPairCorr
  0.76VPSAX Voya Index SolutionPairCorr
  0.64NAWCX Voya Global EquityPairCorr
  0.65NAWIX Voya Global EquityPairCorr
  0.81IPARX Voya Global PerspectivesPairCorr
  0.69IPEAX Voya Large CapPairCorr
  0.69IPEIX Voya Large CapPairCorr
  0.7IPETX Voya Large CapPairCorr
  0.97IPIMX Voya High YieldPairCorr
  0.66IPLIX Voya Index PlusPairCorr
  0.64VRLCX Voya Large CapPairCorr
  0.82IPSRX Voya Global PerspectivesPairCorr
  0.79VRRJX Voya Target RetirementPairCorr
  0.78VRRIX Voya Target RetirementPairCorr
  0.7VRRHX Voya Target RetirementPairCorr
  0.76VRRNX Voya Target RetirementPairCorr

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   
FIHLX
+ 0.94
WAHSX
PHDTX
+ 0.93
WAHSX
PHDTX
+ 0.89
AGTFX
FIHLX
+ 0.85
FHAIX
FIHLX
+ 0.85
PHDTX
FHAIX
+ 0.79
WAHSX
  
High negative correlations   
AGTFX
- 0.05
BCHIX

Risk-Adjusted Indicators

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