Voya Target Correlations

IRSNX Fund

USD 14.25 0.08 0.56%

The current 90-days correlation between Voya Target Retirement and Voya Bond Index is 0.31 (i.e., Weak diversification). The correlation of Voya Target 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 Target Correlation With Market

Poor diversification

The correlation between Voya Target Retirement and DJI is 0.67 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Voya Target Retirement 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 Target Retirement. 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

0.67	IMOPX	Voya Midcap Opportunities	Pair Corr
0.74	IMOZX	Voya Midcap Opportunities	Pair Corr
0.79	IMYCX	Voya High Yield	Pair Corr
0.83	INGIX	Voya Stock Index	Pair Corr
0.96	VPISX	Voya Index Solution	Pair Corr
0.64	VPRDX	Voya Morgan Stanley	Pair Corr
0.91	VPRAX	Voya T Rowe	Pair Corr
0.96	VPSSX	Voya Index Solution	Pair Corr
0.81	VPRSX	Voya Jpmorgan Small	Pair Corr
0.97	VPSAX	Voya Index Solution	Pair Corr
0.75	NAWGX	Voya Global Equity	Pair Corr
0.75	NAWIX	Voya Global Equity	Pair Corr
0.96	IPARX	Voya Global Perspectives	Pair Corr
0.74	IPEAX	Voya Large Cap	Pair Corr
0.74	IPEIX	Voya Large Cap	Pair Corr
0.74	IPESX	Voya Large Cap	Pair Corr
0.74	IPETX	Voya Large Cap	Pair Corr
0.84	IPIMX	Voya High Yield	Pair Corr
0.96	IPIRX	Voya Global Perspectives	Pair Corr
0.83	IPHYX	Voya High Yield	Pair Corr
0.8	IPMSX	Voya Index Plus	Pair Corr
0.81	IPLSX	Voya Index Plus	Pair Corr
0.8	IPMIX	Voya Index Plus	Pair Corr
0.82	IPSIX	Voya Index Plus	Pair Corr

Moving against Voya Mutual Fund

0.59

VSPTX

Voya Solution 2060

Pair Corr

Related Correlations Analysis

	ILABX	ILBAX	ILBPX	ILMBX	ILUAX	IMBAX	IMCDX	IMCVX	IMOPX	IMORX
ILABX		0.99	0.8	0.88	0.91	0.88	0.0	-0.16	-0.48	-0.49	ILABX
ILBAX	0.99		0.79	0.87	0.91	0.87	0.0	-0.16	-0.54	-0.54	ILBAX
ILBPX	0.8	0.79		0.97	0.73	0.97	0.0	-0.09	-0.25	-0.24	ILBPX
ILMBX	0.88	0.87	0.97		0.82	0.96	0.0	-0.13	-0.32	-0.32	ILMBX
ILUAX	0.91	0.91	0.73	0.82		0.81	0.0	-0.05	-0.56	-0.45	ILUAX
IMBAX	0.88	0.87	0.97	0.96	0.81		0.0	-0.12	-0.41	-0.38	IMBAX
IMCDX	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	IMCDX
IMCVX	-0.16	-0.16	-0.09	-0.13	-0.05	-0.12	0.0		0.37	0.72	IMCVX
IMOPX	-0.48	-0.54	-0.25	-0.32	-0.56	-0.41	0.0	0.37		0.86	IMOPX
IMORX	-0.49	-0.54	-0.24	-0.32	-0.45	-0.38	0.0	0.72	0.86		IMORX
	ILABX	ILBAX	ILBPX	ILMBX	ILUAX	IMBAX	IMCDX	IMCVX	IMOPX	IMORX

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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	+ 0.99	ILABX
ILMBX	+ 0.97	ILBPX
IMBAX	+ 0.97	ILBPX
IMBAX	+ 0.96	ILMBX
ILUAX	+ 0.91	ILABX
ILUAX	+ 0.91	ILBAX

High negative correlations

IMOPX	- 0.56	ILUAX
IMORX	- 0.54	ILBAX
IMOPX	- 0.54	ILBAX
IMORX	- 0.49	ILABX
IMOPX	- 0.48	ILABX
IMORX	- 0.45	ILUAX

Risk-Adjusted Indicators

There is a big difference between Voya Mutual Fund performing well and Voya Target 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 Target'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	0.23	(0.05)	0.00	33.92	0.00	0.00	0.45	(0.67)	1.34
ILBAX	0.23	(0.05)	0.00	1.95	0.00	0.00	0.44	(0.55)	1.33
ILBPX	0.08	(0.01)	(0.69)	1.20	0.10	(0.14)	0.21	(0.11)	0.73
ILMBX	0.08	(0.01)	0.00	1.31	0.00	0.00	0.21	(0.10)	0.63
ILUAX	0.23	(0.07)	0.00	(0.86)	0.00	0.00	0.33	(0.55)	1.33
IMBAX	0.08	(0.01)	0.00	1.12	0.00	0.00	0.21	(0.11)	0.64
IMCDX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
IMCVX	0.70	(0.19)	0.00	(0.10)	0.00	0.00	1.14	(0.99)	13.13
IMOPX	0.77	0.22	0.15	1.52	0.66	(0.96)	1.86	(1.33)	5.05
IMORX	0.99	(0.05)	(0.01)	0.05	2.59	(0.96)	1.95	(1.59)	16.07

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