CPMPX vs. IPHYX
CPMPX (Changing Parameters Fund) and IPHYX (Voya High Yield Portfolio) are both High Yield Bonds funds. Over the past 10 years, CPMPX returned 4.17%/yr vs 4.55%/yr for IPHYX. At a 0.49 correlation, their price movements are largely independent. CPMPX charges 2.90%/yr vs 0.73%/yr for IPHYX.
Performance
CPMPX vs. IPHYX - Performance Comparison
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Returns By Period
In the year-to-date period, CPMPX achieves a 0.85% return, which is significantly lower than IPHYX's 1.17% return. Over the past 10 years, CPMPX has underperformed IPHYX with an annualized return of 4.17%, while IPHYX has yielded a comparatively higher 4.55% annualized return.
CPMPX
- 1D
- -0.09%
- 1M
- 0.28%
- YTD
- 0.85%
- 6M
- 0.89%
- 1Y
- 5.01%
- 3Y*
- 3.36%
- 5Y*
- 2.35%
- 10Y*
- 4.17%
IPHYX
- 1D
- 0.00%
- 1M
- 0.81%
- YTD
- 1.17%
- 6M
- 1.76%
- 1Y
- 5.00%
- 3Y*
- 7.34%
- 5Y*
- 2.58%
- 10Y*
- 4.55%
CPMPX vs. IPHYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CPMPX Changing Parameters Fund | 0.85% | 6.65% | -3.47% | 8.13% | -0.22% | 3.86% | 13.43% | 6.82% | -1.19% | 5.29% |
IPHYX Voya High Yield Portfolio | 1.17% | 6.80% | 6.74% | 11.47% | -13.75% | 4.15% | 5.66% | 15.24% | -3.18% | 6.24% |
Correlation
The correlation between CPMPX and IPHYX is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2010 | 0.49 |
The correlation between CPMPX and IPHYX has been stable across timeframes, ranging from 0.49 to 0.57 - a consistent structural relationship.
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Return for Risk
CPMPX vs. IPHYX — Risk / Return Rank
CPMPX
IPHYX
CPMPX vs. IPHYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Changing Parameters Fund (CPMPX) and Voya High Yield Portfolio (IPHYX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CPMPX | IPHYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.22 | ||
| Sortino ratioReturn per unit of downside risk | +1.52 | ||
| Omega ratioGain probability vs. loss probability | 1.66 | 1.34 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 4.01 | 2.15 | +1.86 |
| Martin ratioReturn relative to average drawdown | 11.13 | 10.09 | +1.05 |
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Drawdowns
CPMPX vs. IPHYX - Drawdown Comparison
The maximum CPMPX drawdown since its inception was -8.87%, smaller than the maximum IPHYX drawdown of -32.43%. Use the drawdown chart below to compare losses from any high point for CPMPX and IPHYX.
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Drawdown Indicators
| CPMPX | IPHYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.87% | -32.43% | +23.56% |
Max Drawdown (1Y)Largest decline over 1 year | -1.31% | -2.62% | +1.31% |
Max Drawdown (3Y)Largest decline over 3 years | -8.13% | -3.81% | -4.32% |
Max Drawdown (5Y)Largest decline over 5 years | -8.13% | -17.18% | +9.05% |
Max Drawdown (10Y)Largest decline over 10 years | -8.13% | -20.45% | +12.32% |
Current DrawdownCurrent decline from peak | -1.09% | -0.23% | -0.86% |
Average DrawdownAverage peak-to-trough decline | -1.86% | -2.78% | +0.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 0.54% | -0.07% |
Volatility
CPMPX vs. IPHYX - Volatility Comparison
The current volatility for Changing Parameters Fund (CPMPX) is 0.62%, while Voya High Yield Portfolio (IPHYX) has a volatility of 1.01%. This indicates that CPMPX experiences smaller price fluctuations and is considered to be less risky than IPHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CPMPX | IPHYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.62% | 1.01% | -0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 1.36% | 2.77% | -1.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.86% | 3.53% | -1.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.84% | 5.22% | -1.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.12% | 5.51% | -2.39% |
CPMPX vs. IPHYX - Expense Ratio Comparison
CPMPX has a 2.90% expense ratio, which is higher than IPHYX's 0.73% expense ratio.
Dividends
CPMPX vs. IPHYX - Dividend Comparison
CPMPX's dividend yield for the trailing twelve months is around 3.80%, less than IPHYX's 4.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CPMPX Changing Parameters Fund | 3.80% | 3.83% | 0.00% | 4.26% | 5.03% | 4.24% | 6.94% | 2.85% | 1.71% | 3.32% | 2.25% | 1.51% |
IPHYX Voya High Yield Portfolio | 4.77% | 4.47% | 5.90% | 5.68% | 4.36% | 4.26% | 5.03% | 5.14% | 6.03% | 6.82% | 6.44% | 6.32% |
Frequently Asked Questions
CPMPX and IPHYX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IPHYX has higher volatility (1.01%) compared to CPMPX (0.62%). In terms of maximum drawdown, CPMPX dropped -8.87% vs IPHYX's -32.43%.
CPMPX currently has the higher Sharpe Ratio (2.82 vs 1.61), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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