Statistics of Price Movements of VOYA Risk Managed Natural Resources Fund (IRR)

The price movements of VOYA Risk Managed Natural Resources Fund (ticker IRR) are summarized in five ways:

• Table 1. Statistics of daily price changes using the closing prices
• Table 2. Statistics of daily price changes using the closing and opening prices
• Table 3 – 7. Statistics of daily price changes when IRR opened with an increase of 1%, 2%, 3%, 4%, or more than 5%
• Table 8 – 10. Statistics of stock price changes in the 20 days after IRR had a big price move
• Table 11. Statistics of daily price changes in the 20 days after IRR moved 5% with twice the 30-day average volume

The statistics are calculated using IRR's price data across 1,549 trading days from 2015 to 2020.

Table 1. Statistics of IRR one-day price changes

In this table, the one-day price change is calculated using the closing price and the previous day's closing price.

In the past 1,549 trading days, 44.6% of the time (691 days), IRR closed above the previous day's closing price. 46.8% of the time (724 days), it closed below the previous day's closing price. 8.6% of the time (133 days), it did not change.

Also see: VIX price movement study.

IRR Price Change (%)	Number of Days	% of Total Sessions
18 – 19%	1	0.06%
17 – 18%	1	0.06%
9 – 10%	1	0.06%
8 – 9%	3	0.19%
7 – 8%	2	0.13%
6 – 7%	2	0.13%
5 – 6%	5	0.32%
4 – 5%	12	0.78%
3 – 4%	34	2.20%
2 – 3%	74	4.78%
1 – 2%	191	12.34%
0 – 1%	365	23.58%
0%	133	8.59%
0 – -1%	368	23.77%
-1 – -2%	206	13.31%
-2 – -3%	82	5.30%
-3 – -4%	42	2.71%
-4 – -5%	10	0.65%
-5 – -6%	6	0.39%
-6 – -7%	1	0.06%
-7 – -8%	3	0.19%
-8 – -9%	1	0.06%
-9 – -10%	1	0.06%
-14 – -15%	1	0.06%
-15 – -16%	1	0.06%
-16 – -17%	1	0.06%
-24 – -25%	1	0.06%

Table 2. Statistics of IRR: Closing vs. Open

In this table, instead of using the closing price of the previous day, the opening price is used to calculate the one-day price change of IRR.

44.9% of the time (696 days), IRR closed above the opening price. 45.5% of the time (705 days), it closed below the opening price. 9.6% of the time (148 days), it closed where it started.

Closing - Open (%)	Number of Days	% of Total Sessions
18 – 19%	2	0.13%
10 – 11%	2	0.13%
9 – 10%	1	0.06%
7 – 8%	2	0.13%
6 – 7%	1	0.06%
5 – 6%	3	0.19%
4 – 5%	9	0.58%
3 – 4%	33	2.13%
2 – 3%	60	3.87%
1 – 2%	167	10.78%
0 – 1%	416	26.86%
0%	148	9.55%
0 – -1%	412	26.60%
-1 – -2%	191	12.33%
-2 – -3%	68	4.39%
-3 – -4%	22	1.42%
-4 – -5%	5	0.32%
-5 – -6%	3	0.19%
-7 – -8%	1	0.06%
-9 – -10%	1	0.06%
-11 – -12%	1	0.06%
-20 – -21%	1	0.06%

Table 3. One-day performance when IRR opened 5% higher than previous close

In the past 1,549 trading days, IRR opened more than 5% higher than the previous day's closing price 5 times. Of these days, 40.0% (2 days) had closing prices above the opening price, and 60.0% (3 days) had closing prices below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
10 – 11%	1	20.00%
2 – 3%	1	20.00%
-3 – -4%	1	20.00%
-4 – -5%	1	20.00%
-5 – -6%	1	20.00%

Table 4. Closing vs. open when IRR opened 4–5% higher

On 1 days, IRR opened 4–5% higher than the previous day's closing price. Of these days, 100.0% (1 days) had closing prices above the opening price, and 0.0% (0 days) had closing prices below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
3 – 4%	1	100.00%

Table 5. Closing vs. open when IRR open 3 – 4% higher

13 times IRR opened 3 – 4% higher than the previous day's closing price. Among these days, 38.5% (5 days) closed above the opening price, 61.5% (8 days) closed below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
5 – 6%	1	7.69%
3 – 4%	1	7.69%
1 – 2%	2	15.38%
0 – 1%	1	7.69%
0 – -1%	2	15.38%
-1 – -2%	5	38.46%
-2 – -3%	1	7.69%

Table 6. Closing vs. open when IRR open 2 – 3% higher

22 times IRR opened 2 – 3% higher than the previous day's closing price. Among these days, 40.9% (9 days) closed above the opening price, 50.0% (11 days) closed below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
3 – 4%	1	4.55%
2 – 3%	1	4.55%
1 – 2%	1	4.55%
0 – 1%	6	27.27%
0%	2	9.09%
0 – -1%	3	13.64%
-1 – -2%	2	9.09%
-2 – -3%	3	13.64%
-3 – -4%	1	4.55%
-4 – -5%	2	9.09%

Table 7. Closing vs. open when IRR open 1 – 2% higher

90 times IRR opened 1 – 2% higher than the previous day's closing price. Among these days, 52.2% (47 days) closed above the opening price, 42.2% (38 days) closed below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
6 – 7%	1	1.11%
4 – 5%	1	1.11%
3 – 4%	3	3.33%
2 – 3%	7	7.78%
1 – 2%	10	11.11%
0 – 1%	25	27.78%
0%	5	5.56%
0 – -1%	18	20.00%
-1 – -2%	9	10.00%
-2 – -3%	8	8.89%
-3 – -4%	1	1.11%
-4 – -5%	1	1.11%
-5 – -6%	1	1.11%

Table 8. Periods when IRR moved 15% or more

In this table, we track the price movements in the 20 days after IRR had a one-day price change of at least 15%.

Date	Price Change	Price Change after 15% Move
Days after:		1	4	7	10	13	16	19
20200319	18.3%	3.6	18.5	24.4	29.8	28.6	34.5	37.5
20200324	17.7%	7.0	12.4	17.2	16.1	21.5	24.2	17.7
20200316	-15.1%	8.7	.6	15.0	20.8	26.0	24.9	30.6
20200312	-16.8%	-1.4	-31.4	-23.7	2.9	4.3	-2.4	8.2
20200318	-24.4%	18.3	31.0	48.6	40.8	52.8	59.2	64.8

Table 8a. IRR average price changes following a 15% up day

Of the 1,549 trading days from 2015 to 2020, there were 2 days in which IRR was up more than 15%. This table shows the average price changes over the 2 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ 15%	5.3	15.4	20.8	22.9	25.0	29.4	27.6

Table 8b. IRR average price changes following a 15% down day

Of the 1,549 trading days from 2015 to 2020, there were 3 days in which IRR was down more than -15%. This table shows the average price changes over the 3 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ -15%	8.5	.1	13.3	21.5	27.7	27.2	34.5

Table 9. Periods when IRR moved 10% or more

In this table, we track the price movements in the 20 days after IRR had a one-day price change of at least 10%.

Date	Price Change	Price Change after 10% Move
Days after:		1	4	7	10	13	16	19
20200319	18.3%	3.6	18.5	24.4	29.8	28.6	34.5	37.5
20200324	17.7%	7.0	12.4	17.2	16.1	21.5	24.2	17.7
20200309	-14.6%	.0	-24.2	-47.2	-41.3	-20.8	-19.7	-24.9
20200316	-15.1%	8.7	.6	15.0	20.8	26.0	24.9	30.6
20200312	-16.8%	-1.4	-31.4	-23.7	2.9	4.3	-2.4	8.2
20200318	-24.4%	18.3	31.0	48.6	40.8	52.8	59.2	64.8

Table 9a. IRR average price changes following a 10% up day

Of the 1,549 trading days from 2015 to 2020, there were 2 days in which IRR was up more than 10%. This table shows the average price changes over the 2 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ 10%	5.3	15.4	20.8	22.9	25.0	29.4	27.6

Table 9b. IRR average price changes following a 10% down day

Of the 1,549 trading days from 2015 to 2020, there were 4 days in which IRR was down more than -10%. This table shows the average price changes over the 4 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ -10%	6.4	-6.0	-1.8	5.8	15.6	15.5	19.7

Table 10. Periods when IRR moved 5% or more

In this table, we track the price movements in the 20 days after IRR had a one-day price change of at least 5%.

Date	Price Change	Price Change after 5% Move
Days after:		1	4	7	10	13	16	19
20200319	18.3%	3.6	18.5	24.4	29.8	28.6	34.5	37.5
20200324	17.7%	7.0	12.4	17.2	16.1	21.5	24.2	17.7
20200402	9%	-7.3	2.8	4.6	2.3	1.4	10.1	16.1
20200317	8.6%	-24.5	-16.0	13.3	14.9	7.4	19.1	21.3
20200518	8.2%	-2.3	-1.1	3.1	3.1	2.7	6.5	-.8
20201109	8.2%	-1.2	-.4	2.8	6.8	5.6	4.8	8.8
20200406	7.4%	-.5	4.1	6.5	.9	11.5	10.1	7.4
20200326	7%	-.9	-6.1	1.9	6.1	9.9	9.9	8.9
20200325	6.9%	7.0	8.5	1.5	12.6	14.6	12.1	11.1
20151223	6%	-.8	-7.7	-8.2	-10.4	-17.8	-17.5	-21.5
20150827	5.9%	3.1	.5	-.5	-1.1	-3.4	-.5	-3.9
20200429	5.8%	-2.4	-1.6	1.6	-5.9	3.2	3.2	5.1
20160122	5.2%	-5.2	3.7	1.7	2.3	-1.0	-.8	2.1
20160126	5%	.2	6.4	4.4	-.2	-.4	3.3	4.4
20171227	5%	-2.3	-1.8	-1.1	1.2	4.4	2.7	2.7
20160120	-5.1%	3.6	8.6	16.9	14.2	10.6	6.3	7.7
20160125	-5.1%	5.0	13.1	10.5	7.0	2.8	4.1	6.8
20190924	-5.5%	-4.2	-4.2	-11.0	-12.5	-8.8	-7.1	-6.4
20200501	-5.6%	4.7	6.4	6.4	3.4	12.0	10.7	13.3
20180205	-5.8%	2.2	-1.3	2.2	1.7	.7	1.7	-2.2
20200306	-5.9%	-14.6	-34.3	-40.3	-44.8	-36.8	-33.7	-30.8
20200420	-6.4%	.9	9.6	15.5	11.4	13.2	13.2	10.0
20200403	-7.3%	7.4	11.9	15.8	15.8	14.9	18.8	22.3
20200311	-7.4%	-16.9	-24.5	-30.1	-20.1	-16.1	-12.4	-13.3
20200401	-7.4%	9.0	8.0	13.0	15.5	9.5	21.0	19.5
20200611	-8.1%	4.4	4.8	4.8	.0	2.4	-2.8	-4.8
20200323	-9.1%	17.7	33.5	26.6	37.3	43.0	48.1	48.1
20200309	-14.6%	.0	-24.2	-47.2	-41.3	-20.8	-19.7	-24.9
20200316	-15.1%	8.7	.6	15.0	20.8	26.0	24.9	30.6
20200312	-16.8%	-1.4	-31.4	-23.7	2.9	4.3	-2.4	8.2
20200318	-24.4%	18.3	31.0	48.6	40.8	52.8	59.2	64.8

Table 10a. IRR average price changes following a 5% up day

Of the 1,549 trading days from 2015 to 2020, there were 15 days in which IRR was up more than 5%. This table shows the average price changes over the 15 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ 5%	-1.8	1.5	4.9	5.2	5.9	8.1	7.8

Table 10b. IRR average price changes following a 5% down day

Of the 1,549 trading days from 2015 to 2020, there were 16 days in which IRR was down more than -5%. This table shows the average price changes over the 16 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ -5%	2.8	.5	1.4	3.3	6.9	8.1	9.3

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Also see: VIX price movement study.