As a general rule, the voltage and frequency ARE related, directly.
This is teh "volts per Hz" relationship. Also known as "volt-seconds".
A given inductance, a motor winding, or a transformer winding, can "support" voltage based on the inductance, and the time the voltage is applied. Too long, and the resulting idle current is too large, saturating the core.
With regard to 50 and 60 hz, the longer 50Hz 'cycle" requires more inductance to "support" the same voltage as at 60Hz.
So, as a VFD reduces frequency, it also must reduce voltage. And if you have a transformer correct for 480V 60 Hz, at 5/6 frequency, it can support only 5/6 voltage, or 400V. 460V >> 380V, etc.
The reverse also holds, if moving to 60 Hz, the winding can support 6/5 voltage.
As a practical matter, if you have a 1HP motor, and you would like it to be 2HP, you can, if the insulation and construction can take it, operate that motor as 2HP at double frequency. 1HP at 60 hz 240V, 2 HP at 120Hz and 480V. Same current either way, so double power at double voltage.
240/60 = 4 V/Hz and 480 /120 also = 4 V / Hz.