Miller Income Correlations

LCMNX Fund

USD 9.32 0.01 0.11%

The current 90-days correlation between Miller Income and Fidelity Real Estate is 0.03 (i.e., Significant diversification). The correlation of Miller Income 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.

Miller Income Correlation With Market

Almost no diversification

The correlation between Miller Income Fund and DJI is 0.93 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Miller Income Fund and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Miller Income Fund. 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 employment.

Moving together with Miller Mutual Fund

1.0	LMCKX	Miller Income	Pair Corr
1.0	LMCLX	Miller Income	Pair Corr
1.0	LMCMX	Miller Income	Pair Corr
0.95	LMOPX	Miller Opportunity Trust	Pair Corr
0.87	IFAFX	Income Fund	Pair Corr
0.86	AMECX	Income Fund	Pair Corr
0.88	IFACX	Income Fund	Pair Corr
0.88	FFIFX	American Funds	Pair Corr
0.88	FAIFX	American Funds	Pair Corr
0.88	RIDBX	Income Fund	Pair Corr
0.88	CIMEX	Income Fund	Pair Corr
0.88	RIDFX	Income Fund	Pair Corr
0.88	CIMCX	Income Fund	Pair Corr
0.88	CIMFX	Income Fund	Pair Corr
0.85	EKWDX	Wells Fargo Advantage	Pair Corr
0.96	HCAYX	Hartford Capital	Pair Corr
0.89	HEONX	Hartford Environmental	Pair Corr
0.75	AFNAX	Aambahl Gaynor Income	Pair Corr
0.88	TRJLX	T Rowe Price	Pair Corr
0.86	ANVHX	American Century Non	Pair Corr
0.94	AUXIX	Auxier Focus	Pair Corr
0.67	BLZIX	Blackrock Advantage Esg	Pair Corr
0.82	FREIX	Franklin Equity Income	Pair Corr
0.84	EEIAX	Eaton Vance Emerging	Pair Corr
0.66	FCBRX	Federated Hermes	Pair Corr
0.74	FGMNX	Fidelity Gnma	Pair Corr
0.94	ABYSX	Ab Discovery Value	Pair Corr
0.82	PQTNX	Pimco Trends Managed	Pair Corr
0.87	ARBOX	Absolute Convertible	Pair Corr
0.81	MGDNX	Mainstay Moderate Growth	Pair Corr
0.9	ASVIX	Small Cap Value	Pair Corr
0.84	SGDIX	Deutsche Gold Precious Steady Growth	Pair Corr
0.73	AFYCX	Aambahl Gaynor Income	Pair Corr
0.87	HFHCX	Hartford Floating	Pair Corr
0.84	TRRTX	T Rowe Price	Pair Corr
0.85	JAADX	Jhvit International Small	Pair Corr
0.88	STBYX	Invesco Short Term	Pair Corr

Related Correlations Analysis

	SRPIX	PNDIX	DREYX	CNREX	NRCFX	NRSCX	FIKMX
SRPIX		0.31	-0.54	-0.2	-0.8	-0.08	-0.35	SRPIX
PNDIX	0.31		0.43	0.74	0.23	0.8	0.75	PNDIX
DREYX	-0.54	0.43		0.75	0.84	0.72	0.76	DREYX
CNREX	-0.2	0.74	0.75		0.63	0.76	0.9	CNREX
NRCFX	-0.8	0.23	0.84	0.63		0.53	0.74	NRCFX
NRSCX	-0.08	0.8	0.72	0.76	0.53		0.78	NRSCX
FIKMX	-0.35	0.75	0.76	0.9	0.74	0.78		FIKMX
	SRPIX	PNDIX	DREYX	CNREX	NRCFX	NRSCX	FIKMX

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

FIKMX	+ 0.9	CNREX
NRCFX	+ 0.84	DREYX
NRSCX	+ 0.8	PNDIX
FIKMX	+ 0.78	NRSCX
FIKMX	+ 0.76	DREYX
NRSCX	+ 0.76	CNREX

High negative correlations

NRCFX	- 0.8	SRPIX
DREYX	- 0.54	SRPIX
FIKMX	- 0.35	SRPIX
CNREX	- 0.2	SRPIX
NRSCX	- 0.08	SRPIX

Risk-Adjusted Indicators

There is a big difference between Miller Mutual Fund performing well and Miller Income 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 Miller Income'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
SRPIX	0.60	0.04	(0.05)	(1.80)	0.53	(0.87)	1.43	(1.16)	4.15
PNDIX	0.04	0.02	0.00	(4.70)	0.00	0.00	0.10	0.00	0.30
DREYX	0.70	(0.02)	(0.07)	0.01	0.98	(0.70)	1.25	(1.26)	6.37
CNREX	0.67	0.00	(0.02)	0.07	0.68	(0.85)	1.63	(1.30)	4.60
NRCFX	0.45	(0.02)	0.00	(0.17)	0.00	0.00	0.93	(1.08)	2.75
NRSCX	0.36	0.05	(0.07)	(0.47)	0.29	(0.46)	0.65	(0.78)	3.91
FIKMX	0.17	0.00	(0.23)	0.11	0.20	(0.19)	0.33	(0.41)	0.99

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