Miller Convertible Correlations

Mutual Funds USA . 
Fund . Miller Vertible Bond
MCIFX Fund  USD 12.89  0.01  0.08%   
The current 90-days correlation between Miller Vertible Bond and Absolute Convertible Arbitrage is 0.1 (i.e., Average diversification). The correlation of Miller Convertible 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 Convertible Correlation With Market

Weak diversification

The correlation between Miller Vertible Bond and DJI is 0.38 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Miller Vertible Bond 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 Vertible Bond. 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 census.

Moving together with Miller Mutual Fund

  0.69MMNIX Miller Market NeutralPairCorr
  0.88MCFCX Miller Vertible BondPairCorr
  1.0MCFAX Miller Vertible BondPairCorr
  0.65MIFAX Miller Intermediate BondPairCorr
  0.97MIFIX Miller Intermediate BondPairCorr
  0.82FCSZX Franklin ConvertiblePairCorr
  0.82FCSKX Franklin VertiblePairCorr
  0.82FISCX Franklin ConvertiblePairCorr
  0.83FROTX Franklin ConvertiblePairCorr
  0.64ANZCX Allianzgi ConvertiblePairCorr
  0.63ANZAX Allianzgi ConvertiblePairCorr
  0.63ANNPX Allianzgi ConvertiblePairCorr
  0.8FCVSX Fidelity ConvertiblePairCorr
  0.9MCSVX Mainstay ConvertiblePairCorr
  0.8JHBCX Jhancock Blue ChipPairCorr
  0.92OANBX Oakmark Equity AndPairCorr
  0.7VLCAX Vanguard Large CapPairCorr
  0.89APDNX Artisan Select EquityPairCorr
  0.89FPURX Fidelity PuritanPairCorr
  0.72VFIAX Vanguard 500 IndexPairCorr
  0.9MSVZX Massmutual Select SmallPairCorr
  0.85SNPTX Dws Equity SectorPairCorr
  0.77TEDPX Tiaa Cref EmergingPairCorr

Related Correlations Analysis

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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   
PCNTX
+ 0.95
VAADX
PCNTX
+ 0.87
PBXIX
VAADX
+ 0.72
FSAWX
PBXIX
+ 0.7
ARBOX
VAADX
+ 0.7
PBXIX
PCNTX
+ 0.52
FSAWX
  
High negative correlations   
FSAWX
- 0.31
ARBOX

Risk-Adjusted Indicators

There is a big difference between Miller Mutual Fund performing well and Miller Convertible 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 Convertible'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.

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