Miller Intermediate Correlations

MIFAX Fund

USD 27.32 0.26 0.96%

The current 90-days correlation between Miller Intermediate Bond and Janus Global Technology is -0.05 (i.e., Good diversification). The correlation of Miller Intermediate 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 Intermediate Correlation With Market

Weak diversification

The correlation between Miller Intermediate Bond and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Miller Intermediate 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 Intermediate 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 nation.

Moving together with Miller Mutual Fund

0.91	MIFCX	Miller Intermediate Bond	Pair Corr
0.83	UTF	Cohen And Steers	Pair Corr

Related Correlations Analysis

	JNGTX	BIPIX	TEFQX	ITYYX	DRGTX	TEPIX
JNGTX		-0.14	0.94	0.92	0.92	0.98	JNGTX
BIPIX	-0.14		-0.08	-0.3	-0.3	-0.08	BIPIX
TEFQX	0.94	-0.08		0.89	0.88	0.94	TEFQX
ITYYX	0.92	-0.3	0.89		0.98	0.87	ITYYX
DRGTX	0.92	-0.3	0.88	0.98		0.89	DRGTX
TEPIX	0.98	-0.08	0.94	0.87	0.89		TEPIX
	JNGTX	BIPIX	TEFQX	ITYYX	DRGTX	TEPIX

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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

TEPIX	+ 0.98	JNGTX
DRGTX	+ 0.98	ITYYX
TEFQX	+ 0.94	JNGTX
TEPIX	+ 0.94	TEFQX
ITYYX	+ 0.92	JNGTX
DRGTX	+ 0.92	JNGTX

High negative correlations

DRGTX	- 0.3	BIPIX
ITYYX	- 0.3	BIPIX
BIPIX	- 0.14	JNGTX
TEPIX	- 0.08	BIPIX
TEFQX	- 0.08	BIPIX

Risk-Adjusted Indicators

There is a big difference between Miller Mutual Fund performing well and Miller Intermediate 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 Intermediate'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
JNGTX	0.91	(0.03)	(0.02)	0.09	1.35	(0.89)	1.89	(2.57)	5.88
BIPIX	1.47	(0.31)	0.00	(0.06)	0.00	0.00	3.10	(3.98)	11.89
TEFQX	1.19	(0.03)	0.02	0.10	1.67	(1.20)	2.88	(2.66)	8.22
ITYYX	0.98	0.20	0.05	2.76	1.31	(1.00)	2.50	(2.43)	6.05
DRGTX	1.01	0.13	0.00	(0.93)	1.57	(0.92)	1.80	(2.47)	6.64
TEPIX	1.50	(0.08)	0.00	0.07	2.23	(1.47)	2.84	(3.72)	9.83

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