Miller Industries Correlations

MLR Stock

USD 68.11 0.58 0.86%

The current 90-days correlation between Miller Industries and Dorman Products is 0.27 (i.e., Modest diversification). The correlation of Miller Industries 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 Industries Correlation With Market

Weak diversification

The correlation between Miller Industries 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 Industries 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 Industries. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

To learn how to invest in Miller Stock, please use our How to Invest in Miller Industries guide.

Moving together with Miller Stock

0.82	GT	Goodyear Tire Rubber	Pair Corr
0.7	UA	Under Armour C Earnings Call This Week	Pair Corr

Moving against Miller Stock

0.4	QS	Quantumscape Corp Aggressive Push	Pair Corr
0.35	JL	J Long Group	Pair Corr
0.33	EM	Smart Share Global	Pair Corr
0.55	VNCE	Vince Holding Corp Trending	Pair Corr
0.41	TM	Toyota Motor Earnings Call This Week	Pair Corr

Related Correlations Analysis

	DORM	SMP	MPAA	PLOW	SRI	GNTX	ADNT	ALV	FOXF
DORM		0.76	0.51	0.41	-0.38	0.26	0.02	0.45	-0.24	DORM
SMP	0.76		0.17	0.34	-0.01	0.54	0.35	0.43	0.16	SMP
MPAA	0.51	0.17		0.19	-0.61	-0.19	-0.54	-0.02	-0.67	MPAA
PLOW	0.41	0.34	0.19		0.03	0.1	0.24	0.71	0.04	PLOW
SRI	-0.38	-0.01	-0.61	0.03		0.63	0.81	-0.07	0.93	SRI
GNTX	0.26	0.54	-0.19	0.1	0.63		0.74	0.04	0.73	GNTX
ADNT	0.02	0.35	-0.54	0.24	0.81	0.74		0.27	0.88	ADNT
ALV	0.45	0.43	-0.02	0.71	-0.07	0.04	0.27		-0.01	ALV
FOXF	-0.24	0.16	-0.67	0.04	0.93	0.73	0.88	-0.01		FOXF
	DORM	SMP	MPAA	PLOW	SRI	GNTX	ADNT	ALV	FOXF

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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

FOXF	+ 0.93	SRI
FOXF	+ 0.88	ADNT
ADNT	+ 0.81	SRI
SMP	+ 0.76	DORM
ADNT	+ 0.74	GNTX
FOXF	+ 0.73	GNTX

High negative correlations

FOXF	- 0.67	MPAA
SRI	- 0.61	MPAA
ADNT	- 0.54	MPAA
SRI	- 0.38	DORM
FOXF	- 0.24	DORM
GNTX	- 0.19	MPAA

Risk-Adjusted Indicators

There is a big difference between Miller Stock performing well and Miller Industries Company 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 Industries' 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
DORM	1.41	0.19	0.11	0.37	1.30	(1.64)	2.98	(2.61)	15.36
SMP	1.63	0.13	0.04	0.67	1.70	(1.89)	3.02	(2.39)	24.56
MPAA	2.79	0.36	0.12	0.56	2.81	(3.30)	6.21	(5.00)	22.33
PLOW	1.39	0.00	(0.01)	0.08	2.55	(1.33)	2.45	(2.91)	13.46
SRI	3.11	(0.85)	0.00	(1.20)	0.00	0.00	5.26	(6.54)	30.05
GNTX	1.04	(0.07)	0.00	2.36	0.00	0.00	2.25	(2.06)	7.93
ADNT	1.82	(0.26)	0.00	(0.51)	0.00	0.00	3.70	(4.05)	12.63
ALV	1.25	0.05	0.01	0.21	1.55	(1.24)	2.47	(2.44)	7.87
FOXF	1.94	(0.43)	0.00	(1.38)	0.00	0.00	3.00	(4.37)	10.26

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