Miller Industries Correlations

MLR Stock

USD 71.93 4.68 6.96%

The current 90-days correlation between Miller Industries and Dorman Products is 0.25 (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

Very weak diversification

The correlation between Miller Industries and DJI is 0.56 (i.e., Very 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

0.9	ALSN	Allison Transmission	Pair Corr
0.77	IP	International Paper	Pair Corr
0.67	SW	Smurfit WestRock plc	Pair Corr
0.8	DRVN	Driven Brands Holdings	Pair Corr
0.66	WBUY	WEBUY GLOBAL LTD	Pair Corr

Moving against Miller Stock

0.8	RUN	Sunrun Inc Aggressive Push	Pair Corr
0.78	EBET	Ebet Inc	Pair Corr
0.65	PITA	Heramba Electric plc	Pair Corr
0.63	EFSH	1847 Holdings LLC	Pair Corr
0.62	WPRT	Westport Fuel Systems	Pair Corr
0.62	SLDP	Solid Power	Pair Corr
0.56	SLDPW	Solid Power	Pair Corr
0.55	ZEO	Zeo Energy Corp Symbol Change	Pair Corr
0.44	DSHK	Drive Shack	Pair Corr
0.31	FBYD	Falcons Beyond Global,	Pair Corr
0.77	AVY	Avery Dennison Corp	Pair Corr
0.72	FXLV	F45 Training Holdings	Pair Corr
0.71	EVKG	Ever Glory Internati	Pair Corr
0.67	LOT	Lotus Technology American	Pair Corr
0.63	TFRFF	Tefron	Pair Corr
0.56	KSS	Kohls Corp	Pair Corr
0.54	LKQ	LKQ Corporation	Pair Corr
0.49	DSS	DSS Inc	Pair Corr
0.42	IVP	Inspire Veterinary	Pair Corr
0.35	AIN	Albany International	Pair Corr
0.31	WINR	Simplicity Esports and	Pair Corr
0.31	EXTO	Almacenes xito SA Potential Growth	Pair Corr

Related Correlations Analysis

	DORM	SMP	MPAA	PLOW	SRI	GNTX	ADNT	ALV	FOXF
DORM		0.51	0.11	-0.56	-0.78	0.18	-0.66	0.32	-0.77	DORM
SMP	0.51		0.32	0.06	-0.13	0.13	-0.15	0.15	-0.13	SMP
MPAA	0.11	0.32		0.44	0.09	-0.05	0.27	0.19	0.11	MPAA
PLOW	-0.56	0.06	0.44		0.77	-0.17	0.73	-0.02	0.78	PLOW
SRI	-0.78	-0.13	0.09	0.77		0.08	0.68	0.09	0.77	SRI
GNTX	0.18	0.13	-0.05	-0.17	0.08		0.1	0.49	-0.05	GNTX
ADNT	-0.66	-0.15	0.27	0.73	0.68	0.1		-0.05	0.87	ADNT
ALV	0.32	0.15	0.19	-0.02	0.09	0.49	-0.05		-0.29	ALV
FOXF	-0.77	-0.13	0.11	0.78	0.77	-0.05	0.87	-0.29		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	+ 0.87	ADNT
FOXF	+ 0.78	PLOW
SRI	+ 0.77	PLOW
FOXF	+ 0.77	SRI
ADNT	+ 0.73	PLOW
ADNT	+ 0.68	SRI

High negative correlations

SRI	- 0.78	DORM
FOXF	- 0.77	DORM
ADNT	- 0.66	DORM
PLOW	- 0.56	DORM
FOXF	- 0.29	ALV
GNTX	- 0.17	PLOW

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	1.32	0.28	0.21	0.44	0.91	(1.63)	3.10	(2.03)	14.67
SMP	1.77	(0.05)	0.01	0.09	1.91	(1.98)	3.71	(3.41)	24.56
MPAA	2.96	(0.05)	0.00	0.09	3.47	(3.28)	8.38	(6.22)	19.99
PLOW	1.37	(0.31)	0.00	(0.06)	0.00	0.00	2.14	(2.06)	16.25
SRI	2.83	(1.33)	0.00	(0.32)	0.00	0.00	5.25	(6.29)	30.14
GNTX	1.14	(0.08)	(0.08)	0.01	1.45	(1.15)	2.33	(2.36)	7.93
ADNT	1.87	(0.30)	0.00	(0.09)	0.00	0.00	4.08	(4.22)	10.66
ALV	1.51	(0.11)	(0.06)	0.01	1.79	(1.57)	2.80	(3.14)	8.85
FOXF	1.95	(0.52)	0.00	(0.14)	0.00	0.00	3.80	(4.37)	15.31

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