Miller Market Correlations

MMNIX Fund

10.50 0.01 0.1%

The current 90-days correlation between Miller Market Neutral and First Trust Specialty is 0.01 (i.e., Significant diversification). The correlation of Miller Market 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 Market Correlation With Market

Significant diversification

The correlation between Miller Market Neutral and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Miller Market Neutral 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 Market Neutral. 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 gross domestic product.

Moving together with Miller Mutual Fund

0.67	MCFCX	Miller Vertible Bond	Pair Corr
0.69	MCFAX	Miller Vertible Bond	Pair Corr
0.69	MCIFX	Miller Vertible Bond	Pair Corr
0.74	MIFIX	Miller Intermediate Bond	Pair Corr
0.84	ARBIX	Absolute Convertible	Pair Corr
0.71	ARBOX	Absolute Convertible	Pair Corr
0.68	AAEZX	Enhanced Fixed Income	Pair Corr
0.8	USPRX	Sp 500 Index	Pair Corr
0.63	TTIHX	Tiaa Cref Lifecycle	Pair Corr
0.74	GAB	Gabelli Equity Trust	Pair Corr
0.76	MSVZX	Massmutual Select Small	Pair Corr
0.66	HBAIX	Hartford Moderate	Pair Corr
0.67	VMLTX	Vanguard Limited Term	Pair Corr
0.61	PONRX	Pimco Income	Pair Corr
0.76	BTO	John Hancock Financial	Pair Corr

Moving against Miller Mutual Fund

0.57	ADAIX	Aqr Diversified Arbitrage	Pair Corr
0.56	ADANX	Aqr Diversified Arbitrage	Pair Corr
0.55	QDARX	Aqr Diversified Arbitrage	Pair Corr
0.37	PFHCX	Pacific Funds Small	Pair Corr

Related Correlations Analysis

	FGB	PGFMX	MCBXX	RMBLX	RPFGX	FIDAX	HILFX	DVFYX
FGB		0.04	0.0	0.23	0.29	-0.03	0.72	0.31	FGB
PGFMX	0.04		0.0	0.68	0.69	0.81	0.29	0.69	PGFMX
MCBXX	0.0	0.0		0.0	0.0	0.0	0.0	0.0	MCBXX
RMBLX	0.23	0.68	0.0		0.92	0.91	0.74	0.92	RMBLX
RPFGX	0.29	0.69	0.0	0.92		0.86	0.77	1.0	RPFGX
FIDAX	-0.03	0.81	0.0	0.91	0.86		0.5	0.86	FIDAX
HILFX	0.72	0.29	0.0	0.74	0.77	0.5		0.79	HILFX
DVFYX	0.31	0.69	0.0	0.92	1.0	0.86	0.79		DVFYX
	FGB	PGFMX	MCBXX	RMBLX	RPFGX	FIDAX	HILFX	DVFYX

Click cells to compare fundamentals

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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

DVFYX	+ 1.0	RPFGX
RPFGX	+ 0.92	RMBLX
DVFYX	+ 0.92	RMBLX
FIDAX	+ 0.91	RMBLX
FIDAX	+ 0.86	RPFGX
DVFYX	+ 0.86	FIDAX

High negative correlations

FIDAX	- 0.03	FGB
DVFYX	- 0.0	MCBXX
HILFX	- 0.0	MCBXX
FIDAX	- 0.0	MCBXX
RPFGX	- 0.0	MCBXX
RMBLX	- 0.0	MCBXX

Risk-Adjusted Indicators

There is a big difference between Miller Mutual Fund performing well and Miller Market 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 Market'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
FGB	0.72	0.14	0.09	1.08	0.95	(0.80)	1.72	(1.25)	5.45
PGFMX	0.38	(0.01)	(0.05)	(0.10)	0.54	(0.41)	0.86	(0.85)	3.70
MCBXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
RMBLX	1.18	0.00	0.00	0.03	1.43	(1.33)	2.60	(2.31)	15.68
RPFGX	0.80	0.05	0.04	0.13	0.95	(0.87)	1.34	(1.40)	9.41
FIDAX	0.94	(0.02)	(0.02)	(0.02)	1.63	(0.97)	1.79	(2.01)	14.53
HILFX	1.10	0.22	0.16	0.54	1.08	(1.29)	2.04	(1.83)	15.79
DVFYX	0.79	0.05	0.04	0.14	0.95	(0.87)	1.35	(1.39)	9.40

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