Miller Convertible Correlations

MCFAX Fund

USD 12.79 0.06 0.47%

The current 90-days correlation between Miller Vertible Bond and Bbh Intermediate Municipal is 0.21 (i.e., Modest 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

Average diversification

The correlation between Miller Vertible Bond and DJI is 0.14 (i.e., Average 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 nation.

Moving together with Miller Mutual Fund

0.91	MCFCX	Miller Vertible Bond	Pair Corr
0.91	MCIFX	Miller Vertible Bond	Pair Corr
0.68	MIFAX	Miller Intermediate Bond	Pair Corr
0.68	MIFCX	Miller Intermediate Bond	Pair Corr
0.81	MIFIX	Miller Intermediate Bond	Pair Corr
0.67	FCSZX	Franklin Convertible	Pair Corr
0.66	FCSKX	Franklin Convertible	Pair Corr
0.65	FISCX	Franklin Vertible	Pair Corr
0.67	FROTX	Franklin Vertible	Pair Corr
0.65	FCVSX	Fidelity Convertible	Pair Corr
0.84	MCSVX	Mainstay Convertible	Pair Corr
0.62	GAB	Gabelli Equity Trust	Pair Corr
0.61	HSTIX	Stock Index Fund	Pair Corr
0.61	HSSAX	Emerald Banking And	Pair Corr

Related Correlations Analysis

	BBINX	NEMUX	FYMNX	ICAXX	NCSPX	GABTX	BIDPX	BSHIX
BBINX		0.92	0.96	0.0	0.91	0.4	0.92	0.92	BBINX
NEMUX	0.92		0.88	0.0	0.96	0.41	0.98	0.99	NEMUX
FYMNX	0.96	0.88		0.0	0.91	0.49	0.89	0.88	FYMNX
ICAXX	0.0	0.0	0.0		0.0	0.0	0.0	0.0	ICAXX
NCSPX	0.91	0.96	0.91	0.0		0.48	0.98	0.97	NCSPX
GABTX	0.4	0.41	0.49	0.0	0.48		0.43	0.41	GABTX
BIDPX	0.92	0.98	0.89	0.0	0.98	0.43		0.99	BIDPX
BSHIX	0.92	0.99	0.88	0.0	0.97	0.41	0.99		BSHIX
	BBINX	NEMUX	FYMNX	ICAXX	NCSPX	GABTX	BIDPX	BSHIX

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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

BSHIX	+ 0.99	NEMUX
BSHIX	+ 0.99	BIDPX
BIDPX	+ 0.98	NEMUX
BIDPX	+ 0.98	NCSPX
BSHIX	+ 0.97	NCSPX
FYMNX	+ 0.96	BBINX

High negative correlations

BSHIX	- 0.0	ICAXX
BIDPX	- 0.0	ICAXX
GABTX	- 0.0	ICAXX
NCSPX	- 0.0	ICAXX
ICAXX	- 0.0	FYMNX
ICAXX	- 0.0	NEMUX

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.

	Mean Deviation	Jensen Alpha	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
BBINX	0.14	(0.03)	(0.77)	0.29	(0.29)	1.27
NEMUX	0.19	(0.04)	(0.96)	0.43	(0.64)	1.83
FYMNX	0.16	(0.03)	(0.57)	0.37	(0.37)	1.49
ICAXX	0.00	0.00	0.00	0.00	0.00	0.00
NCSPX	0.17	(0.03)	(13.80)	0.30	(0.39)	1.48
GABTX	0.56	(0.10)	(0.64)	0.88	(1.20)	7.11
BIDPX	0.18	(0.03)	(1.42)	0.36	(0.45)	1.64
BSHIX	0.12	(0.03)	(3.18)	0.20	(0.30)	1.01

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