Miller Convertible Correlations

Mutual Funds . USA . 
Fund . Miller Vertible Bond
MCIFX Fund  USD 12.60  0.02  0.16%   
The current 90-days correlation between Miller Vertible Bond and Mainstay Conservative Allocation is 0.86 (i.e., Very poor 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

Very poor diversification

The correlation between Miller Vertible Bond and DJI is 0.82 (i.e., Very poor 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 census.

Moving together with Miller Mutual Fund

  1.0MCFCX Miller Vertible BondPairCorr
  0.98MCFAX Miller Vertible BondPairCorr
  0.76MIFAX Miller Intermediate BondPairCorr
  0.62MIFCX Miller Intermediate BondPairCorr
  1.0MIFIX Miller Intermediate BondPairCorr
  0.99FCSZX Franklin VertiblePairCorr
  0.99FCSKX Franklin VertiblePairCorr
  0.99FISCX Franklin ConvertiblePairCorr
  0.99FROTX Franklin ConvertiblePairCorr
  0.99ANZCX Allianzgi ConvertiblePairCorr
  0.99ANZAX Allianzgi ConvertiblePairCorr
  0.99ANNPX Allianzgi ConvertiblePairCorr
  0.98VAADX Virtus ConvertiblePairCorr
  0.99FCVSX Fidelity VertiblePairCorr
  0.96CPAYX Columbia Pacific/asiaPairCorr
  0.98CASAX Columbia Pacific/asiaPairCorr
  0.98CASCX Columbia PacificasiaPairCorr
  0.98MSKLX Mid Cap GrowthPairCorr
  0.98CISGX Touchstone Sands CapitalPairCorr
  0.98MPEGX Mid Cap GrowthPairCorr
  0.96AMTOX Ab All MarketPairCorr
  0.98ROGSX Red Oak TechnologyPairCorr
  0.99WLCAX Wells Fargo LargePairCorr
  0.99GVALX Gotham Large ValuePairCorr
  0.92GIFRX Goldman Sachs ShortPairCorr
  0.97MCYIX Mainstay CandriamPairCorr
  0.94DIMIX Dreyfus Short IntermPairCorr
  0.98ASCZX Alger Smallcap GrowthPairCorr
  0.92RPEIX T Rowe PricePairCorr
  0.92MMUJX Mfs UtilitiesPairCorr
  0.99SWEGX Schwab Markettrack AllPairCorr
  0.99MIGFX Massachusetts InvestorsPairCorr
  0.99NTDSX Nationwide DestinationPairCorr
  0.98RSOOX Columbia DividendPairCorr
  0.72PRTCX Real Return FundPairCorr
  0.98HRNRX Hood River New Steady GrowthPairCorr

Moving against Miller Mutual Fund

  0.35MCSVX Mainstay VertiblePairCorr

Related Correlations Analysis

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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.

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