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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in Miller Market Neutral Income Fund Class I, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
Miller Market Neutral Income Fund Class I (MMNIX) has returned 1.45% so far this year and 8.91% over the past 12 months.
Miller Market Neutral Income Fund Class I
- 1D
- 0.09%
- 1M
- -0.28%
- YTD
- 1.45%
- 6M
- 4.06%
- 1Y
- 8.91%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Jan 2, 2024, MMNIX's average daily return is +0.04%, while the average monthly return is +0.75%. At this rate, your investment would double in approximately 7.7 years.
Historically, 93% of months were positive and 7% were negative. The best month was Sep 2024 with a return of +1.6%, while the worst month was Mar 2026 at -0.3%. The longest winning streak lasted 22 consecutive months, and the longest losing streak was 1 months.
On a daily basis, MMNIX closed higher 43% of trading days. The best single day was Mar 7, 2024 with a return of +0.9%, while the worst single day was Nov 25, 2024 at -0.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.37% | 0.36% | -0.28% | 1.45% | |||||||||
| 2025 | 0.77% | 0.85% | 0.87% | 0.66% | 0.74% | 0.68% | 0.74% | 0.73% | 1.03% | 1.00% | 0.72% | 0.83% | 10.04% |
| 2024 | 0.30% | 0.30% | 1.40% | -0.20% | 1.19% | 0.71% | 1.07% | 1.06% | 1.60% | 0.28% | 0.85% | 0.61% | 9.56% |
Benchmark Metrics
Miller Market Neutral Income Fund Class I has an annualized alpha of 9.89%, beta of -0.03, and R² of 0.05 versus S&P 500 Index. Calculated based on daily prices since January 03, 2024.
- This fund captured 26.27% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -19.20%) — a profile typical of hedging or uncorrelated assets.
- Beta of -0.03 may look defensive, but with R² of 0.05 this fund is largely uncorrelated with S&P 500 Index — low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R² of 0.05 means this fund moves largely independently of S&P 500 Index — capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 9.89%
- Beta
- -0.03
- R²
- 0.05
- Upside Capture
- 26.27%
- Downside Capture
- -19.20%
Expense Ratio
MMNIX has a high expense ratio of 1.69%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
MMNIX ranks 99 for risk / return — in the top 99% of mutual funds on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Miller Market Neutral Income Fund Class I (MMNIX) and compare them to a chosen benchmark (S&P 500 Index).
| MMNIX | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 5.13 | 0.90 | +4.23 |
Sortino ratioReturn per unit of downside risk | 8.87 | 1.39 | +7.48 |
Omega ratioGain probability vs. loss probability | 2.36 | 1.21 | +1.15 |
Calmar ratioReturn relative to maximum drawdown | 19.17 | 1.40 | +17.77 |
Martin ratioReturn relative to average drawdown | 89.53 | 6.61 | +82.92 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore MMNIX risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
Miller Market Neutral Income Fund Class I provided a 4.85% dividend yield over the last twelve months, with an annual payout of $0.54 per share.
| Period | TTM | 2025 | 2024 |
|---|---|---|---|
| Dividend | $0.54 | $0.55 | $0.50 |
Dividend yield | 4.85% | 5.03% | 4.74% |
Monthly Dividends
The table displays the monthly dividend distributions for Miller Market Neutral Income Fund Class I. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.02 | $0.02 | |||||||||
| 2025 | $0.00 | $0.00 | $0.03 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.07 | $0.00 | $0.00 | $0.39 | $0.55 |
| 2024 | $0.06 | $0.00 | $0.00 | $0.06 | $0.00 | $0.00 | $0.08 | $0.00 | $0.00 | $0.29 | $0.50 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Miller Market Neutral Income Fund Class I. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Miller Market Neutral Income Fund Class I was 0.49%, occurring on Apr 16, 2024. Recovery took 13 trading sessions.
The current Miller Market Neutral Income Fund Class I drawdown is 0.37%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -0.49% | Apr 10, 2024 | 5 | Apr 16, 2024 | 13 | May 3, 2024 | 18 |
| -0.46% | Feb 24, 2026 | 24 | Mar 27, 2026 | — | — | — |
| -0.39% | Jun 25, 2024 | 6 | Jul 2, 2024 | 6 | Jul 11, 2024 | 12 |
| -0.29% | Aug 9, 2024 | 2 | Aug 12, 2024 | 7 | Aug 21, 2024 | 9 |
| -0.28% | Nov 25, 2024 | 1 | Nov 25, 2024 | 8 | Dec 6, 2024 | 9 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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