MCIFX vs. MIFIX
MCIFX (Miller Convertible Bond Fund) and MIFIX (Miller Intermediate Bond Fund) are both mutual funds - MCIFX is a Convertible Bonds fund managed by Miller Investment, while MIFIX is a Corporate Bonds fund managed by Miller Investment. Over the past 10 years, MCIFX returned 5.78%/yr vs 5.15%/yr for MIFIX. Their correlation of 0.93 suggests significant overlap in exposure. MCIFX charges 0.97%/yr vs 0.99%/yr for MIFIX.
Performance
MCIFX vs. MIFIX - Performance Comparison
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Returns By Period
In the year-to-date period, MCIFX achieves a 7.13% return, which is significantly higher than MIFIX's 4.38% return. Over the past 10 years, MCIFX has outperformed MIFIX with an annualized return of 5.78%, while MIFIX has yielded a comparatively lower 5.15% annualized return.
MCIFX
- 1D
- -0.15%
- 1M
- 0.71%
- YTD
- 7.13%
- 6M
- 6.88%
- 1Y
- 13.48%
- 3Y*
- 8.01%
- 5Y*
- 3.23%
- 10Y*
- 5.78%
MIFIX
- 1D
- -0.18%
- 1M
- 0.42%
- YTD
- 4.38%
- 6M
- 4.25%
- 1Y
- 9.36%
- 3Y*
- 7.88%
- 5Y*
- 3.74%
- 10Y*
- 5.15%
MCIFX vs. MIFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MCIFX Miller Convertible Bond Fund | 7.13% | 6.35% | 5.75% | 6.06% | -10.55% | 4.40% | 19.61% | 13.28% | -5.64% | 7.30% |
MIFIX Miller Intermediate Bond Fund | 4.38% | 7.11% | 7.31% | 6.88% | -7.72% | 4.32% | 14.22% | 9.79% | -1.91% | 3.10% |
Correlation
The correlation between MCIFX and MIFIX is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015 | 0.93 |
The correlation between MCIFX and MIFIX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.
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Return for Risk
MCIFX vs. MIFIX — Risk / Return Rank
MCIFX
MIFIX
MCIFX vs. MIFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Miller Convertible Bond Fund (MCIFX) and Miller Intermediate Bond Fund (MIFIX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| MCIFX | MIFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.63 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.03 | 3.58 | -0.55 |
| Martin ratioReturn relative to average drawdown | 12.34 | 14.15 | -1.81 |
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Drawdowns
MCIFX vs. MIFIX - Drawdown Comparison
The maximum MCIFX drawdown since its inception was -29.19%, which is greater than MIFIX's maximum drawdown of -15.58%. Use the drawdown chart below to compare losses from any high point for MCIFX and MIFIX.
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Drawdown Indicators
| MCIFX | MIFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.19% | -15.58% | -13.61% |
Max Drawdown (1Y)Largest decline over 1 year | -4.53% | -2.68% | -1.85% |
Max Drawdown (3Y)Largest decline over 3 years | -6.35% | -5.39% | -0.96% |
Max Drawdown (5Y)Largest decline over 5 years | -14.75% | -11.87% | -2.88% |
Max Drawdown (10Y)Largest decline over 10 years | -17.36% | -15.58% | -1.78% |
Current DrawdownCurrent decline from peak | -1.13% | -0.97% | -0.16% |
Average DrawdownAverage peak-to-trough decline | -3.87% | -2.05% | -1.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.11% | 0.68% | +0.43% |
Volatility
MCIFX vs. MIFIX - Volatility Comparison
Miller Convertible Bond Fund (MCIFX) has a higher volatility of 1.91% compared to Miller Intermediate Bond Fund (MIFIX) at 1.11%. This indicates that MCIFX's price experiences larger fluctuations and is considered to be riskier than MIFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MCIFX | MIFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.91% | 1.11% | +0.80% |
Volatility (6M)Calculated over the trailing 6-month period | 4.14% | 2.29% | +1.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.31% | 3.08% | +2.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.15% | 5.00% | +1.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.99% | 5.42% | +1.57% |
MCIFX vs. MIFIX - Expense Ratio Comparison
MCIFX has a 0.97% expense ratio, which is lower than MIFIX's 0.99% expense ratio.
Dividends
MCIFX vs. MIFIX - Dividend Comparison
MCIFX's dividend yield for the trailing twelve months is around 5.15%, more than MIFIX's 4.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MCIFX Miller Convertible Bond Fund | 5.15% | 4.10% | 4.12% | 3.55% | 3.99% | 7.69% | 3.43% | 2.96% | 5.31% | 5.59% | 2.45% | 2.46% |
MIFIX Miller Intermediate Bond Fund | 4.41% | 4.59% | 4.08% | 3.60% | 3.62% | 5.87% | 5.16% | 2.36% | 5.16% | 3.90% | 1.48% | 1.78% |
Frequently Asked Questions
With a correlation of 0.93, MCIFX and MIFIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
MCIFX has higher volatility (1.91%) compared to MIFIX (1.11%). In terms of maximum drawdown, MCIFX dropped -29.19% vs MIFIX's -15.58%.
MIFIX currently has the higher Sharpe Ratio (3.12 vs 2.59), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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