MIFIX vs. MMNIX
MIFIX (Miller Intermediate Bond Fund) and MMNIX (Miller Market Neutral Income Fund Class I) are both mutual funds - MIFIX is a Corporate Bonds fund managed by Miller, while MMNIX is a Equity Market Neutral fund actively managed by Miller. Over the past year, MIFIX returned 9.96% vs 8.78% for MMNIX. Their -0.05 correlation means they have often moved in opposite directions in the past. MIFIX charges 0.99%/yr vs 1.69%/yr for MMNIX.
Performance
MIFIX vs. MMNIX - Performance Comparison
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Returns By Period
In the year-to-date period, MIFIX achieves a 5.78% return, which is significantly higher than MMNIX's 4.31% return.
MIFIX
- 1D
- -0.23%
- 1M
- 0.06%
- 6M
- 4.54%
- YTD
- 5.78%
- 1Y
- 9.96%
- 3Y*
- 7.15%
- 5Y*
- 3.99%
- 10Y*
- 4.94%
- ALL TIME*
- 5.15%
MMNIX
- 1D
- -0.09%
- 1M
- 0.18%
- 6M
- 2.90%
- YTD
- 4.31%
- 1Y
- 8.78%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 9.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
MIFIX vs. MMNIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MIFIX Miller Intermediate Bond Fund | 5.78% | 7.11% | 7.31% |
MMNIX Miller Market Neutral Income Fund Class I | 4.31% | 10.04% | 9.56% |
Correlation
The correlation between MIFIX and MMNIX is -0.11, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.11 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2024 | -0.05 |
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Return for Risk
MIFIX vs. MMNIX — Risk / Return Rank
MIFIX
MMNIX
MIFIX vs. MMNIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Miller Intermediate Bond Fund (MIFIX) and Miller Market Neutral Income Fund Class I (MMNIX). 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.
| MIFIX | MMNIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.47 | ||
| Sortino ratioReturn per unit of downside risk | -4.96 | ||
| Omega ratioGain probability vs. loss probability | 1.64 | 2.61 | -0.97 |
| Calmar ratioReturn relative to maximum drawdown | 3.63 | 19.41 | -15.78 |
| Martin ratioReturn relative to average drawdown | 14.32 | 82.00 | -67.68 |
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Drawdowns
MIFIX vs. MMNIX - Drawdown Comparison
The maximum MIFIX drawdown since its inception was -15.58%, which is greater than MMNIX's maximum drawdown of -0.49%. Use the drawdown chart below to compare losses from any high point for MIFIX and MMNIX.
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Drawdown Indicators
| MIFIX | MMNIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.58% | -0.49% | -15.09% |
Max Drawdown (1Y)Largest decline over 1 year | -2.68% | -0.46% | -2.22% |
Max Drawdown (3Y)Largest decline over 3 years | -5.10% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -11.87% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -15.58% | — | — |
Current DrawdownCurrent decline from peak | -0.35% | -0.09% | -0.26% |
Average DrawdownAverage peak-to-trough decline | -2.03% | -0.06% | -1.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 0.11% | +0.57% |
Volatility
MIFIX vs. MMNIX - Volatility Comparison
Miller Intermediate Bond Fund (MIFIX) has a higher volatility of 0.78% compared to Miller Market Neutral Income Fund Class I (MMNIX) at 0.23%. This indicates that MIFIX's price experiences larger fluctuations and is considered to be riskier than MMNIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MIFIX | MMNIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 0.23% | +0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 2.32% | 1.11% | +1.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.10% | 1.59% | +1.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.93% | 1.73% | +3.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.40% | 1.73% | +3.67% |
MIFIX vs. MMNIX - Expense Ratio Comparison
MIFIX has a 0.99% expense ratio, which is lower than MMNIX's 1.69% expense ratio.
Dividends
MIFIX vs. MMNIX - Dividend Comparison
MIFIX's dividend yield for the trailing twelve months is around 4.36%, less than MMNIX's 4.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MIFIX Miller Intermediate Bond Fund | 4.36% | 4.59% | 4.08% | 3.60% | 3.62% | 5.87% | 5.16% | 2.36% | 5.16% | 3.90% | 1.48% | 1.78% |
MMNIX Miller Market Neutral Income Fund Class I | 4.54% | 5.03% | 4.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MIFIX and MMNIX have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MIFIX has higher volatility (0.78%) compared to MMNIX (0.23%). In terms of maximum drawdown, MIFIX dropped -15.58% vs MMNIX's -0.49%.
MMNIX currently has the higher Sharpe Ratio (5.62 vs 3.14), 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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