To my understanding Blomberg's K (a measure of the strength of phylogenetic signal) is computed along with an associated p-value by comparing the real data to a null distribution obtained by random permutations of the data. This would mean that the null expectation is a random pattern in the data, and so only K-values with significant p-values (typically p > 0.05) can be interpreted to indicate non-random patterns (i.e. phylogenetic signal).
For my data (macaque tooth size variation) I obtain many K-statistics with values below 1, but they have non-significant p-values. What is the interpretation of this? That these data do not show a pattern that is significantly different from randomness? The literature seems to suggest that the null hypothesis for Blomberg's K can be K = 0 or K = 1. K is designed in such a way that when K < 1, it indicates low phylogenetic signal, possibly indicating convergent evolution. But I would like to know if this interpretation only holds when K < 1 with significant p-values.
(I used the function 'multiphylosignal' of the 'picante' package to calculate K for my data.)