- ISIN
- US85520V4344
- CUSIP
- 85520V434
- Issuer
- Matisse
- Inception Date
- Oct 30, 2012
- Category
- Tactical Allocation
- Min. Investment
- $1,000
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Value
Share Price Chart
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Performance
MDCEX Performance Chart
Matisse Discounted Closed-End Fund Strategy (MDCEX) is up 3.9% since the beginning of the year. MDCEX is currently trading at $8 per share. Investors who bought $1,000 worth of MDCEX shares 5 years ago would now be looking at an investment worth $1,690.
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Returns By Period
Matisse Discounted Closed-End Fund Strategy (MDCEX) has returned 3.92% so far this year and 14.98% over the past 12 months. Over the last ten years, MDCEX has returned 10.14% per year, falling short of the S&P 500 Index benchmark, which averaged 13.26% annually.
Matisse Discounted Closed-End Fund Strategy
- 1D
- 1.11%
- 1M
- -2.71%
- 6M
- 0.35%
- YTD
- 3.92%
- 1Y
- 14.98%
- 3Y*
- 18.04%
- 5Y*
- 11.06%
- 10Y*
- 10.14%
- ALL TIME*
- 8.86%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
MDCEX Monthly Returns History
Based on dividend-adjusted daily data since Nov 1, 2012, MDCEX's average daily return is +0.04%, while the average monthly return is +0.82%. At this rate, an investment would double in approximately 7.1 years.
Historically, 62% of months were positive and 38% were negative. The best month was Nov 2020 with a return of +14.6%, while the worst month was Mar 2020 at -29.3%. The longest winning streak lasted 15 consecutive months, and the longest losing streak was 5 months.
On a daily basis, MDCEX closed higher 52% of trading days. The best single day was Mar 19, 2020 with a return of +7.5%, while the worst single day was Mar 18, 2020 at -16.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 3.56% | -0.96% | -5.19% | 8.23% | 2.33% | -1.06% | -2.47% | 3.92% | |||||
| 2025 | 5.11% | 0.62% | -2.51% | -0.09% | 4.94% | 6.29% | 1.66% | 3.90% | 3.13% | 0.68% | -0.95% | 2.57% | 28.05% |
| 2024 | 1.27% | 2.32% | 3.77% | -4.25% | 3.84% | 1.39% | 1.37% | 0.64% | 2.51% | -0.37% | 4.08% | -2.18% | 14.98% |
| 2023 | 10.00% | -2.51% | -1.52% | -0.33% | -2.01% | 7.92% | 3.56% | -1.56% | -2.50% | -4.33% | 10.26% | 6.18% | 23.93% |
| 2022 | 0.44% | -1.18% | 3.16% | -2.50% | 1.06% | -7.30% | 5.26% | -0.16% | -10.81% | 7.36% | 5.35% | -5.80% | -6.59% |
| 2021 | 1.79% | 4.58% | 3.63% | 4.73% | 3.57% | 0.64% | -1.98% | 1.87% | -0.74% | 3.41% | -0.75% | -8.09% | 12.61% |
Benchmark Metrics
Matisse Discounted Closed-End Fund Strategy has an annualized alpha of 0.85%, beta of 0.63, and R2 of 0.56 versus S&P 500 Index. Calculated based on daily prices since November 01, 2012.
- This fund participated in 87.96% of S&P 500 Index downside but only 74.30% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.63 indicates this fund moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- 0.85%
- Beta
- 0.63
- R²
- 0.56
- Upside Capture
- 74.30%
- Downside Capture
- 87.96%
Expense Ratio
MDCEX has a high expense ratio of 1.25%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
MDCEX ranks 34 for risk / return — above 34% of mutual funds peers on PortfoliosLab. Its historical combined result is below the peer median.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Matisse Discounted Closed-End Fund Strategy (MDCEX) and compare them to S&P 500 Index.
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.
| MDCEX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.25 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | 2.00 | -0.51 |
| Martin ratioReturn relative to average drawdown | 5.39 | 8.49 | -3.10 |
Dividends
Dividend History
Matisse Discounted Closed-End Fund Strategy provided a 11.39% dividend yield over the last twelve months, with an annual payout of $0.88 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.88 | $0.88 | $0.82 | $0.53 | $0.53 | $2.84 | $0.90 | $1.01 | $1.51 | $0.26 | $0.32 | $0.80 |
Dividend yield | 11.39% | 11.38% | 12.11% | 8.00% | 9.10% | 41.90% | 10.81% | 10.09% | 17.17% | 2.33% | 3.30% | 9.38% |
Monthly Dividends
The table displays the monthly dividend distributions for Matisse Discounted Closed-End Fund Strategy. 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 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.31 | |||||
| 2025 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.39 | $0.88 |
| 2024 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.33 | $0.82 |
| 2023 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.13 | $0.53 |
| 2022 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.13 | $0.53 |
| 2021 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.13 | $0.49 | $0.00 | $0.13 | $0.00 | $0.00 | $1.95 | $2.84 |
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 Matisse Discounted Closed-End Fund Strategy. 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 Matisse Discounted Closed-End Fund Strategy was 48.68%, occurring on Mar 18, 2020. Recovery took 229 trading sessions.
The current Matisse Discounted Closed-End Fund Strategy drawdown is 3.74%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-48.68%Mar 2020 | 2mo 1d | 11mo 1d | 1y 27dJan 2020 - Feb 2021 | COVID crash2020 |
-23.56%Jan 2016 | 8mo 28d | 6mo 2d | 1y 2moApr 2015 - Jul 2016 | — |
-21.14%Sep 2022 | 10mo 13d | 1y 2mo | 2y 14dNov 2021 - Dec 2023 | Bear market2022 |
-15.30%Dec 2018 | 10mo 29d | 2mo 27d | 1y 1moJan 2018 - Mar 2019 | Rate-hike selloffLate 2018 |
-13.46%Apr 2025 | 1mo 17d | 1mo 20d | 3mo 7dFeb 2025 - May 2025 | 2025 selloff2025 |
Drawdown Indicators
| MDCEX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.68% | -56.78% | +8.10% |
Max Drawdown (1Y)Largest decline over 1 year | -9.27% | -9.10% | -0.17% |
Max Drawdown (3Y)Largest decline over 3 years | -13.46% | -18.90% | +5.44% |
Max Drawdown (5Y)Largest decline over 5 years | -21.14% | -25.43% | +4.29% |
Max Drawdown (10Y)Largest decline over 10 years | -48.68% | -33.92% | -14.76% |
Current DrawdownCurrent decline from peak | -3.74% | -1.58% | -2.16% |
Average DrawdownAverage peak-to-trough decline | -5.29% | -10.70% | +5.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.56% | 2.14% | +0.42% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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