MDCEX vs. MDFIX
MDCEX (Matisse Discounted Closed-End Fund Strategy) and MDFIX (Matisse Discounted Bond CEF Strategy) are both mutual funds - MDCEX is a Tactical Allocation fund managed by Matisse Funds, while MDFIX is a Multisector Bonds fund managed by Matisse Funds. Over the past 5 years, MDCEX returned 11.37%/yr vs 13.03%/yr for MDFIX. A 0.60 correlation means they provide meaningful diversification when combined. MDCEX charges 1.25%/yr vs 0.99%/yr for MDFIX.
Performance
MDCEX vs. MDFIX - Performance Comparison
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Returns By Period
In the year-to-date period, MDCEX achieves a 6.49% return, which is significantly higher than MDFIX's 0.07% return.
MDCEX
- 1D
- -0.62%
- 1M
- 1.44%
- YTD
- 6.49%
- 6M
- 6.79%
- 1Y
- 21.98%
- 3Y*
- 21.72%
- 5Y*
- 11.37%
- 10Y*
- 11.07%
MDFIX
- 1D
- -0.20%
- 1M
- 0.31%
- YTD
- 0.07%
- 6M
- 0.67%
- 1Y
- 5.86%
- 3Y*
- 8.93%
- 5Y*
- 13.03%
- 10Y*
- —
MDCEX vs. MDFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
MDCEX Matisse Discounted Closed-End Fund Strategy | 6.49% | 28.05% | 14.98% | 23.93% | -6.59% | 12.61% | 33.12% |
MDFIX Matisse Discounted Bond CEF Strategy | 0.07% | 8.08% | 10.74% | 13.63% | -15.84% | 75.03% | 26.79% |
Correlation
The correlation between MDCEX and MDFIX is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Apr 30, 2020 | 0.60 |
The correlation between MDCEX and MDFIX has been stable across timeframes, ranging from 0.55 to 0.60 - a consistent structural relationship.
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Return for Risk
MDCEX vs. MDFIX — Risk / Return Rank
MDCEX
MDFIX
MDCEX vs. MDFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Matisse Discounted Closed-End Fund Strategy (MDCEX) and Matisse Discounted Bond CEF Strategy (MDFIX). 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.
| MDCEX | MDFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.59 | ||
| Sortino ratioReturn per unit of downside risk | +0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.28 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | 1.55 | +0.94 |
| Martin ratioReturn relative to average drawdown | 9.30 | 5.27 | +4.03 |
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Drawdowns
MDCEX vs. MDFIX - Drawdown Comparison
The maximum MDCEX drawdown since its inception was -48.68%, which is greater than MDFIX's maximum drawdown of -22.49%. Use the drawdown chart below to compare losses from any high point for MDCEX and MDFIX.
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Drawdown Indicators
| MDCEX | MDFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.68% | -22.49% | -26.19% |
Max Drawdown (1Y)Largest decline over 1 year | -9.27% | -3.94% | -5.33% |
Max Drawdown (3Y)Largest decline over 3 years | -13.46% | -10.59% | -2.87% |
Max Drawdown (5Y)Largest decline over 5 years | -21.14% | -22.49% | +1.35% |
Max Drawdown (10Y)Largest decline over 10 years | -48.68% | — | — |
Current DrawdownCurrent decline from peak | -1.36% | -0.90% | -0.46% |
Average DrawdownAverage peak-to-trough decline | -5.32% | -4.59% | -0.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.47% | 1.15% | +1.32% |
Volatility
MDCEX vs. MDFIX - Volatility Comparison
Matisse Discounted Closed-End Fund Strategy (MDCEX) has a higher volatility of 4.08% compared to Matisse Discounted Bond CEF Strategy (MDFIX) at 1.11%. This indicates that MDCEX's price experiences larger fluctuations and is considered to be riskier than MDFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MDCEX | MDFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.08% | 1.11% | +2.97% |
Volatility (6M)Calculated over the trailing 6-month period | 9.96% | 3.42% | +6.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.32% | 4.23% | +7.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.95% | 27.76% | -13.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.45% | 25.16% | -9.71% |
MDCEX vs. MDFIX - Expense Ratio Comparison
MDCEX has a 1.25% expense ratio, which is higher than MDFIX's 0.99% expense ratio.
Dividends
MDCEX vs. MDFIX - Dividend Comparison
MDCEX's dividend yield for the trailing twelve months is around 10.99%, more than MDFIX's 8.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MDCEX Matisse Discounted Closed-End Fund Strategy | 10.99% | 11.38% | 12.11% | 8.00% | 9.10% | 41.90% | 10.81% | 10.09% | 17.17% | 2.33% | 3.30% | 9.38% |
MDFIX Matisse Discounted Bond CEF Strategy | 8.55% | 8.31% | 7.00% | 7.15% | 7.55% | 45.93% | 3.89% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MDCEX and MDFIX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MDCEX has higher volatility (4.08%) compared to MDFIX (1.11%). In terms of maximum drawdown, MDCEX dropped -48.68% vs MDFIX's -22.49%.
MDCEX currently has the higher Sharpe Ratio (2.04 vs 1.44), 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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