MDCEX vs. SPY
Compare and contrast key facts about Matisse Discounted Closed-End Fund Strategy (MDCEX) and State Street SPDR S&P 500 ETF (SPY).
MDCEX is managed by Matisse Funds. It was launched on Oct 30, 2012. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
MDCEX vs. SPY - Performance Comparison
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MDCEX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MDCEX Matisse Discounted Closed-End Fund Strategy | -4.88% | 28.05% | 14.98% | 23.93% | -6.59% | 12.61% | -6.12% | 25.56% | -9.04% | 20.71% |
SPY State Street SPDR S&P 500 ETF | -4.37% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, MDCEX achieves a -4.88% return, which is significantly lower than SPY's -4.37% return. Over the past 10 years, MDCEX has underperformed SPY with an annualized return of 10.17%, while SPY has yielded a comparatively higher 13.98% annualized return.
MDCEX
- 1D
- 0.48%
- 1M
- -7.25%
- YTD
- -4.88%
- 6M
- -2.70%
- 1Y
- 18.13%
- 3Y*
- 18.01%
- 5Y*
- 10.60%
- 10Y*
- 10.17%
SPY
- 1D
- 2.91%
- 1M
- -4.94%
- YTD
- -4.37%
- 6M
- -1.82%
- 1Y
- 17.59%
- 3Y*
- 18.19%
- 5Y*
- 11.69%
- 10Y*
- 13.98%
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MDCEX vs. SPY - Expense Ratio Comparison
MDCEX has a 1.25% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
MDCEX vs. SPY — Risk / Return Rank
MDCEX
SPY
MDCEX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Matisse Discounted Closed-End Fund Strategy (MDCEX) and State Street SPDR S&P 500 ETF (SPY). 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.
| MDCEX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.35 | 0.93 | +0.43 |
Sortino ratioReturn per unit of downside risk | 1.75 | 1.45 | +0.29 |
Omega ratioGain probability vs. loss probability | 1.29 | 1.22 | +0.06 |
Calmar ratioReturn relative to maximum drawdown | 1.56 | 1.53 | +0.04 |
Martin ratioReturn relative to average drawdown | 6.33 | 7.30 | -0.96 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MDCEX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.35 | 0.93 | +0.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.78 | 0.69 | +0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.67 | 0.78 | -0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 0.56 | +0.03 |
Correlation
The correlation between MDCEX and SPY is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
MDCEX vs. SPY - Dividend Comparison
MDCEX's dividend yield for the trailing twelve months is around 12.17%, more than SPY's 1.14% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MDCEX Matisse Discounted Closed-End Fund Strategy | 12.17% | 11.38% | 12.11% | 8.00% | 9.10% | 41.90% | 10.81% | 10.09% | 17.17% | 2.33% | 3.30% | 9.38% |
SPY State Street SPDR S&P 500 ETF | 1.14% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
MDCEX vs. SPY - Drawdown Comparison
The maximum MDCEX drawdown since its inception was -48.68%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MDCEX and SPY.
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Drawdown Indicators
| MDCEX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.68% | -55.19% | +6.51% |
Max Drawdown (1Y)Largest decline over 1 year | -9.66% | -12.05% | +2.39% |
Max Drawdown (5Y)Largest decline over 5 years | -21.14% | -24.50% | +3.36% |
Max Drawdown (10Y)Largest decline over 10 years | -48.68% | -33.72% | -14.96% |
Current DrawdownCurrent decline from peak | -8.84% | -6.24% | -2.60% |
Average DrawdownAverage peak-to-trough decline | -5.38% | -9.09% | +3.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.63% | 2.52% | +0.11% |
Volatility
MDCEX vs. SPY - Volatility Comparison
Matisse Discounted Closed-End Fund Strategy (MDCEX) has a higher volatility of 5.66% compared to State Street SPDR S&P 500 ETF (SPY) at 5.31%. This indicates that MDCEX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MDCEX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.66% | 5.31% | +0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 8.13% | 9.47% | -1.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.14% | 19.05% | -5.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.74% | 17.06% | -3.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.35% | 17.92% | -2.57% |