MDCEX vs. UPAAX

Last updated Jun 4, 2026

MDCEX (Matisse Discounted Closed-End Fund Strategy) and UPAAX (Upright Assets Allocation Plus Fund) are both Tactical Allocation funds. A 0.50 correlation means they provide meaningful diversification when combined. MDCEX charges 1.25%/yr vs 2.49%/yr for UPAAX.

Performance

MDCEX vs. UPAAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matisse Discounted Closed-End Fund Strategy (MDCEX) and Upright Assets Allocation Plus Fund (UPAAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MDCEX

• 1D: 0.00%
• 1M: 2.85%
• YTD: 7.83%
• 6M: 11.02%
• 1Y: 27.36%
• 3Y*: 22.84%
• 5Y*: 11.44%
• 10Y*: 11.07%

UPAAX

• 1D: 2.35%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

MDCEX vs. UPAAX - Yearly Performance Comparison

	2026 (YTD)
MDCEX Matisse Discounted Closed-End Fund Strategy	-0.12%
UPAAX Upright Assets Allocation Plus Fund	3.87%

Correlation

The correlation between MDCEX and UPAAX is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	0.50

Return for Risk

MDCEX vs. UPAAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MDCEX

MDCEX Risk / Return Rank: 68
MDCEX Sharpe Ratio Rank: 79
MDCEX Sortino Ratio Rank: 68
MDCEX Omega Ratio Rank: 74
MDCEX Calmar Ratio Rank: 62
MDCEX Martin Ratio Rank: 58

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MDCEX vs. UPAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matisse Discounted Closed-End Fund Strategy (MDCEX) and Upright Assets Allocation Plus Fund (UPAAX). 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	UPAAX	Difference
Sharpe ratio: Return per unit of total volatility	2.58	—	—
Sortino ratio: Return per unit of downside risk	3.45	—	—
Omega ratio: Gain probability vs. loss probability	1.49	—	—
Calmar ratio: Return relative to maximum drawdown	3.04	—	—
Martin ratio: Return relative to average drawdown	11.59	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MDCEX	UPAAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.58	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.72	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	132.47	-131.82

Drawdowns

MDCEX vs. UPAAX - Drawdown Comparison

The maximum MDCEX drawdown since its inception was -48.68%, which is greater than UPAAX's maximum drawdown of -0.25%. Use the drawdown chart below to compare losses from any high point for MDCEX and UPAAX.

Drawdown Indicators

	MDCEX	UPAAX	Difference
Max Drawdown Largest peak-to-trough decline	-48.68%	-0.25%	-48.43%
Max Drawdown (1Y) Largest decline over 1 year	-9.27%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-13.46%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.14%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-48.68%	—	—
Current Drawdown Current decline from peak	-0.12%	0.00%	-0.12%
Average Drawdown Average peak-to-trough decline	-5.33%	-0.08%	-5.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	—	—

Volatility

Volatility by Period

	MDCEX	UPAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.61%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.43%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.89%	21.58%	-10.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.90%	21.58%	-7.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.42%	21.58%	-6.16%

MDCEX vs. UPAAX - Expense Ratio Comparison

MDCEX has a 1.25% expense ratio, which is lower than UPAAX's 2.49% expense ratio.

Dividends

MDCEX vs. UPAAX - Dividend Comparison

MDCEX's dividend yield for the trailing twelve months is around 10.86%, while UPAAX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDCEX Matisse Discounted Closed-End Fund Strategy	10.86%	11.38%	12.11%	8.00%	9.10%	41.90%	10.81%	10.09%	17.17%	2.33%	3.30%	9.38%
UPAAX Upright Assets Allocation Plus Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MDCEX and UPAAX in my portfolio?

MDCEX and UPAAX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.