MDFIX vs. JMSIX

Last updated Jun 4, 2026

MDFIX (Matisse Discounted Bond CEF Strategy) and JMSIX (JPMorgan Income Fund) are both Multisector Bonds funds. Over the past 5 years, MDFIX returned 13.17%/yr vs 2.81%/yr for JMSIX. A 0.55 correlation means they provide meaningful diversification when combined. MDFIX charges 0.99%/yr vs 0.40%/yr for JMSIX.

Performance

MDFIX vs. JMSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matisse Discounted Bond CEF Strategy (MDFIX) and JPMorgan Income Fund (JMSIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MDFIX achieves a 0.46% return, which is significantly lower than JMSIX's 1.35% return.

MDFIX

• 1D: 0.10%
• 1M: 0.70%
• YTD: 0.46%
• 6M: 1.17%
• 1Y: 7.01%
• 3Y*: 9.90%
• 5Y*: 13.17%
• 10Y*: —

JMSIX

• 1D: 0.12%
• 1M: 0.39%
• YTD: 1.35%
• 6M: 1.85%
• 1Y: 5.92%
• 3Y*: 7.12%
• 5Y*: 2.81%
• 10Y*: 3.98%

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

MDFIX vs. JMSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MDFIX Matisse Discounted Bond CEF Strategy	0.46%	8.08%	10.74%	13.63%	-15.84%	75.03%	26.79%
JMSIX JPMorgan Income Fund	1.35%	7.68%	7.78%	6.14%	-8.24%	3.59%	13.56%

Correlation

The correlation between MDFIX and JMSIX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since May 1, 2020	0.55

The correlation between MDFIX and JMSIX shifts across timeframes, from 0.46 (1 year) to 0.57 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

MDFIX vs. JMSIX — Risk / Return Rank

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

MDFIX

MDFIX Risk / Return Rank: 33
MDFIX Sharpe Ratio Rank: 35
MDFIX Sortino Ratio Rank: 39
MDFIX Omega Ratio Rank: 42
MDFIX Calmar Ratio Rank: 24
MDFIX Martin Ratio Rank: 25

JMSIX

JMSIX Risk / Return Rank: 80
JMSIX Sharpe Ratio Rank: 61
JMSIX Sortino Ratio Rank: 92
JMSIX Omega Ratio Rank: 87
JMSIX Calmar Ratio Rank: 79
JMSIX Martin Ratio Rank: 79

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.

MDFIX vs. JMSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matisse Discounted Bond CEF Strategy (MDFIX) and JPMorgan Income Fund (JMSIX). 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.

	MDFIX	JMSIX	Difference
Sharpe ratio Return per unit of total volatility	1.73	2.30	-0.57
Sortino ratio Return per unit of downside risk	2.65	4.54	-1.89
Omega ratio Gain probability vs. loss probability	1.35	1.60	-0.25
Calmar ratio Return relative to maximum drawdown	1.81	3.59	-1.77
Martin ratio Return relative to average drawdown	6.29	14.87	-8.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MDFIX vs. JMSIX - Sharpe Ratio Comparison

The current MDFIX Sharpe Ratio is 1.73, which is comparable to the JMSIX Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of MDFIX and JMSIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MDFIX	JMSIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	2.30	-0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.76	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.03	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.79	-0.13

Drawdowns

MDFIX vs. JMSIX - Drawdown Comparison

The maximum MDFIX drawdown since its inception was -22.49%, which is greater than JMSIX's maximum drawdown of -18.40%. Use the drawdown chart below to compare losses from any high point for MDFIX and JMSIX.

Drawdown Indicators

	MDFIX	JMSIX	Difference
Max Drawdown Largest peak-to-trough decline	-22.49%	-18.40%	-4.09%
Max Drawdown (1Y) Largest decline over 1 year	-3.94%	-1.62%	-2.32%
Max Drawdown (3Y) Largest decline over 3 years	-10.59%	-2.31%	-8.28%
Max Drawdown (5Y) Largest decline over 5 years	-22.49%	-11.39%	-11.10%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.40%	—
Current Drawdown Current decline from peak	-0.51%	0.00%	-0.51%
Average Drawdown Average peak-to-trough decline	-4.62%	-2.57%	-2.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.13%	0.39%	+0.74%

Volatility

MDFIX vs. JMSIX - Volatility Comparison

Matisse Discounted Bond CEF Strategy (MDFIX) has a higher volatility of 1.21% compared to JPMorgan Income Fund (JMSIX) at 0.82%. This indicates that MDFIX's price experiences larger fluctuations and is considered to be riskier than JMSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDFIX	JMSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.21%	0.82%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	3.35%	1.88%	+1.47%
Volatility (1Y) Calculated over the trailing 1-year period	4.15%	2.53%	+1.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.75%	3.73%	+24.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.27%	3.87%	+21.40%

MDFIX vs. JMSIX - Expense Ratio Comparison

MDFIX has a 0.99% expense ratio, which is higher than JMSIX's 0.40% expense ratio.

Dividends

MDFIX vs. JMSIX - Dividend Comparison

MDFIX's dividend yield for the trailing twelve months is around 8.52%, more than JMSIX's 6.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
JMSIX JPMorgan Income Fund	6.02%	5.95%	5.78%	4.43%	4.78%	4.00%	4.95%	5.10%	5.43%	5.42%	0.46%
MDFIX Matisse Discounted Bond CEF Strategy	8.52%	8.31%	7.00%	7.15%	7.55%	45.93%	3.89%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MDFIX and JMSIX in my portfolio?

MDFIX and JMSIX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MDFIX or JMSIX?

MDFIX has higher volatility (1.21%) compared to JMSIX (0.82%). In terms of maximum drawdown, MDFIX dropped -22.49% vs JMSIX's -18.40%.

Which has better risk-adjusted returns?

JMSIX currently has the higher Sharpe Ratio (2.30 vs 1.73), 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.