MDFIX vs. MDCEX

Last updated Aug 1, 2026

MDFIX (Matisse Discounted Bond CEF Strategy) and MDCEX (Matisse Discounted Closed-End Fund Strategy) are both mutual funds - MDFIX is a Multisector Bonds fund managed by Matisse, while MDCEX is a Tactical Allocation fund managed by Matisse. Over the past 5 years, MDFIX returned 12.94%/yr vs 11.06%/yr for MDCEX. Their 0.60 correlation means they have sometimes moved together and sometimes differently. MDFIX charges 0.99%/yr vs 1.25%/yr for MDCEX.

Performance

MDFIX vs. MDCEX - Performance Comparison

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

Returns By Period

In the year-to-date period, MDFIX achieves a 0.29% return, which is significantly lower than MDCEX's 3.92% return.

MDFIX

• 1D: 0.21%
• 1M: -0.68%
• 6M: -0.49%
• YTD: 0.29%
• 1Y: 5.46%
• 3Y*: 7.78%
• 5Y*: 12.94%
• 10Y*: —
• ALL TIME*: 16.14%

MDCEX

• 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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MDCEX Matisse Discounted Closed-End Fund Strategy	$0.00	$0.00	$0.00
MDFIX Matisse Discounted Bond CEF Strategy	$0.00	$0.00	$0.00

MDFIX vs. MDCEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MDFIX Matisse Discounted Bond CEF Strategy	0.29%	8.08%	10.74%	13.63%	-15.84%	75.03%	26.79%
MDCEX Matisse Discounted Closed-End Fund Strategy	3.92%	28.05%	14.98%	23.93%	-6.59%	12.61%	33.12%

Correlation

The correlation between MDFIX and MDCEX is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.59
Correlation (3Y) Balances recent behavior with more history.	0.54
Correlation (5Y) Shows whether the relationship held over a longer period.	0.57
Correlation (All Time) Calculated using the full available price history since Apr 30, 2020	0.60

The correlation between MDFIX and MDCEX has been stable across timeframes, ranging from 0.54 to 0.60 - a consistent structural relationship.

Return for Risk

MDFIX vs. MDCEX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MDFIX

MDFIX Risk / Return Rank: 51
MDFIX Sharpe Ratio Rank: 57
MDFIX Sortino Ratio Rank: 63
MDFIX Omega Ratio Rank: 63
MDFIX Calmar Ratio Rank: 36
MDFIX Martin Ratio Rank: 36

MDCEX

MDCEX Risk / Return Rank: 37
MDCEX Sharpe Ratio Rank: 39
MDCEX Sortino Ratio Rank: 36
MDCEX Omega Ratio Rank: 39
MDCEX Calmar Ratio Rank: 35
MDCEX Martin Ratio Rank: 37

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MDFIX vs. MDCEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matisse Discounted Bond CEF Strategy (MDFIX) and Matisse Discounted Closed-End Fund Strategy (MDCEX). 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.

	MDFIX	MDCEX	Difference
Sharpe ratio: Return per unit of total volatility	1.47	1.19	+0.28
Sortino ratio: Return per unit of downside risk	2.25	1.65	+0.59
Omega ratio: Gain probability vs. loss probability	1.29	1.22	+0.07
Calmar ratio: Return relative to maximum drawdown	1.58	1.50	+0.08
Martin ratio: Return relative to average drawdown	5.48	5.39	+0.08

MDFIX vs. MDCEX - Sharpe Ratio Comparison

The current MDFIX Sharpe Ratio is 1.47, which is comparable to the MDCEX Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of MDFIX and MDCEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MDFIX vs. MDCEX - Drawdown Comparison

The maximum MDFIX drawdown since its inception was -22.49%, smaller than the maximum MDCEX drawdown of -48.68%. Use the drawdown chart below to compare losses from any high point for MDFIX and MDCEX.

Drawdown Indicators

	MDFIX	MDCEX	Difference
Max Drawdown Largest peak-to-trough decline	-22.49%	-48.68%	+26.19%
Max Drawdown (1Y) Largest decline over 1 year	-3.94%	-9.27%	+5.33%
Max Drawdown (3Y) Largest decline over 3 years	-9.51%	-13.46%	+3.95%
Max Drawdown (5Y) Largest decline over 5 years	-22.49%	-21.14%	-1.35%
Max Drawdown (10Y) Largest decline over 10 years	—	-48.68%	—
Current Drawdown Current decline from peak	-0.68%	-3.74%	+3.06%
Average Drawdown Average peak-to-trough decline	-4.52%	-5.29%	+0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.13%	2.56%	-1.43%

Volatility

MDFIX vs. MDCEX - Volatility Comparison

The current volatility for Matisse Discounted Bond CEF Strategy (MDFIX) is 0.95%, while Matisse Discounted Closed-End Fund Strategy (MDCEX) has a volatility of 3.11%. This indicates that MDFIX experiences smaller price fluctuations and is considered to be less risky than MDCEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDFIX	MDCEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	3.11%	-2.16%
Volatility (6M) Calculated over the trailing 6-month period	3.51%	10.22%	-6.71%
Volatility (1Y) Calculated over the trailing 1-year period	4.22%	11.71%	-7.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.76%	13.98%	+13.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.95%	15.42%	+9.53%

MDFIX vs. MDCEX - Expense Ratio Comparison

MDFIX has a 0.99% expense ratio, which is lower than MDCEX's 1.25% expense ratio.

Dividends

MDFIX vs. MDCEX - Dividend Comparison

MDFIX's dividend yield for the trailing twelve months is around 8.64%, less than MDCEX's 11.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDCEX Matisse Discounted Closed-End Fund Strategy	11.39%	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	8.64%	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

Can I hold both MDFIX and MDCEX in my portfolio?

MDFIX and MDCEX have a correlation of 0.59, 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 MDCEX?

MDCEX has higher volatility (3.11%) compared to MDFIX (0.95%). In terms of maximum drawdown, MDFIX dropped -22.49% vs MDCEX's -48.68%.

Which has better risk-adjusted returns?

MDFIX currently has the higher Sharpe Ratio (1.47 vs 1.19), 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.