MDFIX vs. PTY

Last updated Jul 14, 2026

MDFIX (Matisse Discounted Bond CEF Strategy) and PTY (PIMCO Corporate & Income Opportunity Fund) are both mutual funds - MDFIX is a Multisector Bonds fund managed by Matisse Funds, while PTY is a Corporate Bonds fund managed by PIMCO. Over the past 5 years, MDFIX returned 12.99%/yr vs -0.18%/yr for PTY. At a 0.46 correlation, their price movements are largely independent. MDFIX charges 0.99%/yr vs 1.19%/yr for PTY.

Performance

MDFIX vs. PTY - Performance Comparison

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

Returns By Period

In the year-to-date period, MDFIX achieves a 0.67% return, which is significantly higher than PTY's -1.00% return.

MDFIX

• 1D: 0.00%
• 1M: 0.71%
• 6M: 0.10%
• YTD: 0.67%
• 1Y: 5.68%
• 3Y*: 8.82%
• 5Y*: 12.99%
• 10Y*: —

PTY

• 1D: -0.26%
• 1M: 2.80%
• 6M: -3.18%
• YTD: -1.00%
• 1Y: -3.54%
• 3Y*: 6.02%
• 5Y*: -0.18%
• 10Y*: 8.61%

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

MDFIX vs. PTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MDFIX Matisse Discounted Bond CEF Strategy	0.67%	8.08%	10.74%	13.63%	-15.84%	75.03%	26.79%
PTY PIMCO Corporate & Income Opportunity Fund	-1.00%	-0.51%	19.87%	22.56%	-18.71%	0.40%	34.33%

Correlation

The correlation between MDFIX and PTY is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (All Time) Calculated using the full available price history since Apr 30, 2020	0.46

Return for Risk

MDFIX vs. PTY — Risk / Return Rank

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

MDFIX

MDFIX Risk / Return Rank: 32
MDFIX Sharpe Ratio Rank: 35
MDFIX Sortino Ratio Rank: 37
MDFIX Omega Ratio Rank: 38
MDFIX Calmar Ratio Rank: 24
MDFIX Martin Ratio Rank: 26

PTY

PTY Risk / Return Rank: 2
PTY Sharpe Ratio Rank: 2
PTY Sortino Ratio Rank: 2
PTY Omega Ratio Rank: 2
PTY Calmar Ratio Rank: 2
PTY Martin Ratio Rank: 2

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. PTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matisse Discounted Bond CEF Strategy (MDFIX) and PIMCO Corporate & Income Opportunity Fund (PTY). 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	PTY	Difference
Sharpe ratio: Return per unit of total volatility	1.28	-0.32	+1.60
Sortino ratio: Return per unit of downside risk	1.95	-0.36	+2.31
Omega ratio: Gain probability vs. loss probability	1.25	0.95	+0.30
Calmar ratio: Return relative to maximum drawdown	1.37	-0.23	+1.60
Martin ratio: Return relative to average drawdown	4.74	-0.42	+5.16

MDFIX vs. PTY - Sharpe Ratio Comparison

The current MDFIX Sharpe Ratio is 1.28, which is higher than the PTY Sharpe Ratio of -0.32. The chart below compares the historical Sharpe Ratios of MDFIX and PTY, 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. PTY - Drawdown Comparison

The maximum MDFIX drawdown since its inception was -22.49%, smaller than the maximum PTY drawdown of -60.86%. Use the drawdown chart below to compare losses from any high point for MDFIX and PTY.

Drawdown Indicators

	MDFIX	PTY	Difference
Max Drawdown Largest peak-to-trough decline	-22.49%	-60.86%	+38.37%
Max Drawdown (1Y) Largest decline over 1 year	-3.94%	-15.44%	+11.50%
Max Drawdown (3Y) Largest decline over 3 years	-10.59%	-16.04%	+5.45%
Max Drawdown (5Y) Largest decline over 5 years	-22.49%	-41.38%	+18.89%
Max Drawdown (10Y) Largest decline over 10 years	—	-46.55%	—
Current Drawdown Current decline from peak	-0.30%	-10.15%	+9.85%
Average Drawdown Average peak-to-trough decline	-4.55%	-8.62%	+4.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.15%	8.46%	-7.31%

Volatility

MDFIX vs. PTY - Volatility Comparison

The current volatility for Matisse Discounted Bond CEF Strategy (MDFIX) is 0.85%, while PIMCO Corporate & Income Opportunity Fund (PTY) has a volatility of 2.42%. This indicates that MDFIX experiences smaller price fluctuations and is considered to be less risky than PTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDFIX	PTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.85%	2.42%	-1.57%
Volatility (6M) Calculated over the trailing 6-month period	3.44%	7.51%	-4.07%
Volatility (1Y) Calculated over the trailing 1-year period	4.23%	11.02%	-6.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.75%	17.25%	+10.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.06%	21.18%	+3.88%

MDFIX vs. PTY - Expense Ratio Comparison

MDFIX has a 0.99% expense ratio, which is lower than PTY's 1.19% expense ratio.

Dividends

MDFIX vs. PTY - Dividend Comparison

MDFIX's dividend yield for the trailing twelve months is around 8.55%, less than PTY's 11.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PTY PIMCO Corporate & Income Opportunity Fund	11.94%	11.05%	9.92%	10.77%	13.12%	9.16%	8.74%	8.37%	10.63%	9.48%	12.09%	11.92%

Frequently Asked Questions

Can I hold both MDFIX and PTY in my portfolio?

MDFIX and PTY have a correlation of 0.45, 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 PTY?

PTY has higher volatility (2.42%) compared to MDFIX (0.85%). In terms of maximum drawdown, MDFIX dropped -22.49% vs PTY's -60.86%.

Which has better risk-adjusted returns?

MDFIX currently has the higher Sharpe Ratio (1.28 vs -0.32), 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.