MDFIX vs. VMSAX

Last updated Apr 1, 2026

Compare and contrast key facts about Matisse Discounted Bond CEF Strategy (MDFIX) and Vanguard Multi-Sector Income Bond Fund Admiral Shares (VMSAX).

MDFIX is managed by Matisse Funds. It was launched on Apr 29, 2020. VMSAX is an actively managed fund by Vanguard. It was launched on Oct 12, 2021.

Performance

MDFIX vs. VMSAX - Performance Comparison

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

MDFIX vs. VMSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MDFIX Matisse Discounted Bond CEF Strategy	-2.89%	8.08%	10.74%	13.63%	-14.16%
VMSAX Vanguard Multi-Sector Income Bond Fund Admiral Shares	-0.99%	9.08%	6.86%	10.53%	-8.42%

Returns By Period

In the year-to-date period, MDFIX achieves a -2.89% return, which is significantly lower than VMSAX's -0.99% return.

MDFIX

• 1D: 0.11%
• 1M: -2.24%
• YTD: -2.89%
• 6M: -2.19%
• 1Y: 2.76%
• 3Y*: 8.18%
• 5Y*: 13.43%
• 10Y*: —

VMSAX

• 1D: 0.22%
• 1M: -1.98%
• YTD: -0.99%
• 6M: 0.66%
• 1Y: 6.00%
• 3Y*: 7.21%
• 5Y*: —
• 10Y*: —

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

MDFIX vs. VMSAX - Expense Ratio Comparison

MDFIX has a 0.99% expense ratio, which is higher than VMSAX's 0.30% expense ratio.

MDFIX

Matisse Discounted Bond CEF Strategy

VMSAX

Vanguard Multi-Sector Income Bond Fund Admiral Shares

Return for Risk

MDFIX vs. VMSAX — Risk / Return Rank

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

MDFIX

MDFIX Risk / Return Rank: 22
MDFIX Sharpe Ratio Rank: 23
MDFIX Sortino Ratio Rank: 18
MDFIX Omega Ratio Rank: 20
MDFIX Calmar Ratio Rank: 25
MDFIX Martin Ratio Rank: 23

VMSAX

VMSAX Risk / Return Rank: 35
VMSAX Sharpe Ratio Rank: 6
VMSAX Sortino Ratio Rank: 44
VMSAX Omega Ratio Rank: 98
VMSAX Calmar Ratio Rank: 8
VMSAX Martin Ratio Rank: 17

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. VMSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matisse Discounted Bond CEF Strategy (MDFIX) and Vanguard Multi-Sector Income Bond Fund Admiral Shares (VMSAX). 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	VMSAX	Difference
Sharpe ratio Return per unit of total volatility	0.60	0.05	+0.56
Sortino ratio Return per unit of downside risk	0.80	1.32	-0.52
Omega ratio Gain probability vs. loss probability	1.12	2.07	-0.95
Calmar ratio Return relative to maximum drawdown	0.74	0.11	+0.62
Martin ratio Return relative to average drawdown	2.42	1.75	+0.68
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. VMSAX - Sharpe Ratio Comparison

The current MDFIX Sharpe Ratio is 0.60, which is higher than the VMSAX Sharpe Ratio of 0.05. The chart below compares the historical Sharpe Ratios of MDFIX and VMSAX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MDFIX	VMSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.60	0.05	+0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.06	+0.59

Correlation

The correlation between MDFIX and VMSAX is 0.69, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

MDFIX vs. VMSAX - Dividend Comparison

MDFIX's dividend yield for the trailing twelve months is around 8.71%, more than VMSAX's 5.17% yield.

	TTM	2025	2024	2023	2022	2021	2020
MDFIX Matisse Discounted Bond CEF Strategy	8.71%	8.31%	7.00%	7.15%	7.55%	45.93%	3.89%
VMSAX Vanguard Multi-Sector Income Bond Fund Admiral Shares	5.17%	5.66%	6.48%	5.52%	3.76%	0.00%	0.00%

Drawdowns

MDFIX vs. VMSAX - Drawdown Comparison

The maximum MDFIX drawdown since its inception was -22.49%, smaller than the maximum VMSAX drawdown of -54.84%. Use the drawdown chart below to compare losses from any high point for MDFIX and VMSAX.

Drawdown Indicators

	MDFIX	VMSAX	Difference
Max Drawdown Largest peak-to-trough decline	-22.49%	-54.84%	+32.35%
Max Drawdown (1Y) Largest decline over 1 year	-4.17%	-54.84%	+50.67%
Max Drawdown (5Y) Largest decline over 5 years	-22.49%	—	—
Current Drawdown Current decline from peak	-3.83%	-2.03%	-1.80%
Average Drawdown Average peak-to-trough decline	-4.72%	-3.21%	-1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.27%	3.50%	-2.23%

Volatility

MDFIX vs. VMSAX - Volatility Comparison

Matisse Discounted Bond CEF Strategy (MDFIX) has a higher volatility of 1.88% compared to Vanguard Multi-Sector Income Bond Fund Admiral Shares (VMSAX) at 1.19%. This indicates that MDFIX's price experiences larger fluctuations and is considered to be riskier than VMSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDFIX	VMSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.88%	1.19%	+0.69%
Volatility (6M) Calculated over the trailing 6-month period	2.67%	112.83%	-110.16%
Volatility (1Y) Calculated over the trailing 1-year period	4.95%	133.59%	-128.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.74%	65.65%	-37.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.63%	65.65%	-40.02%