MZLSX vs. MDFIX

Last updated Jun 3, 2026

MZLSX (Muzinich Low Duration Fund) and MDFIX (Matisse Discounted Bond CEF Strategy) are both Multisector Bonds funds. Over the past 5 years, MZLSX returned 3.71%/yr vs 13.13%/yr for MDFIX. At a 0.40 correlation, their price movements are largely independent. MZLSX charges 0.50%/yr vs 0.99%/yr for MDFIX.

Performance

MZLSX vs. MDFIX - Performance Comparison

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

Returns By Period

In the year-to-date period, MZLSX achieves a 1.21% return, which is significantly higher than MDFIX's 0.36% return.

MZLSX

• 1D: -0.11%
• 1M: 0.52%
• YTD: 1.21%
• 6M: 1.70%
• 1Y: 5.00%
• 3Y*: 6.37%
• 5Y*: 3.71%
• 10Y*: —

MDFIX

• 1D: -0.20%
• 1M: 0.11%
• YTD: 0.36%
• 6M: 1.36%
• 1Y: 7.00%
• 3Y*: 9.86%
• 5Y*: 13.13%
• 10Y*: —

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

MZLSX vs. MDFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MZLSX Muzinich Low Duration Fund	1.21%	6.38%	6.30%	7.63%	-3.41%	2.50%	8.83%
MDFIX Matisse Discounted Bond CEF Strategy	0.36%	8.08%	10.74%	13.63%	-15.84%	75.03%	26.79%

Correlation

The correlation between MZLSX and MDFIX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (All Time) Calculated using the full available price history since May 1, 2020	0.40

Return for Risk

MZLSX vs. MDFIX — Risk / Return Rank

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

MZLSX

MZLSX Risk / Return Rank: 88
MZLSX Sharpe Ratio Rank: 94
MZLSX Sortino Ratio Rank: 96
MZLSX Omega Ratio Rank: 96
MZLSX Calmar Ratio Rank: 74
MZLSX Martin Ratio Rank: 81

MDFIX

MDFIX Risk / Return Rank: 30
MDFIX Sharpe Ratio Rank: 32
MDFIX Sortino Ratio Rank: 35
MDFIX Omega Ratio Rank: 37
MDFIX Calmar Ratio Rank: 21
MDFIX Martin Ratio Rank: 23

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.

MZLSX vs. MDFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Muzinich Low Duration Fund (MZLSX) and Matisse Discounted Bond CEF Strategy (MDFIX). 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.

	MZLSX	MDFIX	Difference
Sharpe ratio Return per unit of total volatility	3.25	1.62	+1.63
Sortino ratio Return per unit of downside risk	5.27	2.48	+2.78
Omega ratio Gain probability vs. loss probability	1.86	1.33	+0.53
Calmar ratio Return relative to maximum drawdown	3.38	1.73	+1.65
Martin ratio Return relative to average drawdown	15.35	6.00	+9.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MZLSX vs. MDFIX - Sharpe Ratio Comparison

The current MZLSX Sharpe Ratio is 3.25, which is higher than the MDFIX Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of MZLSX and MDFIX, 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

	MZLSX	MDFIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.25	1.62	+1.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.30	0.48	+1.82
Sharpe Ratio (All Time) Calculated using the full available price history	1.74	0.66	+1.08

Drawdowns

MZLSX vs. MDFIX - Drawdown Comparison

The maximum MZLSX drawdown since its inception was -12.66%, smaller than the maximum MDFIX drawdown of -22.49%. Use the drawdown chart below to compare losses from any high point for MZLSX and MDFIX.

Drawdown Indicators

	MZLSX	MDFIX	Difference
Max Drawdown Largest peak-to-trough decline	-12.66%	-22.49%	+9.83%
Max Drawdown (1Y) Largest decline over 1 year	-1.50%	-3.94%	+2.44%
Max Drawdown (3Y) Largest decline over 3 years	-1.50%	-10.59%	+9.09%
Max Drawdown (5Y) Largest decline over 5 years	-6.09%	-22.49%	+16.40%
Current Drawdown Current decline from peak	-0.11%	-0.60%	+0.49%
Average Drawdown Average peak-to-trough decline	-0.85%	-4.62%	+3.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.33%	1.13%	-0.80%

Volatility

MZLSX vs. MDFIX - Volatility Comparison

The current volatility for Muzinich Low Duration Fund (MZLSX) is 0.58%, while Matisse Discounted Bond CEF Strategy (MDFIX) has a volatility of 1.20%. This indicates that MZLSX experiences smaller price fluctuations and is considered to be less risky than MDFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MZLSX	MDFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.58%	1.20%	-0.62%
Volatility (6M) Calculated over the trailing 6-month period	1.35%	3.35%	-2.00%
Volatility (1Y) Calculated over the trailing 1-year period	1.55%	4.16%	-2.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.62%	27.75%	-26.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.13%	25.28%	-23.15%

MZLSX vs. MDFIX - Expense Ratio Comparison

MZLSX has a 0.50% expense ratio, which is lower than MDFIX's 0.99% expense ratio.

Dividends

MZLSX vs. MDFIX - Dividend Comparison

MZLSX's dividend yield for the trailing twelve months is around 7.24%, less than MDFIX's 8.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
MDFIX Matisse Discounted Bond CEF Strategy	8.53%	8.31%	7.00%	7.15%	7.55%	45.93%	3.89%	0.00%	0.00%	0.00%	0.00%
MZLSX Muzinich Low Duration Fund	7.24%	7.03%	4.77%	4.88%	3.85%	6.36%	2.08%	2.24%	8.62%	1.86%	0.79%

Frequently Asked Questions

Can I hold both MZLSX and MDFIX in my portfolio?

MZLSX and MDFIX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MZLSX or MDFIX?

MDFIX has higher volatility (1.20%) compared to MZLSX (0.58%). In terms of maximum drawdown, MZLSX dropped -12.66% vs MDFIX's -22.49%.

Which has better risk-adjusted returns?

MZLSX currently has the higher Sharpe Ratio (3.25 vs 1.62), 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.