Does thinning matte varnish reduce its anti-gloss properties?

[Volgon]

Hey all! Normally I use AK's ultra matte varnish to kill the shine on my minis and I've liked it a lot. Being an ultra matte it does have the side effect of reducing the vibrancy of the colors though. I've been considering going down one level and trying a regular matte varnish, or a mix of ultra matte and Contrast Medium (from Duncan Rhodes) to knock back the glossiness while retaining some of the color saturation.

 

Before I spend money on more product, I was wondering if anyone knew whether I could thin my ultra matte and it would behave more like a matte? I brush on rather than airbrush and have always used it neat, but if I went, perhaps 1:1 or 2:1 varnish to water, would that perhaps make it more like a matte varnish than ultra matte? It makes sense in my mind that this would work but I am not familiar enough with varnishes to be absolutely certain. I will test on some throwaway bits but would appreciate feedback from any Fraters with experience doing this!

[Brother Anderson]

I tend to thin my Vallejo Matt Varnish for even coverage and while it does make it less matt I've not yet been able to get a consistent finish, that is to say that some areas will be glossier than others. I've never had an issue with the Vallejo stuff though if you're in the market for a new varnish