- CUSIP
- 76883H104
- Issuer
- RiverNorth
- Category
- High Yield Muni
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
Loading charts...
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Performance
RFM Performance Chart
RiverNorth Flexible Municipal Income Fund (RFM) is up 8.4% since the beginning of the year. RFM is currently trading at $15 per share. Investors who bought $1,000 worth of RFM shares 5 years ago would now be looking at an investment worth $925.
Loading charts...
Returns By Period
RiverNorth Flexible Municipal Income Fund (RFM) has returned 8.40% so far this year and 13.43% over the past 12 months.
RiverNorth Flexible Municipal Income Fund
- 1D
- 0.00%
- 1M
- 2.14%
- YTD
- 8.40%
- 6M
- 7.32%
- 1Y
- 13.43%
- 3Y*
- 5.80%
- 5Y*
- -1.55%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
RFM Monthly Returns History
Based on dividend-adjusted daily data since Mar 27, 2020, RFM's average daily return is +0.01%, while the average monthly return is +0.33%. At this rate, an investment would double in approximately 17.5 years.
Historically, 54% of months were positive and 46% were negative. The best month was Nov 2022 with a return of +16.4%, while the worst month was Oct 2023 at -7.8%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 4 months.
On a daily basis, RFM closed higher 49% of trading days. The best single day was May 26, 2022 with a return of +4.2%, while the worst single day was Apr 8, 2025 at -3.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 3.98% | 1.88% | -3.44% | 2.98% | 1.83% | 1.05% | 8.40% | ||||||
| 2025 | 4.10% | 1.76% | -4.42% | -4.35% | 1.45% | -0.76% | -0.77% | 0.97% | 5.55% | 0.44% | -1.58% | -0.33% | 1.59% |
| 2024 | 1.06% | 2.29% | 3.52% | -2.32% | 1.87% | 1.85% | -1.58% | 1.17% | 2.83% | -2.28% | 1.75% | -6.50% | 3.24% |
| 2023 | 5.62% | -2.52% | -2.26% | -0.03% | -1.52% | 6.27% | 3.01% | -4.39% | -6.97% | -7.76% | 13.84% | 5.14% | 6.50% |
| 2022 | -6.12% | -1.84% | -6.53% | -6.96% | 3.60% | -4.99% | 5.06% | -2.17% | -7.72% | -4.95% | 16.44% | -6.81% | -22.85% |
| 2021 | 1.03% | -2.73% | 4.18% | 5.19% | 4.36% | -1.04% | 3.14% | -0.81% | -1.99% | -2.17% | 0.80% | 0.80% | 10.85% |
Benchmark Metrics
RiverNorth Flexible Municipal Income Fund has an annualized alpha of -0.32%, beta of 0.22, and R2 of 0.09 versus S&P 500 Index. Calculated based on daily prices since March 27, 2020.
- This fund participated in 84.97% of S&P 500 Index downside but only 42.18% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.22 may look defensive, but with R2 of 0.09 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.09 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -0.32%
- Beta
- 0.22
- R²
- 0.09
- Upside Capture
- 42.18%
- Downside Capture
- 84.97%
Expense Ratio
RFM has a high expense ratio of 5.15%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
RFM ranks 32 for risk / return — below 32% of mutual funds on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for RiverNorth Flexible Municipal Income Fund (RFM) and compare them to S&P 500 Index.
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.
| RFM | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.37 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.31 | 2.78 | -0.47 |
| Martin ratioReturn relative to average drawdown | 7.25 | 12.44 | -5.19 |
Dividends
Dividend History
RiverNorth Flexible Municipal Income Fund provided a 7.48% dividend yield over the last twelve months, with an annual payout of $1.09 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Dividend | $1.09 | $1.13 | $1.14 | $1.18 | $1.31 | $2.30 | $1.11 |
Dividend yield | 7.48% | 8.07% | 7.70% | 7.64% | 8.38% | 10.49% | 5.07% |
Monthly Dividends
The table displays the monthly dividend distributions for RiverNorth Flexible Municipal Income Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.53 | ||||||
| 2025 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $1.13 |
| 2024 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $1.14 |
| 2023 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $1.18 |
| 2022 | $0.11 | $0.11 | $0.11 | $0.11 | $0.11 | $0.11 | $0.11 | $0.11 | $0.11 | $0.11 | $0.11 | $0.15 | $1.31 |
| 2021 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $1.15 | $2.30 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
Loading charts...
Worst Drawdowns
The table below displays the maximum drawdowns of the RiverNorth Flexible Municipal Income Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the RiverNorth Flexible Municipal Income Fund was 35.49%, occurring on Oct 27, 2023. The portfolio has not yet recovered.
The current RiverNorth Flexible Municipal Income Fund drawdown is 11.01%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2023 bear market2023 | -35.49%Oct 2023 | 2y 2mo | — | 4y 10moAug 2021 - now |
2021 correction2021 | -10.07%Feb 2021 | 15d | 1mo 20d | 2mo 5dFeb 2021 - Apr 2021 |
2020 pullback2020 | -6.80%May 2020 | 20d | 2mo 3d | 2mo 23dApr 2020 - Jul 2020 |
2021 pullback2021 | -3.40%Jun 2021 | 10d | 17d | 27dJun 2021 - Jul 2021 |
2020 pullback2020 | -3.26%Sep 2020 | 1mo 11d | 1mo 16d | 2mo 27dAug 2020 - Nov 2020 |
Drawdown Indicators
| RFM | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.49% | -56.78% | +21.29% |
Max Drawdown (1Y)Largest decline over 1 year | -5.83% | -9.10% | +3.27% |
Max Drawdown (3Y)Largest decline over 3 years | -19.08% | -18.90% | -0.18% |
Max Drawdown (5Y)Largest decline over 5 years | -35.49% | -25.43% | -10.06% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -11.01% | -1.80% | -9.21% |
Average DrawdownAverage peak-to-trough decline | -14.69% | -10.71% | -3.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.86% | 2.03% | -0.17% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
Loading charts...
Build a portfolio with RFM
Add RiverNorth Flexible Municipal Income Fund to a portfolio and analyze allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Analyzer with RFM