- ISIN
- US76883Y1073
- Issuer
- RiverNorth
- Category
- Municipal Bonds
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
RFMZ Performance Chart
RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) is up 10.2% since the beginning of the year. RFMZ is currently trading at $13 per share. Investors who bought $1,000 worth of RFMZ shares 5 years ago would now be looking at an investment worth $956.
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Returns By Period
RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) has returned 10.21% so far this year and 15.32% over the past 12 months.
RiverNorth Flexible Municipal Income Fund II Inc.
- 1D
- -0.07%
- 1M
- 4.09%
- YTD
- 10.21%
- 6M
- 9.09%
- 1Y
- 15.32%
- 3Y*
- 6.73%
- 5Y*
- -0.89%
- 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%
RFMZ Monthly Returns History
Based on dividend-adjusted daily data since Feb 24, 2021, RFMZ's average daily return is 0.00%, while the average monthly return is +0.08%. At this rate, an investment would double in approximately 72.2 years.
Historically, 54% of months were positive and 46% were negative. The best month was Nov 2023 with a return of +13.7%, while the worst month was Sep 2023 at -9.8%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 5 months.
On a daily basis, RFMZ closed higher 49% of trading days. The best single day was Aug 6, 2024 with a return of +4.2%, while the worst single day was Apr 8, 2025 at -4.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 4.04% | 1.30% | -3.42% | 3.32% | 2.31% | 2.43% | 10.21% | ||||||
| 2025 | 5.14% | 1.51% | -4.38% | -4.48% | 0.35% | 0.28% | -0.60% | 1.15% | 4.76% | 1.20% | -2.02% | -0.21% | 2.22% |
| 2024 | 5.47% | 2.38% | 1.04% | -3.25% | 2.42% | 3.63% | 2.53% | -0.66% | 2.51% | -2.83% | 2.09% | -5.12% | 10.11% |
| 2023 | 7.61% | -3.43% | -2.17% | -0.41% | 0.34% | 8.63% | -1.07% | -2.24% | -9.76% | -5.35% | 13.66% | 0.89% | 4.54% |
| 2022 | -8.93% | -4.00% | -4.04% | -8.00% | 3.32% | -4.98% | 4.16% | -2.72% | -8.34% | -2.58% | 10.05% | -2.48% | -26.41% |
| 2021 | 1.45% | -1.28% | 0.90% | 1.85% | 0.63% | 2.00% | 4.01% | -5.11% | -0.05% | 0.99% | -1.44% | 3.72% |
Benchmark Metrics
RiverNorth Flexible Municipal Income Fund II Inc. has an annualized alpha of -2.79%, beta of 0.26, and R2 of 0.10 versus S&P 500 Index. Calculated based on daily prices since February 24, 2021.
- This fund participated in 95.29% of S&P 500 Index downside but only 48.03% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.26 may look defensive, but with R2 of 0.10 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 0.10 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
- -2.79%
- Beta
- 0.26
- R²
- 0.10
- Upside Capture
- 48.03%
- Downside Capture
- 95.29%
Expense Ratio
RFMZ has a high expense ratio of 3.27%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
RFMZ ranks 47 for risk / return — on par with similar mutual funds. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) 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.
| RFMZ | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.37 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.56 | 2.78 | -0.23 |
| Martin ratioReturn relative to average drawdown | 9.42 | 12.44 | -3.02 |
Dividends
Dividend History
RiverNorth Flexible Municipal Income Fund II Inc. provided a 7.41% dividend yield over the last twelve months, with an annual payout of $1.00 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Dividend | $1.00 | $1.03 | $1.04 | $1.04 | $1.15 | $0.90 |
Dividend yield | 7.41% | 8.13% | 7.76% | 7.92% | 8.53% | 4.53% |
Monthly Dividends
The table displays the monthly dividend distributions for RiverNorth Flexible Municipal Income Fund II Inc.. 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 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.48 | ||||||
| 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 | $1.03 |
| 2024 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $1.04 |
| 2023 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $1.04 |
| 2022 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.13 | $1.15 |
| 2021 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.90 |
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.
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Worst Drawdowns
The table below displays the maximum drawdowns of the RiverNorth Flexible Municipal Income Fund II Inc.. 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 II Inc. was 39.28%, occurring on Oct 27, 2023. The portfolio has not yet recovered.
The current RiverNorth Flexible Municipal Income Fund II Inc. drawdown is 11.57%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2023 bear market2023 | -39.28%Oct 2023 | 2y 1mo | — | 4y 9moSep 2021 - now |
2021 pullback2021 | -2.73%Jul 2021 | 4d | 15d | 19dJul 2021 - Aug 2021 |
2021 pullback2021 | -2.03%Jun 2021 | 9d | 13d | 22dJun 2021 - Jul 2021 |
2021 pullback2021 | -1.72%Apr 2021 | 1mo 12d | 24d | 2mo 6dMar 2021 - May 2021 |
2021 pullback2021 | -1.57%May 2021 | 1d | 7d | 8dMay 2021 - May 2021 |
Drawdown Indicators
| RFMZ | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.28% | -56.78% | +17.50% |
Max Drawdown (1Y)Largest decline over 1 year | -6.02% | -9.10% | +3.08% |
Max Drawdown (3Y)Largest decline over 3 years | -19.98% | -18.90% | -1.08% |
Max Drawdown (5Y)Largest decline over 5 years | -39.28% | -25.43% | -13.85% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -11.57% | -1.80% | -9.77% |
Average DrawdownAverage peak-to-trough decline | -20.18% | -10.71% | -9.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.63% | 2.03% | -0.40% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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