- CUSIP
- 76881Y109
- Issuer
- RiverNorth
- Category
- Tactical Allocation
- Distribution Policy
- Distributing
- Asset Class
- Multi-Asset
Share Price Chart
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Performance
RIV Performance Chart
RiverNorth Opportunities Fund (RIV) is up 4.6% since the beginning of the year. RIV is currently trading at $11 per share. Investors who bought $1,000 worth of RIV shares 5 years ago would now be looking at an investment worth $1,259.
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Returns By Period
RiverNorth Opportunities Fund (RIV) has returned 4.60% so far this year and 12.17% over the past 12 months. Over the last ten years, RIV has returned 9.25% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
RiverNorth Opportunities Fund
- 1D
- -0.61%
- 1M
- 1.05%
- YTD
- 4.60%
- 6M
- 5.23%
- 1Y
- 12.17%
- 3Y*
- 16.71%
- 5Y*
- 4.71%
- 10Y*
- 9.25%
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%
RIV Monthly Returns History
Based on dividend-adjusted daily data since Dec 24, 2015, RIV's average daily return is +0.04%, while the average monthly return is +0.77%. At this rate, an investment would double in approximately 7.5 years.
Historically, 63% of months were positive and 37% were negative. The best month was Nov 2020 with a return of +10.2%, while the worst month was Mar 2020 at -17.7%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 4 months.
On a daily basis, RIV closed higher 53% of trading days. The best single day was Mar 19, 2020 with a return of +13.3%, while the worst single day was Mar 18, 2020 at -15.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 3.94% | 0.76% | -6.66% | 7.98% | 0.45% | -1.35% | 4.60% | ||||||
| 2025 | 6.88% | 2.03% | -2.86% | -1.57% | 6.35% | 2.65% | 1.54% | 2.51% | -0.07% | -1.86% | 2.33% | 0.66% | 19.69% |
| 2024 | 5.55% | 5.08% | 2.11% | -0.67% | 3.98% | 1.73% | 1.30% | 2.61% | 4.69% | -3.37% | 3.40% | -8.23% | 18.72% |
| 2023 | 0.80% | -2.16% | -3.12% | 0.68% | -1.26% | 4.80% | 1.56% | 0.25% | -6.64% | -5.73% | 9.31% | 5.19% | 2.57% |
| 2022 | 2.62% | -1.15% | 1.85% | -5.20% | -0.37% | -3.04% | 4.64% | 0.51% | -15.07% | 1.22% | 5.95% | -2.13% | -11.30% |
| 2021 | 5.72% | 2.30% | 3.16% | 2.41% | 3.06% | 2.68% | 0.09% | 1.58% | -6.37% | 1.70% | -0.61% | -2.93% | 12.94% |
Benchmark Metrics
RiverNorth Opportunities Fund has an annualized alpha of 2.41%, beta of 0.57, and R2 of 0.25 versus S&P 500 Index. Calculated based on daily prices since December 24, 2015.
- This fund participated in 77.32% of S&P 500 Index downside but only 65.66% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.57 may look defensive, but with R2 of 0.25 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 0.25 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
- 2.41%
- Beta
- 0.57
- R²
- 0.25
- Upside Capture
- 65.66%
- Downside Capture
- 77.32%
Expense Ratio
RIV has a high expense ratio of 2.07%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
RIV ranks 20 for risk / return — below 20% 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 Opportunities Fund (RIV) 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.
| RIV | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.84 | ||
| Sortino ratioReturn per unit of downside risk | -0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.37 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.60 | 2.78 | -1.19 |
| Martin ratioReturn relative to average drawdown | 4.59 | 12.44 | -7.84 |
Dividends
Dividend History
RiverNorth Opportunities Fund provided a 13.44% dividend yield over the last twelve months, with an annual payout of $1.54 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.54 | $1.50 | $1.50 | $1.49 | $1.98 | $2.22 | $2.10 | $1.96 | $2.41 | $1.94 | $2.35 |
Dividend yield | 13.44% | 12.80% | 13.46% | 13.95% | 16.61% | 14.31% | 13.42% | 12.34% | 15.51% | 10.14% | 13.01% |
Monthly Dividends
The table displays the monthly dividend distributions for RiverNorth Opportunities 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 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.78 | ||||||
| 2025 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.13 | $0.13 | $0.13 | $0.13 | $1.50 |
| 2024 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $1.50 |
| 2023 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $1.49 |
| 2022 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $1.98 |
| 2021 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.40 | $2.22 |
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 Opportunities 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 Opportunities Fund was 42.99%, occurring on Mar 23, 2020. Recovery took 120 trading sessions.
The current RiverNorth Opportunities Fund drawdown is 1.44%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -42.99%Mar 2020 | 1mo 9d | 5mo 22d | 7mo 1dFeb 2020 - Sep 2020 |
2023 bear market2023 | -29.13%Oct 2023 | 2y 2mo | 8mo 24d | 2y 11moAug 2021 - Jul 2024 |
Rate-hike selloffLate 2018 | -27.50%Dec 2018 | 6mo 10d | 1y 1mo | 1y 8moJun 2018 - Feb 2020 |
2016 correction2016 | -19.61%Feb 2016 | 1mo 9d | 2mo 12d | 3mo 21dDec 2015 - Apr 2016 |
2025 selloff2025 | -15.18%Apr 2025 | 1mo 18d | 1mo 11d | 2mo 29dFeb 2025 - May 2025 |
Drawdown Indicators
| RIV | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.99% | -56.78% | +13.79% |
Max Drawdown (1Y)Largest decline over 1 year | -7.64% | -9.10% | +1.46% |
Max Drawdown (3Y)Largest decline over 3 years | -15.18% | -18.90% | +3.72% |
Max Drawdown (5Y)Largest decline over 5 years | -29.13% | -25.43% | -3.70% |
Max Drawdown (10Y)Largest decline over 10 years | -42.99% | -33.92% | -9.07% |
Current DrawdownCurrent decline from peak | -1.44% | -1.80% | +0.36% |
Average DrawdownAverage peak-to-trough decline | -7.35% | -10.71% | +3.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.66% | 2.03% | +0.63% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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