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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in RiverNorth Managed Duration Municipal Income Fund II Inc., comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
RiverNorth Managed Duration Municipal Income Fund II Inc. (RMMZ) has returned 3.01% so far this year and 4.20% over the past 12 months.
RiverNorth Managed Duration Municipal Income Fund II Inc.
- 1D
- 0.00%
- 1M
- -1.11%
- YTD
- 3.01%
- 6M
- 1.64%
- 1Y
- 4.20%
- 3Y*
- 6.91%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Feb 11, 2022, RMMZ's average daily return is +0.01%, while the average monthly return is +0.28%. At this rate, your investment would double in approximately 20.7 years.
Historically, 48% of months were positive and 52% were negative. The best month was Nov 2023 with a return of +12.0%, while the worst month was Apr 2022 at -12.9%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 3 months.
On a daily basis, RMMZ closed higher 48% of trading days. The best single day was May 26, 2022 with a return of +5.1%, while the worst single day was Mar 21, 2022 at -4.9%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.27% | 1.86% | -1.11% | 3.01% | |||||||||
| 2025 | 7.56% | -0.34% | -3.17% | -5.27% | 0.83% | -1.37% | -0.11% | 5.54% | 3.22% | 1.37% | -2.43% | -0.25% | 4.99% |
| 2024 | 2.74% | 1.00% | 1.18% | -3.31% | 2.70% | 3.41% | -0.75% | -0.33% | 3.52% | -2.23% | 0.93% | -5.70% | 2.72% |
| 2023 | 8.77% | -6.52% | -0.54% | 2.50% | -2.21% | 8.18% | 1.07% | -2.97% | -7.07% | -7.32% | 11.96% | 7.24% | 11.22% |
| 2022 | 7.87% | -3.04% | -12.90% | 3.79% | -5.65% | 6.28% | -2.77% | -6.51% | -7.01% | 11.10% | -2.17% | -12.90% |
Benchmark Metrics
RiverNorth Managed Duration Municipal Income Fund II Inc. has an annualized alpha of 1.98%, beta of 0.13, and R² of 0.02 versus S&P 500 Index. Calculated based on daily prices since February 14, 2022.
- This fund participated in 95.13% of S&P 500 Index downside but only 62.89% of its upside — more exposed to losses than it benefited from rallies.
- Beta of 0.13 may look defensive, but with R² of 0.02 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 0.02 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
- 1.98%
- Beta
- 0.13
- R²
- 0.02
- Upside Capture
- 62.89%
- Downside Capture
- 95.13%
Return for Risk
Risk / Return Rank
RMMZ ranks 13 for risk / return — in the bottom 13% of mutual funds on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for RiverNorth Managed Duration Municipal Income Fund II Inc. (RMMZ) and compare them to a chosen benchmark (S&P 500 Index).
| RMMZ | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.38 | 0.90 | -0.51 |
Sortino ratioReturn per unit of downside risk | 0.62 | 1.39 | -0.77 |
Omega ratioGain probability vs. loss probability | 1.08 | 1.21 | -0.13 |
Calmar ratioReturn relative to maximum drawdown | 0.46 | 1.40 | -0.94 |
Martin ratioReturn relative to average drawdown | 1.06 | 6.61 | -5.55 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore RMMZ risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
RiverNorth Managed Duration Municipal Income Fund II Inc. provided a 7.65% dividend yield over the last twelve months, with an annual payout of $1.12 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Dividend | $1.12 | $1.14 | $1.17 | $1.17 | $1.04 |
Dividend yield | 7.65% | 7.86% | 7.82% | 7.45% | 6.86% |
Monthly Dividends
The table displays the monthly dividend distributions for RiverNorth Managed Duration 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 | $0.09 | $0.09 | $0.09 | $0.27 | |||||||||
| 2025 | $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 |
| 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 | $1.17 |
| 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 | $1.17 |
| 2022 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $1.04 |
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 Managed Duration 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 Managed Duration Municipal Income Fund II Inc. was 27.15%, occurring on Oct 30, 2023. Recovery took 567 trading sessions.
The current RiverNorth Managed Duration Municipal Income Fund II Inc. drawdown is 2.19%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -27.15% | Mar 2, 2022 | 419 | Oct 30, 2023 | 567 | Feb 4, 2026 | 986 |
| -5.58% | Feb 17, 2026 | 26 | Mar 24, 2026 | — | — | — |
| -0.5% | Feb 28, 2022 | 1 | Feb 28, 2022 | 1 | Mar 1, 2022 | 2 |
| -0.26% | Feb 11, 2026 | 1 | Feb 11, 2026 | 1 | Feb 12, 2026 | 2 |
| -0.2% | Feb 5, 2026 | 1 | Feb 5, 2026 | 3 | Feb 10, 2026 | 4 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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