- CUSIP
- 76882M104
- Issuer
- RiverNorth
- Category
- Municipal Bonds
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
RMMZ Performance Chart
RiverNorth Managed Duration Municipal Income Fund II Inc. (RMMZ) is up 6.8% since the beginning of the year. RMMZ is currently trading at $15 per share.
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Returns By Period
RiverNorth Managed Duration Municipal Income Fund II Inc. (RMMZ) has returned 6.81% so far this year and 14.10% over the past 12 months.
RiverNorth Managed Duration Municipal Income Fund II Inc.
- 1D
- -0.27%
- 1M
- 1.21%
- 6M
- 5.65%
- YTD
- 6.81%
- 1Y
- 14.10%
- 3Y*
- 4.93%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.42%
- 1M
- 1.94%
- 6M
- 8.74%
- YTD
- 10.66%
- 1Y
- 21.02%
- 3Y*
- 19.50%
- 5Y*
- 11.63%
- 10Y*
- 13.41%
RMMZ Monthly Returns History
Based on dividend-adjusted daily data since Feb 11, 2022, RMMZ's average daily return is +0.01%, while the average monthly return is +0.19%. At this rate, an investment would double in approximately 30.4 years.
Historically, 50% of months were positive and 50% 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 Feb 11, 2022 at -6.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.27% | 1.86% | -1.11% | 1.49% | 0.87% | 1.82% | -0.53% | 6.81% | |||||
| 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 | 0.50% | -3.04% | -12.90% | 3.79% | -5.65% | 6.28% | -2.77% | -6.51% | -7.01% | 11.10% | -2.17% | -18.85% |
Benchmark Metrics
RiverNorth Managed Duration Municipal Income Fund II Inc. has an annualized alpha of 0.61%, beta of 0.14, and R2 of 0.02 versus S&P 500 Index. Calculated based on daily prices since February 11, 2022.
- This fund participated in 97.74% of S&P 500 Index downside but only 55.25% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.14 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
- 0.61%
- Beta
- 0.14
- R²
- 0.02
- Upside Capture
- 55.25%
- Downside Capture
- 97.74%
Return for Risk
Risk / Return Rank
RMMZ ranks 49 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 Managed Duration Municipal Income Fund II Inc. (RMMZ) 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.
| RMMZ | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.30 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.51 | 2.28 | +0.23 |
| Martin ratioReturn relative to average drawdown | 8.20 | 9.88 | -1.68 |
Dividends
Dividend History
RiverNorth Managed Duration Municipal Income Fund II Inc. provided a 7.39% dividend yield over the last twelve months, with an annual payout of $1.11 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Dividend | $1.11 | $1.14 | $1.17 | $1.17 | $1.04 |
Dividend yield | 7.39% | 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 | $0.09 | $0.09 | $0.09 | $0.00 | $0.53 | |||||
| 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 0.66%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2023 bear market2023 | -27.15%Oct 2023 | 1y 8mo | 2y 3mo | 3y 11moMar 2022 - Feb 2026 |
Bear market2022 | -6.83%Feb 2022 | 0s | 7d | 7dFeb 2022 - Feb 2022 |
2026 pullback2026 | -5.58%Mar 2026 | 1mo 5d | 1mo 12d | 2mo 17dFeb 2026 - May 2026 |
2026 pullback2026 | -2.76%May 2026 | 4d | 25d | 29dMay 2026 - Jun 2026 |
2026 pullback2026 | -0.80%Jul 2026 | 0s | — | 6d 5hJul 2026 - now |
Drawdown Indicators
| RMMZ | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.15% | -56.78% | +29.63% |
Max Drawdown (1Y)Largest decline over 1 year | -5.58% | -9.10% | +3.52% |
Max Drawdown (3Y)Largest decline over 3 years | -18.30% | -18.90% | +0.60% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.66% | -0.45% | -0.21% |
Average DrawdownAverage peak-to-trough decline | -9.47% | -10.71% | +1.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.70% | 2.09% | -0.39% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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