MMD vs. RMMZ

Last updated Apr 2, 2026

Compare and contrast key facts about NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) and RiverNorth Managed Duration Municipal Income Fund II Inc. (RMMZ).

MMD is managed by New York Life Investment Management. It was launched on Jun 26, 2012. RMMZ is managed by RiverNorth.

Performance

MMD vs. RMMZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) and RiverNorth Managed Duration Municipal Income Fund II Inc. (RMMZ). The values are adjusted to include any dividend payments, if applicable.

MMD vs. RMMZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund	1.48%	4.54%	-3.99%	6.48%	-14.87%
RMMZ RiverNorth Managed Duration Municipal Income Fund II Inc.	2.59%	4.99%	2.72%	11.22%	-12.90%

Returns By Period

In the year-to-date period, MMD achieves a 1.48% return, which is significantly lower than RMMZ's 2.59% return.

MMD

• 1D: 0.34%
• 1M: -4.23%
• YTD: 1.48%
• 6M: 0.47%
• 1Y: 3.30%
• 3Y*: -0.38%
• 5Y*: -2.96%
• 10Y*: 2.42%

RMMZ

• 1D: -0.41%
• 1M: -1.83%
• YTD: 2.59%
• 6M: 1.29%
• 1Y: 3.53%
• 3Y*: 6.76%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

MMD vs. RMMZ - Expense Ratio Comparison

MMD

NYLI MacKay DefinedTerm Muni Opportunities Fund

Return for Risk

MMD vs. RMMZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MMD

MMD Risk / Return Rank: 10
MMD Sharpe Ratio Rank: 9
MMD Sortino Ratio Rank: 9
MMD Omega Ratio Rank: 8
MMD Calmar Ratio Rank: 12
MMD Martin Ratio Rank: 10

RMMZ

RMMZ Risk / Return Rank: 8
RMMZ Sharpe Ratio Rank: 9
RMMZ Sortino Ratio Rank: 8
RMMZ Omega Ratio Rank: 7
RMMZ Calmar Ratio Rank: 10
RMMZ Martin Ratio Rank: 8

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MMD vs. RMMZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) and RiverNorth Managed Duration Municipal Income Fund II Inc. (RMMZ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	MMD	RMMZ	Difference
Sharpe ratio Return per unit of total volatility	0.35	0.32	+0.03
Sortino ratio Return per unit of downside risk	0.56	0.53	+0.03
Omega ratio Gain probability vs. loss probability	1.07	1.07	0.00
Calmar ratio Return relative to maximum drawdown	0.51	0.45	+0.06
Martin ratio Return relative to average drawdown	1.43	1.03	+0.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MMD vs. RMMZ - Sharpe Ratio Comparison

The current MMD Sharpe Ratio is 0.35, which is comparable to the RMMZ Sharpe Ratio of 0.32. The chart below compares the historical Sharpe Ratios of MMD and RMMZ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MMD	RMMZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.35	0.32	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.22	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.10	+0.17

Correlation

The correlation between MMD and RMMZ is 0.31, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MMD vs. RMMZ - Dividend Comparison

MMD's dividend yield for the trailing twelve months is around 4.93%, less than RMMZ's 7.68% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund	4.93%	4.84%	4.82%	5.26%	6.35%	4.68%	4.68%	4.85%	5.38%	5.45%	6.16%	6.25%
RMMZ RiverNorth Managed Duration Municipal Income Fund II Inc.	7.68%	7.86%	7.82%	7.45%	6.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

MMD vs. RMMZ - Drawdown Comparison

The maximum MMD drawdown since its inception was -30.12%, which is greater than RMMZ's maximum drawdown of -27.15%. Use the drawdown chart below to compare losses from any high point for MMD and RMMZ.

Drawdown Indicators

	MMD	RMMZ	Difference
Max Drawdown Largest peak-to-trough decline	-30.12%	-27.15%	-2.97%
Max Drawdown (1Y) Largest decline over 1 year	-7.41%	-7.67%	+0.26%
Max Drawdown (5Y) Largest decline over 5 years	-30.12%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-30.12%	—	—
Current Drawdown Current decline from peak	-18.78%	-2.59%	-16.19%
Average Drawdown Average peak-to-trough decline	-9.05%	-10.03%	+0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	3.68%	-1.03%

Volatility

MMD vs. RMMZ - Volatility Comparison

The current volatility for NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) is 3.76%, while RiverNorth Managed Duration Municipal Income Fund II Inc. (RMMZ) has a volatility of 4.93%. This indicates that MMD experiences smaller price fluctuations and is considered to be less risky than RMMZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMD	RMMZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.76%	4.93%	-1.17%
Volatility (6M) Calculated over the trailing 6-month period	5.65%	7.77%	-2.12%
Volatility (1Y) Calculated over the trailing 1-year period	9.39%	11.03%	-1.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.43%	17.67%	-4.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.90%	17.67%	-3.77%