MMD vs. RMMZ
MMD (NYLI MacKay DefinedTerm Muni Opportunities Fund) and RMMZ (RiverNorth Managed Duration Municipal Income Fund II Inc.) are both Municipal Bonds funds. Over the past 3 years, MMD returned 0.57%/yr vs 4.80%/yr for RMMZ. Their 0.31 correlation means their historical movements had little consistent relationship.
Performance
MMD vs. RMMZ - Performance Comparison
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Returns By Period
In the year-to-date period, MMD achieves a 3.43% return, which is significantly lower than RMMZ's 5.94% return.
MMD
- 1D
- -0.40%
- 1M
- -3.13%
- 6M
- -1.83%
- YTD
- 3.43%
- 1Y
- 7.02%
- 3Y*
- 0.57%
- 5Y*
- -3.35%
- 10Y*
- 1.97%
- ALL TIME*
- 3.60%
RMMZ
- 1D
- 0.14%
- 1M
- -1.34%
- 6M
- 3.59%
- YTD
- 5.94%
- 1Y
- 12.10%
- 3Y*
- 4.80%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 0.69%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $546.99K | $621.44K | $759.98K | |
| $161.23K | $209.81K | $230.60K |
MMD vs. RMMZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund | 3.43% | 4.54% | -3.99% | 6.48% | -16.05% |
RMMZ RiverNorth Managed Duration Municipal Income Fund II Inc. | 5.94% | 4.99% | 2.72% | 11.22% | -18.85% |
Correlation
The correlation between MMD and RMMZ is 0.25, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.25 |
Correlation (3Y) Balances recent behavior with more history. | 0.36 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2022 | 0.31 |
The correlation between MMD and RMMZ shifts across timeframes, from 0.25 (1 year) to 0.36 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
MMD vs. RMMZ — Risk / Return Rank
MMD
RMMZ
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.
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.
| MMD | RMMZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.27 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.03 | 2.49 | -1.46 |
| Martin ratioReturn relative to average drawdown | 3.19 | 8.08 | -4.88 |
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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.
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Drawdown Indicators
| MMD | RMMZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.12% | -27.15% | -2.97% |
Max Drawdown (1Y)Largest decline over 1 year | -7.41% | -5.58% | -1.83% |
Max Drawdown (3Y)Largest decline over 3 years | -14.99% | -18.12% | +3.13% |
Max Drawdown (5Y)Largest decline over 5 years | -30.12% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -30.12% | — | — |
Current DrawdownCurrent decline from peak | -17.22% | -1.47% | -15.75% |
Average DrawdownAverage peak-to-trough decline | -9.22% | -9.36% | +0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.39% | 1.72% | +0.67% |
Volatility
MMD vs. RMMZ - Volatility Comparison
NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) and RiverNorth Managed Duration Municipal Income Fund II Inc. (RMMZ) have volatilities of 1.81% and 1.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MMD | RMMZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.81% | 1.87% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 6.85% | 7.05% | -0.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.61% | 9.95% | -1.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.33% | 17.43% | -4.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.91% | 17.43% | -3.52% |
Dividends
MMD vs. RMMZ - Dividend Comparison
MMD's dividend yield for the trailing twelve months is around 5.13%, less than RMMZ's 7.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund | 5.13% | 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. | 7.45% | 7.86% | 7.82% | 7.45% | 6.86% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MMD and RMMZ have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RMMZ has higher volatility (1.87%) compared to MMD (1.81%). In terms of maximum drawdown, MMD dropped -30.12% vs RMMZ's -27.15%.
RMMZ currently has the higher Sharpe Ratio (1.40 vs 0.89), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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