MMU vs. RFMZ
MMU (Western Asset Managed Municipals Fund Inc) and RFMZ (RiverNorth Flexible Municipal Income Fund II Inc.) are both Municipal Bonds funds. Over the past 5 years, MMU returned -0.25%/yr vs -0.89%/yr for RFMZ. At a 0.43 correlation, their price movements are largely independent. MMU charges 0.01%/yr vs 3.27%/yr for RFMZ.
Performance
MMU vs. RFMZ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MMU achieves a 2.57% return, which is significantly lower than RFMZ's 10.21% return.
MMU
- 1D
- 0.48%
- 1M
- 3.78%
- YTD
- 2.57%
- 6M
- 3.01%
- 1Y
- 12.54%
- 3Y*
- 7.76%
- 5Y*
- -0.25%
- 10Y*
- 1.39%
RFMZ
- 1D
- -0.07%
- 1M
- 4.09%
- YTD
- 10.21%
- 6M
- 9.09%
- 1Y
- 15.32%
- 3Y*
- 6.73%
- 5Y*
- -0.89%
- 10Y*
- —
MMU vs. RFMZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MMU Western Asset Managed Municipals Fund Inc | 2.57% | 9.19% | 6.58% | 5.63% | -19.58% | 7.28% |
RFMZ RiverNorth Flexible Municipal Income Fund II Inc. | 10.21% | 2.22% | 10.11% | 4.54% | -26.41% | 3.72% |
Correlation
The correlation between MMU and RFMZ is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2021 | 0.43 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MMU vs. RFMZ — Risk / Return Rank
MMU
RFMZ
MMU vs. RFMZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset Managed Municipals Fund Inc (MMU) and RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ). 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.
| MMU | RFMZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.33 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.14 | 2.56 | -0.42 |
| Martin ratioReturn relative to average drawdown | 7.21 | 9.42 | -2.21 |
Loading charts...
Drawdowns
MMU vs. RFMZ - Drawdown Comparison
The maximum MMU drawdown since its inception was -34.51%, smaller than the maximum RFMZ drawdown of -39.28%. Use the drawdown chart below to compare losses from any high point for MMU and RFMZ.
Loading charts...
Drawdown Indicators
| MMU | RFMZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.51% | -39.28% | +4.77% |
Max Drawdown (1Y)Largest decline over 1 year | -5.88% | -6.02% | +0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -12.86% | -19.98% | +7.12% |
Max Drawdown (5Y)Largest decline over 5 years | -31.89% | -39.28% | +7.39% |
Max Drawdown (10Y)Largest decline over 10 years | -34.51% | — | — |
Current DrawdownCurrent decline from peak | -4.61% | -11.57% | +6.96% |
Average DrawdownAverage peak-to-trough decline | -6.83% | -20.18% | +13.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 1.63% | +0.11% |
Volatility
MMU vs. RFMZ - Volatility Comparison
Western Asset Managed Municipals Fund Inc (MMU) and RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) have volatilities of 2.41% and 2.38%, 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.
Loading charts...
Volatility by Period
| MMU | RFMZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.41% | 2.38% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 7.09% | 6.31% | +0.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.35% | 8.62% | -0.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.69% | 13.69% | -3.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.01% | 13.37% | -0.36% |
MMU vs. RFMZ - Expense Ratio Comparison
MMU has a 0.01% expense ratio, which is lower than RFMZ's 3.27% expense ratio.
Dividends
MMU vs. RFMZ - Dividend Comparison
MMU's dividend yield for the trailing twelve months is around 6.27%, less than RFMZ's 7.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MMU Western Asset Managed Municipals Fund Inc | 6.27% | 6.26% | 6.16% | 4.36% | 4.65% | 3.88% | 4.21% | 4.96% | 5.68% | 5.37% | 5.67% | 5.50% |
RFMZ RiverNorth Flexible Municipal Income Fund II Inc. | 7.41% | 8.13% | 7.76% | 7.92% | 8.53% | 4.53% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MMU and RFMZ have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MMU has higher volatility (2.41%) compared to RFMZ (2.38%). In terms of maximum drawdown, MMU dropped -34.51% vs RFMZ's -39.28%.
RFMZ currently has the higher Sharpe Ratio (1.79 vs 1.51), 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.
Find the right allocation for MMU and RFMZ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer