MMU vs. RMMZ
MMU (Western Asset Managed Municipals Fund Inc) and RMMZ (RiverNorth Managed Duration Municipal Income Fund II Inc.) are both Municipal Bonds funds. Over the past 3 years, MMU returned 6.58%/yr vs 4.80%/yr for RMMZ. Their 0.34 correlation means their historical movements had little consistent relationship.
Performance
MMU vs. RMMZ - Performance Comparison
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Returns By Period
In the year-to-date period, MMU achieves a -0.31% return, which is significantly lower than RMMZ's 5.94% return.
MMU
- 1D
- -0.40%
- 1M
- -3.77%
- 6M
- -2.51%
- YTD
- -0.31%
- 1Y
- 7.96%
- 3Y*
- 6.58%
- 5Y*
- -0.64%
- 10Y*
- 0.94%
- ALL TIME*
- 5.25%
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) |
|---|---|---|---|
| $1.15M | $1.26M | $1.35M | |
| $161.23K | $209.81K | $230.60K |
MMU vs. RMMZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MMU Western Asset Managed Municipals Fund Inc | -0.31% | 9.19% | 6.58% | 5.63% | -14.19% |
RMMZ RiverNorth Managed Duration Municipal Income Fund II Inc. | 5.94% | 4.99% | 2.72% | 11.22% | -18.85% |
Correlation
The correlation between MMU and RMMZ is 0.24, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.24 |
Correlation (3Y) Balances recent behavior with more history. | 0.38 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2022 | 0.34 |
The correlation between MMU and RMMZ shifts across timeframes, from 0.24 (1 year) to 0.38 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
MMU vs. RMMZ — Risk / Return Rank
MMU
RMMZ
MMU vs. RMMZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset Managed Municipals Fund Inc (MMU) 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.
| MMU | RMMZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.27 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.30 | 2.49 | -1.19 |
| Martin ratioReturn relative to average drawdown | 4.16 | 8.08 | -3.91 |
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Drawdowns
MMU vs. RMMZ - Drawdown Comparison
The maximum MMU drawdown since its inception was -34.51%, which is greater than RMMZ's maximum drawdown of -27.15%. Use the drawdown chart below to compare losses from any high point for MMU and RMMZ.
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Drawdown Indicators
| MMU | RMMZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.51% | -27.15% | -7.36% |
Max Drawdown (1Y)Largest decline over 1 year | -5.88% | -5.58% | -0.30% |
Max Drawdown (3Y)Largest decline over 3 years | -10.51% | -18.12% | +7.61% |
Max Drawdown (5Y)Largest decline over 5 years | -31.89% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -34.51% | — | — |
Current DrawdownCurrent decline from peak | -7.29% | -1.47% | -5.82% |
Average DrawdownAverage peak-to-trough decline | -6.83% | -9.36% | +2.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.84% | 1.72% | +0.12% |
Volatility
MMU vs. RMMZ - Volatility Comparison
Western Asset Managed Municipals Fund Inc (MMU) has a higher volatility of 2.57% compared to RiverNorth Managed Duration Municipal Income Fund II Inc. (RMMZ) at 1.87%. This indicates that MMU's price experiences larger fluctuations and is considered to be riskier than RMMZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MMU | RMMZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.57% | 1.87% | +0.70% |
Volatility (6M)Calculated over the trailing 6-month period | 7.29% | 7.05% | +0.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.66% | 9.95% | -1.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.74% | 17.43% | -6.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.95% | 17.43% | -4.48% |
Dividends
MMU vs. RMMZ - Dividend Comparison
MMU's dividend yield for the trailing twelve months is around 6.52%, less than RMMZ's 7.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MMU Western Asset Managed Municipals Fund Inc | 6.52% | 6.26% | 6.16% | 4.36% | 4.65% | 3.88% | 4.21% | 4.96% | 5.68% | 5.37% | 5.67% | 5.50% |
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
MMU and RMMZ have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MMU has higher volatility (2.57%) compared to RMMZ (1.87%). In terms of maximum drawdown, MMU dropped -34.51% 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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