PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
NAC vs. RFMZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NAC vs. RFMZ

Last updated Jun 24, 2026

NAC (Nuveen California Quality Municipal Income Fund) and RFMZ (RiverNorth Flexible Municipal Income Fund II Inc.) are both Municipal Bonds funds. Over the past 5 years, NAC returned 0.45%/yr vs -0.75%/yr for RFMZ. At a 0.42 correlation, their price movements are largely independent. NAC charges 0.04%/yr vs 3.27%/yr for RFMZ.

Performance

NAC vs. RFMZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen California Quality Municipal Income Fund (NAC) and RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, NAC achieves a 5.41% return, which is significantly lower than RFMZ's 10.29% return.

NAC

1D
0.17%
1M
2.72%
YTD
5.41%
6M
5.95%
1Y
17.46%
3Y*
10.77%
5Y*
0.45%
10Y*
2.00%

RFMZ

1D
0.07%
1M
4.16%
YTD
10.29%
6M
9.95%
1Y
15.68%
3Y*
6.75%
5Y*
-0.75%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

NAC vs. RFMZ - Yearly Performance Comparison

2026 (YTD)20252024202320222021
NAC
Nuveen California Quality Municipal Income Fund		5.41%13.09%8.67%4.47%-25.66%11.56%
RFMZ
RiverNorth Flexible Municipal Income Fund II Inc.		10.29%2.22%10.11%4.54%-26.41%3.72%

Correlation

The correlation between NAC and RFMZ is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.45

Correlation (3Y)
Calculated over the trailing 3-year period

0.50

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

0.42

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Nuveen California Quality Municipal Income Fund

RiverNorth Flexible Municipal Income Fund II Inc.

Often compared with NAC:
NAC vs. RMINAC vs. NIMNAC vs. MMDNAC vs. SCDNAC vs. EIMNAC vs. NAZNAC vs. MMU
Often compared with RFMZ:
RFMZ vs. MMURFMZ vs. RFMRFMZ vs. MMDRFMZ vs. NMTRFMZ vs. RIVRFMZ vs. RMIRFMZ vs. RMMZ

Return for Risk

NAC vs. RFMZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
NAC
NAC Risk / Return Rank: 7676
Overall Rank
NAC Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
NAC Sortino Ratio Rank: 8080
Sortino Ratio Rank
NAC Omega Ratio Rank: 7171
Omega Ratio Rank
NAC Calmar Ratio Rank: 8181
Calmar Ratio Rank
NAC Martin Ratio Rank: 7373
Martin Ratio Rank
RFMZ
RFMZ Risk / Return Rank: 4949
Overall Rank
RFMZ Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
RFMZ Sortino Ratio Rank: 5353
Sortino Ratio Rank
RFMZ Omega Ratio Rank: 4646
Omega Ratio Rank
RFMZ Calmar Ratio Rank: 5151
Calmar Ratio Rank
RFMZ Martin Ratio Rank: 4949
Martin Ratio Rank
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.

NAC vs. RFMZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen California Quality Municipal Income Fund (NAC) 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.

NACRFMZDifference
Sharpe ratioReturn per unit of total volatility
2.28
1.83

+0.45

Sortino ratioReturn per unit of downside risk
3.49
2.80

+0.69

Omega ratioGain probability vs. loss probability

1.43

1.34

+0.09

Calmar ratioReturn relative to maximum drawdown

3.53

2.62

+0.92

Martin ratioReturn relative to average drawdown

12.99

9.65

+3.35

NAC vs. RFMZ - Sharpe Ratio Comparison

The current NAC Sharpe Ratio is 2.28, which is comparable to the RFMZ Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of NAC and RFMZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

NAC vs. RFMZ - Drawdown Comparison

The maximum NAC drawdown since its inception was -46.41%, which is greater than RFMZ's maximum drawdown of -39.28%. Use the drawdown chart below to compare losses from any high point for NAC and RFMZ.

Loading charts...

Drawdown Indicators

NACRFMZDifference

Max Drawdown

Largest peak-to-trough decline

-46.41%

-39.28%

-7.13%

Max Drawdown (1Y)

Largest decline over 1 year

-4.96%

-6.02%

+1.06%

Max Drawdown (3Y)

Largest decline over 3 years

-13.60%

-19.98%

+6.38%

Max Drawdown (5Y)

Largest decline over 5 years

-36.31%

-39.28%

+2.97%

Max Drawdown (10Y)

Largest decline over 10 years

-36.31%

—

—

Current Drawdown

Current decline from peak

-1.10%

-11.50%

+10.40%

Average Drawdown

Average peak-to-trough decline

-8.39%

-20.17%

+11.78%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.35%

1.63%

-0.28%

Volatility

NAC vs. RFMZ - Volatility Comparison

The current volatility for Nuveen California Quality Municipal Income Fund (NAC) is 2.15%, while RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) has a volatility of 2.35%. This indicates that NAC experiences smaller price fluctuations and is considered to be less risky than RFMZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

NACRFMZDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.15%

2.35%

-0.20%

Volatility (6M)

Calculated over the trailing 6-month period

5.58%

6.31%

-0.73%

Volatility (1Y)

Calculated over the trailing 1-year period

7.69%

8.61%

-0.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.76%

13.68%

-2.92%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.23%

13.37%

-1.14%

NAC vs. RFMZ - Expense Ratio Comparison

NAC has a 0.04% expense ratio, which is lower than RFMZ's 3.27% expense ratio.

Dividends

NAC vs. RFMZ - Dividend Comparison

NAC's dividend yield for the trailing twelve months is around 7.32%, less than RFMZ's 7.41% yield.

PositionTTM20252024202320222021202020192018201720162015
NAC
Nuveen California Quality Municipal Income Fund		7.32%7.47%6.63%4.03%5.47%4.18%4.17%4.38%5.34%5.54%6.25%6.05%
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

NAC and RFMZ have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

RFMZ has higher volatility (2.35%) compared to NAC (2.15%). In terms of maximum drawdown, NAC dropped -46.41% vs RFMZ's -39.28%.

NAC currently has the higher Sharpe Ratio (2.28 vs 1.83), 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.

Portfolio Optimizer

Find the right allocation for NAC 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