NAZ vs. RFMZ
NAZ (Nuveen Arizona Quality Municipal Income Fund) and RFMZ (RiverNorth Flexible Municipal Income Fund II Inc.) are both Municipal Bonds funds. Over the past 5 years, NAZ returned 1.25%/yr vs -1.36%/yr for RFMZ. At a 0.31 correlation, their price movements are largely independent. NAZ charges 0.03%/yr vs 3.27%/yr for RFMZ.
Performance
NAZ vs. RFMZ - Performance Comparison
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Returns By Period
In the year-to-date period, NAZ achieves a 13.56% return, which is significantly higher than RFMZ's 7.11% return.
NAZ
- 1D
- 1.55%
- 1M
- 3.79%
- YTD
- 13.56%
- 6M
- 13.05%
- 1Y
- 21.54%
- 3Y*
- 13.80%
- 5Y*
- 1.25%
- 10Y*
- 2.77%
RFMZ
- 1D
- -0.75%
- 1M
- 2.24%
- YTD
- 7.11%
- 6M
- 6.46%
- 1Y
- 11.90%
- 3Y*
- 7.34%
- 5Y*
- -1.36%
- 10Y*
- —
NAZ vs. RFMZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
NAZ Nuveen Arizona Quality Municipal Income Fund | 13.56% | 12.08% | 12.93% | -0.48% | -27.24% | 8.44% |
RFMZ RiverNorth Flexible Municipal Income Fund II Inc. | 7.11% | 2.22% | 10.11% | 4.54% | -26.41% | 3.62% |
Correlation
The correlation between NAZ and RFMZ is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Feb 25, 2021 | 0.31 |
The correlation between NAZ and RFMZ shifts across timeframes, from 0.13 (1 year) to 0.32 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
NAZ vs. RFMZ — Risk / Return Rank
NAZ
RFMZ
NAZ vs. RFMZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Arizona Quality Municipal Income Fund (NAZ) 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.
| NAZ | RFMZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.48 | ||
| Sortino ratioReturn per unit of downside risk | +0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.26 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.25 | 1.99 | +1.26 |
| Martin ratioReturn relative to average drawdown | 15.89 | 7.27 | +8.62 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NAZ | RFMZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.88 | 1.40 | +0.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.09 | -0.10 | +0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | -0.06 | +0.40 |
Drawdowns
NAZ vs. RFMZ - Drawdown Comparison
The maximum NAZ drawdown since its inception was -38.28%, roughly equal to the maximum RFMZ drawdown of -39.28%. Use the drawdown chart below to compare losses from any high point for NAZ and RFMZ.
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Drawdown Indicators
| NAZ | RFMZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.28% | -39.28% | +1.00% |
Max Drawdown (1Y)Largest decline over 1 year | -6.66% | -6.02% | -0.64% |
Max Drawdown (3Y)Largest decline over 3 years | -13.76% | -19.98% | +6.22% |
Max Drawdown (5Y)Largest decline over 5 years | -38.28% | -39.28% | +1.00% |
Max Drawdown (10Y)Largest decline over 10 years | -38.28% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -14.06% | +14.06% |
Average DrawdownAverage peak-to-trough decline | -9.34% | -20.26% | +10.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.36% | 1.64% | -0.28% |
Volatility
NAZ vs. RFMZ - Volatility Comparison
Nuveen Arizona Quality Municipal Income Fund (NAZ) has a higher volatility of 3.63% compared to RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) at 3.23%. This indicates that NAZ's price experiences larger fluctuations and is considered to be riskier than RFMZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NAZ | RFMZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.63% | 3.23% | +0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 9.24% | 6.28% | +2.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.51% | 8.52% | +2.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.64% | 13.70% | -0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.94% | 13.41% | +1.53% |
NAZ vs. RFMZ - Expense Ratio Comparison
NAZ has a 0.03% expense ratio, which is lower than RFMZ's 3.27% expense ratio.
Dividends
NAZ vs. RFMZ - Dividend Comparison
NAZ's dividend yield for the trailing twelve months is around 6.14%, less than RFMZ's 7.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NAZ Nuveen Arizona Quality Municipal Income Fund | 6.14% | 7.09% | 6.20% | 3.63% | 5.01% | 3.75% | 3.52% | 3.82% | 4.52% | 4.65% | 5.53% | 5.25% |
RFMZ RiverNorth Flexible Municipal Income Fund II Inc. | 7.62% | 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
NAZ and RFMZ have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NAZ has higher volatility (3.63%) compared to RFMZ (3.23%). In terms of maximum drawdown, NAZ dropped -38.28% vs RFMZ's -39.28%.
NAZ currently has the higher Sharpe Ratio (1.88 vs 1.40), 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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