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NMT vs. RFMZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NMT vs. RFMZ

Last updated Jun 24, 2026

NMT (Nuveen Massachusetts Quality Municipal Income Fund) and RFMZ (RiverNorth Flexible Municipal Income Fund II Inc.) are both Municipal Bonds funds. Over the past 5 years, NMT returned 1.78%/yr vs -0.75%/yr for RFMZ. At a 0.32 correlation, their price movements are largely independent. NMT charges 0.04%/yr vs 3.27%/yr for RFMZ.

Performance

NMT vs. RFMZ - Performance Comparison

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

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Returns By Period

In the year-to-date period, NMT achieves a 15.87% return, which is significantly higher than RFMZ's 10.29% return.

NMT

1D
-0.31%
1M
1.10%
YTD
15.87%
6M
15.57%
1Y
16.25%
3Y*
13.56%
5Y*
1.78%
10Y*
2.58%

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)

NMT vs. RFMZ - Yearly Performance Comparison

2026 (YTD)20252024202320222021
NMT
Nuveen Massachusetts Quality Municipal Income Fund		15.87%5.77%16.29%2.58%-30.45%15.12%
RFMZ
RiverNorth Flexible Municipal Income Fund II Inc.		10.29%2.22%10.11%4.54%-26.41%3.72%

Correlation

The correlation between NMT and RFMZ is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.26

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

0.34

Correlation (5Y)
Calculated over the trailing 5-year period

0.33

Correlation (All Time)
Calculated using the full available price history since Feb 24, 2021

0.32

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Nuveen Massachusetts Quality Municipal Income Fund

RiverNorth Flexible Municipal Income Fund II Inc.

Often compared with NMT:
NMT vs. NCANMT vs. NIMNMT vs. NAZNMT vs. MMDNMT vs. NACNMT vs. MMUNMT vs. EIM
Often compared with RFMZ:
RFMZ vs. MMURFMZ vs. RFMRFMZ vs. MMDRFMZ vs. RIVRFMZ vs. RMIRFMZ vs. RMMZRFMZ vs. RSF

Return for Risk

NMT vs. RFMZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
NMT
NMT Risk / Return Rank: 4444
Overall Rank
NMT Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
NMT Sortino Ratio Rank: 3636
Sortino Ratio Rank
NMT Omega Ratio Rank: 4242
Omega Ratio Rank
NMT Calmar Ratio Rank: 5858
Calmar Ratio Rank
NMT Martin Ratio Rank: 4444
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.

NMT vs. RFMZ - Risk-Adjusted Trends Comparison

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

NMTRFMZDifference
Sharpe ratioReturn per unit of total volatility
1.65
1.83

-0.18

Sortino ratioReturn per unit of downside risk
2.31
2.80

-0.49

Omega ratioGain probability vs. loss probability

1.32

1.34

-0.02

Calmar ratioReturn relative to maximum drawdown

2.79

2.62

+0.18

Martin ratioReturn relative to average drawdown

8.93

9.65

-0.72

NMT vs. RFMZ - Sharpe Ratio Comparison

The current NMT Sharpe Ratio is 1.65, which is comparable to the RFMZ Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of NMT 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.

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Drawdowns

NMT vs. RFMZ - Drawdown Comparison

The maximum NMT drawdown since its inception was -40.12%, roughly equal to the maximum RFMZ drawdown of -39.28%. Use the drawdown chart below to compare losses from any high point for NMT and RFMZ.

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Drawdown Indicators

NMTRFMZDifference

Max Drawdown

Largest peak-to-trough decline

-40.12%

-39.28%

-0.84%

Max Drawdown (1Y)

Largest decline over 1 year

-5.84%

-6.02%

+0.18%

Max Drawdown (3Y)

Largest decline over 3 years

-13.28%

-19.98%

+6.70%

Max Drawdown (5Y)

Largest decline over 5 years

-38.88%

-39.28%

+0.40%

Max Drawdown (10Y)

Largest decline over 10 years

-38.88%

—

—

Current Drawdown

Current decline from peak

-3.74%

-11.50%

+7.76%

Average Drawdown

Average peak-to-trough decline

-8.44%

-20.17%

+11.73%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.82%

1.63%

+0.19%

Volatility

NMT vs. RFMZ - Volatility Comparison

Nuveen Massachusetts Quality Municipal Income Fund (NMT) has a higher volatility of 2.92% compared to RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) at 2.35%. This indicates that NMT'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

NMTRFMZDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.92%

2.35%

+0.57%

Volatility (6M)

Calculated over the trailing 6-month period

8.41%

6.31%

+2.10%

Volatility (1Y)

Calculated over the trailing 1-year period

9.92%

8.61%

+1.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.32%

13.68%

-1.36%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.07%

13.37%

+0.70%

NMT vs. RFMZ - Expense Ratio Comparison

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

Dividends

NMT vs. RFMZ - Dividend Comparison

NMT's dividend yield for the trailing twelve months is around 6.12%, less than RFMZ's 7.41% yield.

PositionTTM20252024202320222021202020192018201720162015
NMT
Nuveen Massachusetts Quality Municipal Income Fund		6.12%7.27%5.94%3.06%4.50%3.43%3.60%3.46%4.66%4.57%5.30%5.15%
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

NMT and RFMZ have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

NMT has higher volatility (2.92%) compared to RFMZ (2.35%). In terms of maximum drawdown, NMT dropped -40.12% vs RFMZ's -39.28%.

RFMZ currently has the higher Sharpe Ratio (1.83 vs 1.65), 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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