NMT vs. RMMZ
NMT (Nuveen Massachusetts Quality Municipal Income Fund) and RMMZ (RiverNorth Managed Duration Municipal Income Fund II Inc.) are both Municipal Bonds funds. Over the past 3 years, NMT returned 13.08%/yr vs 5.06%/yr for RMMZ. Their 0.27 correlation means their historical movements had little consistent relationship.
Performance
NMT vs. RMMZ - Performance Comparison
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Returns By Period
In the year-to-date period, NMT achieves a 14.69% return, which is significantly higher than RMMZ's 6.51% return.
NMT
- 1D
- -0.95%
- 1M
- -2.63%
- 6M
- 10.49%
- YTD
- 14.69%
- 1Y
- 17.58%
- 3Y*
- 13.08%
- 5Y*
- 1.09%
- 10Y*
- 2.33%
- ALL TIME*
- 5.84%
RMMZ
- 1D
- 0.54%
- 1M
- -0.81%
- 6M
- 4.43%
- YTD
- 6.51%
- 1Y
- 12.71%
- 3Y*
- 5.06%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 0.81%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $248.00K | $301.58K | $262.08K | |
| $133.88K | $205.11K | $228.09K |
NMT vs. RMMZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
NMT Nuveen Massachusetts Quality Municipal Income Fund | 14.69% | 5.77% | 16.29% | 2.58% | -21.39% |
RMMZ RiverNorth Managed Duration Municipal Income Fund II Inc. | 6.51% | 4.99% | 2.72% | 11.22% | -18.85% |
Correlation
The correlation between NMT and RMMZ is 0.10, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.10 |
Correlation (3Y) Balances recent behavior with more history. | 0.29 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2022 | 0.27 |
The correlation between NMT and RMMZ shifts across timeframes, from 0.10 (1 year) to 0.29 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
NMT vs. RMMZ — Risk / Return Rank
NMT
RMMZ
NMT vs. RMMZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Massachusetts Quality Municipal Income Fund (NMT) 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.
| NMT | RMMZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.25 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.02 | 2.29 | +0.74 |
| Martin ratioReturn relative to average drawdown | 9.34 | 7.40 | +1.94 |
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Drawdowns
NMT vs. RMMZ - Drawdown Comparison
The maximum NMT drawdown since its inception was -40.12%, which is greater than RMMZ's maximum drawdown of -27.15%. Use the drawdown chart below to compare losses from any high point for NMT and RMMZ.
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Drawdown Indicators
| NMT | RMMZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.12% | -27.15% | -12.97% |
Max Drawdown (1Y)Largest decline over 1 year | -5.84% | -5.58% | -0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -11.61% | -18.12% | +6.51% |
Max Drawdown (5Y)Largest decline over 5 years | -38.88% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -38.88% | — | — |
Current DrawdownCurrent decline from peak | -4.72% | -0.94% | -3.78% |
Average DrawdownAverage peak-to-trough decline | -8.42% | -9.35% | +0.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.89% | 1.72% | +0.17% |
Volatility
NMT vs. RMMZ - Volatility Comparison
Nuveen Massachusetts Quality Municipal Income Fund (NMT) has a higher volatility of 4.02% compared to RiverNorth Managed Duration Municipal Income Fund II Inc. (RMMZ) at 1.87%. This indicates that NMT'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
| NMT | RMMZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.02% | 1.87% | +2.15% |
Volatility (6M)Calculated over the trailing 6-month period | 9.49% | 7.07% | +2.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.07% | 9.86% | +1.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.34% | 17.42% | -5.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.06% | 17.42% | -3.36% |
Dividends
NMT vs. RMMZ - Dividend Comparison
NMT's dividend yield for the trailing twelve months is around 6.12%, less than RMMZ's 7.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
RMMZ RiverNorth Managed Duration Municipal Income Fund II Inc. | 7.41% | 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
NMT and RMMZ have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NMT has higher volatility (4.02%) compared to RMMZ (1.87%). In terms of maximum drawdown, NMT dropped -40.12% vs RMMZ's -27.15%.
NMT currently has the higher Sharpe Ratio (1.60 vs 1.30), 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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