NRO vs. RMM
NRO (Neuberger Berman Real Estate Securities Income Fund) is REIT fund actively managed by Neuberger Berman, while RMM (Rivernorth Managed Duration Municipal Income Fund Inc.) is a stock. Over the past 5 years, NRO returned 0.94%/yr vs -0.92%/yr for RMM. Their 0.31 correlation means their historical movements had little consistent relationship.
Performance
NRO vs. RMM - Performance Comparison
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Returns By Period
In the year-to-date period, NRO achieves a 6.81% return, which is significantly lower than RMM's 9.69% return.
NRO
- 1D
- -0.66%
- 1M
- -1.26%
- 6M
- 7.85%
- YTD
- 6.81%
- 1Y
- 5.63%
- 3Y*
- 12.43%
- 5Y*
- 0.94%
- 10Y*
- 4.34%
- ALL TIME*
- 3.99%
RMM
- 1D
- 0.28%
- 1M
- -3.08%
- 6M
- 4.50%
- YTD
- 9.69%
- 1Y
- 11.35%
- 3Y*
- 4.27%
- 5Y*
- -0.92%
- 10Y*
- —
- ALL TIME*
- 2.00%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $782.35K | $1.08M | $899.31K | |
| $575.80K | $561.52K | $605.40K |
NRO vs. RMM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
NRO Neuberger Berman Real Estate Securities Income Fund | 6.81% | 0.85% | 23.87% | 15.24% | -35.04% | 29.26% | -10.88% | 11.24% |
RMM Rivernorth Managed Duration Municipal Income Fund Inc. | 9.69% | 2.01% | 9.25% | 5.93% | -23.45% | 19.66% | -2.15% | -1.00% |
Correlation
The correlation between NRO and RMM is 0.23, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.23 |
Correlation (3Y) Balances recent behavior with more history. | 0.32 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.33 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2019 | 0.31 |
The correlation between NRO and RMM shifts across timeframes, from 0.23 (1 year) to 0.33 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
NRO vs. RMM — Risk / Return Rank
NRO
RMM
NRO vs. RMM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Real Estate Securities Income Fund (NRO) and Rivernorth Managed Duration Municipal Income Fund Inc. (RMM). 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.
| NRO | RMM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.66 | ||
| Sortino ratioReturn per unit of downside risk | -1.00 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.19 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.52 | 1.45 | -0.94 |
| Martin ratioReturn relative to average drawdown | 1.38 | 5.22 | -3.85 |
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Drawdowns
NRO vs. RMM - Drawdown Comparison
The maximum NRO drawdown since its inception was -92.91%, which is greater than RMM's maximum drawdown of -35.99%. Use the drawdown chart below to compare losses from any high point for NRO and RMM.
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Drawdown Indicators
| NRO | RMM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.91% | -35.99% | -56.92% |
Max Drawdown (1Y)Largest decline over 1 year | -11.61% | -7.90% | -3.71% |
Max Drawdown (3Y)Largest decline over 3 years | -24.78% | -18.84% | -5.94% |
Max Drawdown (5Y)Largest decline over 5 years | -42.35% | -33.29% | -9.06% |
Max Drawdown (10Y)Largest decline over 10 years | -62.59% | — | — |
Current DrawdownCurrent decline from peak | -5.33% | -5.70% | +0.37% |
Average DrawdownAverage peak-to-trough decline | -27.06% | -13.57% | -13.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.33% | 2.19% | +2.14% |
Volatility
NRO vs. RMM - Volatility Comparison
Neuberger Berman Real Estate Securities Income Fund (NRO) has a higher volatility of 4.35% compared to Rivernorth Managed Duration Municipal Income Fund Inc. (RMM) at 2.00%. This indicates that NRO's price experiences larger fluctuations and is considered to be riskier than RMM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NRO | RMM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.35% | 2.00% | +2.35% |
Volatility (6M)Calculated over the trailing 6-month period | 12.28% | 9.16% | +3.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.97% | 10.81% | +4.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.58% | 14.42% | +7.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.40% | 17.72% | +8.68% |
Dividends
NRO vs. RMM - Dividend Comparison
NRO's dividend yield for the trailing twelve months is around 12.40%, more than RMM's 7.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NRO Neuberger Berman Real Estate Securities Income Fund | 12.40% | 12.27% | 10.55% | 11.74% | 11.96% | 7.10% | 10.88% | 8.60% | 12.77% | 9.31% | 7.64% | 7.19% |
RMM Rivernorth Managed Duration Municipal Income Fund Inc. | 7.30% | 7.98% | 7.63% | 7.71% | 7.74% | 5.46% | 6.18% | 1.90% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
NRO and RMM have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NRO has higher volatility (4.35%) compared to RMM (2.00%). In terms of maximum drawdown, NRO dropped -92.91% vs RMM's -35.99%.
RMM currently has the higher Sharpe Ratio (1.06 vs 0.40), 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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