NUW vs. RMI
NUW (Nuveen AMT-Free Municipal Value Fund) and RMI (RiverNorth Opportunistic Municipal Income Fund) are both Municipal Bonds funds. Over the past 5 years, NUW returned 0.37%/yr vs -0.11%/yr for RMI. At a 0.25 correlation, their price movements are largely independent.
Performance
NUW vs. RMI - Performance Comparison
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Returns By Period
In the year-to-date period, NUW achieves a 2.97% return, which is significantly lower than RMI's 14.90% return.
NUW
- 1D
- -0.21%
- 1M
- 1.54%
- 6M
- 2.05%
- YTD
- 2.97%
- 1Y
- 10.13%
- 3Y*
- 5.73%
- 5Y*
- 0.37%
- 10Y*
- 1.39%
RMI
- 1D
- 0.64%
- 1M
- 4.75%
- 6M
- 11.41%
- YTD
- 14.90%
- 1Y
- 19.17%
- 3Y*
- 7.09%
- 5Y*
- -0.11%
- 10Y*
- —
NUW vs. RMI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
NUW Nuveen AMT-Free Municipal Value Fund | 2.97% | 9.90% | 3.51% | 3.79% | -15.19% | 4.93% | 4.39% | 13.99% | 1.89% |
RMI RiverNorth Opportunistic Municipal Income Fund | 14.90% | 2.67% | 6.30% | 0.19% | -21.34% | 14.86% | 0.62% | 19.27% | 0.55% |
Correlation
The correlation between NUW and RMI is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2018 | 0.25 |
The correlation between NUW and RMI shifts across timeframes, from 0.25 (all time) to 0.44 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
NUW vs. RMI — Risk / Return Rank
NUW
RMI
NUW vs. RMI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen AMT-Free Municipal Value Fund (NUW) and RiverNorth Opportunistic Municipal Income Fund (RMI). 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.
| NUW | RMI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.32 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | 2.73 | -0.65 |
| Martin ratioReturn relative to average drawdown | 6.50 | 8.89 | -2.39 |
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Drawdowns
NUW vs. RMI - Drawdown Comparison
The maximum NUW drawdown since its inception was -26.43%, smaller than the maximum RMI drawdown of -32.73%. Use the drawdown chart below to compare losses from any high point for NUW and RMI.
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Drawdown Indicators
| NUW | RMI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.43% | -32.73% | +6.30% |
Max Drawdown (1Y)Largest decline over 1 year | -4.89% | -7.05% | +2.16% |
Max Drawdown (3Y)Largest decline over 3 years | -10.19% | -20.94% | +10.75% |
Max Drawdown (5Y)Largest decline over 5 years | -22.58% | -32.73% | +10.15% |
Max Drawdown (10Y)Largest decline over 10 years | -26.43% | — | — |
Current DrawdownCurrent decline from peak | -0.57% | -1.30% | +0.73% |
Average DrawdownAverage peak-to-trough decline | -8.06% | -10.93% | +2.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.56% | 2.22% | -0.66% |
Volatility
NUW vs. RMI - Volatility Comparison
Nuveen AMT-Free Municipal Value Fund (NUW) and RiverNorth Opportunistic Municipal Income Fund (RMI) have volatilities of 1.65% and 1.65%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NUW | RMI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.65% | 1.65% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 6.19% | 11.18% | -4.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.70% | 12.80% | -5.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.61% | 16.30% | -5.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.06% | 16.10% | -4.04% |
Dividends
NUW vs. RMI - Dividend Comparison
NUW's dividend yield for the trailing twelve months is around 4.04%, less than RMI's 6.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NUW Nuveen AMT-Free Municipal Value Fund | 4.04% | 4.07% | 3.89% | 3.58% | 3.44% | 3.98% | 2.85% | 3.87% | 5.34% | 5.33% | 4.72% | 4.45% |
RMI RiverNorth Opportunistic Municipal Income Fund | 6.93% | 7.92% | 7.69% | 7.67% | 7.63% | 10.25% | 6.03% | 4.85% | 0.46% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
NUW and RMI have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RMI has higher volatility (1.65%) compared to NUW (1.65%). In terms of maximum drawdown, NUW dropped -26.43% vs RMI's -32.73%.
RMI currently has the higher Sharpe Ratio (1.51 vs 1.32), 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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