OPP vs. RFMZ
OPP (RiverNorth/DoubleLine Strategic Opportunity Fund) and RFMZ (RiverNorth Flexible Municipal Income Fund II Inc.) are both mutual funds - OPP is a Tactical Allocation fund actively managed by RiverNorth, while RFMZ is a Municipal Bonds fund managed by RiverNorth. Over the past 5 years, OPP returned -0.27%/yr vs -1.76%/yr for RFMZ. Their 0.26 correlation means their historical movements had little consistent relationship.
Performance
OPP vs. RFMZ - Performance Comparison
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Returns By Period
In the year-to-date period, OPP achieves a 4.06% return, which is significantly lower than RFMZ's 7.65% return.
OPP
- 1D
- 0.40%
- 1M
- 0.14%
- 6M
- 3.91%
- YTD
- 4.06%
- 1Y
- 1.62%
- 3Y*
- 10.28%
- 5Y*
- -0.27%
- 10Y*
- —
- ALL TIME*
- 3.20%
RFMZ
- 1D
- -0.46%
- 1M
- -3.83%
- 6M
- 3.47%
- YTD
- 7.65%
- 1Y
- 11.79%
- 3Y*
- 5.13%
- 5Y*
- -1.76%
- 10Y*
- —
- ALL TIME*
- -0.62%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $594.70K | $594.78K | $618.89K | |
| $641.81K | $577.05K | $696.54K |
OPP vs. RFMZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
OPP RiverNorth/DoubleLine Strategic Opportunity Fund | 4.06% | 9.21% | 16.04% | 11.50% | -28.22% | 6.33% |
RFMZ RiverNorth Flexible Municipal Income Fund II Inc. | 7.65% | 2.22% | 10.11% | 4.54% | -26.41% | 3.72% |
Correlation
The correlation between OPP and RFMZ is 0.19, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.19 |
Correlation (3Y) Balances recent behavior with more history. | 0.28 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.26 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2021 | 0.26 |
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Return for Risk
OPP vs. RFMZ — Risk / Return Rank
OPP
RFMZ
OPP vs. RFMZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for RiverNorth/DoubleLine Strategic Opportunity Fund (OPP) 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.
| OPP | RFMZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.29 | ||
| Sortino ratioReturn per unit of downside risk | -1.99 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.28 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.26 | 2.15 | -1.89 |
| Martin ratioReturn relative to average drawdown | 0.46 | 7.64 | -7.18 |
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Drawdowns
OPP vs. RFMZ - Drawdown Comparison
The maximum OPP drawdown since its inception was -37.47%, roughly equal to the maximum RFMZ drawdown of -39.28%. Use the drawdown chart below to compare losses from any high point for OPP and RFMZ.
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Drawdown Indicators
| OPP | RFMZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.47% | -39.28% | +1.81% |
Max Drawdown (1Y)Largest decline over 1 year | -7.58% | -6.02% | -1.56% |
Max Drawdown (3Y)Largest decline over 3 years | -12.57% | -19.30% | +6.73% |
Max Drawdown (5Y)Largest decline over 5 years | -37.47% | -39.28% | +1.81% |
Current DrawdownCurrent decline from peak | -3.30% | -13.63% | +10.33% |
Average DrawdownAverage peak-to-trough decline | -11.01% | -19.99% | +8.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.31% | 1.69% | +2.62% |
Volatility
OPP vs. RFMZ - Volatility Comparison
RiverNorth/DoubleLine Strategic Opportunity Fund (OPP) has a higher volatility of 2.35% compared to RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) at 1.65%. This indicates that OPP'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
| OPP | RFMZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.35% | 1.65% | +0.70% |
Volatility (6M)Calculated over the trailing 6-month period | 6.32% | 6.15% | +0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.74% | 8.52% | +0.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.17% | 13.59% | +0.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.46% | 13.26% | +2.20% |
Dividends
OPP vs. RFMZ - Dividend Comparison
OPP's dividend yield for the trailing twelve months is around 14.59%, more than RFMZ's 7.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
OPP RiverNorth/DoubleLine Strategic Opportunity Fund | 14.59% | 14.34% | 14.29% | 14.66% | 20.43% | 13.40% | 15.08% | 13.39% | 11.08% | 8.22% | 1.19% |
RFMZ RiverNorth Flexible Municipal Income Fund II Inc. | 7.59% | 8.13% | 7.76% | 7.92% | 8.53% | 4.53% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
OPP and RFMZ have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OPP has higher volatility (2.35%) compared to RFMZ (1.65%). In terms of maximum drawdown, OPP dropped -37.47% vs RFMZ's -39.28%.
RFMZ currently has the higher Sharpe Ratio (1.52 vs 0.23), 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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