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PML vs. RFMZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PML vs. RFMZ

Last updated Jun 24, 2026

PML (PIMCO Municipal Income Fund II) and RFMZ (RiverNorth Flexible Municipal Income Fund II Inc.) are both Municipal Bonds funds. Over the past 5 years, PML returned -7.62%/yr vs -0.75%/yr for RFMZ. At a 0.42 correlation, their price movements are largely independent. PML charges 1.08%/yr vs 3.27%/yr for RFMZ.

Performance

PML vs. RFMZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Municipal Income Fund II (PML) 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, PML achieves a 2.74% return, which is significantly lower than RFMZ's 10.29% return.

PML

1D
0.13%
1M
2.02%
YTD
2.74%
6M
3.57%
1Y
8.16%
3Y*
-0.32%
5Y*
-7.62%
10Y*
-0.48%

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)

PML vs. RFMZ - Yearly Performance Comparison

2026 (YTD)20252024202320222021
PML
PIMCO Municipal Income Fund II		2.74%-0.89%2.93%-3.06%-34.06%5.28%
RFMZ
RiverNorth Flexible Municipal Income Fund II Inc.		10.29%2.22%10.11%4.54%-26.41%3.72%

Correlation

The correlation between PML and RFMZ is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.46

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

0.47

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

0.43

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

0.42

Compare stocks, funds, or ETFs

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PIMCO Municipal Income Fund II

RiverNorth Flexible Municipal Income Fund II Inc.

Often compared with PML:
PML vs. VNYUXPML vs. MMDPML vs. NMTPML vs. DFSMXPML vs. DFCMXPML vs. MMUPML vs. NIM
Often compared with RFMZ:
RFMZ vs. MMURFMZ vs. RFMRFMZ vs. MMDRFMZ vs. NMTRFMZ vs. RIVRFMZ vs. RMIRFMZ vs. RMMZ

Return for Risk

PML vs. RFMZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PML
PML Risk / Return Rank: 1111
Overall Rank
PML Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
PML Sortino Ratio Rank: 1010
Sortino Ratio Rank
PML Omega Ratio Rank: 1010
Omega Ratio Rank
PML Calmar Ratio Rank: 1313
Calmar Ratio Rank
PML Martin Ratio Rank: 1111
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.

PML vs. RFMZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Municipal Income Fund II (PML) 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.

PMLRFMZDifference
Sharpe ratioReturn per unit of total volatility
0.77
1.83

-1.06

Sortino ratioReturn per unit of downside risk
1.14
2.80

-1.67

Omega ratioGain probability vs. loss probability

1.15

1.34

-0.20

Calmar ratioReturn relative to maximum drawdown

1.17

2.62

-1.45

Martin ratioReturn relative to average drawdown

2.87

9.65

-6.78

PML vs. RFMZ - Sharpe Ratio Comparison

The current PML Sharpe Ratio is 0.77, which is lower than the RFMZ Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of PML 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

PML vs. RFMZ - Drawdown Comparison

The maximum PML drawdown since its inception was -64.34%, which is greater than RFMZ's maximum drawdown of -39.28%. Use the drawdown chart below to compare losses from any high point for PML and RFMZ.

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Drawdown Indicators

PMLRFMZDifference

Max Drawdown

Largest peak-to-trough decline

-64.34%

-39.28%

-25.06%

Max Drawdown (1Y)

Largest decline over 1 year

-7.00%

-6.02%

-0.98%

Max Drawdown (3Y)

Largest decline over 3 years

-23.76%

-19.98%

-3.78%

Max Drawdown (5Y)

Largest decline over 5 years

-47.94%

-39.28%

-8.66%

Max Drawdown (10Y)

Largest decline over 10 years

-47.94%

—

—

Current Drawdown

Current decline from peak

-34.56%

-11.50%

-23.06%

Average Drawdown

Average peak-to-trough decline

-11.94%

-20.17%

+8.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.85%

1.63%

+1.22%

Volatility

PML vs. RFMZ - Volatility Comparison

PIMCO Municipal Income Fund II (PML) has a higher volatility of 2.81% compared to RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) at 2.35%. This indicates that PML'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

PMLRFMZDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.81%

2.35%

+0.46%

Volatility (6M)

Calculated over the trailing 6-month period

8.49%

6.31%

+2.18%

Volatility (1Y)

Calculated over the trailing 1-year period

10.70%

8.61%

+2.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.23%

13.68%

+0.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.50%

13.37%

+2.13%

PML vs. RFMZ - Expense Ratio Comparison

PML has a 1.08% expense ratio, which is lower than RFMZ's 3.27% expense ratio.

Dividends

PML vs. RFMZ - Dividend Comparison

PML's dividend yield for the trailing twelve months is around 6.31%, less than RFMZ's 7.41% yield.

PositionTTM20252024202320222021202020192018201720162015
PML
PIMCO Municipal Income Fund II		6.31%6.29%5.86%5.71%7.83%4.85%4.95%4.91%5.86%5.92%6.38%6.24%
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

PML and RFMZ have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PML has higher volatility (2.81%) compared to RFMZ (2.35%). In terms of maximum drawdown, PML dropped -64.34% vs RFMZ's -39.28%.

RFMZ currently has the higher Sharpe Ratio (1.83 vs 0.77), 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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