RFM vs. ISHYX
Compare and contrast key facts about RiverNorth Flexible Municipal Income Fund (RFM) and Invesco Short Duration High Yield Municipal Fund (ISHYX).
RFM is managed by RiverNorth. ISHYX is managed by Invesco. It was launched on Sep 29, 2015.
Performance
RFM vs. ISHYX - Performance Comparison
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RFM vs. ISHYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
RFM RiverNorth Flexible Municipal Income Fund | 2.29% | 1.59% | 3.24% | 6.50% | -22.85% | 10.85% | 15.33% |
ISHYX Invesco Short Duration High Yield Municipal Fund | 0.13% | 3.92% | 6.43% | 3.58% | -8.99% | 5.96% | 6.72% |
Returns By Period
In the year-to-date period, RFM achieves a 2.29% return, which is significantly higher than ISHYX's 0.13% return.
RFM
- 1D
- 2.04%
- 1M
- -3.44%
- YTD
- 2.29%
- 6M
- 0.79%
- 1Y
- 2.63%
- 3Y*
- 4.32%
- 5Y*
- -1.10%
- 10Y*
- —
ISHYX
- 1D
- 0.11%
- 1M
- -1.79%
- YTD
- 0.13%
- 6M
- 1.85%
- 1Y
- 3.51%
- 3Y*
- 4.15%
- 5Y*
- 1.66%
- 10Y*
- 2.84%
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RFM vs. ISHYX - Expense Ratio Comparison
RFM has a 5.15% expense ratio, which is higher than ISHYX's 0.59% expense ratio.
Return for Risk
RFM vs. ISHYX — Risk / Return Rank
RFM
ISHYX
RFM vs. ISHYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for RiverNorth Flexible Municipal Income Fund (RFM) and Invesco Short Duration High Yield Municipal Fund (ISHYX). 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.
| RFM | ISHYX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.25 | 1.09 | -0.84 |
Sortino ratioReturn per unit of downside risk | 0.39 | 1.49 | -1.11 |
Omega ratioGain probability vs. loss probability | 1.06 | 1.31 | -0.26 |
Calmar ratioReturn relative to maximum drawdown | 0.26 | 1.12 | -0.86 |
Martin ratioReturn relative to average drawdown | 0.69 | 3.57 | -2.88 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| RFM | ISHYX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.25 | 1.09 | -0.84 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.09 | 0.54 | -0.63 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.86 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | 0.90 | -0.74 |
Correlation
The correlation between RFM and ISHYX is 0.24, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
RFM vs. ISHYX - Dividend Comparison
RFM's dividend yield for the trailing twelve months is around 7.91%, more than ISHYX's 4.29% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
RFM RiverNorth Flexible Municipal Income Fund | 7.91% | 8.07% | 7.70% | 7.64% | 8.38% | 10.49% | 5.07% | 0.00% | 0.00% | 0.00% | 0.00% |
ISHYX Invesco Short Duration High Yield Municipal Fund | 4.29% | 4.65% | 4.40% | 3.38% | 3.99% | 3.58% | 3.58% | 3.45% | 3.59% | 3.51% | 3.60% |
Drawdowns
RFM vs. ISHYX - Drawdown Comparison
The maximum RFM drawdown since its inception was -35.49%, which is greater than ISHYX's maximum drawdown of -13.64%. Use the drawdown chart below to compare losses from any high point for RFM and ISHYX.
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Drawdown Indicators
| RFM | ISHYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.49% | -13.64% | -21.85% |
Max Drawdown (1Y)Largest decline over 1 year | -8.80% | -3.79% | -5.01% |
Max Drawdown (5Y)Largest decline over 5 years | -35.49% | -12.03% | -23.46% |
Max Drawdown (10Y)Largest decline over 10 years | — | -13.64% | — |
Current DrawdownCurrent decline from peak | -16.02% | -1.79% | -14.23% |
Average DrawdownAverage peak-to-trough decline | -14.77% | -2.68% | -12.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.36% | 1.19% | +2.17% |
Volatility
RFM vs. ISHYX - Volatility Comparison
RiverNorth Flexible Municipal Income Fund (RFM) has a higher volatility of 4.28% compared to Invesco Short Duration High Yield Municipal Fund (ISHYX) at 0.68%. This indicates that RFM's price experiences larger fluctuations and is considered to be riskier than ISHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RFM | ISHYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.28% | 0.68% | +3.60% |
Volatility (6M)Calculated over the trailing 6-month period | 6.89% | 1.40% | +5.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.58% | 3.83% | +6.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.85% | 3.07% | +9.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.75% | 3.33% | +9.42% |