RFM vs. NMZ
Compare and contrast key facts about RiverNorth Flexible Municipal Income Fund (RFM) and Nuveen Municipal High Income Opportunity Fund (NMZ).
RFM is managed by RiverNorth. NMZ is an actively managed fund by Nuveen. It was launched on Nov 19, 2003.
Performance
RFM vs. NMZ - Performance Comparison
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RFM vs. NMZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
RFM RiverNorth Flexible Municipal Income Fund | 2.36% | 1.59% | 3.24% | 6.50% | -22.85% | 10.85% | 15.33% |
NMZ Nuveen Municipal High Income Opportunity Fund | 3.39% | 1.56% | 16.52% | 0.69% | -27.36% | 10.41% | 23.36% |
Returns By Period
In the year-to-date period, RFM achieves a 2.36% return, which is significantly lower than NMZ's 3.39% return.
RFM
- 1D
- 0.07%
- 1M
- -2.91%
- YTD
- 2.36%
- 6M
- 0.72%
- 1Y
- 2.22%
- 3Y*
- 4.35%
- 5Y*
- -1.08%
- 10Y*
- —
NMZ
- 1D
- -0.39%
- 1M
- -2.84%
- YTD
- 3.39%
- 6M
- 0.96%
- 1Y
- 2.29%
- 3Y*
- 5.20%
- 5Y*
- -0.57%
- 10Y*
- 2.88%
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RFM vs. NMZ - Expense Ratio Comparison
RFM has a 5.15% expense ratio, which is higher than NMZ's 1.50% expense ratio.
Return for Risk
RFM vs. NMZ — Risk / Return Rank
RFM
NMZ
RFM vs. NMZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for RiverNorth Flexible Municipal Income Fund (RFM) and Nuveen Municipal High Income Opportunity Fund (NMZ). 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 | NMZ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.21 | 0.18 | +0.03 |
Sortino ratioReturn per unit of downside risk | 0.34 | 0.32 | +0.02 |
Omega ratioGain probability vs. loss probability | 1.05 | 1.05 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 0.31 | 0.20 | +0.11 |
Martin ratioReturn relative to average drawdown | 0.80 | 0.60 | +0.21 |
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 | NMZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.21 | 0.18 | +0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.08 | -0.04 | -0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.20 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | 0.27 | -0.11 |
Correlation
The correlation between RFM and NMZ is 0.42, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
RFM vs. NMZ - Dividend Comparison
RFM's dividend yield for the trailing twelve months is around 7.91%, more than NMZ's 7.60% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
NMZ Nuveen Municipal High Income Opportunity Fund | 7.60% | 7.71% | 6.35% | 5.44% | 7.04% | 5.10% | 5.09% | 4.99% | 6.15% | 5.94% | 6.94% | 6.67% |
Drawdowns
RFM vs. NMZ - Drawdown Comparison
The maximum RFM drawdown since its inception was -35.49%, smaller than the maximum NMZ drawdown of -58.53%. Use the drawdown chart below to compare losses from any high point for RFM and NMZ.
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Drawdown Indicators
| RFM | NMZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.49% | -58.53% | +23.04% |
Max Drawdown (1Y)Largest decline over 1 year | -8.80% | -11.04% | +2.24% |
Max Drawdown (5Y)Largest decline over 5 years | -35.49% | -40.03% | +4.54% |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.03% | — |
Current DrawdownCurrent decline from peak | -15.96% | -12.20% | -3.76% |
Average DrawdownAverage peak-to-trough decline | -14.77% | -9.45% | -5.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.37% | 3.69% | -0.32% |
Volatility
RFM vs. NMZ - Volatility Comparison
The current volatility for RiverNorth Flexible Municipal Income Fund (RFM) is 4.28%, while Nuveen Municipal High Income Opportunity Fund (NMZ) has a volatility of 4.98%. This indicates that RFM experiences smaller price fluctuations and is considered to be less risky than NMZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RFM | NMZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.28% | 4.98% | -0.70% |
Volatility (6M)Calculated over the trailing 6-month period | 6.89% | 6.50% | +0.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.58% | 12.70% | -2.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.85% | 12.90% | -0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.74% | 14.71% | -1.97% |