RFM vs. NMZ
RFM (RiverNorth Flexible Municipal Income Fund) and NMZ (Nuveen Municipal High Income Opportunity Fund) are both High Yield Muni funds. Over the past 5 years, RFM returned -1.87%/yr vs -2.06%/yr for NMZ. Their 0.42 correlation means their historical movements had little consistent relationship. RFM charges 5.15%/yr vs 1.50%/yr for NMZ.
Performance
RFM vs. NMZ - Performance Comparison
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Returns By Period
In the year-to-date period, RFM achieves a 8.68% return, which is significantly higher than NMZ's 4.40% return.
RFM
- 1D
- -0.12%
- 1M
- -1.49%
- 6M
- 4.46%
- YTD
- 8.68%
- 1Y
- 12.88%
- 3Y*
- 4.17%
- 5Y*
- -1.87%
- 10Y*
- —
- ALL TIME*
- 2.87%
NMZ
- 1D
- 0.20%
- 1M
- -2.71%
- 6M
- 0.69%
- YTD
- 4.40%
- 1Y
- 8.99%
- 3Y*
- 6.07%
- 5Y*
- -2.06%
- 10Y*
- 2.05%
- ALL TIME*
- 4.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.57M | $6.37M | $6.81M | |
| $88.34K | $113.25K | $155.81K |
RFM vs. NMZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
RFM RiverNorth Flexible Municipal Income Fund | 8.68% | 1.59% | 3.24% | 6.50% | -22.85% | 10.85% | 15.33% |
NMZ Nuveen Municipal High Income Opportunity Fund | 4.40% | 1.56% | 16.52% | 0.69% | -27.36% | 10.41% | 20.59% |
Correlation
The correlation between RFM and NMZ is 0.40, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.40 |
Correlation (3Y) Balances recent behavior with more history. | 0.52 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.48 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2020 | 0.43 |
The correlation between RFM and NMZ shifts across timeframes, from 0.40 (1 year) to 0.52 (3 years), reflecting how their relationship changes across market environments.
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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.
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.
| RFM | NMZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.19 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | 1.52 | +0.70 |
| Martin ratioReturn relative to average drawdown | 6.99 | 4.39 | +2.60 |
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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 | -5.83% | -5.94% | +0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -18.28% | -19.43% | +1.15% |
Max Drawdown (5Y)Largest decline over 5 years | -35.49% | -39.82% | +4.33% |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.03% | — |
Current DrawdownCurrent decline from peak | -10.77% | -11.34% | +0.57% |
Average DrawdownAverage peak-to-trough decline | -14.60% | -9.47% | -5.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.85% | 2.05% | -0.20% |
Volatility
RFM vs. NMZ - Volatility Comparison
RiverNorth Flexible Municipal Income Fund (RFM) has a higher volatility of 1.79% compared to Nuveen Municipal High Income Opportunity Fund (NMZ) at 1.46%. This indicates that RFM's price experiences larger fluctuations and is considered to be riskier 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 | 1.79% | 1.46% | +0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 7.44% | 7.26% | +0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.30% | 9.20% | +0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.84% | 12.91% | -0.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.59% | 14.69% | -2.10% |
RFM vs. NMZ - Expense Ratio Comparison
RFM has a 5.15% expense ratio, which is higher than NMZ's 1.50% expense ratio.
Dividends
RFM vs. NMZ - Dividend Comparison
RFM's dividend yield for the trailing twelve months is around 7.47%, less than NMZ's 7.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NMZ Nuveen Municipal High Income Opportunity Fund | 7.72% | 7.71% | 6.35% | 5.44% | 7.04% | 5.10% | 5.09% | 4.99% | 6.15% | 5.94% | 6.94% | 6.67% |
RFM RiverNorth Flexible Municipal Income Fund | 7.47% | 8.07% | 7.70% | 7.64% | 8.38% | 10.49% | 5.07% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
RFM and NMZ have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RFM has higher volatility (1.79%) compared to NMZ (1.46%). In terms of maximum drawdown, RFM dropped -35.49% vs NMZ's -58.53%.
RFM currently has the higher Sharpe Ratio (1.39 vs 0.98), 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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