RFM vs. RFMZ
RFM (RiverNorth Flexible Municipal Income Fund) and RFMZ (RiverNorth Flexible Municipal Income Fund II Inc.) are both mutual funds - RFM is a High Yield Muni fund managed by RiverNorth, while RFMZ is a Municipal Bonds fund managed by RiverNorth. Over the past 5 years, RFM returned -1.96%/yr vs -1.76%/yr for RFMZ. Their 0.52 correlation means they have sometimes moved together and sometimes differently. RFM charges 5.15%/yr vs 3.27%/yr for RFMZ.
Performance
RFM vs. RFMZ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, RFM achieves a 8.81% return, which is significantly higher than RFMZ's 7.65% return.
RFM
- 1D
- -0.21%
- 1M
- -1.37%
- 6M
- 4.65%
- YTD
- 8.81%
- 1Y
- 13.02%
- 3Y*
- 3.91%
- 5Y*
- -1.96%
- 10Y*
- —
- ALL TIME*
- 2.90%
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) |
|---|---|---|---|
| $120.06K | $124.16K | $157.09K | |
| $641.81K | $577.05K | $696.54K |
RFM vs. RFMZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
RFM RiverNorth Flexible Municipal Income Fund | 8.81% | 1.59% | 3.24% | 6.50% | -22.85% | 14.06% |
RFMZ RiverNorth Flexible Municipal Income Fund II Inc. | 7.65% | 2.22% | 10.11% | 4.54% | -26.41% | 3.72% |
Correlation
The correlation between RFM and RFMZ is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.60 |
Correlation (3Y) Balances recent behavior with more history. | 0.60 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.54 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2021 | 0.52 |
The correlation between RFM and RFMZ has been stable across timeframes, ranging from 0.52 to 0.60 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
RFM vs. RFMZ — Risk / Return Rank
RFM
RFMZ
RFM vs. RFMZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for RiverNorth Flexible Municipal Income Fund (RFM) 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.
| RFM | RFMZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.28 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 2.15 | +0.31 |
| Martin ratioReturn relative to average drawdown | 7.77 | 7.64 | +0.13 |
Loading charts...
Drawdowns
RFM vs. RFMZ - Drawdown Comparison
The maximum RFM drawdown since its inception was -35.49%, smaller than the maximum RFMZ drawdown of -39.28%. Use the drawdown chart below to compare losses from any high point for RFM and RFMZ.
Loading charts...
Drawdown Indicators
| RFM | RFMZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.49% | -39.28% | +3.79% |
Max Drawdown (1Y)Largest decline over 1 year | -5.83% | -6.02% | +0.19% |
Max Drawdown (3Y)Largest decline over 3 years | -18.28% | -19.30% | +1.02% |
Max Drawdown (5Y)Largest decline over 5 years | -35.49% | -39.28% | +3.79% |
Current DrawdownCurrent decline from peak | -10.66% | -13.63% | +2.97% |
Average DrawdownAverage peak-to-trough decline | -14.60% | -19.99% | +5.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.84% | 1.69% | +0.15% |
Volatility
RFM vs. RFMZ - Volatility Comparison
RiverNorth Flexible Municipal Income Fund (RFM) has a higher volatility of 1.84% compared to RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) at 1.65%. This indicates that RFM'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.
Loading charts...
Volatility by Period
| RFM | RFMZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.84% | 1.65% | +0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 7.45% | 6.15% | +1.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.33% | 8.52% | +0.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.84% | 13.59% | -0.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.59% | 13.26% | -0.67% |
RFM vs. RFMZ - Expense Ratio Comparison
RFM has a 5.15% expense ratio, which is higher than RFMZ's 3.27% expense ratio.
Dividends
RFM vs. RFMZ - Dividend Comparison
RFM's dividend yield for the trailing twelve months is around 7.46%, less than RFMZ's 7.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
RFM RiverNorth Flexible Municipal Income Fund | 7.46% | 8.07% | 7.70% | 7.64% | 8.38% | 10.49% | 5.07% |
RFMZ RiverNorth Flexible Municipal Income Fund II Inc. | 7.59% | 8.13% | 7.76% | 7.92% | 8.53% | 4.53% | 0.00% |
Frequently Asked Questions
RFM and RFMZ have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RFM has higher volatility (1.84%) compared to RFMZ (1.65%). In terms of maximum drawdown, RFM dropped -35.49% vs RFMZ's -39.28%.
RFM currently has the higher Sharpe Ratio (1.53 vs 1.52), 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.
Find the right allocation for RFM and RFMZ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer