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RFM vs. RMI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RFM vs. RMI

Last updated Jun 23, 2026

RFM (RiverNorth Flexible Municipal Income Fund) and RMI (RiverNorth Opportunistic Municipal Income Fund) are both mutual funds - RFM is a High Yield Muni fund managed by RiverNorth, while RMI is a Municipal Bonds fund managed by RiverNorth. Over the past 5 years, RFM returned -1.55%/yr vs -0.29%/yr for RMI. At a 0.39 correlation, their price movements are largely independent. RFM charges 5.15%/yr vs 4.92%/yr for RMI.

Performance

RFM vs. RMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RiverNorth Flexible Municipal Income Fund (RFM) and RiverNorth Opportunistic Municipal Income Fund (RMI). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, RFM achieves a 8.40% return, which is significantly lower than RMI's 10.49% return.

RFM

1D
0.00%
1M
2.14%
YTD
8.40%
6M
7.32%
1Y
13.43%
3Y*
5.80%
5Y*
-1.55%
10Y*
—

RMI

1D
0.53%
1M
1.85%
YTD
10.49%
6M
9.50%
1Y
14.92%
3Y*
6.20%
5Y*
-0.29%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

RFM vs. RMI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
RFM
RiverNorth Flexible Municipal Income Fund		8.40%1.59%3.24%6.50%-22.85%10.85%15.33%
RMI
RiverNorth Opportunistic Municipal Income Fund		10.49%2.67%6.30%0.19%-21.34%14.86%15.58%

Correlation

The correlation between RFM and RMI 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

0.54

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

0.43

Correlation (All Time)
Calculated using the full available price history since Mar 27, 2020

0.39

The correlation between RFM and RMI shifts across timeframes, from 0.39 (all time) to 0.54 (3 years), reflecting how their relationship changes across market environments.

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RiverNorth Flexible Municipal Income Fund

RiverNorth Opportunistic Municipal Income Fund

Often compared with RFM:
RFM vs. RFMZRFM vs. RIVRFM vs. NMCORFM vs. TMNIXRFM vs. RMMZRFM vs. RSFRFM vs. AHYMX
Often compared with RMI:
RMI vs. NACRMI vs. MMDRMI vs. NCARMI vs. NAZRMI vs. RIVRMI vs. NMSRMI vs. RFMZ

Return for Risk

RFM vs. RMI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
RFM
RFM Risk / Return Rank: 3232
Overall Rank
RFM Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
RFM Sortino Ratio Rank: 2929
Sortino Ratio Rank
RFM Omega Ratio Rank: 3030
Omega Ratio Rank
RFM Calmar Ratio Rank: 4141
Calmar Ratio Rank
RFM Martin Ratio Rank: 3434
Martin Ratio Rank
RMI
RMI Risk / Return Rank: 2626
Overall Rank
RMI Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
RMI Sortino Ratio Rank: 2525
Sortino Ratio Rank
RMI Omega Ratio Rank: 2424
Omega Ratio Rank
RMI Calmar Ratio Rank: 3535
Calmar Ratio Rank
RMI Martin Ratio Rank: 2828
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.

RFM vs. RMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Flexible Municipal Income Fund (RFM) and RiverNorth Opportunistic Municipal Income Fund (RMI). 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.

RFMRMIDifference
Sharpe ratioReturn per unit of total volatility
1.43
1.16

+0.27

Sortino ratioReturn per unit of downside risk
2.08
1.95

+0.13

Omega ratioGain probability vs. loss probability

1.27

1.24

+0.03

Calmar ratioReturn relative to maximum drawdown

2.31

2.13

+0.19

Martin ratioReturn relative to average drawdown

7.25

6.19

+1.06

RFM vs. RMI - Sharpe Ratio Comparison

The current RFM Sharpe Ratio is 1.43, which is comparable to the RMI Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of RFM and RMI, 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

RFM vs. RMI - Drawdown Comparison

The maximum RFM drawdown since its inception was -35.49%, which is greater than RMI's maximum drawdown of -32.73%. Use the drawdown chart below to compare losses from any high point for RFM and RMI.

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Drawdown Indicators

RFMRMIDifference

Max Drawdown

Largest peak-to-trough decline

-35.49%

-32.73%

-2.76%

Max Drawdown (1Y)

Largest decline over 1 year

-5.83%

-7.05%

+1.22%

Max Drawdown (3Y)

Largest decline over 3 years

-19.08%

-20.94%

+1.86%

Max Drawdown (5Y)

Largest decline over 5 years

-35.49%

-32.73%

-2.76%

Current Drawdown

Current decline from peak

-11.01%

-5.09%

-5.92%

Average Drawdown

Average peak-to-trough decline

-14.69%

-10.99%

-3.70%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.86%

2.42%

-0.56%

Volatility

RFM vs. RMI - Volatility Comparison

The current volatility for RiverNorth Flexible Municipal Income Fund (RFM) is 2.06%, while RiverNorth Opportunistic Municipal Income Fund (RMI) has a volatility of 2.33%. This indicates that RFM experiences smaller price fluctuations and is considered to be less risky than RMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

RFMRMIDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.06%

2.33%

-0.27%

Volatility (6M)

Calculated over the trailing 6-month period

7.49%

11.18%

-3.69%

Volatility (1Y)

Calculated over the trailing 1-year period

9.46%

12.95%

-3.49%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.86%

16.33%

-3.47%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.67%

16.16%

-3.49%

RFM vs. RMI - Expense Ratio Comparison

RFM has a 5.15% expense ratio, which is higher than RMI's 4.92% expense ratio.

Dividends

RFM vs. RMI - Dividend Comparison

RFM's dividend yield for the trailing twelve months is around 7.48%, more than RMI's 7.21% yield.

PositionTTM20252024202320222021202020192018
RFM
RiverNorth Flexible Municipal Income Fund		7.48%8.07%7.70%7.64%8.38%10.49%5.07%0.00%0.00%
RMI
RiverNorth Opportunistic Municipal Income Fund		7.21%7.92%7.69%7.67%7.63%10.25%6.03%4.85%0.46%

Frequently Asked Questions

RFM and RMI 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.

RMI has higher volatility (2.33%) compared to RFM (2.06%). In terms of maximum drawdown, RFM dropped -35.49% vs RMI's -32.73%.

RFM currently has the higher Sharpe Ratio (1.43 vs 1.16), 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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