RFM vs. RSF
RFM (RiverNorth Flexible Municipal Income Fund) and RSF (RiverNorth Capital and Income Fund) are both mutual funds - RFM is a High Yield Muni fund managed by RiverNorth, while RSF is a High Yield Bonds fund managed by RiverNorth. Over the past 5 years, RFM returned -1.55%/yr vs 6.84%/yr for RSF. At a 0.17 correlation, their price movements are largely independent. RFM charges 5.15%/yr vs 6.38%/yr for RSF.
Performance
RFM vs. RSF - Performance Comparison
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Returns By Period
In the year-to-date period, RFM achieves a 8.40% return, which is significantly higher than RSF's 7.54% return.
RFM
- 1D
- 0.00%
- 1M
- 2.14%
- YTD
- 8.40%
- 6M
- 7.32%
- 1Y
- 13.43%
- 3Y*
- 5.80%
- 5Y*
- -1.55%
- 10Y*
- —
RSF
- 1D
- 0.14%
- 1M
- 1.02%
- YTD
- 7.54%
- 6M
- 6.87%
- 1Y
- 11.37%
- 3Y*
- 9.89%
- 5Y*
- 6.84%
- 10Y*
- —
RFM vs. RSF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
RFM RiverNorth Flexible Municipal Income Fund | 8.40% | 1.59% | 3.24% | 6.50% | -22.85% | 10.85% | 15.33% |
RSF RiverNorth Capital and Income Fund | 7.54% | 4.62% | 9.26% | 9.03% | -1.62% | 27.59% | 12.81% |
Correlation
The correlation between RFM and RSF is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2020 | 0.17 |
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Return for Risk
RFM vs. RSF — Risk / Return Rank
RFM
RSF
RFM vs. RSF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for RiverNorth Flexible Municipal Income Fund (RFM) and RiverNorth Capital and Income Fund (RSF). 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 | RSF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.32 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.31 | 2.92 | -0.60 |
| Martin ratioReturn relative to average drawdown | 7.25 | 8.96 | -1.71 |
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Drawdowns
RFM vs. RSF - Drawdown Comparison
The maximum RFM drawdown since its inception was -35.49%, which is greater than RSF's maximum drawdown of -30.61%. Use the drawdown chart below to compare losses from any high point for RFM and RSF.
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Drawdown Indicators
| RFM | RSF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.49% | -30.61% | -4.88% |
Max Drawdown (1Y)Largest decline over 1 year | -5.83% | -3.92% | -1.91% |
Max Drawdown (3Y)Largest decline over 3 years | -19.08% | -6.15% | -12.93% |
Max Drawdown (5Y)Largest decline over 5 years | -35.49% | -10.02% | -25.47% |
Current DrawdownCurrent decline from peak | -11.01% | -0.38% | -10.63% |
Average DrawdownAverage peak-to-trough decline | -14.69% | -4.56% | -10.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.86% | 1.27% | +0.59% |
Volatility
RFM vs. RSF - Volatility Comparison
RiverNorth Flexible Municipal Income Fund (RFM) has a higher volatility of 2.06% compared to RiverNorth Capital and Income Fund (RSF) at 1.02%. This indicates that RFM's price experiences larger fluctuations and is considered to be riskier than RSF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RFM | RSF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.06% | 1.02% | +1.04% |
Volatility (6M)Calculated over the trailing 6-month period | 7.49% | 7.00% | +0.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.46% | 8.18% | +1.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.86% | 10.52% | +2.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.67% | 11.22% | +1.45% |
RFM vs. RSF - Expense Ratio Comparison
RFM has a 5.15% expense ratio, which is lower than RSF's 6.38% expense ratio.
Dividends
RFM vs. RSF - Dividend Comparison
RFM's dividend yield for the trailing twelve months is around 7.48%, less than RSF's 11.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
RFM RiverNorth Flexible Municipal Income Fund | 7.48% | 8.07% | 7.70% | 7.64% | 8.38% | 10.49% | 5.07% | 0.00% | 0.00% | 0.00% | 0.00% |
RSF RiverNorth Capital and Income Fund | 11.21% | 11.30% | 10.87% | 10.85% | 11.78% | 9.52% | 11.76% | 6.92% | 8.21% | 9.22% | 1.41% |
Frequently Asked Questions
RFM and RSF have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RFM has higher volatility (2.06%) compared to RSF (1.02%). In terms of maximum drawdown, RFM dropped -35.49% vs RSF's -30.61%.
RFM currently has the higher Sharpe Ratio (1.43 vs 1.40), 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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