RFM vs. TMNIX

Last updated Aug 1, 2026

RFM (RiverNorth Flexible Municipal Income Fund) and TMNIX (Counterpoint Tactical Municipal Fund) are both High Yield Muni funds. Over the past 5 years, RFM returned -1.96%/yr vs 1.78%/yr for TMNIX. Their 0.19 correlation means their historical movements had little consistent relationship. RFM charges 5.15%/yr vs 1.00%/yr for TMNIX.

Performance

RFM vs. TMNIX - Performance Comparison

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

Returns By Period

In the year-to-date period, RFM achieves a 8.81% return, which is significantly higher than TMNIX's 0.40% 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%

TMNIX

• 1D: 0.00%
• 1M: -1.95%
• 6M: 0.04%
• YTD: 0.40%
• 1Y: 4.98%
• 3Y*: 3.56%
• 5Y*: 1.78%
• 10Y*: —
• ALL TIME*: 3.54%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
RFM RiverNorth Flexible Municipal Income Fund	$120.06K	$124.16K	$157.09K
TMNIX Counterpoint Tactical Municipal Fund	$0.00	$0.00	$0.00

RFM vs. TMNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
RFM RiverNorth Flexible Municipal Income Fund	8.81%	1.59%	3.24%	6.50%	-22.85%	10.85%	15.33%
TMNIX Counterpoint Tactical Municipal Fund	0.40%	2.56%	3.92%	6.85%	-3.12%	2.96%	6.28%

Correlation

The correlation between RFM and TMNIX is 0.30, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.30
Correlation (3Y) Balances recent behavior with more history.	0.23
Correlation (5Y) Shows whether the relationship held over a longer period.	0.20
Correlation (All Time) Calculated using the full available price history since Mar 27, 2020	0.19

The correlation between RFM and TMNIX shifts across timeframes, from 0.19 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

RFM vs. TMNIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

RFM

RFM Risk / Return Rank: 63
RFM Sharpe Ratio Rank: 60
RFM Sortino Ratio Rank: 61
RFM Omega Ratio Rank: 62
RFM Calmar Ratio Rank: 74
RFM Martin Ratio Rank: 57

TMNIX

TMNIX Risk / Return Rank: 71
TMNIX Sharpe Ratio Rank: 80
TMNIX Sortino Ratio Rank: 79
TMNIX Omega Ratio Rank: 88
TMNIX Calmar Ratio Rank: 69
TMNIX Martin Ratio Rank: 40

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

RFM vs. TMNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Flexible Municipal Income Fund (RFM) and Counterpoint Tactical Municipal Fund (TMNIX). 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	TMNIX	Difference
Sharpe ratio: Return per unit of total volatility	1.53	1.90	-0.36
Sortino ratio: Return per unit of downside risk	2.22	2.72	-0.50
Omega ratio: Gain probability vs. loss probability	1.29	1.46	-0.17
Calmar ratio: Return relative to maximum drawdown	2.46	2.27	+0.19
Martin ratio: Return relative to average drawdown	7.77	5.87	+1.90

RFM vs. TMNIX - Sharpe Ratio Comparison

The current RFM Sharpe Ratio is 1.53, which is comparable to the TMNIX Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of RFM and TMNIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

RFM vs. TMNIX - Drawdown Comparison

The maximum RFM drawdown since its inception was -35.49%, which is greater than TMNIX's maximum drawdown of -4.63%. Use the drawdown chart below to compare losses from any high point for RFM and TMNIX.

Drawdown Indicators

	RFM	TMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-35.49%	-4.63%	-30.86%
Max Drawdown (1Y) Largest decline over 1 year	-5.83%	-2.26%	-3.57%
Max Drawdown (3Y) Largest decline over 3 years	-18.28%	-4.61%	-13.67%
Max Drawdown (5Y) Largest decline over 5 years	-35.49%	-4.61%	-30.88%
Current Drawdown Current decline from peak	-10.66%	-1.95%	-8.71%
Average Drawdown Average peak-to-trough decline	-14.60%	-1.46%	-13.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.84%	0.87%	+0.97%

Volatility

RFM vs. TMNIX - Volatility Comparison

RiverNorth Flexible Municipal Income Fund (RFM) has a higher volatility of 1.84% compared to Counterpoint Tactical Municipal Fund (TMNIX) at 0.78%. This indicates that RFM's price experiences larger fluctuations and is considered to be riskier than TMNIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RFM	TMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.84%	0.78%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	7.45%	2.08%	+5.37%
Volatility (1Y) Calculated over the trailing 1-year period	9.33%	2.70%	+6.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.84%	3.06%	+9.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.59%	2.68%	+9.91%

RFM vs. TMNIX - Expense Ratio Comparison

RFM has a 5.15% expense ratio, which is higher than TMNIX's 1.00% expense ratio.

Dividends

RFM vs. TMNIX - Dividend Comparison

RFM's dividend yield for the trailing twelve months is around 7.46%, more than TMNIX's 3.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
RFM RiverNorth Flexible Municipal Income Fund	7.46%	8.07%	7.70%	7.64%	8.38%	10.49%	5.07%	0.00%	0.00%
TMNIX Counterpoint Tactical Municipal Fund	3.48%	2.79%	3.31%	3.40%	0.36%	4.39%	2.36%	3.69%	1.10%

Frequently Asked Questions

Can I hold both RFM and TMNIX in my portfolio?

RFM and TMNIX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RFM or TMNIX?

RFM has higher volatility (1.84%) compared to TMNIX (0.78%). In terms of maximum drawdown, RFM dropped -35.49% vs TMNIX's -4.63%.

Which has better risk-adjusted returns?

TMNIX currently has the higher Sharpe Ratio (1.90 vs 1.53), 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.