RFMZ vs. APUSX

Last updated Jun 5, 2026

RFMZ (RiverNorth Flexible Municipal Income Fund II Inc.) and APUSX (Cavanal Hill Ultra Short Tax-Free Income Fund) are both Municipal Bonds funds. Over the past 5 years, RFMZ returned -1.07%/yr vs 2.09%/yr for APUSX. At a 0.05 correlation, their price movements are largely independent. RFMZ charges 3.27%/yr vs 0.60%/yr for APUSX.

Performance

RFMZ vs. APUSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) and Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RFMZ achieves a 8.74% return, which is significantly higher than APUSX's 0.81% return.

RFMZ

• 1D: 1.52%
• 1M: 3.47%
• YTD: 8.74%
• 6M: 7.50%
• 1Y: 13.56%
• 3Y*: 7.40%
• 5Y*: -1.07%
• 10Y*: —

APUSX

• 1D: 0.00%
• 1M: 0.19%
• YTD: 0.81%
• 6M: 1.02%
• 1Y: 2.47%
• 3Y*: 3.37%
• 5Y*: 2.09%
• 10Y*: —

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

RFMZ vs. APUSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
RFMZ RiverNorth Flexible Municipal Income Fund II Inc.	8.74%	2.22%	10.11%	4.54%	-26.41%	3.62%
APUSX Cavanal Hill Ultra Short Tax-Free Income Fund	0.81%	3.88%	3.65%	2.63%	-0.18%	-0.40%

Correlation

The correlation between RFMZ and APUSX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (All Time) Calculated using the full available price history since Feb 25, 2021	0.05

The correlation between RFMZ and APUSX shifts across timeframes, from 0.03 (3 years) to 0.17 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

RFMZ vs. APUSX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

RFMZ

RFMZ Risk / Return Rank: 36
RFMZ Sharpe Ratio Rank: 32
RFMZ Sortino Ratio Rank: 36
RFMZ Omega Ratio Rank: 33
RFMZ Calmar Ratio Rank: 38
RFMZ Martin Ratio Rank: 40

APUSX

APUSX Risk / Return Rank: 98
APUSX Sharpe Ratio Rank: 93
APUSX Sortino Ratio Rank: 99
APUSX Omega Ratio Rank: 100
APUSX Calmar Ratio Rank: 100
APUSX Martin Ratio Rank: 99

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.

RFMZ vs. APUSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) and Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX). 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.

	RFMZ	APUSX	Difference
Sharpe ratio: Return per unit of total volatility	1.57	3.20	-1.62
Sortino ratio: Return per unit of downside risk	2.42	9.99	-7.57
Omega ratio: Gain probability vs. loss probability	1.29	5.06	-3.77
Calmar ratio: Return relative to maximum drawdown	2.26	24.81	-22.55
Martin ratio: Return relative to average drawdown	8.29	68.37	-60.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RFMZ vs. APUSX - Sharpe Ratio Comparison

The current RFMZ Sharpe Ratio is 1.57, which is lower than the APUSX Sharpe Ratio of 3.20. The chart below compares the historical Sharpe Ratios of RFMZ and APUSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	RFMZ	APUSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	3.20	-1.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	1.68	-1.76
Sharpe Ratio (All Time) Calculated using the full available price history	-0.04	1.45	-1.48

Drawdowns

RFMZ vs. APUSX - Drawdown Comparison

The maximum RFMZ drawdown since its inception was -39.28%, which is greater than APUSX's maximum drawdown of -1.64%. Use the drawdown chart below to compare losses from any high point for RFMZ and APUSX.

Drawdown Indicators

	RFMZ	APUSX	Difference
Max Drawdown Largest peak-to-trough decline	-39.28%	-1.64%	-37.64%
Max Drawdown (1Y) Largest decline over 1 year	-6.02%	-0.10%	-5.92%
Max Drawdown (3Y) Largest decline over 3 years	-19.98%	-1.00%	-18.98%
Max Drawdown (5Y) Largest decline over 5 years	-39.28%	-1.35%	-37.93%
Current Drawdown Current decline from peak	-12.75%	0.00%	-12.75%
Average Drawdown Average peak-to-trough decline	-20.26%	-0.29%	-19.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	0.04%	+1.60%

Volatility

RFMZ vs. APUSX - Volatility Comparison

RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) has a higher volatility of 3.52% compared to Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX) at 0.24%. This indicates that RFMZ's price experiences larger fluctuations and is considered to be riskier than APUSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RFMZ	APUSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.52%	0.24%	+3.28%
Volatility (6M) Calculated over the trailing 6-month period	6.44%	0.50%	+5.94%
Volatility (1Y) Calculated over the trailing 1-year period	8.65%	0.78%	+7.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.72%	1.25%	+12.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.42%	1.13%	+12.29%

RFMZ vs. APUSX - Expense Ratio Comparison

RFMZ has a 3.27% expense ratio, which is higher than APUSX's 0.60% expense ratio.

Dividends

RFMZ vs. APUSX - Dividend Comparison

RFMZ's dividend yield for the trailing twelve months is around 7.51%, more than APUSX's 2.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
APUSX Cavanal Hill Ultra Short Tax-Free Income Fund	2.44%	3.69%	3.68%	1.69%	0.33%	0.00%	0.25%
RFMZ RiverNorth Flexible Municipal Income Fund II Inc.	7.51%	8.13%	7.76%	7.92%	8.53%	4.53%	0.00%

Frequently Asked Questions

Can I hold both RFMZ and APUSX in my portfolio?

RFMZ and APUSX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RFMZ or APUSX?

RFMZ has higher volatility (3.52%) compared to APUSX (0.24%). In terms of maximum drawdown, RFMZ dropped -39.28% vs APUSX's -1.64%.

Which has better risk-adjusted returns?

APUSX currently has the higher Sharpe Ratio (3.20 vs 1.57), 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.