PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
RFMZ vs. BATVX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RFMZ vs. BATVX

Last updated Jun 5, 2026

RFMZ (RiverNorth Flexible Municipal Income Fund II Inc.) and BATVX (BlackRock Allocation Target Shares) are both Municipal Bonds funds. Over the past 5 years, RFMZ returned -1.07%/yr vs 1.51%/yr for BATVX. At a 0.04 correlation, their price movements are largely independent. RFMZ charges 3.27%/yr vs 0.00%/yr for BATVX.

Performance

RFMZ vs. BATVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) and BlackRock Allocation Target Shares (BATVX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, RFMZ achieves a 8.74% return, which is significantly higher than BATVX's 0.97% return.

RFMZ

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

BATVX

1D
0.00%
1M
0.20%
YTD
0.97%
6M
1.22%
1Y
2.58%
3Y*
2.47%
5Y*
1.51%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

RFMZ vs. BATVX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
RFMZ
RiverNorth Flexible Municipal Income Fund II Inc.		8.74%2.22%10.11%4.54%-26.41%1.42%
BATVX
BlackRock Allocation Target Shares		0.97%2.80%2.48%1.41%-0.10%0.00%

Correlation

The correlation between RFMZ and BATVX is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.15

Correlation (3Y)
Calculated over the trailing 3-year period

0.08

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

0.04

Correlation (All Time)
Calculated using the full available price history since May 26, 2021

0.04

The correlation between RFMZ and BATVX shifts across timeframes, from 0.04 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

RiverNorth Flexible Municipal Income Fund II Inc.

BlackRock Allocation Target Shares

Often compared with RFMZ:
RFMZ vs. MMDRFMZ vs. MMURFMZ vs. RFMRFMZ vs. NMTRFMZ vs. RIVRFMZ vs. RMIRFMZ vs. RMMZ
Often compared with BATVX:
BATVX vs. CBTAXBATVX vs. COLTXBATVX vs. SEPAXBATVX vs. FOHFXBATVX vs. VPALXBATVX vs. NMTRXBATVX vs. PTEAX

Return for Risk

RFMZ vs. BATVX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
RFMZ
RFMZ Risk / Return Rank: 3636
Overall Rank
RFMZ Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
RFMZ Sortino Ratio Rank: 3636
Sortino Ratio Rank
RFMZ Omega Ratio Rank: 3333
Omega Ratio Rank
RFMZ Calmar Ratio Rank: 3838
Calmar Ratio Rank
RFMZ Martin Ratio Rank: 4040
Martin Ratio Rank
BATVX
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. BATVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) and BlackRock Allocation Target Shares (BATVX). 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.

RFMZBATVXDifference
Sharpe ratioReturn per unit of total volatility
1.57
3.57

-2.00

Sortino ratioReturn per unit of downside risk
2.42

—

—

Omega ratioGain probability vs. loss probability

1.29

—

—

Calmar ratioReturn relative to maximum drawdown

2.26

—

—

Martin ratioReturn relative to average drawdown

8.29

—

—

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. BATVX - Sharpe Ratio Comparison

The current RFMZ Sharpe Ratio is 1.57, which is lower than the BATVX Sharpe Ratio of 3.57. The chart below compares the historical Sharpe Ratios of RFMZ and BATVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

RFMZBATVXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.57

3.57

-2.00

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.08

2.39

-2.46

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.04

2.38

-2.41

Drawdowns

RFMZ vs. BATVX - Drawdown Comparison

The maximum RFMZ drawdown since its inception was -39.28%, which is greater than BATVX's maximum drawdown of -0.20%. Use the drawdown chart below to compare losses from any high point for RFMZ and BATVX.

Loading charts...

Drawdown Indicators

RFMZBATVXDifference

Max Drawdown

Largest peak-to-trough decline

-39.28%

-0.20%

-39.08%

Max Drawdown (1Y)

Largest decline over 1 year

-6.02%

0.00%

-6.02%

Max Drawdown (3Y)

Largest decline over 3 years

-19.98%

-0.10%

-19.88%

Max Drawdown (5Y)

Largest decline over 5 years

-39.28%

-0.20%

-39.08%

Current Drawdown

Current decline from peak

-12.75%

0.00%

-12.75%

Average Drawdown

Average peak-to-trough decline

-20.26%

-0.03%

-20.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.64%

0.00%

+1.64%

Volatility

RFMZ vs. BATVX - Volatility Comparison

RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) has a higher volatility of 3.52% compared to BlackRock Allocation Target Shares (BATVX) at 0.20%. This indicates that RFMZ's price experiences larger fluctuations and is considered to be riskier than BATVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

RFMZBATVXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.52%

0.20%

+3.32%

Volatility (6M)

Calculated over the trailing 6-month period

6.44%

0.49%

+5.95%

Volatility (1Y)

Calculated over the trailing 1-year period

8.65%

0.73%

+7.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.72%

0.64%

+13.08%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.42%

0.63%

+12.79%

RFMZ vs. BATVX - Expense Ratio Comparison

RFMZ has a 3.27% expense ratio, which is higher than BATVX's 0.00% expense ratio.

Dividends

RFMZ vs. BATVX - Dividend Comparison

RFMZ's dividend yield for the trailing twelve months is around 7.51%, more than BATVX's 2.55% yield.

PositionTTM20252024202320222021
BATVX
BlackRock Allocation Target Shares		2.55%2.76%2.44%1.40%0.00%0.00%
RFMZ
RiverNorth Flexible Municipal Income Fund II Inc.		7.51%8.13%7.76%7.92%8.53%4.53%

Frequently Asked Questions

RFMZ and BATVX have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

RFMZ has higher volatility (3.52%) compared to BATVX (0.20%). In terms of maximum drawdown, RFMZ dropped -39.28% vs BATVX's -0.20%.

BATVX currently has the higher Sharpe Ratio (3.57 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.

Portfolio Optimizer

Find the right allocation for RFMZ and BATVX

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