RFMZ vs. MMD
RFMZ (RiverNorth Flexible Municipal Income Fund II Inc.) and MMD (NYLI MacKay DefinedTerm Muni Opportunities Fund) are both Municipal Bonds funds. Over the past 5 years, RFMZ returned -0.89%/yr vs -2.38%/yr for MMD. At a 0.35 correlation, their price movements are largely independent. RFMZ charges 3.27%/yr vs 0.03%/yr for MMD.
Performance
RFMZ vs. MMD - Performance Comparison
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Returns By Period
In the year-to-date period, RFMZ achieves a 10.21% return, which is significantly higher than MMD's 5.67% return.
RFMZ
- 1D
- -0.07%
- 1M
- 4.09%
- YTD
- 10.21%
- 6M
- 9.09%
- 1Y
- 15.32%
- 3Y*
- 6.73%
- 5Y*
- -0.89%
- 10Y*
- —
MMD
- 1D
- -0.07%
- 1M
- 2.11%
- YTD
- 5.67%
- 6M
- 6.02%
- 1Y
- 10.24%
- 3Y*
- 1.37%
- 5Y*
- -2.38%
- 10Y*
- 2.22%
RFMZ vs. MMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
RFMZ RiverNorth Flexible Municipal Income Fund II Inc. | 10.21% | 2.22% | 10.11% | 4.54% | -26.41% | 3.72% |
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund | 5.67% | 4.54% | -3.99% | 6.48% | -21.94% | 6.13% |
Correlation
The correlation between RFMZ and MMD is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2021 | 0.35 |
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Return for Risk
RFMZ vs. MMD — Risk / Return Rank
RFMZ
MMD
RFMZ vs. MMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) and NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD). 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.
| RFMZ | MMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.60 | ||
| Sortino ratioReturn per unit of downside risk | +0.87 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.22 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.56 | 1.39 | +1.17 |
| Martin ratioReturn relative to average drawdown | 9.42 | 4.35 | +5.07 |
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Drawdowns
RFMZ vs. MMD - Drawdown Comparison
The maximum RFMZ drawdown since its inception was -39.28%, which is greater than MMD's maximum drawdown of -30.12%. Use the drawdown chart below to compare losses from any high point for RFMZ and MMD.
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Drawdown Indicators
| RFMZ | MMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.28% | -30.12% | -9.16% |
Max Drawdown (1Y)Largest decline over 1 year | -6.02% | -7.41% | +1.39% |
Max Drawdown (3Y)Largest decline over 3 years | -19.98% | -15.12% | -4.86% |
Max Drawdown (5Y)Largest decline over 5 years | -39.28% | -30.12% | -9.16% |
Max Drawdown (10Y)Largest decline over 10 years | — | -30.12% | — |
Current DrawdownCurrent decline from peak | -11.57% | -15.43% | +3.86% |
Average DrawdownAverage peak-to-trough decline | -20.18% | -9.17% | -11.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.63% | 2.36% | -0.73% |
Volatility
RFMZ vs. MMD - Volatility Comparison
The current volatility for RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) is 2.38%, while NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) has a volatility of 3.36%. This indicates that RFMZ experiences smaller price fluctuations and is considered to be less risky than MMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RFMZ | MMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.38% | 3.36% | -0.98% |
Volatility (6M)Calculated over the trailing 6-month period | 6.31% | 6.93% | -0.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.62% | 8.64% | -0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.69% | 13.38% | +0.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.37% | 13.93% | -0.56% |
RFMZ vs. MMD - Expense Ratio Comparison
RFMZ has a 3.27% expense ratio, which is higher than MMD's 0.03% expense ratio.
Dividends
RFMZ vs. MMD - Dividend Comparison
RFMZ's dividend yield for the trailing twelve months is around 7.41%, more than MMD's 4.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund | 4.95% | 4.84% | 4.82% | 5.26% | 6.35% | 4.68% | 4.68% | 4.85% | 5.38% | 5.45% | 6.16% | 6.25% |
RFMZ RiverNorth Flexible Municipal Income Fund II Inc. | 7.41% | 8.13% | 7.76% | 7.92% | 8.53% | 4.53% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
RFMZ and MMD have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MMD has higher volatility (3.36%) compared to RFMZ (2.38%). In terms of maximum drawdown, RFMZ dropped -39.28% vs MMD's -30.12%.
RFMZ currently has the higher Sharpe Ratio (1.79 vs 1.19), 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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