RFMZ vs. NMI
RFMZ (RiverNorth Flexible Municipal Income Fund II Inc.) and NMI (Nuveen Municipal Income Fund, Inc.) are both Municipal Bonds funds. Over the past 5 years, RFMZ returned -1.07%/yr vs 2.66%/yr for NMI. At a 0.27 correlation, their price movements are largely independent. RFMZ charges 3.27%/yr vs 0.72%/yr for NMI.
Performance
RFMZ vs. NMI - Performance Comparison
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Returns By Period
In the year-to-date period, RFMZ achieves a 8.74% return, which is significantly lower than NMI's 11.50% return.
RFMZ
- 1D
- 1.52%
- 1M
- 3.47%
- YTD
- 8.74%
- 6M
- 7.50%
- 1Y
- 13.56%
- 3Y*
- 7.40%
- 5Y*
- -1.07%
- 10Y*
- —
NMI
- 1D
- -0.14%
- 1M
- 9.19%
- YTD
- 11.50%
- 6M
- 11.36%
- 1Y
- 16.27%
- 3Y*
- 9.16%
- 5Y*
- 2.66%
- 10Y*
- 2.60%
RFMZ vs. NMI - 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% |
NMI Nuveen Municipal Income Fund, Inc. | 11.50% | 10.52% | 7.03% | 1.90% | -15.09% | 5.48% |
Correlation
The correlation between RFMZ and NMI is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Feb 25, 2021 | 0.27 |
The correlation between RFMZ and NMI shifts across timeframes, from 0.16 (1 year) to 0.30 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
RFMZ vs. NMI — Risk / Return Rank
RFMZ
NMI
RFMZ vs. NMI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) and Nuveen Municipal Income Fund, Inc. (NMI). 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 | NMI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.55 | ||
| Sortino ratioReturn per unit of downside risk | +0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.26 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 1.49 | +0.77 |
| Martin ratioReturn relative to average drawdown | 8.29 | 3.51 | +4.78 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| RFMZ | NMI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.57 | 1.03 | +0.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.08 | 0.18 | -0.26 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.17 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.04 | 0.34 | -0.38 |
Drawdowns
RFMZ vs. NMI - Drawdown Comparison
The maximum RFMZ drawdown since its inception was -39.28%, which is greater than NMI's maximum drawdown of -28.92%. Use the drawdown chart below to compare losses from any high point for RFMZ and NMI.
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Drawdown Indicators
| RFMZ | NMI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.28% | -28.92% | -10.36% |
Max Drawdown (1Y)Largest decline over 1 year | -6.02% | -10.96% | +4.94% |
Max Drawdown (3Y)Largest decline over 3 years | -19.98% | -14.54% | -5.44% |
Max Drawdown (5Y)Largest decline over 5 years | -39.28% | -28.92% | -10.36% |
Max Drawdown (10Y)Largest decline over 10 years | — | -28.92% | — |
Current DrawdownCurrent decline from peak | -12.75% | -1.19% | -11.56% |
Average DrawdownAverage peak-to-trough decline | -20.26% | -5.92% | -14.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.64% | 4.65% | -3.01% |
Volatility
RFMZ vs. NMI - Volatility Comparison
The current volatility for RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) is 3.52%, while Nuveen Municipal Income Fund, Inc. (NMI) has a volatility of 7.28%. This indicates that RFMZ experiences smaller price fluctuations and is considered to be less risky than NMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RFMZ | NMI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.52% | 7.28% | -3.76% |
Volatility (6M)Calculated over the trailing 6-month period | 6.44% | 13.31% | -6.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.65% | 15.89% | -7.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.72% | 14.46% | -0.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.42% | 14.93% | -1.51% |
RFMZ vs. NMI - Expense Ratio Comparison
RFMZ has a 3.27% expense ratio, which is higher than NMI's 0.72% expense ratio.
Dividends
RFMZ vs. NMI - Dividend Comparison
RFMZ's dividend yield for the trailing twelve months is around 7.51%, more than NMI's 4.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NMI Nuveen Municipal Income Fund, Inc. | 4.20% | 4.59% | 4.63% | 4.04% | 3.51% | 3.22% | 3.53% | 4.15% | 5.12% | 4.21% | 4.45% | 4.28% |
RFMZ RiverNorth Flexible Municipal Income Fund II Inc. | 7.51% | 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 NMI have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NMI has higher volatility (7.28%) compared to RFMZ (3.52%). In terms of maximum drawdown, RFMZ dropped -39.28% vs NMI's -28.92%.
RFMZ currently has the higher Sharpe Ratio (1.57 vs 1.03), 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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