RFMZ vs. PML

Last updated Aug 1, 2026

RFMZ (RiverNorth Flexible Municipal Income Fund II Inc.) and PML (PIMCO Municipal Income Fund II) are both Municipal Bonds funds. Over the past 5 years, RFMZ returned -1.76%/yr vs -8.41%/yr for PML. Their 0.42 correlation means their historical movements had little consistent relationship. RFMZ charges 3.27%/yr vs 1.08%/yr for PML.

Performance

RFMZ vs. PML - Performance Comparison

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

Returns By Period

In the year-to-date period, RFMZ achieves a 7.65% return, which is significantly higher than PML's 0.40% return.

RFMZ

• 1D: -0.46%
• 1M: -3.83%
• 6M: 3.47%
• YTD: 7.65%
• 1Y: 11.79%
• 3Y*: 5.13%
• 5Y*: -1.76%
• 10Y*: —
• ALL TIME*: -0.62%

PML

• 1D: 0.14%
• 1M: -3.95%
• 6M: -2.20%
• YTD: 0.40%
• 1Y: 7.16%
• 3Y*: -1.49%
• 5Y*: -8.41%
• 10Y*: -0.77%
• ALL TIME*: 3.25%

*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)
PML PIMCO Municipal Income Fund II	$3.02M	$2.68M	$3.27M
RFMZ RiverNorth Flexible Municipal Income Fund II Inc.	$641.81K	$577.05K	$696.54K

RFMZ vs. PML - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
RFMZ RiverNorth Flexible Municipal Income Fund II Inc.	7.65%	2.22%	10.11%	4.54%	-26.41%	3.72%
PML PIMCO Municipal Income Fund II	0.40%	-0.89%	2.93%	-3.06%	-34.06%	5.28%

Correlation

The correlation between RFMZ and PML is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (3Y) Balances recent behavior with more history.	0.48
Correlation (5Y) Shows whether the relationship held over a longer period.	0.44
Correlation (All Time) Calculated using the full available price history since Feb 24, 2021	0.42

Return for Risk

RFMZ vs. PML — Risk / Return Rank

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

RFMZ

RFMZ Risk / Return Rank: 60
RFMZ Sharpe Ratio Rank: 59
RFMZ Sortino Ratio Rank: 67
RFMZ Omega Ratio Rank: 60
RFMZ Calmar Ratio Rank: 61
RFMZ Martin Ratio Rank: 55

PML

PML Risk / Return Rank: 20
PML Sharpe Ratio Rank: 19
PML Sortino Ratio Rank: 18
PML Omega Ratio Rank: 19
PML Calmar Ratio Rank: 23
PML Martin Ratio Rank: 18

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.

RFMZ vs. PML - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) and PIMCO Municipal Income Fund II (PML). 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	PML	Difference
Sharpe ratio: Return per unit of total volatility	1.52	0.76	+0.75
Sortino ratio: Return per unit of downside risk	2.35	1.15	+1.21
Omega ratio: Gain probability vs. loss probability	1.28	1.15	+0.14
Calmar ratio: Return relative to maximum drawdown	2.15	1.16	+0.99
Martin ratio: Return relative to average drawdown	7.64	2.83	+4.81

RFMZ vs. PML - Sharpe Ratio Comparison

The current RFMZ Sharpe Ratio is 1.52, which is higher than the PML Sharpe Ratio of 0.76. The chart below compares the historical Sharpe Ratios of RFMZ and PML, 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

RFMZ vs. PML - Drawdown Comparison

The maximum RFMZ drawdown since its inception was -39.28%, smaller than the maximum PML drawdown of -64.34%. Use the drawdown chart below to compare losses from any high point for RFMZ and PML.

Drawdown Indicators

	RFMZ	PML	Difference
Max Drawdown Largest peak-to-trough decline	-39.28%	-64.34%	+25.06%
Max Drawdown (1Y) Largest decline over 1 year	-6.02%	-7.00%	+0.98%
Max Drawdown (3Y) Largest decline over 3 years	-19.30%	-21.65%	+2.35%
Max Drawdown (5Y) Largest decline over 5 years	-39.28%	-47.77%	+8.49%
Max Drawdown (10Y) Largest decline over 10 years	—	-47.94%	—
Current Drawdown Current decline from peak	-13.63%	-36.05%	+22.42%
Average Drawdown Average peak-to-trough decline	-19.99%	-12.04%	-7.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	2.85%	-1.16%

Volatility

RFMZ vs. PML - Volatility Comparison

The current volatility for RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) is 1.65%, while PIMCO Municipal Income Fund II (PML) has a volatility of 2.38%. This indicates that RFMZ experiences smaller price fluctuations and is considered to be less risky than PML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RFMZ	PML	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.65%	2.38%	-0.73%
Volatility (6M) Calculated over the trailing 6-month period	6.15%	8.57%	-2.42%
Volatility (1Y) Calculated over the trailing 1-year period	8.52%	10.59%	-2.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.59%	14.22%	-0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.26%	15.47%	-2.21%

RFMZ vs. PML - Expense Ratio Comparison

RFMZ has a 3.27% expense ratio, which is higher than PML's 1.08% expense ratio.

Dividends

RFMZ vs. PML - Dividend Comparison

RFMZ's dividend yield for the trailing twelve months is around 7.59%, more than PML's 6.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PML PIMCO Municipal Income Fund II	6.50%	6.29%	5.86%	5.71%	7.83%	4.85%	4.95%	4.91%	5.86%	5.92%	6.38%	6.24%
RFMZ RiverNorth Flexible Municipal Income Fund II Inc.	7.59%	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

Can I hold both RFMZ and PML in my portfolio?

RFMZ and PML have a correlation of 0.47, 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 PML?

PML has higher volatility (2.38%) compared to RFMZ (1.65%). In terms of maximum drawdown, RFMZ dropped -39.28% vs PML's -64.34%.

Which has better risk-adjusted returns?

RFMZ currently has the higher Sharpe Ratio (1.52 vs 0.76), 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.