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RFMZ vs. PML
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RFMZ vs. PML

Last updated Jun 19, 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 -1.00%/yr vs -7.33%/yr for PML. At a 0.42 correlation, their price movements are largely independent. 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.

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Returns By Period

In the year-to-date period, RFMZ achieves a 10.29% return, which is significantly higher than PML's 3.29% return.

RFMZ

1D
0.37%
1M
4.32%
YTD
10.29%
6M
8.28%
1Y
15.41%
3Y*
7.17%
5Y*
-1.00%
10Y*
—

PML

1D
0.67%
1M
3.83%
YTD
3.29%
6M
3.02%
1Y
9.03%
3Y*
0.15%
5Y*
-7.33%
10Y*
-0.31%
*Multi-year figures are annualized to reflect compound growth (CAGR)

RFMZ vs. PML - Yearly Performance Comparison

2026 (YTD)20252024202320222021
RFMZ
RiverNorth Flexible Municipal Income Fund II Inc.		10.29%2.22%10.11%4.54%-26.41%3.72%
PML
PIMCO Municipal Income Fund II		3.29%-0.89%2.93%-3.06%-34.06%5.28%

Correlation

The correlation between RFMZ and PML is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.45

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

0.47

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

0.43

Correlation (All Time)
Calculated using the full available price history since Feb 24, 2021

0.42

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RiverNorth Flexible Municipal Income Fund II Inc.

PIMCO Municipal Income Fund II

Often compared with RFMZ:
RFMZ vs. MMURFMZ vs. RFMRFMZ vs. MMDRFMZ vs. NMTRFMZ vs. RIVRFMZ vs. RMIRFMZ vs. RMMZ
Often compared with PML:
PML vs. VNYUXPML vs. MMDPML vs. NMTPML vs. DFSMXPML vs. DFCMXPML vs. MMUPML vs. NIM

Return for Risk

RFMZ vs. PML — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
RFMZ
RFMZ Risk / Return Rank: 5050
Overall Rank
RFMZ Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
RFMZ Sortino Ratio Rank: 5555
Sortino Ratio Rank
RFMZ Omega Ratio Rank: 4747
Omega Ratio Rank
RFMZ Calmar Ratio Rank: 5252
Calmar Ratio Rank
RFMZ Martin Ratio Rank: 5050
Martin Ratio Rank
PML
PML Risk / Return Rank: 1313
Overall Rank
PML Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
PML Sortino Ratio Rank: 1212
Sortino Ratio Rank
PML Omega Ratio Rank: 1212
Omega Ratio Rank
PML Calmar Ratio Rank: 1717
Calmar Ratio Rank
PML Martin Ratio Rank: 1313
Martin Ratio Rank
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. 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.

RFMZPMLDifference
Sharpe ratioReturn per unit of total volatility
1.80
0.85

+0.95

Sortino ratioReturn per unit of downside risk
2.76
1.25

+1.51

Omega ratioGain probability vs. loss probability

1.34

1.16

+0.17

Calmar ratioReturn relative to maximum drawdown

2.57

1.30

+1.28

Martin ratioReturn relative to average drawdown

9.47

3.19

+6.28

RFMZ vs. PML - Sharpe Ratio Comparison

The current RFMZ Sharpe Ratio is 1.80, which is higher than the PML Sharpe Ratio of 0.85. 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.

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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.

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Drawdown Indicators

RFMZPMLDifference

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

-19.98%

-23.76%

+3.78%

Max Drawdown (5Y)

Largest decline over 5 years

-39.28%

-47.94%

+8.66%

Max Drawdown (10Y)

Largest decline over 10 years

—

-47.94%

—

Current Drawdown

Current decline from peak

-11.50%

-34.21%

+22.71%

Average Drawdown

Average peak-to-trough decline

-20.18%

-11.94%

-8.24%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.63%

2.84%

-1.21%

Volatility

RFMZ vs. PML - Volatility Comparison

The current volatility for RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) is 2.36%, while PIMCO Municipal Income Fund II (PML) has a volatility of 2.82%. 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.

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Volatility by Period

RFMZPMLDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.36%

2.82%

-0.46%

Volatility (6M)

Calculated over the trailing 6-month period

6.32%

8.47%

-2.15%

Volatility (1Y)

Calculated over the trailing 1-year period

8.61%

10.68%

-2.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.69%

14.23%

-0.54%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.38%

15.50%

-2.12%

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 7.41%, more than PML's 6.28% yield.

PositionTTM20252024202320222021202020192018201720162015
PML
PIMCO Municipal Income Fund II		6.28%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.		7.41%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 PML have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PML has higher volatility (2.82%) compared to RFMZ (2.36%). In terms of maximum drawdown, RFMZ dropped -39.28% vs PML's -64.34%.

RFMZ currently has the higher Sharpe Ratio (1.80 vs 0.85), 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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