RFMZ vs. RFM

Last updated Apr 1, 2026

Compare and contrast key facts about RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) and RiverNorth Flexible Municipal Income Fund (RFM).

RFMZ is managed by RiverNorth. RFM is managed by RiverNorth.

Performance

RFMZ vs. RFM - Performance Comparison

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

RFMZ vs. RFM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
RFMZ RiverNorth Flexible Municipal Income Fund II Inc.	1.79%	2.22%	10.11%	4.54%	-26.41%	3.62%
RFM RiverNorth Flexible Municipal Income Fund	2.29%	1.59%	3.24%	6.50%	-22.85%	13.47%

Returns By Period

In the year-to-date period, RFMZ achieves a 1.79% return, which is significantly lower than RFM's 2.29% return.

RFMZ

• 1D: 2.10%
• 1M: -3.42%
• YTD: 1.79%
• 6M: 0.72%
• 1Y: 1.97%
• 3Y*: 5.62%
• 5Y*: -1.89%
• 10Y*: —

RFM

• 1D: 2.04%
• 1M: -3.44%
• YTD: 2.29%
• 6M: 0.79%
• 1Y: 2.63%
• 3Y*: 4.32%
• 5Y*: -1.10%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

RFMZ vs. RFM - Expense Ratio Comparison

RFMZ has a 3.27% expense ratio, which is lower than RFM's 5.15% expense ratio.

RFM

RiverNorth Flexible Municipal Income Fund

RFMZ

RiverNorth Flexible Municipal Income Fund II Inc.

Return for Risk

RFMZ vs. RFM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

RFMZ

RFMZ Risk / Return Rank: 8
RFMZ Sharpe Ratio Rank: 8
RFMZ Sortino Ratio Rank: 7
RFMZ Omega Ratio Rank: 7
RFMZ Calmar Ratio Rank: 9
RFMZ Martin Ratio Rank: 9

RFM

RFM Risk / Return Rank: 9
RFM Sharpe Ratio Rank: 9
RFM Sortino Ratio Rank: 8
RFM Omega Ratio Rank: 8
RFM Calmar Ratio Rank: 11
RFM Martin Ratio Rank: 10

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. RFM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) and RiverNorth Flexible Municipal Income Fund (RFM). 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	RFM	Difference
Sharpe ratio Return per unit of total volatility	0.19	0.25	-0.06
Sortino ratio Return per unit of downside risk	0.32	0.39	-0.07
Omega ratio Gain probability vs. loss probability	1.05	1.06	-0.01
Calmar ratio Return relative to maximum drawdown	0.18	0.26	-0.08
Martin ratio Return relative to average drawdown	0.51	0.69	-0.18
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. RFM - Sharpe Ratio Comparison

The current RFMZ Sharpe Ratio is 0.19, which is comparable to the RFM Sharpe Ratio of 0.25. The chart below compares the historical Sharpe Ratios of RFMZ and RFM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	RFMZ	RFM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.19	0.25	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.14	-0.09	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	-0.13	0.16	-0.29

Correlation

The correlation between RFMZ and RFM is 0.52, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

RFMZ vs. RFM - Dividend Comparison

RFMZ's dividend yield for the trailing twelve months is around 8.01%, more than RFM's 7.91% yield.

	TTM	2025	2024	2023	2022	2021	2020
RFMZ RiverNorth Flexible Municipal Income Fund II Inc.	8.01%	8.13%	7.76%	7.92%	8.53%	4.53%	0.00%
RFM RiverNorth Flexible Municipal Income Fund	7.91%	8.07%	7.70%	7.64%	8.38%	10.49%	5.07%

Drawdowns

RFMZ vs. RFM - Drawdown Comparison

The maximum RFMZ drawdown since its inception was -39.28%, which is greater than RFM's maximum drawdown of -35.49%. Use the drawdown chart below to compare losses from any high point for RFMZ and RFM.

Drawdown Indicators

	RFMZ	RFM	Difference
Max Drawdown Largest peak-to-trough decline	-39.28%	-35.49%	-3.79%
Max Drawdown (1Y) Largest decline over 1 year	-9.48%	-8.80%	-0.68%
Max Drawdown (5Y) Largest decline over 5 years	-39.28%	-35.49%	-3.79%
Current Drawdown Current decline from peak	-18.33%	-16.02%	-2.31%
Average Drawdown Average peak-to-trough decline	-20.44%	-14.77%	-5.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.40%	3.36%	+0.04%

Volatility

RFMZ vs. RFM - Volatility Comparison

The current volatility for RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) is 3.29%, while RiverNorth Flexible Municipal Income Fund (RFM) has a volatility of 4.28%. This indicates that RFMZ experiences smaller price fluctuations and is considered to be less risky than RFM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RFMZ	RFM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.29%	4.28%	-0.99%
Volatility (6M) Calculated over the trailing 6-month period	6.12%	6.89%	-0.77%
Volatility (1Y) Calculated over the trailing 1-year period	10.23%	10.58%	-0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.63%	12.85%	+0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.52%	12.75%	+0.77%