RFMZ vs. RFM
RFMZ (RiverNorth Flexible Municipal Income Fund II Inc.) and RFM (RiverNorth Flexible Municipal Income Fund) are both mutual funds - RFMZ is a Municipal Bonds fund managed by RiverNorth, while RFM is a High Yield Muni fund managed by RiverNorth. Over the past 5 years, RFMZ returned -0.89%/yr vs -1.55%/yr for RFM. A 0.52 correlation means they provide meaningful diversification when combined. RFMZ charges 3.27%/yr vs 5.15%/yr for RFM.
Performance
RFMZ vs. RFM - 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 RFM's 8.40% return.
RFMZ
- 1D
- -0.07%
- 1M
- 4.09%
- YTD
- 10.21%
- 6M
- 9.09%
- 1Y
- 15.32%
- 3Y*
- 6.73%
- 5Y*
- -0.89%
- 10Y*
- —
RFM
- 1D
- 0.00%
- 1M
- 2.14%
- YTD
- 8.40%
- 6M
- 7.32%
- 1Y
- 13.43%
- 3Y*
- 5.80%
- 5Y*
- -1.55%
- 10Y*
- —
RFMZ vs. RFM - 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% |
RFM RiverNorth Flexible Municipal Income Fund | 8.40% | 1.59% | 3.24% | 6.50% | -22.85% | 14.06% |
Correlation
The correlation between RFMZ and RFM is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2021 | 0.52 |
The correlation between RFMZ and RFM has been stable across timeframes, ranging from 0.52 to 0.60 - a consistent structural relationship.
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Return for Risk
RFMZ vs. RFM — Risk / Return Rank
RFMZ
RFM
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.
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 | RFM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.27 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.56 | 2.31 | +0.25 |
| Martin ratioReturn relative to average drawdown | 9.42 | 7.25 | +2.17 |
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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.
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Drawdown Indicators
| RFMZ | RFM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.28% | -35.49% | -3.79% |
Max Drawdown (1Y)Largest decline over 1 year | -6.02% | -5.83% | -0.19% |
Max Drawdown (3Y)Largest decline over 3 years | -19.98% | -19.08% | -0.90% |
Max Drawdown (5Y)Largest decline over 5 years | -39.28% | -35.49% | -3.79% |
Current DrawdownCurrent decline from peak | -11.57% | -11.01% | -0.56% |
Average DrawdownAverage peak-to-trough decline | -20.18% | -14.69% | -5.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.63% | 1.86% | -0.23% |
Volatility
RFMZ vs. RFM - Volatility Comparison
RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) has a higher volatility of 2.38% compared to RiverNorth Flexible Municipal Income Fund (RFM) at 2.06%. This indicates that RFMZ's price experiences larger fluctuations and is considered to be riskier than RFM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RFMZ | RFM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.38% | 2.06% | +0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 6.31% | 7.49% | -1.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.62% | 9.46% | -0.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.69% | 12.86% | +0.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.37% | 12.67% | +0.70% |
RFMZ vs. RFM - Expense Ratio Comparison
RFMZ has a 3.27% expense ratio, which is lower than RFM's 5.15% expense ratio.
Dividends
RFMZ vs. RFM - Dividend Comparison
RFMZ's dividend yield for the trailing twelve months is around 7.41%, which matches RFM's 7.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
RFM RiverNorth Flexible Municipal Income Fund | 7.48% | 8.07% | 7.70% | 7.64% | 8.38% | 10.49% | 5.07% |
RFMZ RiverNorth Flexible Municipal Income Fund II Inc. | 7.41% | 8.13% | 7.76% | 7.92% | 8.53% | 4.53% | 0.00% |
Frequently Asked Questions
RFMZ and RFM have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RFMZ has higher volatility (2.38%) compared to RFM (2.06%). In terms of maximum drawdown, RFMZ dropped -39.28% vs RFM's -35.49%.
RFMZ currently has the higher Sharpe Ratio (1.79 vs 1.43), 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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