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RFMZ vs. RMI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RFMZ vs. RMI

Last updated Jun 23, 2026

RFMZ (RiverNorth Flexible Municipal Income Fund II Inc.) and RMI (RiverNorth Opportunistic Municipal Income Fund) are both Municipal Bonds funds from RiverNorth. Over the past 5 years, RFMZ returned -0.89%/yr vs -0.29%/yr for RMI. At a 0.38 correlation, their price movements are largely independent. RFMZ charges 3.27%/yr vs 4.92%/yr for RMI.

Performance

RFMZ vs. RMI - 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 Opportunistic Municipal Income Fund (RMI). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with RFMZ having a 10.21% return and RMI slightly higher at 10.49%.

RFMZ

1D
-0.07%
1M
4.09%
YTD
10.21%
6M
9.09%
1Y
15.32%
3Y*
6.73%
5Y*
-0.89%
10Y*
—

RMI

1D
0.53%
1M
1.85%
YTD
10.49%
6M
9.50%
1Y
14.92%
3Y*
6.20%
5Y*
-0.29%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

RFMZ vs. RMI - Yearly Performance Comparison

2026 (YTD)20252024202320222021
RFMZ
RiverNorth Flexible Municipal Income Fund II Inc.		10.21%2.22%10.11%4.54%-26.41%3.72%
RMI
RiverNorth Opportunistic Municipal Income Fund		10.49%2.67%6.30%0.19%-21.34%16.34%

Correlation

The correlation between RFMZ and RMI is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.41

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

0.52

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

0.39

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

0.38

The correlation between RFMZ and RMI shifts across timeframes, from 0.38 (all time) to 0.52 (3 years), reflecting how their relationship changes across market environments.

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RiverNorth Flexible Municipal Income Fund II Inc.

RiverNorth Opportunistic Municipal Income Fund

Often compared with RFMZ:
RFMZ vs. MMURFMZ vs. RFMRFMZ vs. MMDRFMZ vs. NMTRFMZ vs. RIVRFMZ vs. RMMZRFMZ vs. RSF
Often compared with RMI:
RMI vs. NACRMI vs. RFMRMI vs. MMDRMI vs. NCARMI vs. NAZRMI vs. RIVRMI vs. NMS

Return for Risk

RFMZ vs. RMI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
RFMZ
RFMZ Risk / Return Rank: 4747
Overall Rank
RFMZ Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
RFMZ Sortino Ratio Rank: 5050
Sortino Ratio Rank
RFMZ Omega Ratio Rank: 4444
Omega Ratio Rank
RFMZ Calmar Ratio Rank: 4949
Calmar Ratio Rank
RFMZ Martin Ratio Rank: 4848
Martin Ratio Rank
RMI
RMI Risk / Return Rank: 2626
Overall Rank
RMI Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
RMI Sortino Ratio Rank: 2525
Sortino Ratio Rank
RMI Omega Ratio Rank: 2424
Omega Ratio Rank
RMI Calmar Ratio Rank: 3535
Calmar Ratio Rank
RMI Martin Ratio Rank: 2828
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. RMI - 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 Opportunistic Municipal Income Fund (RMI). 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.

RFMZRMIDifference
Sharpe ratioReturn per unit of total volatility
1.79
1.16

+0.63

Sortino ratioReturn per unit of downside risk
2.74
1.95

+0.80

Omega ratioGain probability vs. loss probability

1.33

1.24

+0.09

Calmar ratioReturn relative to maximum drawdown

2.56

2.13

+0.43

Martin ratioReturn relative to average drawdown

9.42

6.19

+3.24

RFMZ vs. RMI - Sharpe Ratio Comparison

The current RFMZ Sharpe Ratio is 1.79, which is higher than the RMI Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of RFMZ and RMI, 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. RMI - Drawdown Comparison

The maximum RFMZ drawdown since its inception was -39.28%, which is greater than RMI's maximum drawdown of -32.73%. Use the drawdown chart below to compare losses from any high point for RFMZ and RMI.

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Drawdown Indicators

RFMZRMIDifference

Max Drawdown

Largest peak-to-trough decline

-39.28%

-32.73%

-6.55%

Max Drawdown (1Y)

Largest decline over 1 year

-6.02%

-7.05%

+1.03%

Max Drawdown (3Y)

Largest decline over 3 years

-19.98%

-20.94%

+0.96%

Max Drawdown (5Y)

Largest decline over 5 years

-39.28%

-32.73%

-6.55%

Current Drawdown

Current decline from peak

-11.57%

-5.09%

-6.48%

Average Drawdown

Average peak-to-trough decline

-20.18%

-10.99%

-9.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.63%

2.42%

-0.79%

Volatility

RFMZ vs. RMI - Volatility Comparison

RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) and RiverNorth Opportunistic Municipal Income Fund (RMI) have volatilities of 2.38% and 2.33%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

RFMZRMIDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.38%

2.33%

+0.05%

Volatility (6M)

Calculated over the trailing 6-month period

6.31%

11.18%

-4.87%

Volatility (1Y)

Calculated over the trailing 1-year period

8.62%

12.95%

-4.33%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.69%

16.33%

-2.64%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.37%

16.16%

-2.79%

RFMZ vs. RMI - Expense Ratio Comparison

RFMZ has a 3.27% expense ratio, which is lower than RMI's 4.92% expense ratio.

Dividends

RFMZ vs. RMI - Dividend Comparison

RFMZ's dividend yield for the trailing twelve months is around 7.41%, more than RMI's 7.21% yield.

PositionTTM20252024202320222021202020192018
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%
RMI
RiverNorth Opportunistic Municipal Income Fund		7.21%7.92%7.69%7.67%7.63%10.25%6.03%4.85%0.46%

Frequently Asked Questions

RFMZ and RMI have a correlation of 0.41, 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 RMI (2.33%). In terms of maximum drawdown, RFMZ dropped -39.28% vs RMI's -32.73%.

RFMZ currently has the higher Sharpe Ratio (1.79 vs 1.16), 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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