RFMZ vs. RMMZ
RFMZ (RiverNorth Flexible Municipal Income Fund II Inc.) and RMMZ (RiverNorth Managed Duration Municipal Income Fund II Inc.) are both Municipal Bonds funds from RiverNorth. Over the past 3 years, RFMZ returned 6.73%/yr vs 5.90%/yr for RMMZ. At a 0.38 correlation, their price movements are largely independent.
Performance
RFMZ vs. RMMZ - 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 RMMZ's 6.29% return.
RFMZ
- 1D
- -0.07%
- 1M
- 4.09%
- YTD
- 10.21%
- 6M
- 9.09%
- 1Y
- 15.32%
- 3Y*
- 6.73%
- 5Y*
- -0.89%
- 10Y*
- —
RMMZ
- 1D
- -0.35%
- 1M
- 2.58%
- YTD
- 6.29%
- 6M
- 4.85%
- 1Y
- 13.55%
- 3Y*
- 5.90%
- 5Y*
- —
- 10Y*
- —
RFMZ vs. RMMZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
RFMZ RiverNorth Flexible Municipal Income Fund II Inc. | 10.21% | 2.22% | 10.11% | 4.54% | -17.32% |
RMMZ RiverNorth Managed Duration Municipal Income Fund II Inc. | 6.29% | 4.99% | 2.72% | 11.22% | -18.85% |
Correlation
The correlation between RFMZ and RMMZ is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2022 | 0.38 |
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Return for Risk
RFMZ vs. RMMZ — Risk / Return Rank
RFMZ
RMMZ
RFMZ vs. RMMZ - 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 Managed Duration Municipal Income Fund II Inc. (RMMZ). 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 | RMMZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.42 | ||
| Sortino ratioReturn per unit of downside risk | +0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.26 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.56 | 2.44 | +0.12 |
| Martin ratioReturn relative to average drawdown | 9.42 | 7.88 | +1.54 |
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Drawdowns
RFMZ vs. RMMZ - Drawdown Comparison
The maximum RFMZ drawdown since its inception was -39.28%, which is greater than RMMZ's maximum drawdown of -27.15%. Use the drawdown chart below to compare losses from any high point for RFMZ and RMMZ.
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Drawdown Indicators
| RFMZ | RMMZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.28% | -27.15% | -12.13% |
Max Drawdown (1Y)Largest decline over 1 year | -6.02% | -5.58% | -0.44% |
Max Drawdown (3Y)Largest decline over 3 years | -19.98% | -18.77% | -1.21% |
Max Drawdown (5Y)Largest decline over 5 years | -39.28% | — | — |
Current DrawdownCurrent decline from peak | -11.57% | -0.35% | -11.22% |
Average DrawdownAverage peak-to-trough decline | -20.18% | -9.58% | -10.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.63% | 1.72% | -0.09% |
Volatility
RFMZ vs. RMMZ - Volatility Comparison
RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) has a higher volatility of 2.38% compared to RiverNorth Managed Duration Municipal Income Fund II Inc. (RMMZ) at 1.65%. This indicates that RFMZ's price experiences larger fluctuations and is considered to be riskier than RMMZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RFMZ | RMMZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.38% | 1.65% | +0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 6.31% | 7.16% | -0.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.62% | 9.96% | -1.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.69% | 17.62% | -3.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.37% | 17.62% | -4.25% |
Dividends
RFMZ vs. RMMZ - Dividend Comparison
RFMZ's dividend yield for the trailing twelve months is around 7.41%, which matches RMMZ's 7.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
RFMZ RiverNorth Flexible Municipal Income Fund II Inc. | 7.41% | 8.13% | 7.76% | 7.92% | 8.53% | 4.53% |
RMMZ RiverNorth Managed Duration Municipal Income Fund II Inc. | 7.42% | 7.86% | 7.82% | 7.45% | 6.86% | 0.00% |
Frequently Asked Questions
RFMZ and RMMZ have a correlation of 0.36, 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 RMMZ (1.65%). In terms of maximum drawdown, RFMZ dropped -39.28% vs RMMZ's -27.15%.
RFMZ currently has the higher Sharpe Ratio (1.79 vs 1.37), 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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