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RFMZ vs. RSF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RFMZ vs. RSF

Last updated Jun 23, 2026

RFMZ (RiverNorth Flexible Municipal Income Fund II Inc.) and RSF (RiverNorth Capital and Income Fund) are both mutual funds - RFMZ is a Municipal Bonds fund managed by RiverNorth, while RSF is a High Yield Bonds fund managed by RiverNorth. Over the past 5 years, RFMZ returned -0.89%/yr vs 6.84%/yr for RSF. At a 0.15 correlation, their price movements are largely independent. RFMZ charges 3.27%/yr vs 6.38%/yr for RSF.

Performance

RFMZ vs. RSF - 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 Capital and Income Fund (RSF). 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 10.21% return, which is significantly higher than RSF's 7.54% return.

RFMZ

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

RSF

1D
0.14%
1M
1.02%
YTD
7.54%
6M
6.87%
1Y
11.37%
3Y*
9.89%
5Y*
6.84%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

RFMZ vs. RSF - 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%
RSF
RiverNorth Capital and Income Fund		7.54%4.62%9.26%9.03%-1.62%19.44%

Correlation

The correlation between RFMZ and RSF is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.20

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

0.19

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

0.16

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

0.15

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RiverNorth Flexible Municipal Income Fund II Inc.

RiverNorth Capital and Income Fund

Often compared with RFMZ:
RFMZ vs. MMURFMZ vs. RFMRFMZ vs. MMDRFMZ vs. NMTRFMZ vs. RIVRFMZ vs. RMIRFMZ vs. RMMZ
Often compared with RSF:
RSF vs. RIVRSF vs. EHIRSF vs. JFRRSF vs. ISDRSF vs. HIORSF vs. HYIRSF vs. RFM

Return for Risk

RFMZ vs. RSF — 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
RSF
RSF Risk / Return Rank: 4242
Overall Rank
RSF Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
RSF Sortino Ratio Rank: 3131
Sortino Ratio Rank
RSF Omega Ratio Rank: 4242
Omega Ratio Rank
RSF Calmar Ratio Rank: 6363
Calmar Ratio Rank
RSF Martin Ratio Rank: 4444
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. RSF - 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 Capital and Income Fund (RSF). 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.

RFMZRSFDifference
Sharpe ratioReturn per unit of total volatility
1.79
1.40

+0.39

Sortino ratioReturn per unit of downside risk
2.74
2.16

+0.59

Omega ratioGain probability vs. loss probability

1.33

1.32

+0.01

Calmar ratioReturn relative to maximum drawdown

2.56

2.92

-0.36

Martin ratioReturn relative to average drawdown

9.42

8.96

+0.46

RFMZ vs. RSF - Sharpe Ratio Comparison

The current RFMZ Sharpe Ratio is 1.79, which is comparable to the RSF Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of RFMZ and RSF, 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. RSF - Drawdown Comparison

The maximum RFMZ drawdown since its inception was -39.28%, which is greater than RSF's maximum drawdown of -30.61%. Use the drawdown chart below to compare losses from any high point for RFMZ and RSF.

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Drawdown Indicators

RFMZRSFDifference

Max Drawdown

Largest peak-to-trough decline

-39.28%

-30.61%

-8.67%

Max Drawdown (1Y)

Largest decline over 1 year

-6.02%

-3.92%

-2.10%

Max Drawdown (3Y)

Largest decline over 3 years

-19.98%

-6.15%

-13.83%

Max Drawdown (5Y)

Largest decline over 5 years

-39.28%

-10.02%

-29.26%

Current Drawdown

Current decline from peak

-11.57%

-0.38%

-11.19%

Average Drawdown

Average peak-to-trough decline

-20.18%

-4.56%

-15.62%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.63%

1.27%

+0.36%

Volatility

RFMZ vs. RSF - Volatility Comparison

RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) has a higher volatility of 2.38% compared to RiverNorth Capital and Income Fund (RSF) at 1.02%. This indicates that RFMZ's price experiences larger fluctuations and is considered to be riskier than RSF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

RFMZRSFDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.38%

1.02%

+1.36%

Volatility (6M)

Calculated over the trailing 6-month period

6.31%

7.00%

-0.69%

Volatility (1Y)

Calculated over the trailing 1-year period

8.62%

8.18%

+0.44%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.69%

10.52%

+3.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.37%

11.22%

+2.15%

RFMZ vs. RSF - Expense Ratio Comparison

RFMZ has a 3.27% expense ratio, which is lower than RSF's 6.38% expense ratio.

Dividends

RFMZ vs. RSF - Dividend Comparison

RFMZ's dividend yield for the trailing twelve months is around 7.41%, less than RSF's 11.21% yield.

PositionTTM2025202420232022202120202019201820172016
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%
RSF
RiverNorth Capital and Income Fund		11.21%11.30%10.87%10.85%11.78%9.52%11.76%6.92%8.21%9.22%1.41%

Frequently Asked Questions

RFMZ and RSF have a correlation of 0.20, 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 RSF (1.02%). In terms of maximum drawdown, RFMZ dropped -39.28% vs RSF's -30.61%.

RFMZ currently has the higher Sharpe Ratio (1.79 vs 1.40), 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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