RMI vs. MMD

Last updated Jun 23, 2026

RMI (RiverNorth Opportunistic Municipal Income Fund) and MMD (NYLI MacKay DefinedTerm Muni Opportunities Fund) are both Municipal Bonds funds. Over the past 5 years, RMI returned -0.29%/yr vs -2.38%/yr for MMD. At a 0.29 correlation, their price movements are largely independent. RMI charges 4.92%/yr vs 0.03%/yr for MMD.

Performance

RMI vs. MMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RiverNorth Opportunistic Municipal Income Fund (RMI) and NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RMI achieves a 10.49% return, which is significantly higher than MMD's 5.67% return.

RMI

• 1D: 0.53%
• 1M: 1.85%
• YTD: 10.49%
• 6M: 9.50%
• 1Y: 14.92%
• 3Y*: 6.20%
• 5Y*: -0.29%
• 10Y*: —

MMD

• 1D: -0.07%
• 1M: 2.11%
• YTD: 5.67%
• 6M: 6.02%
• 1Y: 10.24%
• 3Y*: 1.37%
• 5Y*: -2.38%
• 10Y*: 2.22%

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

RMI vs. MMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
RMI RiverNorth Opportunistic Municipal Income Fund	10.49%	2.67%	6.30%	0.19%	-21.34%	14.86%	0.62%	19.27%	0.55%
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund	5.67%	4.54%	-3.99%	6.48%	-21.94%	4.74%	8.78%	13.25%	0.93%

Correlation

The correlation between RMI and MMD is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (All Time) Calculated using the full available price history since Oct 26, 2018	0.29

The correlation between RMI and MMD shifts across timeframes, from 0.29 (all time) to 0.47 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

RMI vs. MMD — Risk / Return Rank

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

RMI

RMI Risk / Return Rank: 26
RMI Sharpe Ratio Rank: 19
RMI Sortino Ratio Rank: 25
RMI Omega Ratio Rank: 24
RMI Calmar Ratio Rank: 35
RMI Martin Ratio Rank: 28

MMD

MMD Risk / Return Rank: 20
MMD Sharpe Ratio Rank: 20
MMD Sortino Ratio Rank: 23
MMD Omega Ratio Rank: 21
MMD Calmar Ratio Rank: 17
MMD Martin Ratio Rank: 18

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.

RMI vs. MMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Opportunistic Municipal Income Fund (RMI) and NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD). 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.

	RMI	MMD	Difference
Sharpe ratio: Return per unit of total volatility	1.16	1.19	-0.03
Sortino ratio: Return per unit of downside risk	1.95	1.87	+0.07
Omega ratio: Gain probability vs. loss probability	1.24	1.22	+0.02
Calmar ratio: Return relative to maximum drawdown	2.13	1.39	+0.74
Martin ratio: Return relative to average drawdown	6.19	4.35	+1.83

RMI vs. MMD - Sharpe Ratio Comparison

The current RMI Sharpe Ratio is 1.16, which is comparable to the MMD Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of RMI and MMD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

RMI vs. MMD - Drawdown Comparison

The maximum RMI drawdown since its inception was -32.73%, which is greater than MMD's maximum drawdown of -30.12%. Use the drawdown chart below to compare losses from any high point for RMI and MMD.

Drawdown Indicators

	RMI	MMD	Difference
Max Drawdown Largest peak-to-trough decline	-32.73%	-30.12%	-2.61%
Max Drawdown (1Y) Largest decline over 1 year	-7.05%	-7.41%	+0.36%
Max Drawdown (3Y) Largest decline over 3 years	-20.94%	-15.12%	-5.82%
Max Drawdown (5Y) Largest decline over 5 years	-32.73%	-30.12%	-2.61%
Max Drawdown (10Y) Largest decline over 10 years	—	-30.12%	—
Current Drawdown Current decline from peak	-5.09%	-15.43%	+10.34%
Average Drawdown Average peak-to-trough decline	-10.99%	-9.17%	-1.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	2.36%	+0.06%

Volatility

RMI vs. MMD - Volatility Comparison

The current volatility for RiverNorth Opportunistic Municipal Income Fund (RMI) is 2.33%, while NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) has a volatility of 3.36%. This indicates that RMI experiences smaller price fluctuations and is considered to be less risky than MMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RMI	MMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.33%	3.36%	-1.03%
Volatility (6M) Calculated over the trailing 6-month period	11.18%	6.93%	+4.25%
Volatility (1Y) Calculated over the trailing 1-year period	12.95%	8.64%	+4.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.33%	13.38%	+2.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.16%	13.93%	+2.23%

RMI vs. MMD - Expense Ratio Comparison

RMI has a 4.92% expense ratio, which is higher than MMD's 0.03% expense ratio.

Dividends

RMI vs. MMD - Dividend Comparison

RMI's dividend yield for the trailing twelve months is around 7.21%, more than MMD's 4.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund	4.95%	4.84%	4.82%	5.26%	6.35%	4.68%	4.68%	4.85%	5.38%	5.45%	6.16%	6.25%
RMI RiverNorth Opportunistic Municipal Income Fund	7.21%	7.92%	7.69%	7.67%	7.63%	10.25%	6.03%	4.85%	0.46%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RMI and MMD in my portfolio?

RMI and MMD have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RMI or MMD?

MMD has higher volatility (3.36%) compared to RMI (2.33%). In terms of maximum drawdown, RMI dropped -32.73% vs MMD's -30.12%.

Which has better risk-adjusted returns?

MMD currently has the higher Sharpe Ratio (1.19 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.