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RMI vs. PML
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RMI vs. PML

Last updated Jun 24, 2026

RMI (RiverNorth Opportunistic Municipal Income Fund) and PML (PIMCO Municipal Income Fund II) are both Municipal Bonds funds. Over the past 5 years, RMI returned -0.16%/yr vs -7.62%/yr for PML. At a 0.33 correlation, their price movements are largely independent. RMI charges 4.92%/yr vs 1.08%/yr for PML.

Performance

RMI vs. PML - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RiverNorth Opportunistic Municipal Income Fund (RMI) and PIMCO Municipal Income Fund II (PML). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, RMI achieves a 11.00% return, which is significantly higher than PML's 2.74% return.

RMI

1D
0.46%
1M
2.32%
YTD
11.00%
6M
10.15%
1Y
14.80%
3Y*
6.36%
5Y*
-0.16%
10Y*
—

PML

1D
0.13%
1M
2.02%
YTD
2.74%
6M
3.57%
1Y
8.16%
3Y*
-0.32%
5Y*
-7.62%
10Y*
-0.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

RMI vs. PML - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
RMI
RiverNorth Opportunistic Municipal Income Fund		11.00%2.67%6.30%0.19%-21.34%14.86%0.62%19.27%0.55%
PML
PIMCO Municipal Income Fund II		2.74%-0.89%2.93%-3.06%-34.06%7.16%-5.17%25.60%6.52%

Correlation

The correlation between RMI and PML is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.43

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

0.51

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

0.40

Correlation (All Time)
Calculated using the full available price history since Oct 26, 2018

0.33

The correlation between RMI and PML shifts across timeframes, from 0.33 (all time) to 0.51 (3 years), reflecting how their relationship changes across market environments.

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RiverNorth Opportunistic Municipal Income Fund

PIMCO Municipal Income Fund II

Often compared with RMI:
RMI vs. NACRMI vs. RFMRMI vs. MMDRMI vs. NCARMI vs. NAZRMI vs. RIVRMI vs. NMS
Often compared with PML:
PML vs. VNYUXPML vs. MMDPML vs. NMTPML vs. DFSMXPML vs. DFCMXPML vs. MMUPML vs. NIM

Return for Risk

RMI vs. PML — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
RMI
RMI Risk / Return Rank: 2727
Overall Rank
RMI Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
RMI Sortino Ratio Rank: 2626
Sortino Ratio Rank
RMI Omega Ratio Rank: 2525
Omega Ratio Rank
RMI Calmar Ratio Rank: 3535
Calmar Ratio Rank
RMI Martin Ratio Rank: 2828
Martin Ratio Rank
PML
PML Risk / Return Rank: 1111
Overall Rank
PML Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
PML Sortino Ratio Rank: 1010
Sortino Ratio Rank
PML Omega Ratio Rank: 1010
Omega Ratio Rank
PML Calmar Ratio Rank: 1313
Calmar Ratio Rank
PML Martin Ratio Rank: 1111
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.

RMI vs. PML - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Opportunistic Municipal Income Fund (RMI) and PIMCO Municipal Income Fund II (PML). 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.

RMIPMLDifference
Sharpe ratioReturn per unit of total volatility
1.15
0.77

+0.38

Sortino ratioReturn per unit of downside risk
1.93
1.14

+0.79

Omega ratioGain probability vs. loss probability

1.24

1.15

+0.09

Calmar ratioReturn relative to maximum drawdown

2.11

1.17

+0.94

Martin ratioReturn relative to average drawdown

6.14

2.87

+3.27

RMI vs. PML - Sharpe Ratio Comparison

The current RMI Sharpe Ratio is 1.15, which is higher than the PML Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of RMI and PML, 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

RMI vs. PML - Drawdown Comparison

The maximum RMI drawdown since its inception was -32.73%, smaller than the maximum PML drawdown of -64.34%. Use the drawdown chart below to compare losses from any high point for RMI and PML.

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Drawdown Indicators

RMIPMLDifference

Max Drawdown

Largest peak-to-trough decline

-32.73%

-64.34%

+31.61%

Max Drawdown (1Y)

Largest decline over 1 year

-7.05%

-7.00%

-0.05%

Max Drawdown (3Y)

Largest decline over 3 years

-20.94%

-23.76%

+2.82%

Max Drawdown (5Y)

Largest decline over 5 years

-32.73%

-47.94%

+15.21%

Max Drawdown (10Y)

Largest decline over 10 years

—

-47.94%

—

Current Drawdown

Current decline from peak

-4.66%

-34.56%

+29.90%

Average Drawdown

Average peak-to-trough decline

-10.99%

-11.94%

+0.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.42%

2.85%

-0.43%

Volatility

RMI vs. PML - Volatility Comparison

The current volatility for RiverNorth Opportunistic Municipal Income Fund (RMI) is 2.28%, while PIMCO Municipal Income Fund II (PML) has a volatility of 2.81%. This indicates that RMI experiences smaller price fluctuations and is considered to be less risky than PML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

RMIPMLDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.28%

2.81%

-0.53%

Volatility (6M)

Calculated over the trailing 6-month period

11.19%

8.49%

+2.70%

Volatility (1Y)

Calculated over the trailing 1-year period

12.93%

10.70%

+2.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.33%

14.23%

+2.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.15%

15.50%

+0.65%

RMI vs. PML - Expense Ratio Comparison

RMI has a 4.92% expense ratio, which is higher than PML's 1.08% expense ratio.

Dividends

RMI vs. PML - Dividend Comparison

RMI's dividend yield for the trailing twelve months is around 7.17%, more than PML's 6.31% yield.

PositionTTM20252024202320222021202020192018201720162015
PML
PIMCO Municipal Income Fund II		6.31%6.29%5.86%5.71%7.83%4.85%4.95%4.91%5.86%5.92%6.38%6.24%
RMI
RiverNorth Opportunistic Municipal Income Fund		7.17%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

RMI and PML have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PML has higher volatility (2.81%) compared to RMI (2.28%). In terms of maximum drawdown, RMI dropped -32.73% vs PML's -64.34%.

RMI currently has the higher Sharpe Ratio (1.15 vs 0.77), 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.

Portfolio Optimizer

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