RMI vs. RIV

Last updated Jun 23, 2026

RMI (RiverNorth Opportunistic Municipal Income Fund) and RIV (RiverNorth Opportunities Fund) are both mutual funds - RMI is a Municipal Bonds fund managed by RiverNorth, while RIV is a Tactical Allocation fund managed by RiverNorth. Over the past 5 years, RMI returned -0.29%/yr vs 4.71%/yr for RIV. At a 0.24 correlation, their price movements are largely independent. RMI charges 4.92%/yr vs 2.07%/yr for RIV.

Performance

RMI vs. RIV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RiverNorth Opportunistic Municipal Income Fund (RMI) and RiverNorth Opportunities Fund (RIV). 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 RIV's 4.60% return.

RMI

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

RIV

• 1D: -0.61%
• 1M: 1.05%
• YTD: 4.60%
• 6M: 5.23%
• 1Y: 12.17%
• 3Y*: 16.71%
• 5Y*: 4.71%
• 10Y*: 9.25%

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

RMI vs. RIV - 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%
RIV RiverNorth Opportunities Fund	4.60%	19.69%	18.72%	2.57%	-11.30%	12.94%	14.09%	15.24%	-4.18%

Correlation

The correlation between RMI and RIV is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (All Time) Calculated using the full available price history since Oct 26, 2018	0.24

The correlation between RMI and RIV shifts across timeframes, from 0.24 (all time) to 0.36 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

RMI vs. RIV — 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

RIV

RIV Risk / Return Rank: 20
RIV Sharpe Ratio Rank: 20
RIV Sortino Ratio Rank: 21
RIV Omega Ratio Rank: 21
RIV Calmar Ratio Rank: 22
RIV Martin Ratio Rank: 19

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. RIV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Opportunistic Municipal Income Fund (RMI) and RiverNorth Opportunities Fund (RIV). 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	RIV	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	1.78	+0.17
Omega ratio: Gain probability vs. loss probability	1.24	1.22	+0.02
Calmar ratio: Return relative to maximum drawdown	2.13	1.60	+0.53
Martin ratio: Return relative to average drawdown	6.19	4.59	+1.59

RMI vs. RIV - Sharpe Ratio Comparison

The current RMI Sharpe Ratio is 1.16, which is comparable to the RIV Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of RMI and RIV, 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. RIV - Drawdown Comparison

The maximum RMI drawdown since its inception was -32.73%, smaller than the maximum RIV drawdown of -42.99%. Use the drawdown chart below to compare losses from any high point for RMI and RIV.

Drawdown Indicators

	RMI	RIV	Difference
Max Drawdown Largest peak-to-trough decline	-32.73%	-42.99%	+10.26%
Max Drawdown (1Y) Largest decline over 1 year	-7.05%	-7.64%	+0.59%
Max Drawdown (3Y) Largest decline over 3 years	-20.94%	-15.18%	-5.76%
Max Drawdown (5Y) Largest decline over 5 years	-32.73%	-29.13%	-3.60%
Max Drawdown (10Y) Largest decline over 10 years	—	-42.99%	—
Current Drawdown Current decline from peak	-5.09%	-1.44%	-3.65%
Average Drawdown Average peak-to-trough decline	-10.99%	-7.35%	-3.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	2.66%	-0.24%

Volatility

RMI vs. RIV - Volatility Comparison

The current volatility for RiverNorth Opportunistic Municipal Income Fund (RMI) is 2.33%, while RiverNorth Opportunities Fund (RIV) has a volatility of 3.47%. This indicates that RMI experiences smaller price fluctuations and is considered to be less risky than RIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RMI	RIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.33%	3.47%	-1.14%
Volatility (6M) Calculated over the trailing 6-month period	11.18%	7.53%	+3.65%
Volatility (1Y) Calculated over the trailing 1-year period	12.95%	10.31%	+2.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.33%	16.74%	-0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.16%	20.25%	-4.09%

RMI vs. RIV - Expense Ratio Comparison

RMI has a 4.92% expense ratio, which is higher than RIV's 2.07% expense ratio.

Dividends

RMI vs. RIV - Dividend Comparison

RMI's dividend yield for the trailing twelve months is around 7.21%, less than RIV's 13.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
RIV RiverNorth Opportunities Fund	13.44%	12.80%	13.46%	13.95%	16.61%	14.31%	13.42%	12.34%	15.51%	10.14%	13.01%
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%

Frequently Asked Questions

Can I hold both RMI and RIV in my portfolio?

RMI and RIV have a correlation of 0.24, 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 RIV?

RIV has higher volatility (3.47%) compared to RMI (2.33%). In terms of maximum drawdown, RMI dropped -32.73% vs RIV's -42.99%.

Which has better risk-adjusted returns?

RIV 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.