RMM vs. NIE

Last updated Jun 24, 2026

RMM (Rivernorth Managed Duration Municipal Income Fund Inc.) is a stock, while NIE (Virtus Equity & Convertible Income Fund) is Derivative Income fund actively managed by Virtus. Over the past 5 years, RMM returned 0.53%/yr vs 9.93%/yr for NIE. At a 0.26 correlation, their price movements are largely independent.

Performance

RMM vs. NIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rivernorth Managed Duration Municipal Income Fund Inc. (RMM) and Virtus Equity & Convertible Income Fund (NIE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RMM achieves a 11.04% return, which is significantly higher than NIE's 9.78% return.

RMM

• 1D: 0.62%
• 1M: 3.42%
• YTD: 11.04%
• 6M: 10.56%
• 1Y: 17.27%
• 3Y*: 6.76%
• 5Y*: 0.53%
• 10Y*: —

NIE

• 1D: -0.87%
• 1M: 1.19%
• YTD: 9.78%
• 6M: 10.01%
• 1Y: 25.95%
• 3Y*: 19.51%
• 5Y*: 9.93%
• 10Y*: 14.21%

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

RMM vs. NIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
RMM Rivernorth Managed Duration Municipal Income Fund Inc.	11.04%	2.01%	9.25%	5.93%	-23.45%	19.66%	-2.15%	-1.00%
NIE Virtus Equity & Convertible Income Fund	9.78%	12.15%	28.64%	26.71%	-26.73%	18.89%	33.78%	5.20%

Correlation

The correlation between RMM and NIE is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (All Time) Calculated using the full available price history since Jul 26, 2019	0.26

Return for Risk

RMM vs. NIE — Risk / Return Rank

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

RMM

RMM Risk / Return Rank: 82
RMM Sharpe Ratio Rank: 84
RMM Sortino Ratio Rank: 83
RMM Omega Ratio Rank: 80
RMM Calmar Ratio Rank: 78
RMM Martin Ratio Rank: 84

NIE

NIE Risk / Return Rank: 62
NIE Sharpe Ratio Rank: 63
NIE Sortino Ratio Rank: 61
NIE Omega Ratio Rank: 59
NIE Calmar Ratio Rank: 62
NIE Martin Ratio Rank: 66

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.

RMM vs. NIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rivernorth Managed Duration Municipal Income Fund Inc. (RMM) and Virtus Equity & Convertible Income Fund (NIE). 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.

	RMM	NIE	Difference
Sharpe ratio: Return per unit of total volatility	1.57	2.15	-0.58
Sortino ratio: Return per unit of downside risk	2.45	3.00	-0.55
Omega ratio: Gain probability vs. loss probability	1.29	1.39	-0.10
Calmar ratio: Return relative to maximum drawdown	2.20	2.90	-0.70
Martin ratio: Return relative to average drawdown	7.68	11.93	-4.25

RMM vs. NIE - Sharpe Ratio Comparison

The current RMM Sharpe Ratio is 1.57, which is comparable to the NIE Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of RMM and NIE, 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

RMM vs. NIE - Drawdown Comparison

The maximum RMM drawdown since its inception was -35.99%, smaller than the maximum NIE drawdown of -57.90%. Use the drawdown chart below to compare losses from any high point for RMM and NIE.

Drawdown Indicators

	RMM	NIE	Difference
Max Drawdown Largest peak-to-trough decline	-35.99%	-57.90%	+21.91%
Max Drawdown (1Y) Largest decline over 1 year	-7.90%	-8.99%	+1.09%
Max Drawdown (3Y) Largest decline over 3 years	-20.16%	-20.79%	+0.63%
Max Drawdown (5Y) Largest decline over 5 years	-33.29%	-31.04%	-2.25%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.99%	—
Current Drawdown Current decline from peak	-4.54%	-1.16%	-3.38%
Average Drawdown Average peak-to-trough decline	-13.72%	-7.99%	-5.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	2.18%	+0.07%

Volatility

RMM vs. NIE - Volatility Comparison

The current volatility for Rivernorth Managed Duration Municipal Income Fund Inc. (RMM) is 2.94%, while Virtus Equity & Convertible Income Fund (NIE) has a volatility of 5.00%. This indicates that RMM experiences smaller price fluctuations and is considered to be less risky than NIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RMM	NIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.94%	5.00%	-2.06%
Volatility (6M) Calculated over the trailing 6-month period	9.22%	9.92%	-0.70%
Volatility (1Y) Calculated over the trailing 1-year period	11.04%	12.18%	-1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.51%	17.66%	-3.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.84%	19.80%	-1.96%

Dividends

RMM vs. NIE - Dividend Comparison

RMM's dividend yield for the trailing twelve months is around 7.20%, less than NIE's 9.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NIE Virtus Equity & Convertible Income Fund	9.94%	10.14%	8.11%	9.56%	21.81%	10.86%	5.37%	6.71%	8.20%	7.19%	8.25%	8.46%
RMM Rivernorth Managed Duration Municipal Income Fund Inc.	7.20%	7.98%	7.63%	7.71%	7.74%	5.46%	6.18%	1.90%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RMM and NIE in my portfolio?

RMM and NIE have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RMM or NIE?

NIE has higher volatility (5.00%) compared to RMM (2.94%). In terms of maximum drawdown, RMM dropped -35.99% vs NIE's -57.90%.

Which has better risk-adjusted returns?

NIE currently has the higher Sharpe Ratio (2.15 vs 1.57), 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.