RMM vs. NPCT
RMM (Rivernorth Managed Duration Municipal Income Fund Inc.) is a stock, while NPCT (Nuveen Core Plus Impact Fund) is Intermediate Core-Plus Bond fund actively managed by Nuveen. Over the past 5 years, RMM returned 0.12%/yr vs -3.47%/yr for NPCT. At a 0.32 correlation, their price movements are largely independent.
Performance
RMM vs. NPCT - Performance Comparison
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Returns By Period
In the year-to-date period, RMM achieves a 12.37% return, which is significantly higher than NPCT's 2.61% return.
RMM
- 1D
- -0.20%
- 1M
- 1.19%
- 6M
- 8.43%
- YTD
- 12.37%
- 1Y
- 13.74%
- 3Y*
- 5.90%
- 5Y*
- 0.12%
- 10Y*
- —
- ALL TIME*
- 2.36%
NPCT
- 1D
- 0.10%
- 1M
- 0.19%
- 6M
- 1.62%
- YTD
- 2.61%
- 1Y
- -1.24%
- 3Y*
- 11.48%
- 5Y*
- -3.47%
- 10Y*
- —
- ALL TIME*
- -3.15%
RMM vs. NPCT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
RMM Rivernorth Managed Duration Municipal Income Fund Inc. | 12.37% | 2.01% | 9.25% | 5.93% | -23.45% | 5.23% |
NPCT Nuveen Core Plus Impact Fund | 2.61% | 9.87% | 17.23% | 7.78% | -37.50% | -4.98% |
Correlation
The correlation between RMM and NPCT is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Apr 28, 2021 | 0.32 |
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Return for Risk
RMM vs. NPCT — Risk / Return Rank
RMM
NPCT
RMM vs. NPCT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Rivernorth Managed Duration Municipal Income Fund Inc. (RMM) and Nuveen Core Plus Impact Fund (NPCT). 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 | NPCT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.41 | ||
| Sortino ratioReturn per unit of downside risk | +2.13 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.99 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | -0.18 | +1.93 |
| Martin ratioReturn relative to average drawdown | 6.35 | -0.41 | +6.76 |
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Drawdowns
RMM vs. NPCT - Drawdown Comparison
The maximum RMM drawdown since its inception was -35.99%, smaller than the maximum NPCT drawdown of -46.77%. Use the drawdown chart below to compare losses from any high point for RMM and NPCT.
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Drawdown Indicators
| RMM | NPCT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.99% | -46.77% | +10.78% |
Max Drawdown (1Y)Largest decline over 1 year | -7.90% | -6.79% | -1.11% |
Max Drawdown (3Y)Largest decline over 3 years | -20.16% | -12.42% | -7.74% |
Max Drawdown (5Y)Largest decline over 5 years | -33.29% | -46.50% | +13.21% |
Current DrawdownCurrent decline from peak | -3.40% | -16.70% | +13.30% |
Average DrawdownAverage peak-to-trough decline | -13.61% | -25.00% | +11.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.17% | 3.05% | -0.88% |
Volatility
RMM vs. NPCT - Volatility Comparison
The current volatility for Rivernorth Managed Duration Municipal Income Fund Inc. (RMM) is 1.97%, while Nuveen Core Plus Impact Fund (NPCT) has a volatility of 2.40%. This indicates that RMM experiences smaller price fluctuations and is considered to be less risky than NPCT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RMM | NPCT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.97% | 2.40% | -0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 9.18% | 7.50% | +1.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.79% | 9.32% | +1.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.45% | 13.09% | +1.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.76% | 12.98% | +4.78% |
Dividends
RMM vs. NPCT - Dividend Comparison
RMM's dividend yield for the trailing twelve months is around 7.12%, less than NPCT's 12.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
NPCT Nuveen Core Plus Impact Fund | 12.30% | 13.15% | 12.20% | 10.28% | 11.93% | 3.94% | 0.00% | 0.00% |
RMM Rivernorth Managed Duration Municipal Income Fund Inc. | 7.12% | 7.98% | 7.63% | 7.71% | 7.74% | 5.46% | 6.18% | 1.90% |
Frequently Asked Questions
RMM and NPCT have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NPCT has higher volatility (2.40%) compared to RMM (1.97%). In terms of maximum drawdown, RMM dropped -35.99% vs NPCT's -46.77%.
RMM currently has the higher Sharpe Ratio (1.28 vs -0.13), 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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