RMMZ vs. DNYMX
RMMZ (RiverNorth Managed Duration Municipal Income Fund II Inc.) and DNYMX (DFA NY Municipal Bond Portfolio) are both Municipal Bonds funds. Over the past 3 years, RMMZ returned 5.90%/yr vs 2.85%/yr for DNYMX. At a 0.16 correlation, their price movements are largely independent.
Performance
RMMZ vs. DNYMX - Performance Comparison
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Returns By Period
In the year-to-date period, RMMZ achieves a 6.29% return, which is significantly higher than DNYMX's 1.18% return.
RMMZ
- 1D
- -0.35%
- 1M
- 2.58%
- YTD
- 6.29%
- 6M
- 4.85%
- 1Y
- 13.55%
- 3Y*
- 5.90%
- 5Y*
- —
- 10Y*
- —
DNYMX
- 1D
- 0.10%
- 1M
- 0.40%
- YTD
- 1.18%
- 6M
- 1.28%
- 1Y
- 2.89%
- 3Y*
- 2.85%
- 5Y*
- 1.63%
- 10Y*
- 1.33%
RMMZ vs. DNYMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
RMMZ RiverNorth Managed Duration Municipal Income Fund II Inc. | 6.29% | 4.99% | 2.72% | 11.22% | -18.85% |
DNYMX DFA NY Municipal Bond Portfolio | 1.18% | 2.69% | 2.87% | 2.76% | -0.41% |
Correlation
The correlation between RMMZ and DNYMX is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2022 | 0.16 |
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Return for Risk
RMMZ vs. DNYMX — Risk / Return Rank
RMMZ
DNYMX
RMMZ vs. DNYMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for RiverNorth Managed Duration Municipal Income Fund II Inc. (RMMZ) and DFA NY Municipal Bond Portfolio (DNYMX). 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.
| RMMZ | DNYMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.26 | ||
| Sortino ratioReturn per unit of downside risk | -8.32 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 4.18 | -2.92 |
| Calmar ratioReturn relative to maximum drawdown | 2.44 | 12.55 | -10.11 |
| Martin ratioReturn relative to average drawdown | 7.88 | 56.40 | -48.51 |
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Drawdowns
RMMZ vs. DNYMX - Drawdown Comparison
The maximum RMMZ drawdown since its inception was -27.15%, which is greater than DNYMX's maximum drawdown of -3.19%. Use the drawdown chart below to compare losses from any high point for RMMZ and DNYMX.
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Drawdown Indicators
| RMMZ | DNYMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.15% | -3.19% | -23.96% |
Max Drawdown (1Y)Largest decline over 1 year | -5.58% | -0.24% | -5.34% |
Max Drawdown (3Y)Largest decline over 3 years | -18.77% | -0.98% | -17.79% |
Max Drawdown (5Y)Largest decline over 5 years | — | -2.53% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -3.19% | — |
Current DrawdownCurrent decline from peak | -0.35% | 0.00% | -0.35% |
Average DrawdownAverage peak-to-trough decline | -9.58% | -0.41% | -9.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.72% | 0.05% | +1.67% |
Volatility
RMMZ vs. DNYMX - Volatility Comparison
RiverNorth Managed Duration Municipal Income Fund II Inc. (RMMZ) has a higher volatility of 1.65% compared to DFA NY Municipal Bond Portfolio (DNYMX) at 0.20%. This indicates that RMMZ's price experiences larger fluctuations and is considered to be riskier than DNYMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RMMZ | DNYMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.65% | 0.20% | +1.45% |
Volatility (6M)Calculated over the trailing 6-month period | 7.16% | 0.48% | +6.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.96% | 0.65% | +9.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.62% | 0.88% | +16.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.62% | 1.05% | +16.57% |
Dividends
RMMZ vs. DNYMX - Dividend Comparison
RMMZ's dividend yield for the trailing twelve months is around 7.42%, more than DNYMX's 2.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
DNYMX DFA NY Municipal Bond Portfolio | 2.65% | 2.36% | 2.73% | 1.92% | 0.70% | 0.59% | 1.06% | 1.31% | 1.21% | 1.04% | 1.08% |
RMMZ RiverNorth Managed Duration Municipal Income Fund II Inc. | 7.42% | 7.86% | 7.82% | 7.45% | 6.86% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
RMMZ and DNYMX have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RMMZ has higher volatility (1.65%) compared to DNYMX (0.20%). In terms of maximum drawdown, RMMZ dropped -27.15% vs DNYMX's -3.19%.
DNYMX currently has the higher Sharpe Ratio (4.63 vs 1.37), 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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