RMMZ vs. EIM

Last updated Jun 5, 2026

RMMZ (RiverNorth Managed Duration Municipal Income Fund II Inc.) and EIM (Eaton Vance Municipal Bond Fund) are both Municipal Bonds funds. Over the past 3 years, RMMZ returned 6.99%/yr vs 5.31%/yr for EIM. At a 0.34 correlation, their price movements are largely independent.

Performance

RMMZ vs. EIM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RiverNorth Managed Duration Municipal Income Fund II Inc. (RMMZ) and Eaton Vance Municipal Bond Fund (EIM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RMMZ achieves a 5.04% return, which is significantly higher than EIM's 2.91% return.

RMMZ

• 1D: 0.00%
• 1M: -0.34%
• YTD: 5.04%
• 6M: 4.77%
• 1Y: 9.85%
• 3Y*: 6.99%
• 5Y*: —
• 10Y*: —

EIM

• 1D: -0.61%
• 1M: -1.30%
• YTD: 2.91%
• 6M: 1.36%
• 1Y: 8.06%
• 3Y*: 5.31%
• 5Y*: -1.49%
• 10Y*: 1.51%

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

RMMZ vs. EIM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
RMMZ RiverNorth Managed Duration Municipal Income Fund II Inc.	5.04%	4.99%	2.72%	11.22%	-12.90%
EIM Eaton Vance Municipal Bond Fund	2.91%	-0.08%	8.21%	1.66%	-10.14%

Correlation

The correlation between RMMZ and EIM 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	0.37
Correlation (All Time) Calculated using the full available price history since Feb 14, 2022	0.34

The correlation between RMMZ and EIM shifts across timeframes, from 0.24 (1 year) to 0.37 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

RMMZ vs. EIM — Risk / Return Rank

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

RMMZ

RMMZ Risk / Return Rank: 18
RMMZ Sharpe Ratio Rank: 14
RMMZ Sortino Ratio Rank: 15
RMMZ Omega Ratio Rank: 15
RMMZ Calmar Ratio Rank: 25
RMMZ Martin Ratio Rank: 22

EIM

EIM Risk / Return Rank: 14
EIM Sharpe Ratio Rank: 12
EIM Sortino Ratio Rank: 15
EIM Omega Ratio Rank: 14
EIM Calmar Ratio Rank: 19
EIM Martin Ratio Rank: 12

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.

RMMZ vs. EIM - 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 Eaton Vance Municipal Bond Fund (EIM). 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.

	RMMZ	EIM	Difference
Sharpe ratio: Return per unit of total volatility	0.99	0.89	+0.10
Sortino ratio: Return per unit of downside risk	1.53	1.53	0.00
Omega ratio: Gain probability vs. loss probability	1.19	1.19	0.00
Calmar ratio: Return relative to maximum drawdown	1.77	1.53	+0.24
Martin ratio: Return relative to average drawdown	5.32	3.17	+2.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RMMZ vs. EIM - Sharpe Ratio Comparison

The current RMMZ Sharpe Ratio is 0.99, which is comparable to the EIM Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of RMMZ and EIM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	RMMZ	EIM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.99	0.89	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.14	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.13	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	0.26	-0.14

Drawdowns

RMMZ vs. EIM - Drawdown Comparison

The maximum RMMZ drawdown since its inception was -27.15%, smaller than the maximum EIM drawdown of -52.50%. Use the drawdown chart below to compare losses from any high point for RMMZ and EIM.

Drawdown Indicators

	RMMZ	EIM	Difference
Max Drawdown Largest peak-to-trough decline	-27.15%	-52.50%	+25.35%
Max Drawdown (1Y) Largest decline over 1 year	-5.58%	-5.30%	-0.28%
Max Drawdown (3Y) Largest decline over 3 years	-18.77%	-13.41%	-5.36%
Max Drawdown (5Y) Largest decline over 5 years	—	-31.69%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-31.69%	—
Current Drawdown Current decline from peak	-1.43%	-10.28%	+8.85%
Average Drawdown Average peak-to-trough decline	-9.66%	-8.37%	-1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	2.55%	-0.65%

Volatility

RMMZ vs. EIM - Volatility Comparison

RiverNorth Managed Duration Municipal Income Fund II Inc. (RMMZ) and Eaton Vance Municipal Bond Fund (EIM) have volatilities of 2.65% and 2.55%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RMMZ	EIM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	2.55%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	7.53%	6.17%	+1.36%
Volatility (1Y) Calculated over the trailing 1-year period	10.06%	9.14%	+0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.40%	10.72%	+6.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.40%	11.55%	+5.85%

Dividends

RMMZ vs. EIM - Dividend Comparison

RMMZ's dividend yield for the trailing twelve months is around 7.51%, more than EIM's 6.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EIM Eaton Vance Municipal Bond Fund	6.25%	6.27%	5.65%	4.07%	4.87%	4.38%	4.29%	4.00%	4.98%	5.48%	5.64%	5.90%
RMMZ RiverNorth Managed Duration Municipal Income Fund II Inc.	7.51%	7.86%	7.82%	7.45%	6.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RMMZ and EIM in my portfolio?

RMMZ and EIM 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, RMMZ or EIM?

RMMZ has higher volatility (2.65%) compared to EIM (2.55%). In terms of maximum drawdown, RMMZ dropped -27.15% vs EIM's -52.50%.

Which has better risk-adjusted returns?

RMMZ currently has the higher Sharpe Ratio (0.99 vs 0.89), 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.