RMMZ vs. MHF
RMMZ (RiverNorth Managed Duration Municipal Income Fund II Inc.) and MHF (Western Asset Municipal High Income Fund Inc) are both Municipal Bonds funds. Over the past 3 years, RMMZ returned 5.90%/yr vs 8.13%/yr for MHF. At a 0.23 correlation, their price movements are largely independent.
Performance
RMMZ vs. MHF - 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 MHF's 3.10% return.
RMMZ
- 1D
- -0.35%
- 1M
- 2.58%
- YTD
- 6.29%
- 6M
- 4.85%
- 1Y
- 13.55%
- 3Y*
- 5.90%
- 5Y*
- —
- 10Y*
- —
MHF
- 1D
- -0.29%
- 1M
- 0.44%
- YTD
- 3.10%
- 6M
- 3.01%
- 1Y
- 6.23%
- 3Y*
- 8.13%
- 5Y*
- 1.13%
- 10Y*
- 2.58%
RMMZ vs. MHF - 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% |
MHF Western Asset Municipal High Income Fund Inc | 3.10% | 7.18% | 11.99% | 4.53% | -10.42% |
Correlation
The correlation between RMMZ and MHF 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 | 0.25 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2022 | 0.23 |
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Return for Risk
RMMZ vs. MHF — Risk / Return Rank
RMMZ
MHF
RMMZ vs. MHF - 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 Western Asset Municipal High Income Fund Inc (MHF). 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 | MHF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.92 | ||
| Sortino ratioReturn per unit of downside risk | +1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.10 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.44 | 0.63 | +1.81 |
| Martin ratioReturn relative to average drawdown | 7.88 | 1.03 | +6.85 |
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Drawdowns
RMMZ vs. MHF - Drawdown Comparison
The maximum RMMZ drawdown since its inception was -27.15%, smaller than the maximum MHF drawdown of -29.95%. Use the drawdown chart below to compare losses from any high point for RMMZ and MHF.
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Drawdown Indicators
| RMMZ | MHF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.15% | -29.95% | +2.80% |
Max Drawdown (1Y)Largest decline over 1 year | -5.58% | -9.96% | +4.38% |
Max Drawdown (3Y)Largest decline over 3 years | -18.77% | -13.32% | -5.45% |
Max Drawdown (5Y)Largest decline over 5 years | — | -26.72% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.72% | — |
Current DrawdownCurrent decline from peak | -0.35% | -5.23% | +4.88% |
Average DrawdownAverage peak-to-trough decline | -9.58% | -6.34% | -3.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.72% | 6.06% | -4.34% |
Volatility
RMMZ vs. MHF - Volatility Comparison
The current volatility for RiverNorth Managed Duration Municipal Income Fund II Inc. (RMMZ) is 1.65%, while Western Asset Municipal High Income Fund Inc (MHF) has a volatility of 2.40%. This indicates that RMMZ experiences smaller price fluctuations and is considered to be less risky than MHF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RMMZ | MHF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.65% | 2.40% | -0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 7.16% | 6.69% | +0.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.96% | 13.94% | -3.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.62% | 13.87% | +3.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.62% | 13.47% | +4.15% |
Dividends
RMMZ vs. MHF - Dividend Comparison
RMMZ's dividend yield for the trailing twelve months is around 7.42%, more than MHF's 5.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MHF Western Asset Municipal High Income Fund Inc | 5.90% | 5.93% | 5.65% | 3.78% | 3.72% | 3.23% | 3.75% | 4.02% | 4.42% | 4.14% | 4.53% | 4.45% |
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% | 0.00% |
Frequently Asked Questions
RMMZ and MHF 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.
MHF has higher volatility (2.40%) compared to RMMZ (1.65%). In terms of maximum drawdown, RMMZ dropped -27.15% vs MHF's -29.95%.
RMMZ currently has the higher Sharpe Ratio (1.37 vs 0.45), 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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