RMMZ vs. NAZ

Last updated Jun 25, 2026

RMMZ (RiverNorth Managed Duration Municipal Income Fund II Inc.) and NAZ (Nuveen Arizona Quality Municipal Income Fund) are both Municipal Bonds funds. Over the past 3 years, RMMZ returned 5.81%/yr vs 12.18%/yr for NAZ. At a 0.26 correlation, their price movements are largely independent.

Performance

RMMZ vs. NAZ - 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 Nuveen Arizona Quality Municipal Income Fund (NAZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RMMZ achieves a 6.03% return, which is significantly lower than NAZ's 8.81% return.

RMMZ

• 1D: -0.27%
• 1M: 2.33%
• YTD: 6.03%
• 6M: 5.12%
• 1Y: 13.51%
• 3Y*: 5.81%
• 5Y*: —
• 10Y*: —

NAZ

• 1D: 0.56%
• 1M: -1.56%
• YTD: 8.81%
• 6M: 8.26%
• 1Y: 15.43%
• 3Y*: 12.18%
• 5Y*: 0.30%
• 10Y*: 1.85%

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

RMMZ vs. NAZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
RMMZ RiverNorth Managed Duration Municipal Income Fund II Inc.	6.03%	4.99%	2.72%	11.22%	-18.85%
NAZ Nuveen Arizona Quality Municipal Income Fund	8.81%	12.08%	12.93%	-0.48%	-17.99%

Correlation

The correlation between RMMZ and NAZ is 0.03, 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	0.03
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	0.26

Over the past year, the correlation between RMMZ and NAZ has dropped to 0.03 - well below their long-term average of 0.26, suggesting their price drivers have been diverging.

Return for Risk

RMMZ vs. NAZ — Risk / Return Rank

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

RMMZ

RMMZ Risk / Return Rank: 39
RMMZ Sharpe Ratio Rank: 32
RMMZ Sortino Ratio Rank: 34
RMMZ Omega Ratio Rank: 34
RMMZ Calmar Ratio Rank: 52
RMMZ Martin Ratio Rank: 42

NAZ

NAZ Risk / Return Rank: 37
NAZ Sharpe Ratio Rank: 28
NAZ Sortino Ratio Rank: 31
NAZ Omega Ratio Rank: 30
NAZ Calmar Ratio Rank: 45
NAZ Martin Ratio Rank: 53

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. NAZ - 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 Nuveen Arizona Quality Municipal Income Fund (NAZ). 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	NAZ	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.31	+0.06
Sortino ratio: Return per unit of downside risk	2.07	2.01	+0.05
Omega ratio: Gain probability vs. loss probability	1.26	1.25	+0.01
Calmar ratio: Return relative to maximum drawdown	2.43	2.33	+0.10
Martin ratio: Return relative to average drawdown	7.87	9.46	-1.59

RMMZ vs. NAZ - Sharpe Ratio Comparison

The current RMMZ Sharpe Ratio is 1.37, which is comparable to the NAZ Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of RMMZ and NAZ, 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

RMMZ vs. NAZ - Drawdown Comparison

The maximum RMMZ drawdown since its inception was -27.15%, smaller than the maximum NAZ drawdown of -38.28%. Use the drawdown chart below to compare losses from any high point for RMMZ and NAZ.

Drawdown Indicators

	RMMZ	NAZ	Difference
Max Drawdown Largest peak-to-trough decline	-27.15%	-38.28%	+11.13%
Max Drawdown (1Y) Largest decline over 1 year	-5.58%	-6.66%	+1.08%
Max Drawdown (3Y) Largest decline over 3 years	-18.77%	-13.76%	-5.01%
Max Drawdown (5Y) Largest decline over 5 years	—	-38.28%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-38.28%	—
Current Drawdown Current decline from peak	-0.60%	-5.55%	+4.95%
Average Drawdown Average peak-to-trough decline	-9.56%	-9.33%	-0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	1.64%	+0.08%

Volatility

RMMZ vs. NAZ - Volatility Comparison

The current volatility for RiverNorth Managed Duration Municipal Income Fund II Inc. (RMMZ) is 1.66%, while Nuveen Arizona Quality Municipal Income Fund (NAZ) has a volatility of 4.28%. This indicates that RMMZ experiences smaller price fluctuations and is considered to be less risky than NAZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RMMZ	NAZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.66%	4.28%	-2.62%
Volatility (6M) Calculated over the trailing 6-month period	7.07%	9.79%	-2.72%
Volatility (1Y) Calculated over the trailing 1-year period	9.93%	11.85%	-1.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.61%	13.67%	+3.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.61%	14.97%	+2.64%

Dividends

RMMZ vs. NAZ - Dividend Comparison

RMMZ's dividend yield for the trailing twelve months is around 7.44%, more than NAZ's 6.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NAZ Nuveen Arizona Quality Municipal Income Fund	6.36%	7.09%	6.20%	3.63%	5.01%	3.75%	3.52%	3.82%	4.52%	4.65%	5.53%	5.25%
RMMZ RiverNorth Managed Duration Municipal Income Fund II Inc.	7.44%	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 NAZ in my portfolio?

RMMZ and NAZ have a correlation of 0.03, 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 NAZ?

NAZ has higher volatility (4.28%) compared to RMMZ (1.66%). In terms of maximum drawdown, RMMZ dropped -27.15% vs NAZ's -38.28%.

Which has better risk-adjusted returns?

RMMZ currently has the higher Sharpe Ratio (1.37 vs 1.31), 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.