RMMZ vs. RMI
RMMZ (RiverNorth Managed Duration Municipal Income Fund II Inc.) and RMI (RiverNorth Opportunistic Municipal Income Fund) are both Municipal Bonds funds from RiverNorth. Over the past 3 years, RMMZ returned 5.90%/yr vs 6.20%/yr for RMI. At a 0.26 correlation, their price movements are largely independent.
Performance
RMMZ vs. RMI - Performance Comparison
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Returns By Period
In the year-to-date period, RMMZ achieves a 6.29% return, which is significantly lower than RMI's 10.49% return.
RMMZ
- 1D
- -0.35%
- 1M
- 2.58%
- YTD
- 6.29%
- 6M
- 4.85%
- 1Y
- 13.55%
- 3Y*
- 5.90%
- 5Y*
- —
- 10Y*
- —
RMI
- 1D
- 0.53%
- 1M
- 1.85%
- YTD
- 10.49%
- 6M
- 9.50%
- 1Y
- 14.92%
- 3Y*
- 6.20%
- 5Y*
- -0.29%
- 10Y*
- —
RMMZ vs. RMI - 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% |
RMI RiverNorth Opportunistic Municipal Income Fund | 10.49% | 2.67% | 6.30% | 0.19% | -14.02% |
Correlation
The correlation between RMMZ and RMI is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2022 | 0.26 |
The correlation between RMMZ and RMI shifts across timeframes, from 0.21 (1 year) to 0.36 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
RMMZ vs. RMI — Risk / Return Rank
RMMZ
RMI
RMMZ vs. RMI - 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 RiverNorth Opportunistic Municipal Income Fund (RMI). 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 | RMI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.24 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.44 | 2.13 | +0.31 |
| Martin ratioReturn relative to average drawdown | 7.88 | 6.19 | +1.70 |
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Drawdowns
RMMZ vs. RMI - Drawdown Comparison
The maximum RMMZ drawdown since its inception was -27.15%, smaller than the maximum RMI drawdown of -32.73%. Use the drawdown chart below to compare losses from any high point for RMMZ and RMI.
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Drawdown Indicators
| RMMZ | RMI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.15% | -32.73% | +5.58% |
Max Drawdown (1Y)Largest decline over 1 year | -5.58% | -7.05% | +1.47% |
Max Drawdown (3Y)Largest decline over 3 years | -18.77% | -20.94% | +2.17% |
Max Drawdown (5Y)Largest decline over 5 years | — | -32.73% | — |
Current DrawdownCurrent decline from peak | -0.35% | -5.09% | +4.74% |
Average DrawdownAverage peak-to-trough decline | -9.58% | -10.99% | +1.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.72% | 2.42% | -0.70% |
Volatility
RMMZ vs. RMI - Volatility Comparison
The current volatility for RiverNorth Managed Duration Municipal Income Fund II Inc. (RMMZ) is 1.65%, while RiverNorth Opportunistic Municipal Income Fund (RMI) has a volatility of 2.33%. This indicates that RMMZ experiences smaller price fluctuations and is considered to be less risky than RMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RMMZ | RMI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.65% | 2.33% | -0.68% |
Volatility (6M)Calculated over the trailing 6-month period | 7.16% | 11.18% | -4.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.96% | 12.95% | -2.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.62% | 16.33% | +1.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.62% | 16.16% | +1.46% |
Dividends
RMMZ vs. RMI - Dividend Comparison
RMMZ's dividend yield for the trailing twelve months is around 7.42%, more than RMI's 7.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
RMI RiverNorth Opportunistic Municipal Income Fund | 7.21% | 7.92% | 7.69% | 7.67% | 7.63% | 10.25% | 6.03% | 4.85% | 0.46% |
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% |
Frequently Asked Questions
RMMZ and RMI have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RMI has higher volatility (2.33%) compared to RMMZ (1.65%). In terms of maximum drawdown, RMMZ dropped -27.15% vs RMI's -32.73%.
RMMZ currently has the higher Sharpe Ratio (1.37 vs 1.16), 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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