RMOP vs. RMCA

Last updated Aug 2, 2026

RMOP (Rockefeller Opportunistic Municipal Bond ETF) and RMCA (Rockefeller California Municipal Bond ETF) are both exchange-traded funds - RMOP is a High Yield Muni fund actively managed by Rockefeller, while RMCA is a Municipal Bonds fund actively managed by Rockefeller. Both are actively managed. Over the past year, RMOP returned 8.81% vs 6.13% for RMCA. Their correlation of 0.85 means they have usually moved in the same direction. Both charge a 0.55% expense ratio.

Performance

RMOP vs. RMCA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rockefeller Opportunistic Municipal Bond ETF (RMOP) and Rockefeller California Municipal Bond ETF (RMCA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RMOP achieves a 3.13% return, which is significantly higher than RMCA's 1.37% return.

RMOP

• 1D: -0.08%
• 1M: -1.55%
• 6M: 2.63%
• YTD: 3.13%
• 1Y: 8.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.92%

RMCA

• 1D: -0.17%
• 1M: -1.98%
• 6M: 0.95%
• YTD: 1.37%
• 1Y: 6.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 1.77%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
RMCA Rockefeller California Municipal Bond ETF	$104.37K	$81.30K	$95.44K
RMOP Rockefeller Opportunistic Municipal Bond ETF	$1.67M	$1.93M	$2.41M

RMOP vs. RMCA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RMOP Rockefeller Opportunistic Municipal Bond ETF	3.13%	3.90%	2.55%
RMCA Rockefeller California Municipal Bond ETF	1.37%	2.35%	-0.24%

Correlation

The correlation between RMOP and RMCA is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.77
Correlation (All Time) Calculated using the full available price history since Aug 13, 2024	0.85

The correlation between RMOP and RMCA has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.

Return for Risk

RMOP vs. RMCA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

RMOP

RMOP Risk / Return Rank: 93
RMOP Sharpe Ratio Rank: 94
RMOP Sortino Ratio Rank: 95
RMOP Omega Ratio Rank: 95
RMOP Calmar Ratio Rank: 89
RMOP Martin Ratio Rank: 91

RMCA

RMCA Risk / Return Rank: 85
RMCA Sharpe Ratio Rank: 84
RMCA Sortino Ratio Rank: 87
RMCA Omega Ratio Rank: 90
RMCA Calmar Ratio Rank: 81
RMCA Martin Ratio Rank: 80

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

RMOP vs. RMCA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rockefeller Opportunistic Municipal Bond ETF (RMOP) and Rockefeller California Municipal Bond ETF (RMCA). 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.

	RMOP	RMCA	Difference
Sharpe ratio: Return per unit of total volatility	2.63	1.98	+0.66
Sortino ratio: Return per unit of downside risk	3.91	2.97	+0.94
Omega ratio: Gain probability vs. loss probability	1.54	1.42	+0.12
Calmar ratio: Return relative to maximum drawdown	3.69	3.01	+0.68
Martin ratio: Return relative to average drawdown	14.73	10.58	+4.15

RMOP vs. RMCA - Sharpe Ratio Comparison

The current RMOP Sharpe Ratio is 2.63, which is higher than the RMCA Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of RMOP and RMCA, 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

RMOP vs. RMCA - Drawdown Comparison

The maximum RMOP drawdown since its inception was -6.67%, which is greater than RMCA's maximum drawdown of -5.95%. Use the drawdown chart below to compare losses from any high point for RMOP and RMCA.

Drawdown Indicators

	RMOP	RMCA	Difference
Max Drawdown Largest peak-to-trough decline	-6.67%	-5.95%	-0.72%
Max Drawdown (1Y) Largest decline over 1 year	-2.66%	-2.35%	-0.31%
Current Drawdown Current decline from peak	-1.59%	-2.08%	+0.49%
Average Drawdown Average peak-to-trough decline	-1.43%	-1.55%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.67%	-0.01%

Volatility

RMOP vs. RMCA - Volatility Comparison

Rockefeller Opportunistic Municipal Bond ETF (RMOP) has a higher volatility of 1.07% compared to Rockefeller California Municipal Bond ETF (RMCA) at 0.97%. This indicates that RMOP's price experiences larger fluctuations and is considered to be riskier than RMCA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RMOP	RMCA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	0.97%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	2.84%	2.63%	+0.21%
Volatility (1Y) Calculated over the trailing 1-year period	3.74%	3.59%	+0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.50%	5.24%	+0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.50%	5.24%	+0.26%

RMOP vs. RMCA - Expense Ratio Comparison

Both RMOP and RMCA have an expense ratio of 0.55%.

Dividends

RMOP vs. RMCA - Dividend Comparison

RMOP's dividend yield for the trailing twelve months is around 5.22%, more than RMCA's 4.44% yield.

Position	TTM	2025	2024
RMCA Rockefeller California Municipal Bond ETF	4.44%	4.51%	1.20%
RMOP Rockefeller Opportunistic Municipal Bond ETF	5.22%	5.15%	1.27%

Frequently Asked Questions

Can I hold both RMOP and RMCA in my portfolio?

RMOP and RMCA have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RMOP or RMCA?

RMOP has higher volatility (1.07%) compared to RMCA (0.97%). In terms of maximum drawdown, RMOP dropped -6.67% vs RMCA's -5.95%.

Which ETF is better, RMOP or RMCA?

On 1-year performance, RMOP leads with 8.81% vs 6.13% for RMCA. Both ETFs have the same 0.55% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RMOP or RMCA?

Over the 1-year period, RMOP has performed better with a 8.81% return vs 6.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RMOP or RMCA?

RMOP and RMCA have the same expense ratio: 0.55% per year.

Which ETF pays a higher dividend yield, RMOP or RMCA?

RMOP has the higher dividend yield at 5.22%, compared with 4.44% for RMCA.

What is the main difference between RMOP and RMCA?

RMOP is categorized as High Yield Muni, while RMCA is Municipal Bonds.

Which has better risk-adjusted returns?

RMOP currently has the higher Sharpe Ratio (2.63 vs 1.98), 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.