RSF vs. RFM

Last updated Jun 23, 2026

RSF (RiverNorth Capital and Income Fund) and RFM (RiverNorth Flexible Municipal Income Fund) are both mutual funds - RSF is a High Yield Bonds fund managed by RiverNorth, while RFM is a High Yield Muni fund managed by RiverNorth. Over the past 5 years, RSF returned 6.84%/yr vs -1.55%/yr for RFM. At a 0.17 correlation, their price movements are largely independent. RSF charges 6.38%/yr vs 5.15%/yr for RFM.

Performance

RSF vs. RFM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RiverNorth Capital and Income Fund (RSF) and RiverNorth Flexible Municipal Income Fund (RFM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RSF achieves a 7.54% return, which is significantly lower than RFM's 8.40% return.

RSF

• 1D: 0.14%
• 1M: 1.02%
• YTD: 7.54%
• 6M: 6.87%
• 1Y: 11.37%
• 3Y*: 9.89%
• 5Y*: 6.84%
• 10Y*: —

RFM

• 1D: 0.00%
• 1M: 2.14%
• YTD: 8.40%
• 6M: 7.32%
• 1Y: 13.43%
• 3Y*: 5.80%
• 5Y*: -1.55%
• 10Y*: —

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

RSF vs. RFM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
RSF RiverNorth Capital and Income Fund	7.54%	4.62%	9.26%	9.03%	-1.62%	27.59%	12.81%
RFM RiverNorth Flexible Municipal Income Fund	8.40%	1.59%	3.24%	6.50%	-22.85%	10.85%	15.33%

Correlation

The correlation between RSF and RFM is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (All Time) Calculated using the full available price history since Mar 27, 2020	0.17

Return for Risk

RSF vs. RFM — Risk / Return Rank

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

RSF

RSF Risk / Return Rank: 42
RSF Sharpe Ratio Rank: 28
RSF Sortino Ratio Rank: 31
RSF Omega Ratio Rank: 42
RSF Calmar Ratio Rank: 63
RSF Martin Ratio Rank: 44

RFM

RFM Risk / Return Rank: 32
RFM Sharpe Ratio Rank: 29
RFM Sortino Ratio Rank: 29
RFM Omega Ratio Rank: 30
RFM Calmar Ratio Rank: 41
RFM Martin Ratio Rank: 34

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.

RSF vs. RFM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Capital and Income Fund (RSF) and RiverNorth Flexible Municipal Income Fund (RFM). 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.

	RSF	RFM	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.43	-0.03
Sortino ratio: Return per unit of downside risk	2.16	2.08	+0.08
Omega ratio: Gain probability vs. loss probability	1.32	1.27	+0.05
Calmar ratio: Return relative to maximum drawdown	2.92	2.31	+0.60
Martin ratio: Return relative to average drawdown	8.96	7.25	+1.71

RSF vs. RFM - Sharpe Ratio Comparison

The current RSF Sharpe Ratio is 1.40, which is comparable to the RFM Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of RSF and RFM, 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

RSF vs. RFM - Drawdown Comparison

The maximum RSF drawdown since its inception was -30.61%, smaller than the maximum RFM drawdown of -35.49%. Use the drawdown chart below to compare losses from any high point for RSF and RFM.

Drawdown Indicators

	RSF	RFM	Difference
Max Drawdown Largest peak-to-trough decline	-30.61%	-35.49%	+4.88%
Max Drawdown (1Y) Largest decline over 1 year	-3.92%	-5.83%	+1.91%
Max Drawdown (3Y) Largest decline over 3 years	-6.15%	-19.08%	+12.93%
Max Drawdown (5Y) Largest decline over 5 years	-10.02%	-35.49%	+25.47%
Current Drawdown Current decline from peak	-0.38%	-11.01%	+10.63%
Average Drawdown Average peak-to-trough decline	-4.56%	-14.69%	+10.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.27%	1.86%	-0.59%

Volatility

RSF vs. RFM - Volatility Comparison

The current volatility for RiverNorth Capital and Income Fund (RSF) is 1.02%, while RiverNorth Flexible Municipal Income Fund (RFM) has a volatility of 2.06%. This indicates that RSF experiences smaller price fluctuations and is considered to be less risky than RFM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RSF	RFM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	2.06%	-1.04%
Volatility (6M) Calculated over the trailing 6-month period	7.00%	7.49%	-0.49%
Volatility (1Y) Calculated over the trailing 1-year period	8.18%	9.46%	-1.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.52%	12.86%	-2.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.22%	12.67%	-1.45%

RSF vs. RFM - Expense Ratio Comparison

RSF has a 6.38% expense ratio, which is higher than RFM's 5.15% expense ratio.

Dividends

RSF vs. RFM - Dividend Comparison

RSF's dividend yield for the trailing twelve months is around 11.21%, more than RFM's 7.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
RFM RiverNorth Flexible Municipal Income Fund	7.48%	8.07%	7.70%	7.64%	8.38%	10.49%	5.07%	0.00%	0.00%	0.00%	0.00%
RSF RiverNorth Capital and Income Fund	11.21%	11.30%	10.87%	10.85%	11.78%	9.52%	11.76%	6.92%	8.21%	9.22%	1.41%

Frequently Asked Questions

Can I hold both RSF and RFM in my portfolio?

RSF and RFM have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RSF or RFM?

RFM has higher volatility (2.06%) compared to RSF (1.02%). In terms of maximum drawdown, RSF dropped -30.61% vs RFM's -35.49%.

Which has better risk-adjusted returns?

RFM currently has the higher Sharpe Ratio (1.43 vs 1.40), 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.