RSF vs. RFMZ
RSF (RiverNorth Capital and Income Fund) and RFMZ (RiverNorth Flexible Municipal Income Fund II Inc.) are both mutual funds - RSF is a High Yield Bonds fund managed by RiverNorth, while RFMZ is a Municipal Bonds fund managed by RiverNorth. Over the past 5 years, RSF returned 6.80%/yr vs -1.36%/yr for RFMZ. At a 0.15 correlation, their price movements are largely independent. RSF charges 6.38%/yr vs 3.27%/yr for RFMZ.
Performance
RSF vs. RFMZ - Performance Comparison
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Returns By Period
In the year-to-date period, RSF achieves a 6.49% return, which is significantly lower than RFMZ's 7.11% return.
RSF
- 1D
- -0.07%
- 1M
- 1.12%
- YTD
- 6.49%
- 6M
- 6.23%
- 1Y
- 11.00%
- 3Y*
- 10.10%
- 5Y*
- 6.80%
- 10Y*
- —
RFMZ
- 1D
- -0.75%
- 1M
- 2.24%
- YTD
- 7.11%
- 6M
- 6.46%
- 1Y
- 11.90%
- 3Y*
- 7.34%
- 5Y*
- -1.36%
- 10Y*
- —
RSF vs. RFMZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
RSF RiverNorth Capital and Income Fund | 6.49% | 4.62% | 9.26% | 9.03% | -1.62% | 19.50% |
RFMZ RiverNorth Flexible Municipal Income Fund II Inc. | 7.11% | 2.22% | 10.11% | 4.54% | -26.41% | 3.62% |
Correlation
The correlation between RSF and RFMZ is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Feb 25, 2021 | 0.15 |
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Return for Risk
RSF vs. RFMZ — Risk / Return Rank
RSF
RFMZ
RSF vs. RFMZ - 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 II Inc. (RFMZ). 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.
| RSF | RFMZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.26 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.82 | 1.99 | +0.83 |
| Martin ratioReturn relative to average drawdown | 8.77 | 7.27 | +1.49 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| RSF | RFMZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.35 | 1.40 | -0.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | -0.10 | +0.75 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | -0.06 | +0.50 |
Drawdowns
RSF vs. RFMZ - Drawdown Comparison
The maximum RSF drawdown since its inception was -30.61%, smaller than the maximum RFMZ drawdown of -39.28%. Use the drawdown chart below to compare losses from any high point for RSF and RFMZ.
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Drawdown Indicators
| RSF | RFMZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.61% | -39.28% | +8.67% |
Max Drawdown (1Y)Largest decline over 1 year | -3.92% | -6.02% | +2.10% |
Max Drawdown (3Y)Largest decline over 3 years | -6.15% | -19.98% | +13.83% |
Max Drawdown (5Y)Largest decline over 5 years | -10.02% | -39.28% | +29.26% |
Current DrawdownCurrent decline from peak | -1.35% | -14.06% | +12.71% |
Average DrawdownAverage peak-to-trough decline | -4.58% | -20.26% | +15.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.26% | 1.64% | -0.38% |
Volatility
RSF vs. RFMZ - Volatility Comparison
The current volatility for RiverNorth Capital and Income Fund (RSF) is 1.22%, while RiverNorth Flexible Municipal Income Fund II Inc. (RFMZ) has a volatility of 3.23%. This indicates that RSF experiences smaller price fluctuations and is considered to be less risky than RFMZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RSF | RFMZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.22% | 3.23% | -2.01% |
Volatility (6M)Calculated over the trailing 6-month period | 7.25% | 6.28% | +0.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.19% | 8.52% | -0.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.51% | 13.70% | -3.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.25% | 13.41% | -2.16% |
RSF vs. RFMZ - Expense Ratio Comparison
RSF has a 6.38% expense ratio, which is higher than RFMZ's 3.27% expense ratio.
Dividends
RSF vs. RFMZ - Dividend Comparison
RSF's dividend yield for the trailing twelve months is around 11.21%, more than RFMZ's 7.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
RFMZ RiverNorth Flexible Municipal Income Fund II Inc. | 7.62% | 8.13% | 7.76% | 7.92% | 8.53% | 4.53% | 0.00% | 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
RSF and RFMZ have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RFMZ has higher volatility (3.23%) compared to RSF (1.22%). In terms of maximum drawdown, RSF dropped -30.61% vs RFMZ's -39.28%.
RFMZ currently has the higher Sharpe Ratio (1.40 vs 1.35), 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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