RWMIX vs. RWDIX

Last updated Jun 23, 2026

RWMIX (Redwood Managed Municipal Income Fund) and RWDIX (Redwood Managed Volatility Fund) are both mutual funds - RWMIX is a High Yield Muni fund managed by Redwood, while RWDIX is a Nontraditional Bonds fund managed by Redwood. Over the past 5 years, RWMIX returned -1.20%/yr vs 0.24%/yr for RWDIX. At a 0.21 correlation, their price movements are largely independent. RWMIX charges 1.00%/yr vs 1.56%/yr for RWDIX.

Performance

RWMIX vs. RWDIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Redwood Managed Municipal Income Fund (RWMIX) and Redwood Managed Volatility Fund (RWDIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RWMIX achieves a 0.06% return, which is significantly lower than RWDIX's 1.41% return.

RWMIX

• 1D: 0.08%
• 1M: 0.71%
• YTD: 0.06%
• 6M: 0.29%
• 1Y: 2.87%
• 3Y*: 1.42%
• 5Y*: -1.20%
• 10Y*: —

RWDIX

• 1D: 0.09%
• 1M: 0.45%
• YTD: 1.41%
• 6M: 1.68%
• 1Y: 5.59%
• 3Y*: 4.76%
• 5Y*: 0.24%
• 10Y*: 1.80%

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

RWMIX vs. RWDIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RWMIX Redwood Managed Municipal Income Fund	0.06%	-2.18%	2.69%	3.77%	-9.56%	4.28%	0.13%	10.09%	0.30%	3.08%
RWDIX Redwood Managed Volatility Fund	1.41%	4.75%	6.63%	1.04%	-11.18%	0.52%	-1.93%	9.04%	-2.60%	2.38%

Correlation

The correlation between RWMIX and RWDIX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (All Time) Calculated using the full available price history since Jun 12, 2017	0.21

The correlation between RWMIX and RWDIX shifts across timeframes, from 0.21 (all time) to 0.34 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

RWMIX vs. RWDIX — Risk / Return Rank

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

RWMIX

RWMIX Risk / Return Rank: 25
RWMIX Sharpe Ratio Rank: 29
RWMIX Sortino Ratio Rank: 23
RWMIX Omega Ratio Rank: 51
RWMIX Calmar Ratio Rank: 12
RWMIX Martin Ratio Rank: 10

RWDIX

RWDIX Risk / Return Rank: 82
RWDIX Sharpe Ratio Rank: 87
RWDIX Sortino Ratio Rank: 89
RWDIX Omega Ratio Rank: 88
RWDIX Calmar Ratio Rank: 65
RWDIX Martin Ratio Rank: 80

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.

RWMIX vs. RWDIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Redwood Managed Municipal Income Fund (RWMIX) and Redwood Managed Volatility Fund (RWDIX). 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.

	RWMIX	RWDIX	Difference
Sharpe ratio: Return per unit of total volatility	1.44	2.61	-1.17
Sortino ratio: Return per unit of downside risk	1.88	4.02	-2.14
Omega ratio: Gain probability vs. loss probability	1.36	1.58	-0.22
Calmar ratio: Return relative to maximum drawdown	1.08	2.94	-1.86
Martin ratio: Return relative to average drawdown	2.74	13.87	-11.13

RWMIX vs. RWDIX - Sharpe Ratio Comparison

The current RWMIX Sharpe Ratio is 1.44, which is lower than the RWDIX Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of RWMIX and RWDIX, 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

RWMIX vs. RWDIX - Drawdown Comparison

The maximum RWMIX drawdown since its inception was -12.90%, smaller than the maximum RWDIX drawdown of -16.69%. Use the drawdown chart below to compare losses from any high point for RWMIX and RWDIX.

Drawdown Indicators

	RWMIX	RWDIX	Difference
Max Drawdown Largest peak-to-trough decline	-12.90%	-16.69%	+3.79%
Max Drawdown (1Y) Largest decline over 1 year	-2.67%	-1.95%	-0.72%
Max Drawdown (3Y) Largest decline over 3 years	-8.09%	-4.96%	-3.13%
Max Drawdown (5Y) Largest decline over 5 years	-12.90%	-16.10%	+3.20%
Max Drawdown (10Y) Largest decline over 10 years	—	-16.69%	—
Current Drawdown Current decline from peak	-7.06%	-0.37%	-6.69%
Average Drawdown Average peak-to-trough decline	-4.71%	-4.41%	-0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	0.41%	+0.64%

Volatility

RWMIX vs. RWDIX - Volatility Comparison

The current volatility for Redwood Managed Municipal Income Fund (RWMIX) is 0.51%, while Redwood Managed Volatility Fund (RWDIX) has a volatility of 0.67%. This indicates that RWMIX experiences smaller price fluctuations and is considered to be less risky than RWDIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RWMIX	RWDIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.51%	0.67%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	1.68%	1.77%	-0.09%
Volatility (1Y) Calculated over the trailing 1-year period	2.01%	2.20%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.93%	4.70%	-0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.51%	4.29%	-0.78%

RWMIX vs. RWDIX - Expense Ratio Comparison

RWMIX has a 1.00% expense ratio, which is lower than RWDIX's 1.56% expense ratio.

Dividends

RWMIX vs. RWDIX - Dividend Comparison

RWMIX's dividend yield for the trailing twelve months is around 3.57%, less than RWDIX's 4.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RWDIX Redwood Managed Volatility Fund	4.96%	4.90%	5.82%	7.60%	0.47%	6.36%	5.42%	3.59%	2.59%	5.52%	5.14%	1.17%
RWMIX Redwood Managed Municipal Income Fund	3.57%	2.67%	4.08%	2.80%	1.02%	6.80%	2.16%	3.36%	2.13%	2.06%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RWMIX and RWDIX in my portfolio?

RWMIX and RWDIX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RWMIX or RWDIX?

RWDIX has higher volatility (0.67%) compared to RWMIX (0.51%). In terms of maximum drawdown, RWMIX dropped -12.90% vs RWDIX's -16.69%.

Which has better risk-adjusted returns?

RWDIX currently has the higher Sharpe Ratio (2.61 vs 1.44), 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.