CALM vs RMMZ: Correlation
Measured on weekly returns over the past three years, Cal-Maine Foods, Inc. (CALM) and RiverNorth Managed Duration Municipal Income Fund II, Inc. (RMMZ) carry a correlation of 0.35, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CALM and RMMZ?
Over the past 3 years, CALM and RMMZ moved with a correlation of 0.35, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.13 versus 0.35 over 3 years. Over 5 years the correlation is 0.16, and the annualized covariance of weekly returns is 141.5 %².
Few assets follow CALM as closely as RMMZ, which ranks #1 of 11 tracked partners. The last year tells two different stories: RMMZ led by 39.3 percentage points, -29.7% for CALM against +9.6% for RMMZ. Note the risk asymmetry: CALM runs 2.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
CALM vs RMMZ: side by side
| CALM (Cal-Maine Foods, Inc.) | RMMZ (RiverNorth Managed Duration Municipal Income Fund II, Inc.) | |
|---|---|---|
| 1-year return | -29.7% | +9.6% |
| 5-year return | +187.0% | +12.2% |
| Volatility (ann.) | 30.5% | 13.3% |
| Beta vs S&P 500 | 0.35 | 0.29 |
| Max drawdown (3Y) | -37.0% | -15.3% |
| Market cap | $3.7B | $0.1B |
| P/E (trailing) | 12.5 | 185.9 |
| Dividend yield | 2.96% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CALM | RMMZ |
|---|---|---|
| 2022 | +51.9% | – |
| 2023 | +14.5% | +11.2% |
| 2024 | +87.0% | +2.7% |
| 2025 | -15.6% | +5.0% |
| 2026 | +1.6% | +7.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CALM and RMMZ good diversifiers for each other?
Reasonably. At 0.35, CALM and RMMZ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CALM and RMMZ?
As of 2026-08-27, the correlation of weekly returns between CALM and RMMZ is 0.35 over 3 years, 0.13 over 1 year and 0.16 over 5 years.
Is RMMZ a good diversifier for CALM?
Reasonably. At 0.35, CALM and RMMZ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 mean?
A reading of 0.35 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/calm-vs-rmmz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/calm-vs-rmmz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CALM correlations · RMMZ correlations
