DMB vs RFMZ: Correlation
BNY Mellon Municipal Bond Infrastructure Fund, Inc. (DMB) and RiverNorth Flexible Municipal Income Fund II, Inc. (RFMZ) show a strong relationship: their 3-year correlation of weekly returns is 0.75.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DMB and RFMZ?
On 3 years of weekly data the DMB/RFMZ correlation comes out at 0.75, strong. Little has changed lately, as the 1-year reading of 0.69 lands near the 3-year figure. The 5-year figure is 0.56, and annualized covariance runs at 124.2 %².
Among the 21 assets we track against DMB, RFMZ ranks #14 by 3-year correlation. Their 12-month results are close: +11.0% for DMB against +12.7% for RFMZ.
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.
DMB vs RFMZ: side by side
| DMB (BNY Mellon Municipal Bond Infrastructure Fund, Inc.) | RFMZ (RiverNorth Flexible Municipal Income Fund II, Inc.) | |
|---|---|---|
| 1-year return | +11.0% | +12.7% |
| 5-year return | -15.7% | -11.3% |
| Volatility (ann.) | 12.4% | 13.3% |
| Beta vs S&P 500 | 0.26 | 0.36 |
| Max drawdown (3Y) | -14.7% | -16.8% |
| Market cap | $0.2B | $0.3B |
| P/E (trailing) | 34.1 | 217.8 |
| Dividend yield | 4.32% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DMB | RFMZ |
|---|---|---|
| 2022 | -23.5% | -26.4% |
| 2023 | +2.4% | +4.6% |
| 2024 | +3.9% | +10.1% |
| 2025 | +10.7% | +2.2% |
| 2026 | -0.5% | +8.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DMB and RFMZ good diversifiers for each other?
Only partially. A correlation of 0.75 means DMB and RFMZ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between DMB and RFMZ?
The DMB/RFMZ correlation stands at 0.75 on a 3-year window (1 year: 0.69, 5 years: 0.56), computed from weekly returns as of 2026-08-27.
Is RFMZ a good diversifier for DMB?
Only partially. A correlation of 0.75 means DMB and RFMZ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.75 mean?
On the −1 to +1 scale, 0.75 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dmb-vs-rfmz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dmb-vs-rfmz/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DMB correlations · RFMZ correlations
