NMS vs RFM: Correlation
How closely do Nuveen Minnesota Quality Municipal Income Fund (NMS) and RiverNorth Flexible Municipal Income Fund, Inc. (RFM) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMS and RFM?
On 3 years of weekly data the NMS/RFM correlation comes out at 0.62, strong. The link has loosened recently: the 1-year correlation (0.49) runs below the 3-year figure (0.62). The 5-year figure is 0.41, and annualized covariance runs at 87.4 %².
By 3-year correlation, RFM places #5 of the 11 assets tracked against NMS. The trailing year gives RFM the advantage: +4.1% versus +12.8%, a 8.7-point spread.
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.
NMS vs RFM: side by side
| NMS (Nuveen Minnesota Quality Municipal Income Fund) | RFM (RiverNorth Flexible Municipal Income Fund, Inc.) | |
|---|---|---|
| 1-year return | +4.1% | +12.8% |
| 5-year return | -9.9% | -7.4% |
| Volatility (ann.) | 11.7% | 12.0% |
| Beta vs S&P 500 | 0.23 | 0.38 |
| Max drawdown (3Y) | -12.8% | -16.0% |
| Market cap | $0.1B | $0.1B |
| P/E (trailing) | 9.5 | 159.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NMS | RFM |
|---|---|---|
| 2022 | -21.9% | -22.9% |
| 2023 | +1.6% | +9.3% |
| 2024 | +19.6% | +3.2% |
| 2025 | +2.2% | +1.6% |
| 2026 | -2.2% | +7.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMS and RFM good diversifiers for each other?
Only partially. A correlation of 0.62 means NMS and RFM 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 NMS and RFM?
As of 2026-08-27, the correlation of weekly returns between NMS and RFM is 0.62 over 3 years, 0.49 over 1 year and 0.41 over 5 years.
Is RFM a good diversifier for NMS?
Only partially. A correlation of 0.62 means NMS and RFM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: NMS correlations · RFM correlations
