RFM vs RMI: Correlation
How closely do RiverNorth Flexible Municipal Income Fund, Inc. (RFM) and RiverNorth Opportunistic Municipal Income Fund, Inc. (RMI) trade together? Their weekly returns over three years give a correlation of 0.78, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RFM and RMI?
Over the past 3 years, RFM and RMI moved with a correlation of 0.78, which is strong. The link has loosened recently: the 1-year correlation (0.63) runs below the 3-year figure (0.78). Over 5 years the correlation is 0.69, and the annualized covariance of weekly returns is 129.7 %².
Among the 12 assets we track against RFM, RMI ranks #5 by 3-year correlation. On 12-month performance RMI holds a 5.0-point edge, +12.8% against +17.8%.
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.
RFM vs RMI: side by side
| RFM (RiverNorth Flexible Municipal Income Fund, Inc.) | RMI (RiverNorth Opportunistic Municipal Income Fund, Inc.) | |
|---|---|---|
| 1-year return | +12.8% | +17.8% |
| 5-year return | -7.4% | -3.9% |
| Volatility (ann.) | 12.0% | 13.7% |
| Beta vs S&P 500 | 0.38 | 0.36 |
| Max drawdown (3Y) | -16.0% | -17.2% |
| Market cap | $0.1B | $0.1B |
| P/E (trailing) | 159.2 | 126.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RFM | RMI |
|---|---|---|
| 2022 | -22.9% | -21.3% |
| 2023 | +9.3% | +0.2% |
| 2024 | +3.2% | +6.3% |
| 2025 | +1.6% | +2.7% |
| 2026 | +7.7% | +10.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RFM and RMI good diversifiers for each other?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between RFM and RMI?
The RFM/RMI correlation stands at 0.78 on a 3-year window (1 year: 0.63, 5 years: 0.69), computed from weekly returns as of 2026-08-27.
Is RMI a good diversifier for RFM?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.78 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/rfm-vs-rmi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rfm-vs-rmi/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: RFM correlations · RMI correlations
