RFM vs RMM: Correlation
RiverNorth Flexible Municipal Income Fund, Inc. (RFM) and RiverNorth Managed Duration Municipal Income Fund, Inc. (RMM) show a very strong relationship: their 3-year correlation of weekly returns is 0.84.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RFM and RMM?
Across a 3-year window, the weekly returns of RFM and RMM correlate at 0.84, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.82) sits close to the 3-year figure. Stretching to 5 years gives 0.75, with an annualized covariance of 145.1 %².
In RFM's tracked universe of 12 assets, RMM sits right near the top at #2. Neither side won the trailing year by much: +12.8% against +14.2%.
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 RMM: side by side
| RFM (RiverNorth Flexible Municipal Income Fund, Inc.) | RMM (RiverNorth Managed Duration Municipal Income Fund, Inc.) | |
|---|---|---|
| 1-year return | +12.8% | +14.2% |
| 5-year return | -7.4% | -4.9% |
| Volatility (ann.) | 12.0% | 14.3% |
| Beta vs S&P 500 | 0.38 | 0.41 |
| Max drawdown (3Y) | -16.0% | -18.8% |
| Market cap | $0.1B | $0.3B |
| P/E (trailing) | 159.2 | 74.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RFM | RMM |
|---|---|---|
| 2022 | -22.9% | -23.4% |
| 2023 | +9.3% | +5.9% |
| 2024 | +3.2% | +9.3% |
| 2025 | +1.6% | +2.1% |
| 2026 | +7.7% | +9.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RFM and RMM good diversifiers for each other?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between RFM and RMM?
As of 2026-08-27, the correlation of weekly returns between RFM and RMM is 0.84 over 3 years, 0.82 over 1 year and 0.75 over 5 years.
Is RMM a good diversifier for RFM?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.84 mean?
A reading of 0.84 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/rfm-vs-rmm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rfm-vs-rmm/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: RFM correlations · RMM correlations
