RFM vs RMMZ: Correlation
Measured on weekly returns over the past three years, RiverNorth Flexible Municipal Income Fund, Inc. (RFM) and RiverNorth Managed Duration Municipal Income Fund II, Inc. (RMMZ) carry a correlation of 0.73, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RFM and RMMZ?
On 3 years of weekly data the RFM/RMMZ correlation comes out at 0.73, strong. Recent behaviour matches the longer record: 0.73 over 1 year against 0.73 over 3. The 5-year figure is 0.59, and annualized covariance runs at 117.4 %².
Within RFM's tracked universe of 12 assets, RMMZ comes in at #6 by 3-year correlation. Twelve-month performance is nearly a tie, at +12.8% for RFM and +9.6% for RMMZ.
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 RMMZ: side by side
| RFM (RiverNorth Flexible Municipal Income Fund, Inc.) | RMMZ (RiverNorth Managed Duration Municipal Income Fund II, Inc.) | |
|---|---|---|
| 1-year return | +12.8% | +9.6% |
| 5-year return | -7.4% | +12.2% |
| Volatility (ann.) | 12.0% | 13.3% |
| Beta vs S&P 500 | 0.38 | 0.29 |
| Max drawdown (3Y) | -16.0% | -15.3% |
| Market cap | $0.1B | $0.1B |
| P/E (trailing) | 159.2 | 185.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RFM | RMMZ |
|---|---|---|
| 2022 | -22.9% | – |
| 2023 | +9.3% | +11.2% |
| 2024 | +3.2% | +2.7% |
| 2025 | +1.6% | +5.0% |
| 2026 | +7.7% | +7.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RFM and RMMZ good diversifiers for each other?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between RFM and RMMZ?
Using weekly returns as of 2026-08-27: 0.73 over 3 years, with 0.73 over the last year and 0.59 over 5 years.
Is RMMZ a good diversifier for RFM?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.73 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-rmmz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/rfm-vs-rmmz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: RFM correlations · RMMZ correlations
