RFMZ vs RMI: Correlation
How closely do RiverNorth Flexible Municipal Income Fund II, Inc. (RFMZ) 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 RFMZ and RMI?
Across a 3-year window, the weekly returns of RFMZ and RMI correlate at 0.78, strong. The past 12 months show a weaker link (0.62) than the 3-year average (0.78). Stretching to 5 years gives 0.67, with an annualized covariance of 143.7 %².
In RFMZ's tracked universe of 11 assets, RMI sits right near the top at #2. The trailing year gives RMI the advantage: +12.7% versus +17.8%, a 5.1-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.
RFMZ vs RMI: side by side
| RFMZ (RiverNorth Flexible Municipal Income Fund II, Inc.) | RMI (RiverNorth Opportunistic Municipal Income Fund, Inc.) | |
|---|---|---|
| 1-year return | +12.7% | +17.8% |
| 5-year return | -11.3% | -3.9% |
| Volatility (ann.) | 13.3% | 13.7% |
| Beta vs S&P 500 | 0.36 | 0.36 |
| Max drawdown (3Y) | -16.8% | -17.2% |
| Market cap | $0.3B | $0.1B |
| P/E (trailing) | 217.8 | 126.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RFMZ | RMI |
|---|---|---|
| 2022 | -26.4% | -21.3% |
| 2023 | +4.6% | +0.2% |
| 2024 | +10.1% | +6.3% |
| 2025 | +2.2% | +2.7% |
| 2026 | +8.4% | +10.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RFMZ 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 RFMZ and RMI?
As of 2026-08-27, the correlation of weekly returns between RFMZ and RMI is 0.78 over 3 years, 0.62 over 1 year and 0.67 over 5 years.
Is RMI a good diversifier for RFMZ?
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?
On the −1 to +1 scale, 0.78 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/rfmz-vs-rmi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rfmz-vs-rmi/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: RFMZ correlations · RMI correlations
