RFMZ vs RMMZ: Correlation
Measured on weekly returns over the past three years, RiverNorth Flexible Municipal Income Fund II, Inc. (RFMZ) and RiverNorth Managed Duration Municipal Income Fund II, Inc. (RMMZ) carry a correlation of 0.66, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RFMZ and RMMZ?
Over the past 3 years, RFMZ and RMMZ moved with a correlation of 0.66, which is strong. Recent behaviour matches the longer record: 0.70 over 1 year against 0.66 over 3. Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 117.6 %².
Among the 11 assets we track against RFMZ, RMMZ ranks #6 by 3-year correlation. Neither side won the trailing year by much: +12.7% against +9.6%.
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 RMMZ: side by side
| RFMZ (RiverNorth Flexible Municipal Income Fund II, Inc.) | RMMZ (RiverNorth Managed Duration Municipal Income Fund II, Inc.) | |
|---|---|---|
| 1-year return | +12.7% | +9.6% |
| 5-year return | -11.3% | +12.2% |
| Volatility (ann.) | 13.3% | 13.3% |
| Beta vs S&P 500 | 0.36 | 0.29 |
| Max drawdown (3Y) | -16.8% | -15.3% |
| Market cap | $0.3B | $0.1B |
| P/E (trailing) | 217.8 | 185.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RFMZ | RMMZ |
|---|---|---|
| 2022 | -26.4% | – |
| 2023 | +4.6% | +11.2% |
| 2024 | +10.1% | +2.7% |
| 2025 | +2.2% | +5.0% |
| 2026 | +8.4% | +7.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RFMZ and RMMZ good diversifiers for each other?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between RFMZ and RMMZ?
Using weekly returns as of 2026-08-27: 0.66 over 3 years, with 0.70 over the last year and 0.57 over 5 years.
Is RMMZ a good diversifier for RFMZ?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.66 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/rfmz-vs-rmmz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/rfmz-vs-rmmz/)
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Related comparisons
Hubs: RFMZ correlations · RMMZ correlations
