RMI vs RMM: Correlation
RiverNorth Opportunistic Municipal Income Fund, Inc. (RMI) and RiverNorth Managed Duration Municipal Income Fund, Inc. (RMM) show a very strong relationship: their 3-year correlation of weekly returns is 0.81.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RMI and RMM?
On 3 years of weekly data the RMI/RMM correlation comes out at 0.81, very strong, meaning they move nearly in lockstep. Lately the two have drifted apart, with the 1-year correlation at 0.71 versus 0.81 over 3 years. The 5-year figure is 0.69, and annualized covariance runs at 160.1 %².
RMM is one of the assets that tracks RMI most closely: it ranks #1 out of the 10 assets we track against RMI. Their 12-month results are close: +17.8% for RMI against +14.2% for RMM.
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.
RMI vs RMM: side by side
| RMI (RiverNorth Opportunistic Municipal Income Fund, Inc.) | RMM (RiverNorth Managed Duration Municipal Income Fund, Inc.) | |
|---|---|---|
| 1-year return | +17.8% | +14.2% |
| 5-year return | -3.9% | -4.9% |
| Volatility (ann.) | 13.7% | 14.3% |
| Beta vs S&P 500 | 0.36 | 0.41 |
| Max drawdown (3Y) | -17.2% | -18.8% |
| Market cap | $0.1B | $0.3B |
| P/E (trailing) | 126.1 | 74.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RMI | RMM |
|---|---|---|
| 2022 | -21.3% | -23.4% |
| 2023 | +0.2% | +5.9% |
| 2024 | +6.3% | +9.3% |
| 2025 | +2.7% | +2.1% |
| 2026 | +10.7% | +9.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RMI and RMM good diversifiers for each other?
No. With a correlation of 0.81, RMI and RMM move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between RMI and RMM?
The RMI/RMM correlation stands at 0.81 on a 3-year window (1 year: 0.71, 5 years: 0.69), computed from weekly returns as of 2026-08-27.
Is RMM a good diversifier for RMI?
No. With a correlation of 0.81, RMI and RMM move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.81 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/rmi-vs-rmm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rmi-vs-rmm/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: RMI correlations · RMM correlations
