RMM vs RMMZ: Correlation
How closely do RiverNorth Managed Duration Municipal Income Fund, Inc. (RMM) and RiverNorth Managed Duration Municipal Income Fund II, Inc. (RMMZ) trade together? Their weekly returns over three years give a correlation of 0.64, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RMM and RMMZ?
Across a 3-year window, the weekly returns of RMM and RMMZ correlate at 0.64, strong. Little has changed lately, as the 1-year reading of 0.65 lands near the 3-year figure. Stretching to 5 years gives 0.52, with an annualized covariance of 122.8 %².
By 3-year correlation, RMMZ places #6 of the 11 assets tracked against RMM. Twelve-month performance is nearly a tie, at +14.2% for RMM 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.
RMM vs RMMZ: side by side
| RMM (RiverNorth Managed Duration Municipal Income Fund, Inc.) | RMMZ (RiverNorth Managed Duration Municipal Income Fund II, Inc.) | |
|---|---|---|
| 1-year return | +14.2% | +9.6% |
| 5-year return | -4.9% | +12.2% |
| Volatility (ann.) | 14.3% | 13.3% |
| Beta vs S&P 500 | 0.41 | 0.29 |
| Max drawdown (3Y) | -18.8% | -15.3% |
| Market cap | $0.3B | $0.1B |
| P/E (trailing) | 74.7 | 185.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RMM | RMMZ |
|---|---|---|
| 2022 | -23.4% | – |
| 2023 | +5.9% | +11.2% |
| 2024 | +9.3% | +2.7% |
| 2025 | +2.1% | +5.0% |
| 2026 | +9.3% | +7.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RMM and RMMZ good diversifiers for each other?
Only partially. A correlation of 0.64 means RMM and RMMZ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between RMM and RMMZ?
The RMM/RMMZ correlation stands at 0.64 on a 3-year window (1 year: 0.65, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is RMMZ a good diversifier for RMM?
Only partially. A correlation of 0.64 means RMM and RMMZ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.64 mean?
A reading of 0.64 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/rmm-vs-rmmz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/rmm-vs-rmmz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: RMM correlations · RMMZ correlations
