RMMZ vs SPY: Correlation
How closely do RiverNorth Managed Duration Municipal Income Fund II, Inc. (RMMZ) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RMMZ and SPY?
Across a 3-year window, the weekly returns of RMMZ and SPY correlate at 0.31, moderate. Little has changed lately, as the 1-year reading of 0.35 lands near the 3-year figure. Stretching to 5 years gives 0.27, with an annualized covariance of 59.7 %².
SPY is close to the least connected end of RMMZ's tracked universe, ranking #8 of 12. The trailing year gives SPY the advantage: +9.6% versus +20.6%, a 11.0-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.
RMMZ vs SPY: side by side
| RMMZ (RiverNorth Managed Duration Municipal Income Fund II, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +9.6% | +20.6% |
| 5-year return | +12.2% | +82.4% |
| Volatility (ann.) | 13.3% | 14.5% |
| Beta vs S&P 500 | 0.29 | 1.00 |
| Max drawdown (3Y) | -15.3% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 185.9 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | RMMZ | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | +11.2% | +26.2% |
| 2024 | +2.7% | +24.9% |
| 2025 | +5.0% | +17.7% |
| 2026 | +7.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RMMZ and SPY good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between RMMZ and SPY?
Using weekly returns as of 2026-08-27: 0.31 over 3 years, with 0.35 over the last year and 0.27 over 5 years.
Is SPY a good diversifier for RMMZ?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 mean?
A reading of 0.31 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: RMMZ correlations · SPY correlations
