RiverNorth Flexible Municipal Income Fund II (RFMZ) Performance
RFMZ total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −0.5% since Dec 31, 2025
- 1 year
- −1.1% total return
- 5 years
- −3.0% a year
- Since first price
- −2.0% a year since 2021
RFMZ trailing returns vs SPY, QQQ, AGG
| Period | RFMZ total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −1.0% | −1.7% | −1.0% | −5.0% | +0.9% |
| 3 months | −8.6% | −10.4% | +3.2% | +1.9% | −0.4% |
| 6 months | −5.0% | −8.5% | +7.8% | +8.4% | −1.5% |
| YTD | −0.5% | −6.5% | +12.3% | +15.1% | −1.0% |
| 1 year | −1.1% | −8.3% | +14.4% | +15.9% | −1.1% |
| 3 years | +25.5%+7.9%/yr | −0.1% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −14.3%−3.0%/yr | −41.3% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionFeb 24, 2021 | −10.6%−2.0%/yr | −40.9% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: RFMZ vs SPY
From Feb 24, 2021: RFMZ grew to $8,935, SPY to $20,943.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
RFMZ returns by calendar year
3 of 4 full years positive. Best 2024 (+10.2%), worst 2022 (−26.4%). 2026 is year to date.
RFMZ annual returns table
| Year | RFMZ | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −0.5% | −15.5% | +12.3% | +15.1% | −1.0% |
| 2025 | +2.2% | −14.5% | +17.7% | +20.8% | +7.2% |
| 2024 | +10.2% | −7.1% | +24.9% | +25.6% | +1.3% |
| 2023 | +4.6% | −20.0% | +26.2% | +54.9% | +5.7% |
| 2022 | −26.4% | −31.7% | −18.2% | −32.6% | −13.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
RFMZ largest drawdowns
Now 20.1% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Sep 1, 2021 | −39.2% | Oct 27, 2023 | not yet | 2.2 years | 5.1 years so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
RFMZ risk statistics
| Statistic | 3 years | 5 years | Since 2021 |
|---|---|---|---|
| Annualized return | +6.1% | −3.4% | −2.6% |
| Volatility (annualized) | 14.2% | 16.1% | 15.5% |
| Sharpe ratio | 0.18 | -0.36 | -0.30 |
| Sortino ratio | 0.26 | -0.48 | -0.40 |
| Best month | +13.7% | +13.7% | +13.7% |
| Worst month | −9.8% | −9.8% | −9.8% |
| Best 12 months | +30.4% | +30.4% | +30.4% |
| Worst 12 months | −6.5% | −31.8% | −31.8% |
| Positive months | 64% | 50% | 52% |
| Beta vs S&P 500 | 0.74 | 0.71 | — |
| Correlation with S&P 500 | 0.65 | 0.69 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
RFMZ rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 57 | −31.8% | +1.2% | +30.4% | 56% |
| 3-year (a year) | 33 | −6.0% | +2.3% | +8.9% | 64% |
| 5-year (a year) | 9 | −3.4% | −1.7% | −0.6% | 0% |
Every holding period starting at a month-end since 2021. Returns for 3 years and longer are annualized.
RFMZ performance overview
RiverNorth Flexible Municipal Income Fund II (RFMZ) returned −1.1% over the past year and −3.0% a year over five years, with distributions reinvested. Since its first recorded price in 2021 it has returned −2.0% a year, turning $10,000 into about $8,935. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −39.2%, from Sep 1, 2021 to Oct 27, 2023; the fund has not yet regained that high. RFMZ finished 3 of its 4 full calendar years with a gain; the best year was 2024 (+10.2%) and the worst 2022 (−26.4%). Volatility has been 15.5% a year.
Related: RFMZ chart, RFMZ dividends. See the RFMZ overview for the latest quote and fund facts.
RFMZ performance FAQ
What is the RFMZ return over the past year?
RFMZ returned −1.1% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 8.3%.
What is the average annual return of RFMZ?
RFMZ has returned −3.0% a year over 5 years, −2.0% a year since February 24, 2021 (total return, distributions reinvested).
How much would $10,000 invested in RFMZ be worth?
$10,000 invested in RFMZ at its first recorded close on February 24, 2021 would be worth about $8,935 on October 23, 2026 with distributions reinvested.
What was the worst year for RFMZ?
The worst calendar year was 2022, with a total return of −26.4%. The best was 2024 at +10.2%.
What is the biggest drawdown of RFMZ?
The largest peak-to-trough decline was −39.2% between September 1, 2021 and October 27, 2023. It has not yet recovered to that high; it is 20.1% below its peak.
How volatile is RFMZ?
Over the past 3 years RFMZ had an annualized volatility of 14.2% and a Sharpe ratio of 0.18 (excess return over 1–3 month T-bills per unit of risk).