RFMZ vs SPY

Comparison between RiverNorth Flexible Municipal Income Fund II Inc (RFMZ, Company) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceSPY has outperformed RFMZ, delivering a return of +14.0% compared to -1.4%

RFMZ vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	RFMZ(COMPANY)	SPY(ETF)
Market Cap / Net Assets	$312M	$735B
Expense Ratio	N/A	0.09%
Max Drawdown	48.24%	56.47%
Sharpe Ratio	0.94	1.89
5Y Beta	N/A	1.00
Industry	Asset Management	N/A
P/E Ratio	N/A	28.99
Forward P/E	N/A	22.40
5Y Dividends CAGR	40.33%	5.43%
5Y EPS CAGR	N/A	26.05%
Debt to Equity	N/A	32.40%
P/S Ratio	13.27	3.74
P/B Ratio	0.92	5.61

Market Cap / Net Assets

RFMZ

$312M

Winner

SPY

$735B

Expense Ratio

RFMZ

N/A

SPY

0.09%

Max Drawdown

Winner

RFMZ

48.24%

SPY

56.47%

Sharpe Ratio

RFMZ

0.94

Winner

SPY

1.89

5Y Beta

RFMZ

N/A

SPY

1.00

Industry

RFMZ

Asset Management

SPY

N/A

P/E Ratio

RFMZ

N/A

SPY

28.99

Forward P/E

RFMZ

N/A

SPY

22.40

5Y Dividends CAGR

Winner

RFMZ

40.33%

SPY

5.43%

5Y EPS CAGR

RFMZ

N/A

SPY

26.05%

Debt to Equity

RFMZ

N/A

SPY

32.40%

P/S Ratio

RFMZ

13.27

Winner

SPY

3.74

P/B Ratio

Winner

RFMZ

0.92

SPY

5.61

RFMZ vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	RFMZ	SPY
1 month	+2.24%	+5.05%
3 months	+2.81%	+11.17%
6 months	+6.48%	+10.92%
1 year	+11.91%	+27.98%
5 years(CAGR)	-1.41%	+14.04%
10 years(CAGR)	N/A	+15.50%
Max(CAGR)	-0.76%	+8.56%

RFMZ

+2.24%

Winner

SPY

+5.05%

RFMZ

+2.81%

Winner

SPY

+11.17%

RFMZ

+6.48%

Winner

SPY

+10.92%

RFMZ

+11.91%

Winner

SPY

+27.98%

5Y(CAGR)

RFMZ

-1.41%

Winner

SPY

+14.04%

10Y(CAGR)

RFMZ

N/A

SPY

+15.50%

Max(CAGR)

RFMZ

-0.76%

Winner

SPY

+8.56%

RFMZ vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	RFMZ	SPY
2026	+6.45%	+10.71%
2025	+1.07%	+18.00%
2024	+9.35%	+25.59%
2023	+3.37%	+26.72%
2022	-26.28%	-18.64%
2021	+3.62%	+30.52%
2020	N/A	+17.28%
2019	N/A	+31.09%
2018	N/A	-5.24%
2017	N/A	+20.78%
2016	N/A	+13.59%
2015	N/A	+1.31%
2014	N/A	+14.56%
2013	N/A	+29.00%
2012	N/A	+14.17%
2011	N/A	+0.85%
2010	N/A	+13.14%
2009	N/A	+22.67%
2008	N/A	-36.25%
2007	N/A	+5.32%
2006	N/A	+13.85%
2005	N/A	+5.32%
2004	N/A	+10.75%
2003	N/A	+24.18%
2002	N/A	-22.42%
2001	N/A	-10.13%
2000	N/A	-8.84%
1999	N/A	+8.61%

RFMZ vs SPY Drawdown Comparison

The maximum drawdown for RFMZ was -39.26%, occurring on Oct 27, 2023. This drawdown has not yet recovered.

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current RFMZ drawdown is -14.08%. The current SPY drawdown is -0.70%.

Rank	RFMZ	SPY
#1	-39.26% Sep 1, 2021 - Oct 27, 2023	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-2.73% Jul 22, 2021 - Aug 11, 2021	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-2.02% Jun 14, 2021 - Jul 7, 2021	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-1.72% Mar 1, 2021 - May 7, 2021	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-1.57% May 10, 2021 - May 19, 2021	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-1.55% Jul 14, 2021 - Jul 22, 2021	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-1.16% Aug 24, 2021 - Sep 1, 2021	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-1.12% Aug 16, 2021 - Aug 24, 2021	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-0.89% May 19, 2021 - May 26, 2021	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-0.49% May 26, 2021 - May 28, 2021	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-0.34% Jun 9, 2021 - Jun 14, 2021	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-0.24% Jun 1, 2021 - Jun 7, 2021	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-0.14% Jul 12, 2021 - Jul 14, 2021	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	N/A	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	N/A	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between RFMZ and SPY is 0.24 which considered as a very weak or no correlation - the stocks move independently of each other.

0.24

-101

Dividend Comparison (1999 - 2026)

RFMZ vs SPY dividend yield comparison.

Year	RFMZ	SPY
2026	3.06%	0.24%
2025	8.13%	1.07%
2024	7.76%	1.21%
2023	7.92%	1.40%
2022	8.53%	1.65%
2021	4.53%	1.20%
2020	0.00%	1.52%
2019	0.00%	1.75%
2018	0.00%	2.04%
2017	0.00%	1.80%
2016	0.00%	2.03%
2015	0.00%	2.06%
2014	0.00%	1.87%
2013	0.00%	1.81%
2012	0.00%	2.18%
2011	0.00%	2.05%
2010	0.00%	1.80%
2009	0.00%	1.95%
2008	0.00%	3.02%
2007	0.00%	1.85%
2006	0.00%	1.73%
2005	0.00%	1.73%
2004	0.00%	1.82%
2003	0.00%	1.47%
2002	0.00%	1.70%
2001	0.00%	1.25%
2000	0.00%	1.15%
1999	0.00%	0.24%