IVV vs RFMZ
iShares Core S&P 500 ETF vs RiverNorth Flexible Municipal Income Fund II Inc
Which is better, IVV or RFMZ?
Large Cap Blend against Long Term Municipal Bond.
IVV has a lower expense ratio. IVV led over 1Y, 3Y, 5Y and the full window. IVV is less concentrated, with 38.9% of the fund in its ten largest positions against 47.6%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | IVV | RFMZ |
|---|---|---|
| Expense Ratio | 0.03%Best | 4.27% |
| AUM | $896.5B | $318M |
| Dividend Yield | 1.10% | 7.53% |
| Holdings | 508 | 126 |
| YTD Return | +13.59%Best | -4.62% |
| 1Y Return | +17.54%Best | -5.68% |
| 3Y Return (annualized) | +22.46%Best | +5.70% |
| 5Y Return (annualized) | +13.28%Best | -4.17% |
| Volatility (annualized) | 15.1%Best | 15.4% |
| Max Drawdown | -24.5%Best | -39.5% |
| $10,000 over 5 years | $18,654Best | $8,082 |
| Top 10 Weight | 38.9%Best | 47.6% |
| Fund Family | iShares by BlackRock (US) | RiverNorth |
| Category | Equity | Fixed Income |
| Style | Large Cap Blend | Long Term Municipal Bond |
| Inception | May 15, 2000 | Feb 24, 2021 |
Volatility and max drawdown are measured over the window both funds cover: Feb 24, 2021 to Oct 14, 2026 (5.6 years).
IVV vs RFMZ growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 5.6 years both funds cover.
IVV vs RFMZ Performance
iShares Core S&P 500 ETF (IVV) is an ETF from iShares by BlackRock (US) and RiverNorth Flexible Municipal Income Fund II Inc (RFMZ) is an ETF from RiverNorth. Over the past year IVV returned +17.54% while RFMZ returned -5.68%. Year to date, IVV is up 13.59% versus a loss of 4.62% for RFMZ.
Over three years, IVV compounded at +22.46% per year against +5.70% for RFMZ; over five years the annualized figures are +13.28% and -4.17% respectively. Across the full 6-year window we track, IVV has the edge at +14.35% annualized vs -2.67%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
RFMZ has been the more volatile fund, with annualized monthly volatility of 15.4% compared with 15.1% for IVV. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -24.5% for IVV and -39.5% for RFMZ. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.69. They move together some of the time, and apart the rest.
Fees and Cost Over Time
IVV charges 0.03% per year while RFMZ charges 4.27%. On a $10,000 position that is $3 vs $427 annually, a gap of $424 per year that compounds over a long holding period. On income, IVV currently yields 1.10% against 7.53% for RFMZ.
Holdings Overlap
We hold position weights for 506 holdings in IVV and 55 in RFMZ, totalling 99.9% and 104.2% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 93 days apart, IVV as of Oct 1, 2026 and RFMZ as of Jun 30, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 506 positions we hold weights for in IVV and 55 in RFMZ, against full books of 508 and 126.
What only one of them owns
Our book lists 55 positions for RFMZ that do not appear in our book for IVV (104.2% of the fund), and 500 for IVV that do not appear in RFMZ (99.4%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of IVV and RFMZ you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, IVV or RFMZ?
IVV has an expense ratio of 0.03% while RFMZ charges 4.27%. IVV is the cheaper option, by $424 a year on a $10,000 investment.
Which performed better, IVV or RFMZ?
Over the past year IVV returned +17.54% vs -5.68% for RFMZ, so IVV leads on 1-year performance. Over the longest common window we track (6 years), IVV annualized +14.35% vs -2.67% for RFMZ. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IVV or RFMZ?
RFMZ has been the more volatile fund at 15.4% annualized versus 15.1% for IVV. Worst drawdown: IVV -24.5% vs RFMZ -39.5%.
Should I hold both IVV and RFMZ?
IVV and RFMZ have a monthly-return correlation of 0.69, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, IVV or RFMZ?
IVV yields 1.10% while RFMZ yields 7.53%, so RFMZ currently pays the higher dividend yield.
Is RFMZ better than IVV?
IVV has a lower expense ratio. IVV led over 1Y, 3Y, 5Y and the full window. IVV is less concentrated, with 38.9% of the fund in its ten largest positions against 47.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.