RFMZ vs VOO
RiverNorth Flexible Municipal Income Fund II Inc vs Vanguard S&P 500 ETF
Which is better, RFMZ or VOO?
Long Term Municipal Bond against Large Cap Blend.
VOO has a lower expense ratio. VOO led over 1Y, 3Y, 5Y and the full window. VOO is less concentrated, with 37.9% 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 | RFMZ | VOO |
|---|---|---|
| Expense Ratio | 4.27% | 0.03%Best |
| AUM | $318M | $1.0T |
| Dividend Yield | 7.53% | 1.06% |
| Holdings | 126 | 506 |
| YTD Return | -4.62% | +13.57%Best |
| 1Y Return | -5.68% | +17.55%Best |
| 3Y Return (annualized) | +5.70% | +22.46%Best |
| 5Y Return (annualized) | -4.17% | +13.28%Best |
| Volatility (annualized) | 15.4% | 15.1%Best |
| Max Drawdown | -39.5% | -24.5%Best |
| $10,000 over 5 years | $8,082 | $18,654Best |
| Top 10 Weight | 47.6% | 37.9%Best |
| Fund Family | RiverNorth | Vanguard (US) |
| Category | Fixed Income | Equity |
| Style | Long Term Municipal Bond | Large Cap Blend |
| Inception | Feb 24, 2021 | Sep 7, 2010 |
Volatility and max drawdown are measured over the window both funds cover: Feb 24, 2021 to Oct 14, 2026 (5.6 years).
RFMZ vs VOO 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.
RFMZ vs VOO Performance
RiverNorth Flexible Municipal Income Fund II Inc (RFMZ) is an ETF from RiverNorth and Vanguard S&P 500 ETF (VOO) is an ETF from Vanguard (US). Over the past year RFMZ returned -5.68% while VOO returned +17.55%. Year to date, RFMZ is down 4.62% versus a gain of 13.57% for VOO.
Over three years, RFMZ compounded at +5.70% per year against +22.46% for VOO; over five years the annualized figures are -4.17% and +13.28% respectively. Across the full 6-year window we track, VOO 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 VOO. 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 -39.5% for RFMZ and -24.5% for VOO. 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
RFMZ charges 4.27% per year while VOO charges 0.03%. On a $10,000 position that is $427 vs $3 annually, a gap of $424 per year that compounds over a long holding period. On income, RFMZ currently yields 7.53% against 1.06% for VOO.
Holdings Overlap
We hold position weights for 55 holdings in RFMZ and 504 in VOO, totalling 104.2% and 100.1% 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 62 days apart, RFMZ as of Jun 30, 2026 and VOO as of Aug 31, 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 55 positions we hold weights for in RFMZ and 504 in VOO, against full books of 126 and 506.
What only one of them owns
Our book lists 499 positions for VOO that do not appear in our book for RFMZ (99.7% of the fund), and 55 for RFMZ that do not appear in VOO (104.2%).
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 RFMZ and VOO 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, RFMZ or VOO?
RFMZ has an expense ratio of 4.27% while VOO charges 0.03%. VOO is the cheaper option, by $424 a year on a $10,000 investment.
Which performed better, RFMZ or VOO?
Over the past year RFMZ returned -5.68% vs +17.55% for VOO, so VOO leads on 1-year performance. Over the longest common window we track (6 years), RFMZ annualized -2.67% vs +14.35% for VOO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, RFMZ or VOO?
RFMZ has been the more volatile fund at 15.4% annualized versus 15.1% for VOO. Worst drawdown: RFMZ -39.5% vs VOO -24.5%.
Should I hold both RFMZ and VOO?
RFMZ and VOO 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, RFMZ or VOO?
RFMZ yields 7.53% while VOO yields 1.06%, so RFMZ currently pays the higher dividend yield.
Is VOO better than RFMZ?
VOO has a lower expense ratio. VOO led over 1Y, 3Y, 5Y and the full window. VOO is less concentrated, with 37.9% 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.