# RiverNorth Flexible Municipal Income Fund II, Inc. (RFMZ) vs State Street SPDR S&P 500 ETF Trust (SPY) · total-return overlay

LOPJLB holding-return compare (5Y). Dividends and splits. Each path starts at 0% from the first adjusted close in the window.

RiverNorth Flexible Municipal Income Fund II, Inc. (RFMZ) vs State Street SPDR S&P 500 ETF Trust (SPY) total return over 5Y: RFMZ -19.17%, SPY +88.08%. Regime RFMZ BEAR · SPY BULL. As of Oct 12, 2026. Research only.

- Interactive: https://www.lopjlb.com/vs/RFMZ/SPY
- API: `GET /bff/api/bigfive/compare-series?symbols=RFMZ%2CSPY&range=5y`

## Window

| Symbol | Window % | Worst drawdown | YTD |
|---|---:|---:|---:|
| RFMZ | -19.17% | -37.25% | -5.07% |
| SPY | +88.08% | -24.49% | +14.79% |

## Periods (calendar lookback)

| Symbol | 1Y | 2Y | 3Y | 5Y |
|---|---:|---:|---:|---:|
| RFMZ | -6.40% | -8.06% | +16.79% | -19.17% |
| SPY | +18.62% | +36.24% | +86.06% | +88.08% |

## Annual

| Year | RFMZ | SPY |
|---|---:|---:|
| YTD | -5.07% | +14.79% |
| 2025 | +1.12% | +18.01% |
| 2024 | +9.40% | +25.59% |
| 2023 | +3.42% | +26.73% |
| 2022 | -26.25% | -18.64% |
| 2021 | -2.44% | +7.72% |

---

Research context only. Not personalized investment advice.