RFM vs VOO
RiverNorth Flexible Municipal Income Fund, Inc. vs Vanguard S&P 500 ETF
Quick Verdict
VOO has a lower expense ratio. VOO delivered stronger 1-year returns. VOO offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | RFM | VOO | Winner |
|---|---|---|---|
| Expense Ratio | 3.68% | 0.03% | |
| AUM | $96M | $979.0B | |
| Dividend Yield | 6.81% | 1.09% | |
| Holdings | 93 | 509 | |
| YTD Return | +10.63% | +14.48% | |
| 1Y Return | +13.37% | +22.02% | |
| 3Y Return (annualized) | +5.30% | +21.80% | |
| 5Y Return (annualized) | -1.20% | +13.36% | |
| Volatility (annualized) | 15.0% | 14.2% | |
| Max Drawdown | -33.8% | -34.3% | |
| Fund Family | RiverNorth | Vanguard (US) | |
| Category | Fixed Income | Equity | |
| Inception | Mar 26, 2020 | Sep 7, 2010 |
RFM vs VOO Performance
RiverNorth Flexible Municipal Income Fund, Inc. (RFM) is a ETF from RiverNorth and Vanguard S&P 500 ETF (VOO) is a ETF from Vanguard (US). Over the past year RFM returned +13.37% while VOO returned +22.02%. Year to date, RFM is up 10.63% versus a gain of 14.48% for VOO.
Over three years, RFM compounded at +5.30% per year against +21.80% for VOO; over five years the annualized figures are -1.20% and +13.36% respectively. Across the full 6-year window we track, VOO has the edge at +13.61% annualized vs +2.70%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
RFM has been the more volatile fund, with annualized monthly volatility of 15.0% compared with 14.2% 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 -33.8% for RFM and -34.3% for VOO. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.61. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
RFM charges 3.68% per year while VOO charges 0.03%. On a $10,000 position that is $368 vs $3 annually, a gap of $365 per year that compounds over a long holding period. On income, RFM currently yields 6.81% against 1.09% for VOO.
Holdings Overlap
RFM and VOO share 0 holdings out of 552 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, RFM or VOO?
RFM has an expense ratio of 3.68% while VOO charges 0.03%. VOO is the cheaper option. On a $10,000 investment, that is $365 per year of difference.
Which performed better, RFM or VOO?
Over the past year RFM returned +13.37% vs +22.02% for VOO, so VOO leads on 1-year performance. Over the longest common window we track (6 years), RFM annualized +2.70% vs +13.61% for VOO. Past performance does not guarantee future results.
Which is riskier, RFM or VOO?
RFM has been the more volatile fund at 15.0% annualized versus 14.2% for VOO. Worst drawdown: RFM -33.8% vs VOO -34.3%.
Should I hold both RFM and VOO?
RFM and VOO have a monthly-return correlation of 0.61, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between RFM and VOO?
RFM and VOO share 0 common holdings with a 0.0% weight overlap. Combined, they hold 552 unique securities.
Which pays a higher dividend, RFM or VOO?
RFM yields 6.81% while VOO yields 1.09%, so RFM currently pays the higher dividend yield.
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