RFM vs VYM
RiverNorth Flexible Municipal Income Fund, Inc. vs Vanguard High Dividend Yield ETF
Which is better, RFM or VYM?
VYM has been ahead.
VYM has a lower expense ratio. VYM led over 1Y, 3Y, 5Y and the full window. VYM is less concentrated, with 25.9% of the fund in its ten largest positions against 59.0%.
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 | RFM | VYM |
|---|---|---|
| Expense Ratio | 3.68% | 0.04%Best |
| AUM | $94M | $81.6B |
| Dividend Yield | 6.92% | 2.22% |
| Holdings | 93 | 613 |
| YTD Return | +3.98% | +13.15%Best |
| 1Y Return | +5.25% | +17.82%Best |
| 3Y Return (annualized) | +3.94% | +17.99%Best |
| 5Y Return (annualized) | -2.08% | +12.16%Best |
| Volatility (annualized) | 15.0% | 14.0%Best |
| Max Drawdown | -33.8% | -15.8%Best |
| $10,000 over 5 years | $9,002 | $17,750Best |
| Top 10 Weight | 59.0% | 25.9%Best |
| Fund Family | RiverNorth | Vanguard (US) |
| Category | Fixed Income | Equity |
| Style | - | Large Cap Value |
| Inception | Mar 26, 2020 | Nov 10, 2006 |
Volatility and max drawdown are measured over the window both funds cover: Mar 27, 2020 to Sep 10, 2026 (6.5 years).
RFM vs VYM 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 6.5 years both funds cover.
RFM vs VYM Performance
RiverNorth Flexible Municipal Income Fund, Inc. (RFM) is an ETF from RiverNorth and Vanguard High Dividend Yield ETF (VYM) is an ETF from Vanguard (US). Over the past year RFM returned +5.25% while VYM returned +17.82%. Year to date, RFM is up 3.98% versus a gain of 13.15% for VYM.
Over three years, RFM compounded at +3.94% per year against +17.99% for VYM; over five years the annualized figures are -2.08% and +12.16% respectively. Across the full 7-year window we track, VYM has the edge at +16.77% annualized vs +1.69%.
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 14.0% for VYM. 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 -15.8% for VYM. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.58. They move together some of the time, and apart the rest.
Fees and Cost Over Time
RFM charges 3.68% per year while VYM charges 0.04%. On a $10,000 position that is $368 vs $4 annually, a gap of $364 per year that compounds over a long holding period. On income, RFM currently yields 6.92% against 2.22% for VYM.
Holdings Overlap
We hold position weights for 47 holdings in RFM and 603 in VYM, totalling 103.0% and 99.5% 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 91 days apart, RFM as of Mar 31, 2026 and VYM 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 47 positions we hold weights for in RFM and 603 in VYM, against full books of 93 and 613.
What only one of them owns
Our book lists 568 positions for VYM that do not appear in our book for RFM (97.5% of the fund), and 46 for RFM that do not appear in VYM (103.0%).
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 RFM and VYM 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, RFM or VYM?
RFM has an expense ratio of 3.68% while VYM charges 0.04%. VYM is the cheaper option, by $364 a year on a $10,000 investment.
Which performed better, RFM or VYM?
Over the past year RFM returned +5.25% vs +17.82% for VYM, so VYM leads on 1-year performance. Over the longest common window we track (7 years), RFM annualized +1.69% vs +16.77% for VYM. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, RFM or VYM?
RFM has been the more volatile fund at 15.0% annualized versus 14.0% for VYM. Worst drawdown: RFM -33.8% vs VYM -15.8%.
Should I hold both RFM and VYM?
RFM and VYM have a monthly-return correlation of 0.58, 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, RFM or VYM?
RFM yields 6.92% while VYM yields 2.22%, so RFM currently pays the higher dividend yield.
Is VYM better than RFM?
VYM has a lower expense ratio. VYM led over 1Y, 3Y, 5Y and the full window. VYM is less concentrated, with 25.9% of the fund in its ten largest positions against 59.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.