RFMZ vs SCHD
RiverNorth Flexible Municipal Income Fund II Inc vs Schwab US Dividend Equity ETF
Which is better, RFMZ or SCHD?
Long Term Municipal Bond against Large Cap Value.
SCHD has a lower expense ratio. SCHD led over 1Y, 3Y, 5Y and the full window.
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 | SCHD |
|---|---|---|
| Expense Ratio | 4.27% | 0.06%Best |
| AUM | $341M | $112.1B |
| Dividend Yield | 6.94% | 3.00% |
| Holdings | 126 | 103 |
| YTD Return | +4.24% | +25.07%Best |
| 1Y Return | +4.64% | +27.61%Best |
| 3Y Return (annualized) | +5.66% | +15.74%Best |
| 5Y Return (annualized) | -3.15% | +9.89%Best |
| Volatility (annualized) | 15.0% | 14.7%Best |
| Max Drawdown | -39.5% | -16.9%Best |
| $10,000 over 5 years | $8,521 | $16,025Best |
| Fund Family | RiverNorth | Charles Schwab Asset Management |
| Category | Fixed Income | Equity |
| Style | Long Term Municipal Bond | Large Cap Value |
| Inception | Feb 24, 2021 | Oct 20, 2011 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Feb 24, 2021 to Sep 11, 2026 (5.5 years).
RFMZ vs SCHD 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 5.5 years both funds cover.
RFMZ vs SCHD Performance
RiverNorth Flexible Municipal Income Fund II Inc (RFMZ) is an ETF from RiverNorth and Schwab US Dividend Equity ETF (SCHD) is an ETF from Charles Schwab Asset Management. Over the past year RFMZ returned +4.64% while SCHD returned +27.61%. Year to date, RFMZ is up 4.24% versus a gain of 25.07% for SCHD.
Over three years, RFMZ compounded at +5.66% per year against +15.74% for SCHD; over five years the annualized figures are -3.15% and +9.89% respectively. Across the full 6-year window we track, SCHD has the edge at +10.97% annualized vs -1.14%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
RFMZ has been the more volatile fund, with annualized monthly volatility of 15.0% compared with 14.7% for SCHD. 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 -16.9% for SCHD. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.55. They move together some of the time, and apart the rest.
Fees and Cost Over Time
RFMZ charges 4.27% per year while SCHD charges 0.06%. On a $10,000 position that is $427 vs $6 annually, a gap of $421 per year that compounds over a long holding period. On income, RFMZ currently yields 6.94% against 3.00% for SCHD.
Holdings Overlap
We hold position weights for 59 holdings in RFMZ and 100 in SCHD, totalling 107.9% and 100.0% 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 153 days apart, RFMZ as of Mar 31, 2026 and SCHD 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 59 positions we hold weights for in RFMZ and 100 in SCHD, against full books of 126 and 103.
You are not choosing between two funds in isolation.
Whichever of RFMZ and SCHD 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 SCHD?
RFMZ has an expense ratio of 4.27% while SCHD charges 0.06%. SCHD is the cheaper option, by $421 a year on a $10,000 investment.
Which performed better, RFMZ or SCHD?
Over the past year RFMZ returned +4.64% vs +27.61% for SCHD, so SCHD leads on 1-year performance. Over the longest common window we track (6 years), RFMZ annualized -1.14% vs +10.97% for SCHD. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, RFMZ or SCHD?
RFMZ has been the more volatile fund at 15.0% annualized versus 14.7% for SCHD. Worst drawdown: RFMZ -39.5% vs SCHD -16.9%.
Should I hold both RFMZ and SCHD?
RFMZ and SCHD have a monthly-return correlation of 0.55, 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 SCHD?
RFMZ yields 6.94% while SCHD yields 3.00%, so RFMZ currently pays the higher dividend yield.
Is SCHD better than RFMZ?
SCHD has a lower expense ratio. SCHD led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.