RiverNorth Flexible Municipal Income Fund (RFM) Total Return Calculator
$10,000 since Mar 2020, with and without reinvesting · data through Oct 2026
Since Mar 2020, $10,000 became $11,034 reinvested (1.5% a year), or $10,894 taking the dividends as cash, $4,175 of it paid out along the way.
RFM became
$11,034
S&P 500: $32,057
Return a year
1.5%
S&P 500: 19.4%
Payouts reinvested
$5,275
bought more shares
Worst drop
-35.1%
S&P 500: -23.9%
$10,000, Mar 2020 to Oct 2026
Payouts reinvested · S&P 500 reinvested
| Year | RFM total return | Paid out | S&P 500 |
|---|---|---|---|
| 2026 (part) | +2.4% | $699 | +11.7% |
| 2025 | +1.5% | $827 | +17.7% |
| 2024 | +3.3% | $783 | +24.9% |
| 2023 | +9.2% | $976 | +26.2% |
| 2022 | −22.8% | $747 | −18.2% |
| 2021 | +5.8% | $662 | +28.7% |
| 2020 (part) | +15.3% | $580 | +46.9% |
"Paid out" is what your holding received that year. Month-end prices; no costs or taxes.
Key facts: RFM total return
Data as of · Source: SmarterDividends data
- $10,000 invested in RiverNorth Flexible Municipal Income Fund (RFM) at the end of Mar 2020, with dividends reinvested, was worth $11,034 at the end of Oct 2026: 1.5% a year, against $32,057 (19.4% a year) in the S&P 500.
- Over the 5 years to Oct 2026, RFM returned -2.6% a year with dividends reinvested (S&P 500: 12.0%).
- Taking RFM's dividends as cash instead of reinvesting them, the same $10,000 ended at $10,894, including $4,175 of cash received; reinvesting added $140.
- RFM's best calendar year in that time was 2023 (9.2%) and its worst 2022 (-22.8%), with dividends reinvested.
Cite this page
SmarterDividends, "RiverNorth Flexible Municipal Income Fund (RFM) Total Return Calculator," updated Nov 5, 2026, https://smarterdividends.com/stocks/RFM/total-return
RFM total return questions
What is RFM's total return since Mar 2020?
10% in total, or 1.5% a year, through Oct 2026 with dividends reinvested. The share price alone fell 33%.
How much of RFM's return came from dividends?
About 100% of its yearly return since Mar 2020. Reinvesting them, rather than taking cash, left you $140 better off on a $10,000 start.
What was RFM's worst year?
2022, at -22.8% with dividends reinvested (S&P 500: -18.2%). Its deepest fall from a peak, on month-end values, was -35.1%.
How is total return calculated here?
From month-end prices: the adjusted price counts every dividend reinvested in the month it was paid; the plain price doesn't. The S&P 500 is SPY with its dividends reinvested. No trading costs or taxes.