IIM vs VXX: Correlation
Measured on weekly returns over the past three years, Invesco Value Municipal Income Trust (IIM) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.33, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IIM and VXX?
On 3 years of weekly data the IIM/VXX correlation comes out at -0.33, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.35 lands near the 3-year figure. The 5-year figure is -0.30, and annualized covariance runs at -251.1 %².
VXX is close to the least connected end of IIM's tracked universe, ranking #16 of 17. Correlation aside, the last 12 months split them widely, with IIM ahead by 66.2 points (+16.5% versus -49.7%). Risk is not evenly split, since VXX carries 4.8 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
IIM vs VXX: side by side
| IIM (Invesco Value Municipal Income Trust) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +16.5% | -49.7% |
| 5-year return | +0.6% | -95.6% |
| Volatility (ann.) | 12.7% | 60.9% |
| Beta vs S&P 500 | 0.31 | -3.31 |
| Max drawdown (3Y) | -13.2% | -83.3% |
| Market cap | $0.6B | – |
| P/E (trailing) | 31.6 | – |
| Dividend yield | 7.32% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IIM | VXX |
|---|---|---|
| 2022 | -25.4% | -23.8% |
| 2023 | +2.1% | -72.5% |
| 2024 | +8.1% | -26.2% |
| 2025 | +11.9% | -42.2% |
| 2026 | +7.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIM and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
FAQ
What is the correlation between IIM and VXX?
The IIM/VXX correlation stands at -0.33 on a 3-year window (1 year: -0.35, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for IIM?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iim-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iim-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IIM correlations · VXX correlations
