IIM vs VXZ: Correlation
Measured on weekly returns over the past three years, Invesco Value Municipal Income Trust (IIM) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.34, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IIM and VXZ?
Over the past 3 years, IIM and VXZ moved with a correlation of -0.34, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.33 over 1 year against -0.34 over 3. Over 5 years the correlation is -0.33, and the annualized covariance of weekly returns is -108.6 %².
VXZ is close to the least connected end of IIM's tracked universe, ranking #17 of 17. Correlation aside, the last 12 months split them widely, with IIM ahead by 32.6 points (+16.5% versus -16.1%). Risk is not evenly split, since VXZ carries 2.0 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 VXZ: side by side
| IIM (Invesco Value Municipal Income Trust) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +16.5% | -16.1% |
| 5-year return | +0.6% | -53.1% |
| Volatility (ann.) | 12.7% | 25.6% |
| Beta vs S&P 500 | 0.31 | -1.31 |
| Max drawdown (3Y) | -13.2% | -36.4% |
| Market cap | $0.6B | – |
| P/E (trailing) | 31.6 | – |
| Dividend yield | 7.32% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IIM | VXZ |
|---|---|---|
| 2022 | -25.4% | +0.5% |
| 2023 | +2.1% | -44.0% |
| 2024 | +8.1% | -12.7% |
| 2025 | +11.9% | +5.7% |
| 2026 | +7.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIM and VXZ good diversifiers for each other?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between IIM and VXZ?
Using weekly returns as of 2026-08-27: -0.34 over 3 years, with -0.33 over the last year and -0.33 over 5 years.
Is VXZ a good diversifier for IIM?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.34 mean?
A reading of -0.34 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iim-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iim-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IIM correlations · VXZ correlations
