RFM vs VXX: Correlation
RiverNorth Flexible Municipal Income Fund, Inc. (RFM) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RFM and VXX?
Across a 3-year window, the weekly returns of RFM and VXX correlate at -0.40, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.35 over 1 year against -0.40 over 3. Stretching to 5 years gives -0.35, with an annualized covariance of -294.2 %².
Out of 12 assets tracked against RFM, VXX lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months RFM outperformed by 62.5 percentage points (+12.8% for RFM against -49.7% for VXX). Note the risk asymmetry: VXX runs 5.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
RFM vs VXX: side by side
| RFM (RiverNorth Flexible Municipal Income Fund, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +12.8% | -49.7% |
| 5-year return | -7.4% | -95.6% |
| Volatility (ann.) | 12.0% | 60.9% |
| Beta vs S&P 500 | 0.38 | -3.31 |
| Max drawdown (3Y) | -16.0% | -83.3% |
| Market cap | $0.1B | – |
| P/E (trailing) | 159.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RFM | VXX |
|---|---|---|
| 2022 | -22.9% | -23.8% |
| 2023 | +9.3% | -72.5% |
| 2024 | +3.2% | -26.2% |
| 2025 | +1.6% | -42.2% |
| 2026 | +7.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RFM and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
FAQ
What is the correlation between RFM and VXX?
As of 2026-08-27, the correlation of weekly returns between RFM and VXX is -0.40 over 3 years, -0.35 over 1 year and -0.35 over 5 years.
Is VXX a good diversifier for RFM?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
What does a correlation of -0.40 mean?
A reading of -0.40 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/rfm-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rfm-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: RFM correlations · VXX correlations
