RFM vs VXZ: Correlation
Measured on weekly returns over the past three years, RiverNorth Flexible Municipal Income Fund, Inc. (RFM) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.43, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RFM and VXZ?
Over the past 3 years, RFM and VXZ moved with a correlation of -0.43, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.36) sits close to the 3-year figure. Over 5 years the correlation is -0.37, and the annualized covariance of weekly returns is -131.8 %².
Among the 12 assets we track against RFM, VXZ sits near the bottom by co-movement, at rank #12. Correlation aside, the last 12 months split them widely, with RFM ahead by 28.9 points (+12.8% versus -16.1%). Risk is not evenly split, since VXZ carries 2.1 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.
RFM vs VXZ: side by side
| RFM (RiverNorth Flexible Municipal Income Fund, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +12.8% | -16.1% |
| 5-year return | -7.4% | -53.1% |
| Volatility (ann.) | 12.0% | 25.6% |
| Beta vs S&P 500 | 0.38 | -1.31 |
| Max drawdown (3Y) | -16.0% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | 159.2 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RFM | VXZ |
|---|---|---|
| 2022 | -22.9% | +0.5% |
| 2023 | +9.3% | -44.0% |
| 2024 | +3.2% | -12.7% |
| 2025 | +1.6% | +5.7% |
| 2026 | +7.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RFM and VXZ good diversifiers for each other?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between RFM and VXZ?
The RFM/VXZ correlation stands at -0.43 on a 3-year window (1 year: -0.36, 5 years: -0.37), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for RFM?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.43 mean?
A reading of -0.43 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rfm-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: RFM correlations · VXZ correlations
