RFMZ vs VXX: Correlation
How closely do RiverNorth Flexible Municipal Income Fund II, Inc. (RFMZ) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RFMZ and VXX?
Over the past 3 years, RFMZ and VXX moved with a correlation of -0.38, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.42) sits close to the 3-year figure. Over 5 years the correlation is -0.39, and the annualized covariance of weekly returns is -312.4 %².
Among the 11 assets we track against RFMZ, VXX sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months RFMZ outperformed by 62.4 percentage points (+12.7% for RFMZ against -49.7% for VXX). Risk is not evenly split, since VXX carries 4.6 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.
RFMZ vs VXX: side by side
| RFMZ (RiverNorth Flexible Municipal Income Fund II, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +12.7% | -49.7% |
| 5-year return | -11.3% | -95.6% |
| Volatility (ann.) | 13.3% | 60.9% |
| Beta vs S&P 500 | 0.36 | -3.31 |
| Max drawdown (3Y) | -16.8% | -83.3% |
| Market cap | $0.3B | – |
| P/E (trailing) | 217.8 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RFMZ | VXX |
|---|---|---|
| 2022 | -26.4% | -23.8% |
| 2023 | +4.6% | -72.5% |
| 2024 | +10.1% | -26.2% |
| 2025 | +2.2% | -42.2% |
| 2026 | +8.4% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RFMZ and VXX good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between RFMZ and VXX?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.42 over the last year and -0.39 over 5 years.
Is VXX a good diversifier for RFMZ?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 mean?
A reading of -0.38 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/rfmz-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rfmz-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: RFMZ correlations · VXX correlations
