RFMZ vs VXZ: Correlation
Measured on weekly returns over the past three years, RiverNorth Flexible Municipal Income Fund II, Inc. (RFMZ) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.39, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RFMZ and VXZ?
Over the past 3 years, RFMZ and VXZ moved with a correlation of -0.39, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.37 lands near the 3-year figure. Over 5 years the correlation is -0.40, and the annualized covariance of weekly returns is -134.8 %².
VXZ is close to the least connected end of RFMZ's tracked universe, ranking #11 of 11. Correlation aside, the last 12 months split them widely, with RFMZ ahead by 28.8 points (+12.7% versus -16.1%). Note the risk asymmetry: VXZ runs 1.9 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.
RFMZ vs VXZ: side by side
| RFMZ (RiverNorth Flexible Municipal Income Fund II, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +12.7% | -16.1% |
| 5-year return | -11.3% | -53.1% |
| Volatility (ann.) | 13.3% | 25.6% |
| Beta vs S&P 500 | 0.36 | -1.31 |
| Max drawdown (3Y) | -16.8% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | 217.8 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RFMZ | VXZ |
|---|---|---|
| 2022 | -26.4% | +0.5% |
| 2023 | +4.6% | -44.0% |
| 2024 | +10.1% | -12.7% |
| 2025 | +2.2% | +5.7% |
| 2026 | +8.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RFMZ and VXZ good diversifiers for each other?
Yes. With a correlation of -0.39, RFMZ and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between RFMZ and VXZ?
As of 2026-08-27, the correlation of weekly returns between RFMZ and VXZ is -0.39 over 3 years, -0.37 over 1 year and -0.40 over 5 years.
Is VXZ a good diversifier for RFMZ?
Yes. With a correlation of -0.39, RFMZ and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.39 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/rfmz-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rfmz-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: RFMZ correlations · VXZ correlations
