RMI vs VXZ: Correlation
RiverNorth Opportunistic Municipal Income Fund, Inc. (RMI) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RMI and VXZ?
On 3 years of weekly data the RMI/VXZ correlation comes out at -0.39, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.24) than the 3-year average (-0.39). The 5-year figure is -0.31, and annualized covariance runs at -135.3 %².
VXZ is close to the least connected end of RMI's tracked universe, ranking #10 of 10. Correlation aside, the last 12 months split them widely, with RMI ahead by 33.9 points (+17.8% versus -16.1%). Risk is not evenly split, since VXZ carries 1.9 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.
RMI vs VXZ: side by side
| RMI (RiverNorth Opportunistic Municipal Income Fund, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +17.8% | -16.1% |
| 5-year return | -3.9% | -53.1% |
| Volatility (ann.) | 13.7% | 25.6% |
| Beta vs S&P 500 | 0.36 | -1.31 |
| Max drawdown (3Y) | -17.2% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | 126.1 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RMI | VXZ |
|---|---|---|
| 2022 | -21.3% | +0.5% |
| 2023 | +0.2% | -44.0% |
| 2024 | +6.3% | -12.7% |
| 2025 | +2.7% | +5.7% |
| 2026 | +10.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RMI and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
FAQ
What is the correlation between RMI and VXZ?
The RMI/VXZ correlation stands at -0.39 on a 3-year window (1 year: -0.24, 5 years: -0.31), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for RMI?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
What does a correlation of -0.39 mean?
On the −1 to +1 scale, -0.39 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/rmi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rmi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: RMI correlations · VXZ correlations
