RMM vs VXX: Correlation
RiverNorth Managed Duration Municipal Income Fund, Inc. (RMM) 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 -0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RMM and VXX?
Over the past 3 years, RMM and VXX moved with a correlation of -0.41, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.38 over 1 year against -0.41 over 3. Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -360.3 %².
Out of 11 assets tracked against RMM, VXX lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months RMM outperformed by 63.9 percentage points (+14.2% for RMM against -49.7% for VXX). One caveat on sizing: VXX is 4.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
RMM vs VXX: side by side
| RMM (RiverNorth Managed Duration Municipal Income Fund, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +14.2% | -49.7% |
| 5-year return | -4.9% | -95.6% |
| Volatility (ann.) | 14.3% | 60.9% |
| Beta vs S&P 500 | 0.41 | -3.31 |
| Max drawdown (3Y) | -18.8% | -83.3% |
| Market cap | $0.3B | – |
| P/E (trailing) | 74.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RMM | VXX |
|---|---|---|
| 2022 | -23.4% | -23.8% |
| 2023 | +5.9% | -72.5% |
| 2024 | +9.3% | -26.2% |
| 2025 | +2.1% | -42.2% |
| 2026 | +9.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RMM and VXX good diversifiers for each other?
Yes. With a correlation of -0.41, RMM and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between RMM and VXX?
The RMM/VXX correlation stands at -0.41 on a 3-year window (1 year: -0.38, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for RMM?
Yes. With a correlation of -0.41, RMM and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.41 mean?
A reading of -0.41 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/rmm-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rmm-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: RMM correlations · VXX correlations
