RMM vs VXZ: Correlation
How closely do RiverNorth Managed Duration Municipal Income Fund, Inc. (RMM) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RMM and VXZ?
Across a 3-year window, the weekly returns of RMM and VXZ correlate at -0.43, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.34 lands near the 3-year figure. Stretching to 5 years gives -0.35, with an annualized covariance of -158.1 %².
Among the 11 assets we track against RMM, VXZ sits near the bottom by co-movement, at rank #11. Correlation aside, the last 12 months split them widely, with RMM ahead by 30.3 points (+14.2% versus -16.1%). Risk is not evenly split, since VXZ carries 1.8 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.
RMM vs VXZ: side by side
| RMM (RiverNorth Managed Duration Municipal Income Fund, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +14.2% | -16.1% |
| 5-year return | -4.9% | -53.1% |
| Volatility (ann.) | 14.3% | 25.6% |
| Beta vs S&P 500 | 0.41 | -1.31 |
| Max drawdown (3Y) | -18.8% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | 74.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RMM | VXZ |
|---|---|---|
| 2022 | -23.4% | +0.5% |
| 2023 | +5.9% | -44.0% |
| 2024 | +9.3% | -12.7% |
| 2025 | +2.1% | +5.7% |
| 2026 | +9.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RMM and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
FAQ
What is the correlation between RMM and VXZ?
The RMM/VXZ correlation stands at -0.43 on a 3-year window (1 year: -0.34, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for RMM?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
What does a correlation of -0.43 mean?
On the −1 to +1 scale, -0.43 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/rmm-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rmm-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: RMM correlations · VXZ correlations
