RMMZ vs VXX: Correlation
Measured on weekly returns over the past three years, RiverNorth Managed Duration Municipal Income Fund II, Inc. (RMMZ) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RMMZ and VXX?
On 3 years of weekly data the RMMZ/VXX correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.29 over 1 year against -0.30 over 3. The 5-year figure is -0.22, and annualized covariance runs at -244.8 %².
Among the 12 assets we track against RMMZ, VXX sits near the bottom by co-movement, at rank #11. Correlation aside, the last 12 months split them widely, with RMMZ ahead by 59.3 points (+9.6% versus -49.7%). 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.
RMMZ vs VXX: side by side
| RMMZ (RiverNorth Managed Duration Municipal Income Fund II, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +9.6% | -49.7% |
| 5-year return | +12.2% | -95.6% |
| Volatility (ann.) | 13.3% | 60.9% |
| Beta vs S&P 500 | 0.29 | -3.31 |
| Max drawdown (3Y) | -15.3% | -83.3% |
| Market cap | $0.1B | – |
| P/E (trailing) | 185.9 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RMMZ | VXX |
|---|---|---|
| 2022 | – | -23.8% |
| 2023 | +11.2% | -72.5% |
| 2024 | +2.7% | -26.2% |
| 2025 | +5.0% | -42.2% |
| 2026 | +7.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RMMZ and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
FAQ
What is the correlation between RMMZ and VXX?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.29 over the last year and -0.22 over 5 years.
Is VXX a good diversifier for RMMZ?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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/rmmz-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rmmz-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: RMMZ correlations · VXX correlations
