RMMZ vs VXZ: Correlation
RiverNorth Managed Duration Municipal Income Fund II, Inc. (RMMZ) 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 -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RMMZ and VXZ?
On 3 years of weekly data the RMMZ/VXZ correlation comes out at -0.32, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.33) sits close to the 3-year figure. The 5-year figure is -0.24, and annualized covariance runs at -110.0 %².
Out of 12 assets tracked against RMMZ, VXZ lands near the bottom at #12. Correlation aside, the last 12 months split them widely, with RMMZ ahead by 25.7 points (+9.6% 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.
RMMZ vs VXZ: side by side
| RMMZ (RiverNorth Managed Duration Municipal Income Fund II, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +9.6% | -16.1% |
| 5-year return | +12.2% | -53.1% |
| Volatility (ann.) | 13.3% | 25.6% |
| Beta vs S&P 500 | 0.29 | -1.31 |
| Max drawdown (3Y) | -15.3% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | 185.9 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RMMZ | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | +11.2% | -44.0% |
| 2024 | +2.7% | -12.7% |
| 2025 | +5.0% | +5.7% |
| 2026 | +7.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RMMZ and VXZ good diversifiers for each other?
Yes. With a correlation of -0.32, RMMZ and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between RMMZ and VXZ?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.33 over the last year and -0.24 over 5 years.
Is VXZ a good diversifier for RMMZ?
Yes. With a correlation of -0.32, RMMZ and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 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/rmmz-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rmmz-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: RMMZ correlations · VXZ correlations
