The spectral parameters of 129Xe in airspaces, interstitium and red blood cells (RBCs) are sensitive to disease. We sought to test how these parameters change during inhalation, breath-hold, and exhalation, and identify dynamic signatures that distinguish healthy subjects from patients with idiopathic pulmonary fibrosis (IPF). We find in all subjects that the RBC amplitude oscillates at the cardiac pulsation frequency. However, in IPF patients, this oscillation is also prominent in the chemical shift and phase of the RBC resonance. These dynamic metrics are potentially useful biomarkers for disease progression, as well as discriminating between different pathologies that impact gas exchange.