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We present a Monte Carlo rendering framework for the physically-accurate simulation of speckle patterns arising from volumetric scattering of coherent waves. These noise-like patterns are characterized by strong statistical properties, such as the so-called memory effect. These properties are at the core of imaging techniques for applications as diverse as tissue imaging, motion tracking, and non-line-of-sight imaging. Our rendering framework can replicate these properties computationally, in a way that is orders of magnitude more efficient than alternatives based on directly solving the wave equations. We use our framework to simulate memory effect observations that were previously only possible through lab measurements, and analyze their properties. We also demonstrate its applicability in the design of better computational imaging systems.