FNGD vs TOON: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Kartoon Studios, Inc. (TOON) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TOON?
Over the past 3 years, FNGD and TOON moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.17 over 1 year against -0.26 over 3. Over 5 years the correlation is -0.30, and the annualized covariance of weekly returns is -1372.6 %².
Among the 1743 assets we track against FNGD, TOON ranks #546 by 3-year correlation. Correlation aside, the last 12 months split them widely, with TOON ahead by 41.3 points (-55.7% versus -14.4%).
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.
FNGD vs TOON: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TOON (Kartoon Studios, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -14.4% |
| 5-year return | -99.4% | -96.0% |
| Volatility (ann.) | 75.7% | 70.7% |
| Beta vs S&P 500 | -4.54 | 1.54 |
| Max drawdown (3Y) | -97.6% | -73.2% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 8.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TOON |
|---|---|---|
| 2022 | +52.2% | -55.7% |
| 2023 | -90.1% | -70.1% |
| 2024 | -76.6% | -57.6% |
| 2025 | -61.4% | +22.0% |
| 2026 | -49.5% | -10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TOON good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and TOON?
As of 2026-08-27, the correlation of weekly returns between FNGD and TOON is -0.26 over 3 years, -0.17 over 1 year and -0.30 over 5 years.
Is TOON a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 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/fngd-vs-toon.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-toon/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · TOON correlations
