FNKO vs SPY: Correlation
How closely do Funko, Inc. (FNKO) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNKO and SPY?
Over the past 3 years, FNKO and SPY moved with a correlation of 0.40, which is moderate. The past 12 months show a tighter link (0.52) than the 3-year average (0.40). Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 406.6 %².
By 3-year correlation, SPY places #7 of the 12 assets tracked against FNKO. Correlation aside, the last 12 months split them widely, with FNKO ahead by 80.6 points (+101.2% versus +20.6%). Risk is not evenly split, since FNKO carries 4.8 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.
FNKO vs SPY: side by side
| FNKO (Funko, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +101.2% | +20.6% |
| 5-year return | -63.9% | +82.4% |
| Volatility (ann.) | 70.2% | 14.5% |
| Beta vs S&P 500 | 1.95 | 1.00 |
| Max drawdown (3Y) | -83.0% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | FNKO | SPY |
|---|---|---|
| 2022 | -42.0% | -18.2% |
| 2023 | -29.1% | +26.2% |
| 2024 | +73.2% | +24.9% |
| 2025 | -74.6% | +17.7% |
| 2026 | +98.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNKO and SPY good diversifiers for each other?
Reasonably. At 0.40, FNKO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FNKO and SPY?
The FNKO/SPY correlation stands at 0.40 on a 3-year window (1 year: 0.52, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FNKO?
Reasonably. At 0.40, FNKO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 mean?
A reading of 0.40 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNKO correlations · SPY correlations
