FNKO vs VXZ: Correlation
Measured on weekly returns over the past three years, Funko, Inc. (FNKO) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.36, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNKO and VXZ?
On 3 years of weekly data the FNKO/VXZ correlation comes out at -0.36, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.48) runs below the 3-year figure (-0.36). The 5-year figure is -0.31, and annualized covariance runs at -644.6 %².
VXZ is close to the least connected end of FNKO's tracked universe, ranking #11 of 12. Their recent paths diverged sharply: over the last 12 months FNKO outperformed by 117.3 percentage points (+101.2% for FNKO against -16.1% for VXZ). Risk is not evenly split, since FNKO carries 2.7 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 VXZ: side by side
| FNKO (Funko, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +101.2% | -16.1% |
| 5-year return | -63.9% | -53.1% |
| Volatility (ann.) | 70.2% | 25.6% |
| Beta vs S&P 500 | 1.95 | -1.31 |
| Max drawdown (3Y) | -83.0% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNKO | VXZ |
|---|---|---|
| 2022 | -42.0% | +0.5% |
| 2023 | -29.1% | -44.0% |
| 2024 | +73.2% | -12.7% |
| 2025 | -74.6% | +5.7% |
| 2026 | +98.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNKO and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNKO and VXZ?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with -0.48 over the last year and -0.31 over 5 years.
Is VXZ a good diversifier for FNKO?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
What does a correlation of -0.36 mean?
A reading of -0.36 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fnko-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fnko-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNKO correlations · VXZ correlations
