PAYO vs TOON: Correlation
Measured on weekly returns over the past three years, Payoneer Global Inc. (PAYO) and Kartoon Studios, Inc. (TOON) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAYO and TOON?
Over the past 3 years, PAYO and TOON moved with a correlation of 0.41, which is moderate. The past 12 months show a tighter link (0.66) than the 3-year average (0.41). Over 5 years the correlation is 0.31, and the annualized covariance of weekly returns is 1408.5 %².
Among the 14 assets we track against PAYO, TOON ranks #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PAYO ahead by 19.4 points (+5.0% 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.
PAYO vs TOON: side by side
| PAYO (Payoneer Global Inc.) | TOON (Kartoon Studios, Inc.) | |
|---|---|---|
| 1-year return | +5.0% | -14.4% |
| 5-year return | -27.7% | -96.0% |
| Volatility (ann.) | 48.1% | 70.7% |
| Beta vs S&P 500 | 1.27 | 1.54 |
| Max drawdown (3Y) | -61.4% | -73.2% |
| Market cap | $2.4B | – |
| P/E (trailing) | 50.9 | 8.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PAYO | TOON |
|---|---|---|
| 2022 | -25.6% | -55.7% |
| 2023 | -4.8% | -70.1% |
| 2024 | +92.7% | -57.6% |
| 2025 | -44.0% | +22.0% |
| 2026 | +26.9% | -10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAYO and TOON good diversifiers for each other?
Reasonably. At 0.41, PAYO and TOON keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between PAYO and TOON?
As of 2026-08-27, the correlation of weekly returns between PAYO and TOON is 0.41 over 3 years, 0.66 over 1 year and 0.31 over 5 years.
Is TOON a good diversifier for PAYO?
Reasonably. At 0.41, PAYO and TOON keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 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/payo-vs-toon.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/payo-vs-toon/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PAYO correlations · TOON correlations
