SPY vs TOON: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Kartoon Studios, Inc. (TOON) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TOON?
On 3 years of weekly data the SPY/TOON correlation comes out at 0.31, moderate. Recent behaviour matches the longer record: 0.23 over 1 year against 0.31 over 3. The 5-year figure is 0.30, and annualized covariance runs at 321.6 %².
Among the 4755 assets we track against SPY, TOON ranks #2126 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 35.0 points (+20.6% versus -14.4%). Note the risk asymmetry: TOON runs 4.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
SPY vs TOON: side by side
| SPY (SPDR S&P 500 ETF Trust) | TOON (Kartoon Studios, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -14.4% |
| 5-year return | +82.4% | -96.0% |
| Volatility (ann.) | 14.5% | 70.7% |
| Beta vs S&P 500 | 1.00 | 1.54 |
| Max drawdown (3Y) | -18.8% | -73.2% |
| Market cap | – | – |
| P/E (trailing) | – | 8.0 |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY, State Street Investment Management's Large Blend fund, carries $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | TOON |
|---|---|---|
| 2022 | -18.2% | -55.7% |
| 2023 | +26.2% | -70.1% |
| 2024 | +24.9% | -57.6% |
| 2025 | +17.7% | +22.0% |
| 2026 | +13.7% | -10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TOON good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and TOON?
Using weekly returns as of 2026-08-27: 0.31 over 3 years, with 0.23 over the last year and 0.30 over 5 years.
Is TOON a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.31 mean?
On the −1 to +1 scale, 0.31 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-toon.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-toon/)
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Related comparisons
Hubs: SPY correlations · TOON correlations
