TOON vs VXZ: Correlation
How closely do Kartoon Studios, Inc. (TOON) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TOON and VXZ?
On 3 years of weekly data the TOON/VXZ correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.18) sits close to the 3-year figure. The 5-year figure is -0.27, and annualized covariance runs at -479.3 %².
VXZ is close to the least connected end of TOON's tracked universe, ranking #9 of 10. Neither side won the trailing year by much: -14.4% against -16.1%. Risk is not evenly split, since TOON carries 2.8 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.
TOON vs VXZ: side by side
| TOON (Kartoon Studios, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -14.4% | -16.1% |
| 5-year return | -96.0% | -53.1% |
| Volatility (ann.) | 70.7% | 25.6% |
| Beta vs S&P 500 | 1.54 | -1.31 |
| Max drawdown (3Y) | -73.2% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 8.0 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TOON | VXZ |
|---|---|---|
| 2022 | -55.7% | +0.5% |
| 2023 | -70.1% | -44.0% |
| 2024 | -57.6% | -12.7% |
| 2025 | +22.0% | +5.7% |
| 2026 | -10.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TOON and VXZ good diversifiers for each other?
Yes. With a correlation of -0.26, TOON and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between TOON and VXZ?
The TOON/VXZ correlation stands at -0.26 on a 3-year window (1 year: -0.18, 5 years: -0.27), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for TOON?
Yes. With a correlation of -0.26, TOON and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
A reading of -0.26 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/toon-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/toon-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TOON correlations · VXZ correlations
