AMZN vs CVNA: Correlation
How closely do Amazon (AMZN) and Carvana (CVNA) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMZN and CVNA?
Over the past 3 years, AMZN and CVNA moved with a correlation of 0.39, which is moderate. Recent behaviour matches the longer record: 0.39 over 1 year against 0.39 over 3. Over 5 years the correlation is 0.49, and the annualized covariance of weekly returns is 901.9 %².
Within AMZN's tracked universe of 38 assets, CVNA comes in at #23 by 3-year correlation. Over the last 12 months AMZN came out ahead by 11.0 percentage points (+11.8% against +0.8%). The rolling one-year correlation moved between 0.25 and 0.58 over the past three years, a moderate range. Risk is not evenly split, since CVNA carries 2.4 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.
AMZN vs CVNA: side by side
| AMZN (Amazon) | CVNA (Carvana) | |
|---|---|---|
| 1-year return | +11.8% | +0.8% |
| 5-year return | +49.8% | +9.7% |
| Volatility (ann.) | 31.0% | 73.7% |
| Beta vs S&P 500 | 1.48 | 2.66 |
| Max drawdown (3Y) | -30.9% | -53.5% |
| Market cap | $2,764.1B | $82.1B |
| P/E (trailing) | 20.9 | 39.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Consumer Discretionary | Consumer Discretionary |
Year-by-year returns
| Year | AMZN | CVNA |
|---|---|---|
| 2022 | -49.6% | -98.0% |
| 2023 | +80.9% | +1016.9% |
| 2024 | +44.4% | +284.1% |
| 2025 | +5.2% | +107.5% |
| 2026 | +11.0% | -12.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMZN and CVNA good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AMZN and CVNA?
The AMZN/CVNA correlation stands at 0.39 on a 3-year window (1 year: 0.39, 5 years: 0.49), computed from weekly returns as of 2026-08-27.
Is CVNA a good diversifier for AMZN?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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/amzn-vs-cvna.json
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[](https://www.pairbook.io/pair/amzn-vs-cvna/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AMZN correlations · CVNA correlations
