BA vs CVNA: Correlation
How closely do Boeing (BA) and Carvana (CVNA) trade together? Their weekly returns over three years give a correlation of 0.53, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BA and CVNA?
On 3 years of weekly data the BA/CVNA correlation comes out at 0.53, moderate. Recent behaviour matches the longer record: 0.57 over 1 year against 0.53 over 3. The 5-year figure is 0.35, and annualized covariance runs at 1410.5 %².
By 3-year correlation, CVNA places #17 of the 37 assets tracked against BA. Over the last 12 months CVNA came out ahead by 11.7 percentage points (-10.9% against +0.8%). This link changes with the market regime, having swung between 0.10 and 0.64 on a rolling one-year basis. Note the risk asymmetry: CVNA runs 2.0 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.
BA vs CVNA: side by side
| BA (Boeing) | CVNA (Carvana) | |
|---|---|---|
| 1-year return | -10.9% | +0.8% |
| 5-year return | -3.6% | +9.7% |
| Volatility (ann.) | 36.4% | 73.7% |
| Beta vs S&P 500 | 1.43 | 2.66 |
| Max drawdown (3Y) | -48.3% | -53.5% |
| Market cap | $165.9B | $82.1B |
| P/E (trailing) | 76.3 | 39.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Industrials | Consumer Discretionary |
Year-by-year returns
| Year | BA | CVNA |
|---|---|---|
| 2022 | -5.4% | -98.0% |
| 2023 | +36.8% | +1016.9% |
| 2024 | -32.1% | +284.1% |
| 2025 | +22.7% | +107.5% |
| 2026 | -3.3% | -12.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BA and CVNA good diversifiers for each other?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BA and CVNA?
The BA/CVNA correlation stands at 0.53 on a 3-year window (1 year: 0.57, 5 years: 0.35), computed from weekly returns as of 2026-08-27.
Is CVNA a good diversifier for BA?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.53 mean?
On the −1 to +1 scale, 0.53 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/ba-vs-cvna.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ba-vs-cvna/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BA correlations · CVNA correlations
