BKNG vs CVNA: Correlation
How closely do Booking Holdings (BKNG) and Carvana (CVNA) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BKNG and CVNA?
Over the past 3 years, BKNG and CVNA moved with a correlation of 0.43, which is moderate. The relationship has been stable: the 1-year correlation (0.47) sits close to the 3-year figure. Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 929.4 %².
Within BKNG's tracked universe of 39 assets, CVNA comes in at #23 by 3-year correlation. On 12-month performance CVNA holds a 9.9-point edge, -9.1% against +0.8%. The rolling one-year correlation moved between 0.23 and 0.64 over the past three years, a moderate range. Risk is not evenly split, since CVNA carries 2.5 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.
BKNG vs CVNA: side by side
| BKNG (Booking Holdings) | CVNA (Carvana) | |
|---|---|---|
| 1-year return | -9.1% | +0.8% |
| 5-year return | +127.1% | +9.7% |
| Volatility (ann.) | 29.1% | 73.7% |
| Beta vs S&P 500 | 1.11 | 2.66 |
| Max drawdown (3Y) | -33.4% | -53.5% |
| Market cap | $152.2B | $82.1B |
| P/E (trailing) | 23.2 | 39.0 |
| Dividend yield | 0.77% | 0.00% |
| Sector / category | Consumer Discretionary | Consumer Discretionary |
Year-by-year returns
| Year | BKNG | CVNA |
|---|---|---|
| 2022 | -16.0% | -98.0% |
| 2023 | +76.0% | +1016.9% |
| 2024 | +41.3% | +284.1% |
| 2025 | +8.6% | +107.5% |
| 2026 | -5.0% | -12.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BKNG and CVNA good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BKNG and CVNA?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.47 over the last year and 0.35 over 5 years.
Is CVNA a good diversifier for BKNG?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 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/bkng-vs-cvna.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bkng-vs-cvna/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BKNG correlations · CVNA correlations
