CART vs IBTA: Correlation
Maplebear Inc. (CART) and Ibotta, Inc. (IBTA) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CART and IBTA?
Over the past 3 years, CART and IBTA moved with a correlation of 0.44, which is moderate. The link has loosened recently: the 1-year correlation (0.32) runs below the 3-year figure (0.44). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 1358.1 %².
In CART's tracked universe of 11 assets, IBTA sits right near the top at #1. Correlation aside, the last 12 months split them widely, with IBTA ahead by 25.7 points (+16.6% versus +42.3%). One caveat on sizing: IBTA is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CART vs IBTA: side by side
| CART (Maplebear Inc.) | IBTA (Ibotta, Inc.) | |
|---|---|---|
| 1-year return | +16.6% | +42.3% |
| 5-year return | n/a | n/a |
| Volatility (ann.) | 39.6% | 79.0% |
| Beta vs S&P 500 | 0.96 | 1.45 |
| Max drawdown (3Y) | -38.0% | -82.5% |
| Market cap | $11.7B | $0.8B |
| P/E (trailing) | 27.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CART | IBTA |
|---|---|---|
| 2024 | +76.5% | – |
| 2025 | +8.6% | -65.1% |
| 2026 | +12.2% | +60.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CART and IBTA good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CART and IBTA?
As of 2026-08-27, the correlation of weekly returns between CART and IBTA is 0.44 over 3 years, 0.32 over 1 year and n/a over 5 years.
Is IBTA a good diversifier for CART?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 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/cart-vs-ibta.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cart-vs-ibta/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CART correlations · IBTA correlations
