CAVA vs QUAL: Correlation
CAVA Group, Inc. (CAVA) and iShares MSCI USA Quality Factor ETF (QUAL) show a moderate relationship: their 3-year correlation of weekly returns is 0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAVA and QUAL?
On 3 years of weekly data the CAVA/QUAL correlation comes out at 0.49, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.36 versus 0.49 over 3 years. The 5-year figure is n/a, and annualized covariance runs at 409.2 %².
Among the 13 assets we track against CAVA, QUAL ranks #4 by 3-year correlation. The last year tells two different stories: QUAL led by 20.9 percentage points, -1.2% for CAVA against +19.7% for QUAL. Note the risk asymmetry: CAVA runs 4.3 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.
CAVA vs QUAL: side by side
| CAVA (CAVA Group, Inc.) | QUAL (iShares MSCI USA Quality Factor ETF) | |
|---|---|---|
| 1-year return | -1.2% | +19.7% |
| 5-year return | n/a | +68.0% |
| Volatility (ann.) | 59.9% | 14.0% |
| Beta vs S&P 500 | 1.78 | 0.93 |
| Max drawdown (3Y) | -71.1% | -18.0% |
| Market cap | $7.8B | – |
| P/E (trailing) | 119.6 | – |
| Dividend yield | 0.00% | 0.86% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $46.5B |
| Sector / category | US Listed | ETF · US Style |
QUAL, iShares's Large Blend fund, carries $46.5B under management, 123 holdings, a 0.15% expense ratio, a 0.86% trailing dividend yield.
Year-by-year returns
| Year | CAVA | QUAL |
|---|---|---|
| 2022 | – | -20.5% |
| 2023 | – | +30.9% |
| 2024 | +162.4% | +22.3% |
| 2025 | -48.0% | +12.7% |
| 2026 | +14.1% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAVA and QUAL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CAVA and QUAL?
As of 2026-08-27, the correlation of weekly returns between CAVA and QUAL is 0.49 over 3 years, 0.36 over 1 year and n/a over 5 years.
Is QUAL a good diversifier for CAVA?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 mean?
A reading of 0.49 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/cava-vs-qual.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cava-vs-qual/)
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Related comparisons
Hubs: CAVA correlations · QUAL correlations
