CCL vs CVNA: Correlation
Measured on weekly returns over the past three years, Carnival Corporation (CCL) and Carvana (CVNA) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCL and CVNA?
Across a 3-year window, the weekly returns of CCL and CVNA correlate at 0.46, moderate. The past 12 months show a weaker link (0.30) than the 3-year average (0.46). Stretching to 5 years gives 0.50, with an annualized covariance of 1589.0 %².
Among the 40 assets we track against CCL, CVNA ranks #23 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CVNA outperformed by 22.4 percentage points (-21.6% for CCL against +0.8% for CVNA). Across three years, the rolling one-year figure varied moderately, from 0.27 to 0.66. Note the risk asymmetry: CVNA runs 1.6 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.
CCL vs CVNA: side by side
| CCL (Carnival Corporation) | CVNA (Carvana) | |
|---|---|---|
| 1-year return | -21.6% | +0.8% |
| 5-year return | +7.3% | +9.7% |
| Volatility (ann.) | 46.5% | 73.7% |
| Beta vs S&P 500 | 1.72 | 2.66 |
| Max drawdown (3Y) | -42.3% | -53.5% |
| Market cap | $34.2B | $82.1B |
| P/E (trailing) | 11.5 | 39.0 |
| Dividend yield | 1.17% | 0.00% |
| Sector / category | Consumer Discretionary | Consumer Discretionary |
Year-by-year returns
| Year | CCL | CVNA |
|---|---|---|
| 2022 | -59.9% | -98.0% |
| 2023 | +130.0% | +1016.9% |
| 2024 | +34.4% | +284.1% |
| 2025 | +22.6% | +107.5% |
| 2026 | -17.0% | -12.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCL and CVNA good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CCL and CVNA?
As of 2026-08-27, the correlation of weekly returns between CCL and CVNA is 0.46 over 3 years, 0.30 over 1 year and 0.50 over 5 years.
Is CVNA a good diversifier for CCL?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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/ccl-vs-cvna.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ccl-vs-cvna/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CCL correlations · CVNA correlations
