CVNA vs DIA: Correlation
Carvana (CVNA) and SPDR Dow Jones Industrial Average ETF (DIA) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVNA and DIA?
Across a 3-year window, the weekly returns of CVNA and DIA correlate at 0.54, moderate. The relationship has been stable: the 1-year correlation (0.61) sits close to the 3-year figure. Stretching to 5 years gives 0.46, with an annualized covariance of 515.1 %².
Among the 35 assets we track against CVNA, DIA ranks #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with DIA ahead by 18.4 points (+0.8% versus +19.2%). The rolling one-year correlation moved between 0.38 and 0.68 over the past three years, a moderate range. Note the risk asymmetry: CVNA runs 5.7 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.
CVNA vs DIA: side by side
| CVNA (Carvana) | DIA (SPDR Dow Jones Industrial Average ETF) | |
|---|---|---|
| 1-year return | +0.8% | +19.2% |
| 5-year return | +9.7% | +64.8% |
| Volatility (ann.) | 73.7% | 13.0% |
| Beta vs S&P 500 | 2.66 | 0.79 |
| Max drawdown (3Y) | -53.5% | -16.0% |
| Market cap | $82.1B | – |
| P/E (trailing) | 39.0 | – |
| Dividend yield | 0.00% | 1.37% |
| Expense ratio | – | 0.16% |
| Assets under management | – | $45.2B |
| Sector / category | Consumer Discretionary | ETF · US Large Cap |
DIA is a Large Value fund from State Street Investment Management: $45.2B under management, 30 holdings, a 0.16% expense ratio, a 1.37% trailing dividend yield.
Year-by-year returns
| Year | CVNA | DIA |
|---|---|---|
| 2022 | -98.0% | -7.0% |
| 2023 | +1016.9% | +16.0% |
| 2024 | +284.1% | +14.8% |
| 2025 | +107.5% | +14.7% |
| 2026 | -12.2% | +12.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVNA and DIA good diversifiers for each other?
Only partially. A correlation of 0.54 means CVNA and DIA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CVNA and DIA?
The CVNA/DIA correlation stands at 0.54 on a 3-year window (1 year: 0.61, 5 years: 0.46), computed from weekly returns as of 2026-08-27.
Is DIA a good diversifier for CVNA?
Only partially. A correlation of 0.54 means CVNA and DIA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 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.
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Related comparisons
Hubs: CVNA correlations · DIA correlations
