CVNA vs EQNR: Correlation
How closely do Carvana (CVNA) and Equinor ASA (EQNR) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVNA and EQNR?
On 3 years of weekly data the CVNA/EQNR correlation comes out at -0.19, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.39) runs below the 3-year figure (-0.19). The 5-year figure is -0.09, and annualized covariance runs at -461.8 %².
Among the 35 assets we track against CVNA, EQNR ranks #29 by 3-year correlation. The last year tells two different stories: EQNR led by 76.4 percentage points, +0.8% for CVNA against +77.2% for EQNR. Note the risk asymmetry: CVNA runs 2.2 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 EQNR: side by side
| CVNA (Carvana) | EQNR (Equinor ASA) | |
|---|---|---|
| 1-year return | +0.8% | +77.2% |
| 5-year return | +9.7% | +180.6% |
| Volatility (ann.) | 73.7% | 33.2% |
| Beta vs S&P 500 | 2.66 | -0.25 |
| Max drawdown (3Y) | -53.5% | -27.6% |
| Market cap | $82.1B | $98.6B |
| P/E (trailing) | 39.0 | 11.2 |
| Dividend yield | 0.00% | 3.73% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | CVNA | EQNR |
|---|---|---|
| 2022 | -98.0% | +42.8% |
| 2023 | +1016.9% | -0.8% |
| 2024 | +284.1% | -16.0% |
| 2025 | +107.5% | +6.1% |
| 2026 | -12.2% | +81.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVNA and EQNR good diversifiers for each other?
Yes. With a correlation of -0.19, CVNA and EQNR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CVNA and EQNR?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with -0.39 over the last year and -0.09 over 5 years.
Is EQNR a good diversifier for CVNA?
Yes. With a correlation of -0.19, CVNA and EQNR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.19 mean?
On the −1 to +1 scale, -0.19 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/cvna-vs-eqnr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cvna-vs-eqnr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CVNA correlations · EQNR correlations
