CVNA vs GRMN: Correlation
How closely do Carvana (CVNA) and Garmin (GRMN) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVNA and GRMN?
On 3 years of weekly data the CVNA/GRMN correlation comes out at 0.43, moderate. The relationship has been stable: the 1-year correlation (0.34) sits close to the 3-year figure. The 5-year figure is 0.39, and annualized covariance runs at 1107.7 %².
Among the 35 assets we track against CVNA, GRMN ranks #20 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GRMN ahead by 24.3 points (+0.8% versus +25.1%). The rolling one-year correlation moved between 0.24 and 0.66 over the past three years, a moderate range. Risk is not evenly split, since CVNA carries 2.1 times the volatility of the other side.
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 GRMN: side by side
| CVNA (Carvana) | GRMN (Garmin) | |
|---|---|---|
| 1-year return | +0.8% | +25.1% |
| 5-year return | +9.7% | +80.9% |
| Volatility (ann.) | 73.7% | 34.7% |
| Beta vs S&P 500 | 2.66 | 1.06 |
| Max drawdown (3Y) | -53.5% | -28.0% |
| Market cap | $82.1B | $55.9B |
| P/E (trailing) | 39.0 | 29.9 |
| Dividend yield | 0.00% | 1.45% |
| Sector / category | Consumer Discretionary | Consumer Discretionary |
Year-by-year returns
| Year | CVNA | GRMN |
|---|---|---|
| 2022 | -98.0% | -30.2% |
| 2023 | +1016.9% | +43.1% |
| 2024 | +284.1% | +63.3% |
| 2025 | +107.5% | -0.1% |
| 2026 | -12.2% | +44.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVNA and GRMN good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CVNA and GRMN?
As of 2026-08-27, the correlation of weekly returns between CVNA and GRMN is 0.43 over 3 years, 0.34 over 1 year and 0.39 over 5 years.
Is GRMN a good diversifier for CVNA?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cvna-vs-grmn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cvna-vs-grmn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CVNA correlations · GRMN correlations
