CVNA vs HD: Correlation
How closely do Carvana (CVNA) and Home Depot (The) (HD) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVNA and HD?
Across a 3-year window, the weekly returns of CVNA and HD correlate at 0.47, moderate. Recent behaviour matches the longer record: 0.48 over 1 year against 0.47 over 3. Stretching to 5 years gives 0.43, with an annualized covariance of 822.2 %².
Within CVNA's tracked universe of 35 assets, HD comes in at #17 by 3-year correlation. The last year tells two different stories: CVNA led by 18.2 percentage points, +0.8% for CVNA against -17.4% for HD. The rolling one-year correlation stayed in a tight band between 0.34 and 0.59 over the past three years, which points to a structural rather than episodic relationship. Note the risk asymmetry: CVNA runs 3.1 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 HD: side by side
| CVNA (Carvana) | HD (Home Depot (The)) | |
|---|---|---|
| 1-year return | +0.8% | -17.4% |
| 5-year return | +9.7% | +13.8% |
| Volatility (ann.) | 73.7% | 23.6% |
| Beta vs S&P 500 | 2.66 | 0.87 |
| Max drawdown (3Y) | -53.5% | -28.8% |
| Market cap | $82.1B | $327.9B |
| P/E (trailing) | 39.0 | 23.4 |
| Dividend yield | 0.00% | 1.38% |
| Sector / category | Consumer Discretionary | Consumer Discretionary |
Year-by-year returns
| Year | CVNA | HD |
|---|---|---|
| 2022 | -98.0% | -22.0% |
| 2023 | +1016.9% | +12.8% |
| 2024 | +284.1% | +15.0% |
| 2025 | +107.5% | -9.3% |
| 2026 | -12.2% | -3.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVNA and HD good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CVNA and HD?
The CVNA/HD correlation stands at 0.47 on a 3-year window (1 year: 0.48, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is HD a good diversifier for CVNA?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 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-hd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cvna-vs-hd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CVNA correlations · HD correlations
