CVNA vs IVV: Correlation
Carvana (CVNA) and iShares Core S&P 500 ETF (IVV) show a moderate relationship: their 3-year correlation of weekly returns is 0.52.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVNA and IVV?
Over the past 3 years, CVNA and IVV moved with a correlation of 0.52, which is moderate. Recent behaviour matches the longer record: 0.58 over 1 year against 0.52 over 3. Over 5 years the correlation is 0.53, and the annualized covariance of weekly returns is 559.0 %².
Within CVNA's tracked universe of 35 assets, IVV comes in at #12 by 3-year correlation. The last year tells two different stories: IVV led by 19.9 percentage points, +0.8% for CVNA against +20.7% for IVV. Across three years, the rolling one-year figure varied moderately, from 0.38 to 0.65. One caveat on sizing: CVNA is 5.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 IVV: side by side
| CVNA (Carvana) | IVV (iShares Core S&P 500 ETF) | |
|---|---|---|
| 1-year return | +0.8% | +20.7% |
| 5-year return | +9.7% | +83.0% |
| Volatility (ann.) | 73.7% | 14.5% |
| Beta vs S&P 500 | 2.66 | 1.00 |
| Max drawdown (3Y) | -53.5% | -18.8% |
| Market cap | $82.1B | – |
| P/E (trailing) | 39.0 | – |
| Dividend yield | 0.00% | 1.09% |
| Expense ratio | – | 0.03% |
| Assets under management | – | $869.2B |
| Sector / category | Consumer Discretionary | ETF · US Large Cap |
IVV is a Large Blend fund from iShares: $869.2B under management, 503 holdings, a 0.03% expense ratio, a 1.09% trailing dividend yield.
Year-by-year returns
| Year | CVNA | IVV |
|---|---|---|
| 2022 | -98.0% | -18.2% |
| 2023 | +1016.9% | +26.3% |
| 2024 | +284.1% | +24.9% |
| 2025 | +107.5% | +17.8% |
| 2026 | -12.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
CVNA represents 0.08% of IVV's portfolio, so part of any move in IVV is CVNA itself, and the correlation between them is partly mechanical.
Are CVNA and IVV good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CVNA and IVV?
As of 2026-08-27, the correlation of weekly returns between CVNA and IVV is 0.52 over 3 years, 0.58 over 1 year and 0.53 over 5 years.
Is IVV a good diversifier for CVNA?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.52 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
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Related comparisons
Hubs: CVNA correlations · IVV correlations
