CVNA vs IWM: Correlation
Measured on weekly returns over the past three years, Carvana (CVNA) and iShares Russell 2000 ETF (IWM) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVNA and IWM?
Across a 3-year window, the weekly returns of CVNA and IWM correlate at 0.55, moderate. The past 12 months show a tighter link (0.68) than the 3-year average (0.55). Stretching to 5 years gives 0.56, with an annualized covariance of 802.5 %².
By 3-year correlation, IWM places #4 of the 35 assets tracked against CVNA. Correlation aside, the last 12 months split them widely, with IWM ahead by 27.6 points (+0.8% versus +28.4%). On a rolling one-year basis the correlation drifted between 0.37 and 0.72, a moderate band. Note the risk asymmetry: CVNA runs 3.7 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 IWM: side by side
| CVNA (Carvana) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | +0.8% | +28.4% |
| 5-year return | +9.7% | +41.5% |
| Volatility (ann.) | 73.7% | 19.8% |
| Beta vs S&P 500 | 2.66 | 1.06 |
| Max drawdown (3Y) | -53.5% | -27.5% |
| Market cap | $82.1B | – |
| P/E (trailing) | 39.0 | – |
| Dividend yield | 0.00% | 0.91% |
| Expense ratio | – | 0.19% |
| Assets under management | – | $80.1B |
| Sector / category | Consumer Discretionary | ETF · US Small & Mid Cap |
IWM, iShares's Small Blend fund, carries $80.1B under management, 1757 holdings, a 0.19% expense ratio, a 0.91% trailing dividend yield.
Year-by-year returns
| Year | CVNA | IWM |
|---|---|---|
| 2022 | -98.0% | -20.5% |
| 2023 | +1016.9% | +16.8% |
| 2024 | +284.1% | +11.4% |
| 2025 | +107.5% | +12.7% |
| 2026 | -12.2% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVNA and IWM good diversifiers for each other?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CVNA and IWM?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.68 over the last year and 0.56 over 5 years.
Is IWM a good diversifier for CVNA?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.55 mean?
A reading of 0.55 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cvna-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cvna-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CVNA correlations · IWM correlations
