CVNA vs LICN: Correlation
Carvana (CVNA) and Lichen International Limited - Class A (LICN) show a negative relationship: their 3-year correlation of weekly returns is -0.16.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVNA and LICN?
On 3 years of weekly data the CVNA/LICN correlation comes out at -0.16, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.20) runs above the 3-year figure (-0.16). The 5-year figure is n/a, and annualized covariance runs at -102838.3 %².
Among the 35 assets we track against CVNA, LICN ranks #27 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CVNA outperformed by 75.5 percentage points (+0.8% for CVNA against -74.7% for LICN). One caveat on sizing: LICN is 115.7 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 LICN: side by side
| CVNA (Carvana) | LICN (Lichen International Limited - Class A) | |
|---|---|---|
| 1-year return | +0.8% | -74.7% |
| 5-year return | +9.7% | n/a |
| Volatility (ann.) | 73.7% | 8528.0% |
| Beta vs S&P 500 | 2.66 | -80.22 |
| Max drawdown (3Y) | -53.5% | -98.4% |
| Market cap | $82.1B | – |
| P/E (trailing) | 39.0 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | CVNA | LICN |
|---|---|---|
| 2022 | -98.0% | – |
| 2023 | +1016.9% | – |
| 2024 | +284.1% | -91.0% |
| 2025 | +107.5% | +1484.3% |
| 2026 | -12.2% | -56.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVNA and LICN good diversifiers for each other?
By historical standards, yes. A correlation of -0.16 means the two rarely move for the same reasons.
FAQ
What is the correlation between CVNA and LICN?
Using weekly returns as of 2026-08-27: -0.16 over 3 years, with 0.20 over the last year and n/a over 5 years.
Is LICN a good diversifier for CVNA?
By historical standards, yes. A correlation of -0.16 means the two rarely move for the same reasons.
What does a correlation of -0.16 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-licn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cvna-vs-licn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CVNA correlations · LICN correlations
