CVNA vs MDY: Correlation
Measured on weekly returns over the past three years, Carvana (CVNA) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVNA and MDY?
Over the past 3 years, CVNA and MDY moved with a correlation of 0.57, which is moderate. The relationship has been stable: the 1-year correlation (0.62) sits close to the 3-year figure. Over 5 years the correlation is 0.54, and the annualized covariance of weekly returns is 693.8 %².
MDY is one of the assets that tracks CVNA most closely: it ranks #1 out of the 35 assets we track against CVNA. Correlation aside, the last 12 months split them widely, with MDY ahead by 17.5 points (+0.8% versus +18.3%). Stability stands out here, with the rolling one-year correlation confined to 0.43 through 0.66. Risk is not evenly split, since CVNA carries 4.5 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 MDY: side by side
| CVNA (Carvana) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +0.8% | +18.3% |
| 5-year return | +9.7% | +47.5% |
| Volatility (ann.) | 73.7% | 16.5% |
| Beta vs S&P 500 | 2.66 | 0.91 |
| Max drawdown (3Y) | -53.5% | -24.0% |
| Market cap | $82.1B | – |
| P/E (trailing) | 39.0 | – |
| Dividend yield | 0.00% | 1.02% |
| Expense ratio | – | 0.23% |
| Assets under management | – | $26.5B |
| Sector / category | Consumer Discretionary | ETF · US Small & Mid Cap |
MDY, State Street Investment Management's Mid-Cap Blend fund, carries $26.5B under management, 400 holdings, a 0.23% expense ratio, a 1.02% trailing dividend yield.
Year-by-year returns
| Year | CVNA | MDY |
|---|---|---|
| 2022 | -98.0% | -13.3% |
| 2023 | +1016.9% | +16.1% |
| 2024 | +284.1% | +13.6% |
| 2025 | +107.5% | +7.2% |
| 2026 | -12.2% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVNA and MDY good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CVNA and MDY?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.62 over the last year and 0.54 over 5 years.
Is MDY a good diversifier for CVNA?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 mean?
On the −1 to +1 scale, 0.57 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.
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Related comparisons
Hubs: CVNA correlations · MDY correlations
