CVNA vs MEGL: Correlation
How closely do Carvana (CVNA) and Magic Empire Global Limited - Class A (MEGL) trade together? Their weekly returns over three years give a correlation of -0.18, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVNA and MEGL?
Over the past 3 years, CVNA and MEGL moved with a correlation of -0.18, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.14) runs above the 3-year figure (-0.18). Over 5 years the correlation is -0.13, and the annualized covariance of weekly returns is -2194.3 %².
Within CVNA's tracked universe of 35 assets, MEGL comes in at #28 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CVNA outperformed by 17.5 percentage points (+0.8% for CVNA against -16.7% for MEGL). Risk is not evenly split, since MEGL carries 2.3 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 MEGL: side by side
| CVNA (Carvana) | MEGL (Magic Empire Global Limited - Class A) | |
|---|---|---|
| 1-year return | +0.8% | -16.7% |
| 5-year return | +9.7% | n/a |
| Volatility (ann.) | 73.7% | 170.2% |
| Beta vs S&P 500 | 2.66 | -0.70 |
| Max drawdown (3Y) | -53.5% | -68.7% |
| 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 | MEGL |
|---|---|---|
| 2022 | -98.0% | – |
| 2023 | +1016.9% | -7.3% |
| 2024 | +284.1% | -54.4% |
| 2025 | +107.5% | +117.6% |
| 2026 | -12.2% | -0.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVNA and MEGL good diversifiers for each other?
Yes. With a correlation of -0.18, CVNA and MEGL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CVNA and MEGL?
Using weekly returns as of 2026-08-27: -0.18 over 3 years, with 0.14 over the last year and -0.13 over 5 years.
Is MEGL a good diversifier for CVNA?
Yes. With a correlation of -0.18, CVNA and MEGL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.18 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-megl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cvna-vs-megl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CVNA correlations · MEGL correlations
