CVNA vs QQQ: Correlation
How closely do Carvana (CVNA) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVNA and QQQ?
On 3 years of weekly data the CVNA/QQQ correlation comes out at 0.48, moderate. Recent behaviour matches the longer record: 0.51 over 1 year against 0.48 over 3. The 5-year figure is 0.55, and annualized covariance runs at 691.5 %².
Among the 35 assets we track against CVNA, QQQ ranks #16 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 25.5 percentage points (+0.8% for CVNA against +26.3% for QQQ). Across three years, the rolling one-year figure varied moderately, from 0.36 to 0.63. Note the risk asymmetry: CVNA runs 3.8 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 QQQ: side by side
| CVNA (Carvana) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +0.8% | +26.3% |
| 5-year return | +9.7% | +95.4% |
| Volatility (ann.) | 73.7% | 19.6% |
| Beta vs S&P 500 | 2.66 | 1.28 |
| Max drawdown (3Y) | -53.5% | -22.8% |
| Market cap | $82.1B | – |
| P/E (trailing) | 39.0 | – |
| Dividend yield | 0.00% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | Consumer Discretionary | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | CVNA | QQQ |
|---|---|---|
| 2022 | -98.0% | -32.6% |
| 2023 | +1016.9% | +54.9% |
| 2024 | +284.1% | +25.6% |
| 2025 | +107.5% | +20.8% |
| 2026 | -12.2% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVNA and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CVNA and QQQ?
As of 2026-08-27, the correlation of weekly returns between CVNA and QQQ is 0.48 over 3 years, 0.51 over 1 year and 0.55 over 5 years.
Is QQQ a good diversifier for CVNA?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 mean?
A reading of 0.48 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CVNA correlations · QQQ correlations
