CVNA vs RSP: Correlation
Measured on weekly returns over the past three years, Carvana (CVNA) and Invesco S&P 500 Equal Weight ETF (RSP) carry a correlation of 0.54, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVNA and RSP?
On 3 years of weekly data the CVNA/RSP correlation comes out at 0.54, moderate. The relationship has been stable: the 1-year correlation (0.62) sits close to the 3-year figure. The 5-year figure is 0.52, and annualized covariance runs at 522.3 %².
Among the 35 assets we track against CVNA, RSP ranks #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months RSP outperformed by 18.4 percentage points (+0.8% for CVNA against +19.2% for RSP). Across three years, the rolling one-year figure varied moderately, from 0.38 to 0.63. Note the risk asymmetry: CVNA runs 5.6 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 RSP: side by side
| CVNA (Carvana) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | +0.8% | +19.2% |
| 5-year return | +9.7% | +53.9% |
| Volatility (ann.) | 73.7% | 13.2% |
| Beta vs S&P 500 | 2.66 | 0.77 |
| Max drawdown (3Y) | -53.5% | -17.8% |
| Market cap | $82.1B | – |
| P/E (trailing) | 39.0 | – |
| Dividend yield | 0.00% | 1.49% |
| Expense ratio | – | 0.20% |
| Assets under management | – | $97.3B |
| Sector / category | Consumer Discretionary | ETF · US Large Cap |
On the fund side, RSP sits in the Large Blend category at Invesco, with $97.3B under management, 505 holdings, a 0.20% expense ratio, a 1.49% trailing dividend yield.
Year-by-year returns
| Year | CVNA | RSP |
|---|---|---|
| 2022 | -98.0% | -11.6% |
| 2023 | +1016.9% | +13.7% |
| 2024 | +284.1% | +12.8% |
| 2025 | +107.5% | +11.2% |
| 2026 | -12.2% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
CVNA represents 0.2% of RSP's portfolio, so part of any move in RSP is CVNA itself, and the correlation between them is partly mechanical.
Are CVNA and RSP good diversifiers for each other?
To a limited degree. At 0.54 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 RSP?
As of 2026-08-27, the correlation of weekly returns between CVNA and RSP is 0.54 over 3 years, 0.62 over 1 year and 0.52 over 5 years.
Is RSP a good diversifier for CVNA?
To a limited degree. At 0.54 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 0.54 mean?
A reading of 0.54 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-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cvna-vs-rsp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CVNA correlations · RSP correlations
