CVNA vs SPY: Correlation
How closely do Carvana (CVNA) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVNA and SPY?
Over the past 3 years, CVNA and SPY moved with a correlation of 0.52, which is moderate. The relationship has been stable: the 1-year correlation (0.57) sits close to the 3-year figure. Over 5 years the correlation is 0.53, and the annualized covariance of weekly returns is 555.1 %².
Within CVNA's tracked universe of 35 assets, SPY comes in at #13 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 19.8 points (+0.8% versus +20.6%). Across three years, the rolling one-year figure varied moderately, from 0.37 to 0.65. One caveat on sizing: CVNA is 5.1 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 SPY: side by side
| CVNA (Carvana) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +0.8% | +20.6% |
| 5-year return | +9.7% | +82.4% |
| Volatility (ann.) | 73.7% | 14.5% |
| Beta vs S&P 500 | 2.66 | 1.00 |
| Max drawdown (3Y) | -53.5% | -18.8% |
| Market cap | $82.1B | – |
| P/E (trailing) | 39.0 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Discretionary | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | CVNA | SPY |
|---|---|---|
| 2022 | -98.0% | -18.2% |
| 2023 | +1016.9% | +26.2% |
| 2024 | +284.1% | +24.9% |
| 2025 | +107.5% | +17.7% |
| 2026 | -12.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
CVNA represents 0.08% of SPY's portfolio, so part of any move in SPY is CVNA itself, and the correlation between them is partly mechanical.
Are CVNA and SPY good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CVNA and SPY?
Using weekly returns as of 2026-08-27: 0.52 over 3 years, with 0.57 over the last year and 0.53 over 5 years.
Is SPY a good diversifier for CVNA?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.52 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.
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Related comparisons
Hubs: CVNA correlations · SPY correlations
