CVNA vs TSLA: Correlation
Carvana (CVNA) and Tesla, Inc. (TSLA) show a moderate relationship: their 3-year correlation of weekly returns is 0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVNA and TSLA?
Over the past 3 years, CVNA and TSLA moved with a correlation of 0.34, which is moderate. The relationship has been stable: the 1-year correlation (0.39) sits close to the 3-year figure. Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 1355.1 %².
Among the 35 assets we track against CVNA, TSLA ranks #24 by 3-year correlation. Twelve-month performance is nearly a tie, at +0.8% for CVNA and +1.5% for TSLA. The rolling one-year correlation moved between 0.14 and 0.56 over the past three years, a moderate range.
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 TSLA: side by side
| CVNA (Carvana) | TSLA (Tesla, Inc.) | |
|---|---|---|
| 1-year return | +0.8% | +1.5% |
| 5-year return | +9.7% | +45.6% |
| Volatility (ann.) | 73.7% | 53.9% |
| Beta vs S&P 500 | 2.66 | 1.87 |
| Max drawdown (3Y) | -53.5% | -53.8% |
| Market cap | $82.1B | $1,401.3B |
| P/E (trailing) | 39.0 | 322.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Consumer Discretionary | Consumer Discretionary |
Year-by-year returns
| Year | CVNA | TSLA |
|---|---|---|
| 2022 | -98.0% | -65.0% |
| 2023 | +1016.9% | +101.7% |
| 2024 | +284.1% | +62.5% |
| 2025 | +107.5% | +11.4% |
| 2026 | -12.2% | -21.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVNA and TSLA good diversifiers for each other?
Reasonably. At 0.34, CVNA and TSLA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CVNA and TSLA?
As of 2026-08-27, the correlation of weekly returns between CVNA and TSLA is 0.34 over 3 years, 0.39 over 1 year and 0.38 over 5 years.
Is TSLA a good diversifier for CVNA?
Reasonably. At 0.34, CVNA and TSLA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 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 · TSLA correlations
