CVNA vs VOO: Correlation
Carvana (CVNA) and Vanguard S&P 500 ETF (VOO) show a moderate relationship: their 3-year correlation of weekly returns is 0.52.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVNA and VOO?
On 3 years of weekly data the CVNA/VOO correlation comes out at 0.52, moderate. Little has changed lately, as the 1-year reading of 0.58 lands near the 3-year figure. The 5-year figure is 0.53, and annualized covariance runs at 551.7 %².
Among the 35 assets we track against CVNA, VOO ranks #14 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months VOO outperformed by 19.8 percentage points (+0.8% for CVNA against +20.6% for VOO). On a rolling one-year basis the correlation drifted between 0.38 and 0.64, a moderate band. Risk is not evenly split, since CVNA carries 5.1 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 VOO: side by side
| CVNA (Carvana) | VOO (Vanguard S&P 500 ETF) | |
|---|---|---|
| 1-year return | +0.8% | +20.6% |
| 5-year return | +9.7% | +83.0% |
| Volatility (ann.) | 73.7% | 14.4% |
| Beta vs S&P 500 | 2.66 | 0.99 |
| Max drawdown (3Y) | -53.5% | -18.7% |
| Market cap | $82.1B | – |
| P/E (trailing) | 39.0 | – |
| Dividend yield | 0.00% | 1.07% |
| Expense ratio | – | 0.03% |
| Assets under management | – | $1,686.9B |
| Sector / category | Consumer Discretionary | ETF · US Large Cap |
VOO, Vanguard's Large Blend fund, carries $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield.
Year-by-year returns
| Year | CVNA | VOO |
|---|---|---|
| 2022 | -98.0% | -18.2% |
| 2023 | +1016.9% | +26.3% |
| 2024 | +284.1% | +25.0% |
| 2025 | +107.5% | +17.8% |
| 2026 | -12.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.07% of VOO is CVNA itself, so the fund partly moves with the stock by construction.
Are CVNA and VOO good diversifiers for each other?
Only partially. A correlation of 0.52 means CVNA and VOO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CVNA and VOO?
As of 2026-08-27, the correlation of weekly returns between CVNA and VOO is 0.52 over 3 years, 0.58 over 1 year and 0.53 over 5 years.
Is VOO a good diversifier for CVNA?
Only partially. A correlation of 0.52 means CVNA and VOO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 mean?
On the −1 to +1 scale, 0.52 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: CVNA correlations · VOO correlations
