EasyCompare

Relative Intelligence · Specialty Retail

How Carvana (CVNA) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on CVNA alone. It places CVNA (Carvana Co.) against 14 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where CVNA stands in the market, and of the alternatives worth a closer look.

Period covered: CVNA's full trading record, from April 2017 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against CVNA →Chart CVNA vs. 14 alternatives →
On this page12 sections

Key findings

How much would $10,000 in CVNA have grown?

This chart tracks a hypothetical $10,000 investment in CVNA over the past 9 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of CVNA over the same span and CVNA's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: CVNA began trading on April 28, 2017, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or three other sell-offs. It covers the most recent 9 years of CVNA's record, starting at the end of September 2017.

Choose a period

From the end of September 2017 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 25 of the 2,804 stocks and funds worth at least $500 million that traded the whole period ended ahead of CVNA; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000$100,000$200,000$500,00020172019202120232025$10,000$100,00020172019202120232025
  • FIX$487,926+4,779% total · +54.0% a year
  • INOD$438,397+4,284% total · +52.2% a year
  • STX$389,161+3,792% total · +50.2% a year
  • CLS$291,946+2,819% total · +45.5% a year
  • MU$277,700+2,677% total · +44.7% a year
  • CVNA$212,727+2,027% total · +40.5% a year
  • PAG$52,787+428% total · +20.3% a year
  • RUSHA$37,521+275% total · +15.8% a year
  • SPY (S&P 500)$34,839+248% total · +14.9% a year
  • GM$22,051+121% total · +9.2% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 2,454 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of CVNA; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$200$500$1,000$2,000$5,000$10,000$20,000202120222023202420252026$1,000$10,000202120222023202420252026
  • RUSHA$24,538+145% total · +19.7% a year
  • PAG$22,510+125% total · +17.6% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • GM$15,245+52.4% total · +8.8% a year
  • GPI$13,225+32.3% total · +5.7% a year
  • AN$12,931+29.3% total · +5.3% a year
  • SAH$12,789+27.9% total · +5.0% a year
  • CVNA$10,370+3.7% total · +0.7% a year
  • LAD$9,531−4.7% total · −1.0% a year
  • KMX$4,307−56.9% total · −15.5% a year
Change the dates or add tickers to this chart in EasyCompare

CVNA at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: CVNA began trading on April 28, 2017, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or three other sell-offs.

The company

Market value
$66B
Industry
Auto - Dealerships
Price history from
April 2017

Returns

Past 1 year
−10.7%total return
Past 3 years
+871%+113% a year
Past 5 years
+4.3%+0.8% a year
Best calendar year
+1,017%2023
Worst calendar year
−98.0%2022
Losing years
2 of 8full calendar years

Risk

Volatility
112%typical yearly swing, 5 years
Sharpe ratio
0.55return per unit of risk, 5 years
Worst decline ever
−99.0%Aug 2021 to Dec 2022
From its all-time high
−37.0%below the peak

CVNA against the whole market

Where CVNA ranks among every stock and fund, and what across the market has done better.

How does CVNA rank among all stocks?

This section ranks CVNA on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how CVNA stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureCVNARankStanding
1-year return−10.7%2,365 of 3,287bottom 29%
3-year return+871%36 of 3,017top 1%
5-year return+4.3%1,670 of 2,893bottom 43%
Volatility, 5 years112%2,824 of 2,893bottom 3%
Sharpe ratio, 5 years0.55810 of 2,893top 28%

What has beaten CVNA on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). CVNA sits where the dashed lines cross. Anything in the green box above and to the left earned more than CVNA with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to CVNA; faint dots are 94 more of the 2,302 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

−20.0%0.0%20.0%40.0%60.0%80.0%100%120%−20.0%0.0%20.0%40.0%60.0%80.0%100%120%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than CVNAPLTR: +51.4% a year, volatility 67.0%RY: +17.3% a year, volatility 18.2%PBR-A: +51.8% a year, volatility 37.5%HWM: +47.3% a year, volatility 32.5%CAH: +42.1% a year, volatility 24.7%AAPL: +18.5% a year, volatility 28.0%FIX: +77.0% a year, volatility 46.7%GOOG: +19.0% a year, volatility 32.0%MPLX: +23.5% a year, volatility 18.8%AVGO: +48.3% a year, volatility 44.5%TSM: +31.5% a year, volatility 38.5%LLY: +40.7% a year, volatility 32.8%BE: +60.5% a year, volatility 89.6%VTI: +11.5% a year, volatility 17.5%VOO: +12.8% a year, volatility 16.9%BRK-B: +13.4% a year, volatility 17.1%CRS: +63.9% a year, volatility 46.5%XOM: +27.1% a year, volatility 26.5%VRIG: +4.7% a year, volatility 1.3%AMD: +35.7% a year, volatility 57.6%JPM: +17.3% a year, volatility 24.3%ABBV: +26.1% a year, volatility 23.4%HSBC: +33.1% a year, volatility 25.9%JNJ: +12.7% a year, volatility 17.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%FLRT: +6.0% a year, volatility 2.3%KO: +14.7% a year, volatility 16.8%CVX: +19.5% a year, volatility 25.2%CAT: +31.1% a year, volatility 31.9%DELL: +55.2% a year, volatility 54.4%QQQ: +14.5% a year, volatility 23.0%MUFG: +33.2% a year, volatility 29.4%PM: +21.0% a year, volatility 23.4%LRCX: +37.4% a year, volatility 49.9%CSCO: +16.8% a year, volatility 26.1%PBR: +50.3% a year, volatility 37.5%ANET: +49.0% a year, volatility 49.0%SHEL: +21.0% a year, volatility 24.8%MCK: +38.7% a year, volatility 25.0%MRK: +16.3% a year, volatility 24.8%NVS: +17.1% a year, volatility 20.7%INSW: +56.5% a year, volatility 40.5%PANW: +31.9% a year, volatility 43.4%APH: +33.8% a year, volatility 32.2%VTV: +12.1% a year, volatility 13.7%AMAT: +25.8% a year, volatility 47.4%WELL: +26.0% a year, volatility 23.8%RTX: +18.6% a year, volatility 24.3%KLAC: +38.7% a year, volatility 46.7%SAN: +31.7% a year, volatility 33.9%AMGN: +19.6% a year, volatility 24.9%BBVA: +38.7% a year, volatility 33.3%GILD: +22.8% a year, volatility 24.9%GS: +19.6% a year, volatility 28.6%VLO: +44.2% a year, volatility 36.9%MS: +16.0% a year, volatility 28.8%TD: +15.8% a year, volatility 20.0%IBKR: +35.4% a year, volatility 35.4%MFG: +33.6% a year, volatility 30.6%SCCO: +32.0% a year, volatility 40.7%TTE: +18.0% a year, volatility 25.8%GLD: +17.7% a year, volatility 18.9%MRVL: +29.5% a year, volatility 65.2%IBM: +16.6% a year, volatility 30.5%FLOT: +4.5% a year, volatility 1.8%BELFB: +78.0% a year, volatility 52.1%PSX: +33.2% a year, volatility 32.9%VGT: +18.4% a year, volatility 26.0%UBS: +25.4% a year, volatility 30.4%SMFG: +33.7% a year, volatility 29.4%PH: +27.4% a year, volatility 28.8%ADI: +19.5% a year, volatility 34.1%ASX: +48.8% a year, volatility 43.0%BTI: +18.7% a year, volatility 22.0%PGR: +21.3% a year, volatility 25.6%COP: +18.2% a year, volatility 32.6%CB: +15.7% a year, volatility 20.4%PWR: +39.3% a year, volatility 37.2%VRTX: +22.6% a year, volatility 29.1%MO: +17.8% a year, volatility 21.4%SU: +33.1% a year, volatility 32.5%ETN: +20.4% a year, volatility 32.1%TPC: +42.5% a year, volatility 56.0%BNY: +22.7% a year, volatility 24.4%WMB: +24.6% a year, volatility 24.0%GLW: +31.4% a year, volatility 42.1%CM: +19.2% a year, volatility 21.6%VIG: +10.4% a year, volatility 14.1%ITUB: +26.3% a year, volatility 33.8%TRV: +22.4% a year, volatility 22.3%TT: +22.7% a year, volatility 27.7%JAAA: +5.1% a year, volatility 1.7%MAR: +22.0% a year, volatility 28.6%CVNA: +0.8% a year, volatility 112%SPY (S&P 500): +12.7% a year, volatility 17.1%PAG: +18.3% a year, volatility 31.9%RUSHA: +18.2% a year, volatility 30.7%GM: +6.9% a year, volatility 36.7%AN: +6.7% a year, volatility 36.0%GPI: +5.7% a year, volatility 38.1%SAH: +6.8% a year, volatility 42.9%WMT: +20.8% a year, volatility 22.6%COST: +17.4% a year, volatility 22.9%TJX: +19.9% a year, volatility 22.3%ORLY: +15.9% a year, volatility 23.4%ROST: +18.1% a year, volatility 29.5%HD: 0.0% a year, volatility 24.7%CLS: +101% a year, volatility 59.7%MU: +68.1% a year, volatility 57.1%STX: +57.4% a year, volatility 48.7%WDC: +53.7% a year, volatility 53.5%LITE: +57.3% a year, volatility 64.5%BIL: +3.7% a year, volatility 0.3%SHY: +1.8% a year, volatility 2.0%INOD: +39.4% a year, volatility 108%CVNASPY (S&P 500)PAGRUSHAGMANSAHWMTHDCLSMUSTXLITEBILSHYINOD−50.0%0.0%50.0%100%150%−20.0%0.0%20.0%40.0%60.0%80.0%100%120%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than CVNAPLTR: +51.4% a year, volatility 67.0%RY: +17.3% a year, volatility 18.2%PBR-A: +51.8% a year, volatility 37.5%HWM: +47.3% a year, volatility 32.5%CAH: +42.1% a year, volatility 24.7%AAPL: +18.5% a year, volatility 28.0%FIX: +77.0% a year, volatility 46.7%GOOG: +19.0% a year, volatility 32.0%MPLX: +23.5% a year, volatility 18.8%AVGO: +48.3% a year, volatility 44.5%TSM: +31.5% a year, volatility 38.5%LLY: +40.7% a year, volatility 32.8%BE: +60.5% a year, volatility 89.6%VTI: +11.5% a year, volatility 17.5%VOO: +12.8% a year, volatility 16.9%BRK-B: +13.4% a year, volatility 17.1%CRS: +63.9% a year, volatility 46.5%XOM: +27.1% a year, volatility 26.5%VRIG: +4.7% a year, volatility 1.3%AMD: +35.7% a year, volatility 57.6%JPM: +17.3% a year, volatility 24.3%ABBV: +26.1% a year, volatility 23.4%HSBC: +33.1% a year, volatility 25.9%JNJ: +12.7% a year, volatility 17.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%FLRT: +6.0% a year, volatility 2.3%KO: +14.7% a year, volatility 16.8%CVX: +19.5% a year, volatility 25.2%CAT: +31.1% a year, volatility 31.9%DELL: +55.2% a year, volatility 54.4%QQQ: +14.5% a year, volatility 23.0%MUFG: +33.2% a year, volatility 29.4%PM: +21.0% a year, volatility 23.4%LRCX: +37.4% a year, volatility 49.9%CSCO: +16.8% a year, volatility 26.1%PBR: +50.3% a year, volatility 37.5%ANET: +49.0% a year, volatility 49.0%SHEL: +21.0% a year, volatility 24.8%MCK: +38.7% a year, volatility 25.0%MRK: +16.3% a year, volatility 24.8%NVS: +17.1% a year, volatility 20.7%INSW: +56.5% a year, volatility 40.5%PANW: +31.9% a year, volatility 43.4%APH: +33.8% a year, volatility 32.2%VTV: +12.1% a year, volatility 13.7%AMAT: +25.8% a year, volatility 47.4%WELL: +26.0% a year, volatility 23.8%RTX: +18.6% a year, volatility 24.3%KLAC: +38.7% a year, volatility 46.7%SAN: +31.7% a year, volatility 33.9%AMGN: +19.6% a year, volatility 24.9%BBVA: +38.7% a year, volatility 33.3%GILD: +22.8% a year, volatility 24.9%GS: +19.6% a year, volatility 28.6%VLO: +44.2% a year, volatility 36.9%MS: +16.0% a year, volatility 28.8%TD: +15.8% a year, volatility 20.0%IBKR: +35.4% a year, volatility 35.4%MFG: +33.6% a year, volatility 30.6%SCCO: +32.0% a year, volatility 40.7%TTE: +18.0% a year, volatility 25.8%GLD: +17.7% a year, volatility 18.9%MRVL: +29.5% a year, volatility 65.2%IBM: +16.6% a year, volatility 30.5%FLOT: +4.5% a year, volatility 1.8%BELFB: +78.0% a year, volatility 52.1%PSX: +33.2% a year, volatility 32.9%VGT: +18.4% a year, volatility 26.0%UBS: +25.4% a year, volatility 30.4%SMFG: +33.7% a year, volatility 29.4%PH: +27.4% a year, volatility 28.8%ADI: +19.5% a year, volatility 34.1%ASX: +48.8% a year, volatility 43.0%BTI: +18.7% a year, volatility 22.0%PGR: +21.3% a year, volatility 25.6%COP: +18.2% a year, volatility 32.6%CB: +15.7% a year, volatility 20.4%PWR: +39.3% a year, volatility 37.2%VRTX: +22.6% a year, volatility 29.1%MO: +17.8% a year, volatility 21.4%SU: +33.1% a year, volatility 32.5%ETN: +20.4% a year, volatility 32.1%TPC: +42.5% a year, volatility 56.0%BNY: +22.7% a year, volatility 24.4%WMB: +24.6% a year, volatility 24.0%GLW: +31.4% a year, volatility 42.1%CM: +19.2% a year, volatility 21.6%VIG: +10.4% a year, volatility 14.1%ITUB: +26.3% a year, volatility 33.8%TRV: +22.4% a year, volatility 22.3%TT: +22.7% a year, volatility 27.7%JAAA: +5.1% a year, volatility 1.7%MAR: +22.0% a year, volatility 28.6%CVNA: +0.8% a year, volatility 112%SPY (S&P 500): +12.7% a year, volatility 17.1%PAG: +18.3% a year, volatility 31.9%RUSHA: +18.2% a year, volatility 30.7%GM: +6.9% a year, volatility 36.7%AN: +6.7% a year, volatility 36.0%GPI: +5.7% a year, volatility 38.1%SAH: +6.8% a year, volatility 42.9%WMT: +20.8% a year, volatility 22.6%COST: +17.4% a year, volatility 22.9%TJX: +19.9% a year, volatility 22.3%ORLY: +15.9% a year, volatility 23.4%ROST: +18.1% a year, volatility 29.5%HD: 0.0% a year, volatility 24.7%CLS: +101% a year, volatility 59.7%MU: +68.1% a year, volatility 57.1%STX: +57.4% a year, volatility 48.7%WDC: +53.7% a year, volatility 53.5%LITE: +57.3% a year, volatility 64.5%BIL: +3.7% a year, volatility 0.3%SHY: +1.8% a year, volatility 2.0%INOD: +39.4% a year, volatility 108%CVNASPY (S&P 500)GPIWMTCOSTHDCLSMUSTXWDCLITEBILSHYINOD
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than CVNA?

Investments that beat CVNA over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat CVNA over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks CVNA's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than CVNA follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than CVNA's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× CVNA's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than CVNA's.

Screen the whole market against CVNA for any period in BetterThanSPYOpen these 21 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years5Y returntotalCorr. with CVNA?lower diversifies moreExpenseper year
CVNACarvana Co. · this page
+0.8%112%0.55−99.0%+4.3%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+81.7%0.460.09%
Popular alternativesbest 6 shownThe investments people most often weigh against CVNA. 6 of 14 passed at least one test.
PAGPenske Automotive Group, Inc. · Specialty Retail
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+18.3%31.9%0.69−60.0%+131%0.27—
RUSHARush Enterprises, Inc. · Industrial Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+18.2%30.7%0.70−47.9%+131%0.35—
GMGeneral Motors Company · Automobiles
Higher return, lower volatilitySmaller losses in recent crashes+6.9%36.7%0.36−59.9%+39.5%0.46—
ANAutoNation, Inc. · Specialty Retail
Higher return, lower volatilitySmaller losses in recent crashes+6.7%36.0%0.36−63.6%+38.4%0.38—
GPIGroup 1 Automotive, Inc. · Auto - Dealerships
Higher return, lower volatilitySmaller losses in recent crashes+5.7%38.1%0.34−70.3%+32.2%0.35—
SAHSonic Automotive, Inc. · Auto - Dealerships
Higher return, lower volatilitySmaller losses in recent crashes+6.8%42.9%0.37−70.8%+38.7%0.28—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Specialty Retail and the categories next to it (Discount Retail, Apparel & Footwear, Automobiles), plus CVNA's specific themes. 31 of 51 passed at least one test.
WMTWalmart Inc. · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+20.8%22.6%0.96−25.7%+158%0.24—
COSTCostco Wholesale Corporation · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+17.4%22.9%0.82−31.4%+123%0.43—
TJXThe TJX Companies, Inc. · Specialty Retail
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+19.9%22.3%0.93−42.5%+147%0.15—
ORLYO'Reilly Automotive, Inc. · Specialty Retail
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+15.9%23.4%0.75−42.0%+110%0.01—
ROSTRoss Stores, Inc. · Specialty Retail
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+18.1%29.5%0.71−51.4%+129%0.14—
HDThe Home Depot, Inc. · Specialty Retail
Similar return, lower volatility0.0%24.7%0.12−38.0%−0.2%0.29—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 2,510 of 3,568 passed at least one test.
CLSCelestica Inc. · Electronics Manufacturing
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+101%59.7%1.47−80.6%+3,143%0.42—
MUMicron Technology, Inc. · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+68.1%57.1%1.20−57.6%+1,244%0.16—
STXSeagate Technology Holdings plc · Computer Hardware
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+57.4%48.7%1.18−57.0%+866%0.29—
WDCWestern Digital Corporation · Computer Hardware
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+53.7%53.5%1.07−70.5%+759%0.28—
LITELumentum Holdings Inc. · Communications Equipment
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+57.3%64.5%1.03−66.9%+863%0.23—
BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF · Treasury Bonds
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+3.7%0.3%14.05−0.2%+19.9%0.380.14%
SHYiShares 1-3 Year Treasury Bond ETF · Treasury Bonds
Similar return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+1.8%2.0%0.89−5.7%+9.3%0.150.15%
INODInnodata Inc. · Information Technology Services
Higher return, similar volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+39.4%108%0.80−74.4%+426%0.19—
What these numbers mean for CVNA
Annual return
CVNA returned 0.8% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $10,400. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
CVNA's volatility over the past 5 years was 112%, 6.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CVNA's return lands within 112% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
CVNA's Sharpe ratio over the past 5 years was 0.55, against 0.79 for the S&P 500, so CVNA earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
CVNA's worst fall from a peak to a low over the past 10 years was 99.0%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 99.0% fall takes a 9,801% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, CVNA's monthly returns had a correlation of 0.46 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against CVNA instead: the lower it is, the more that option would diversify a CVNA holding. Guide: Correlation and diversification →
Show all 2,302 stocks and funds worth at least $500 million that earned more than CVNA with less volatility

Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline5Y returnCorr. with CVNAExpense
1
CLSCelestica Inc. · Electronics Manufacturing
Whole market+101%59.7%1.47−80.6%+3,143%0.42—
2
MUMicron Technology, Inc. · Semiconductors
Whole market+68.1%57.1%1.20−57.6%+1,244%0.16—
3
STXSeagate Technology Holdings plc · Computer Hardware
Whole market+57.4%48.7%1.18−57.0%+866%0.29—
4
WDCWestern Digital Corporation · Computer Hardware
Whole market+53.7%53.5%1.07−70.5%+759%0.28—
5
LITELumentum Holdings Inc. · Communications Equipment
Whole market+57.3%64.5%1.03−66.9%+863%0.23—
6
BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF · Treasury Bonds
Whole market+3.7%0.3%14.05−0.2%+19.9%0.380.14%
7
PLTRPalantir Technologies Inc. · Enterprise Software
Whole market+51.4%67.0%0.95−84.6%+695%0.49—
8
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+122%0.25—
9
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+51.8%37.5%1.31−71.7%+705%0.19—
10
HWMHowmet Aerospace Inc. · Aerospace & Defense
Whole market+47.3%32.5%1.36−68.9%+594%0.20—
11
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+479%-0.01—
12
AAPLApple Inc. · Computer Hardware
Whole market+18.5%28.0%0.75−38.5%+133%0.30—
13
FIXComfort Systems USA, Inc. · Engineering & Construction
Whole market+77.0%46.7%1.46−49.7%+1,636%0.23—
14
GOOGAlphabet Inc. · Internet Services
Whole market+19.0%32.0%0.71−44.6%+138%0.38—
15
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+187%0.13—
16
AVGOBroadcom Inc. · Semiconductors
Whole market+48.3%44.5%1.11−48.3%+617%0.30—
17
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Whole market+31.5%38.5%0.91−56.6%+293%0.38—
18
LLYEli Lilly and Company · Pharmaceuticals
Whole market+40.7%32.8%1.21−34.5%+451%-0.03—
19
BEBloom Energy Corporation · Electrical Equipment
Whole market+60.5%89.6%0.96−92.5%+965%0.13—
20
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Whole market+11.5%17.5%0.71−35.0%+72.6%0.490.03%
21
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.8%16.9%0.80−34.0%+82.3%0.460.03%
22
BRK-BBerkshire Hathaway Inc. · Insurance
Whole market+13.4%17.1%0.82−29.6%+87.8%0.10—
23
CRSCarpenter Technology Corporation · Metals & Mining
Whole market+63.9%46.5%1.30−74.7%+1,082%0.21—
24
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.1%26.5%1.04−61.0%+232%-0.17—
25
VRIGInvesco Variable Rate Investment Grade ETF · Bonds
Whole market+4.7%1.3%3.51−13.1%+25.6%0.450.30%
26
AMDAdvanced Micro Devices, Inc. · Semiconductors
Whole market+35.7%57.6%0.82−65.5%+359%0.22—
27
JPMJPMorgan Chase & Co. · Banks
Whole market+17.3%24.3%0.78−43.6%+122%0.30—
28
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+218%-0.10—
29
HSBCHSBC Holdings plc · Banks
Whole market+33.1%25.9%1.24−62.3%+318%0.19—
30
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+82.1%-0.12—
31
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+225%0.280.48%
32
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+119%0.140.40%
33
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials
Whole market+6.0%2.3%2.55−21.0%+33.9%0.490.60%
34
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+98.2%-0.17—
35
CVXChevron Corporation · Integrated Oil & Gas
Whole market+19.5%25.2%0.84−55.8%+144%-0.08—
36
CATCaterpillar Inc. · Industrial Machinery
Whole market+31.1%31.9%1.01−43.4%+288%0.23—
37
DELLDell Technologies Inc. · Computer Hardware
Whole market+55.2%54.4%1.08−59.6%+800%0.05—
38
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.5%23.0%0.71−35.1%+97.2%0.530.18%
39
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+33.2%29.4%1.13−54.9%+319%0.20—
40
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+159%0.04—
41
LRCXLam Research Corporation · Semiconductor Equipment
Whole market+37.4%49.9%0.89−56.4%+390%0.28—
42
CSCOCisco Systems, Inc. · Communications Equipment
Whole market+16.8%26.1%0.73−42.0%+118%0.21—
43
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+50.3%37.5%1.28−75.3%+667%0.14—
44
ANETArista Networks, Inc. · Communications Equipment
Whole market+49.0%49.0%1.06−52.2%+634%0.18—
45
SHELShell plc · Integrated Oil & Gas
Whole market+21.0%24.8%0.90−67.2%+159%-0.13—
46
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+413%-0.03—
47
MRKMerck & Co., Inc. · Pharmaceuticals
Whole market+16.3%24.8%0.74−43.4%+113%-0.24—
48
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+121%-0.08—
49
INSWInternational Seaways, Inc. · Oil & Gas
Whole market+56.5%40.5%1.31−57.4%+839%-0.12—
50
PANWPalo Alto Networks, Inc. · Cybersecurity
Whole market+31.9%43.4%0.86−48.0%+299%0.24—
51
APHAmphenol Corporation · Electronic Components
Whole market+33.8%32.2%1.07−37.5%+329%0.35—
52
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.1%13.7%0.90−36.8%+76.6%0.250.03%
53
AMATApplied Materials, Inc. · Semiconductor Equipment
Whole market+25.8%47.4%0.72−55.1%+215%0.26—
54
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+217%0.26—
55
RTXRTX Corporation · Aerospace & Defense
Whole market+18.6%24.3%0.83−52.0%+135%-0.13—
56
KLACKLA Corporation · Semiconductor Equipment
Whole market+38.7%46.7%0.94−46.3%+413%0.16—
57
SANBanco Santander, S.A. · Banks
Whole market+31.7%33.9%0.99−73.8%+295%0.19—
58
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+145%-0.11—
59
BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks
Whole market+38.7%33.3%1.16−69.6%+413%0.12—
60
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+180%-0.17—
61
GSThe Goldman Sachs Group, Inc. · Capital Markets
Whole market+19.6%28.6%0.77−48.8%+145%0.28—
62
VLOValero Energy Corporation · Oil & Gas
Whole market+44.2%36.9%1.18−71.9%+524%0.04—
63
MSMorgan Stanley · Capital Markets
Whole market+16.0%28.8%0.66−51.3%+110%0.38—
64
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+109%0.23—
65
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Whole market+35.4%35.4%1.04−55.1%+355%0.38—
66
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.6%30.6%1.10−45.7%+326%0.17—
67
SCCOSouthern Copper Corporation · Metals & Mining
Whole market+32.0%40.7%0.89−55.3%+301%0.18—
68
TTETotalEnergies SE · Integrated Oil & Gas
Whole market+18.0%25.8%0.78−59.6%+129%-0.25—
69
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+126%0.070.40%
70
MRVLMarvell Technology, Inc. · Semiconductors
Whole market+29.5%65.2%0.72−61.9%+264%0.30—
71
IBMInternational Business Machines Corporation · IT Services
Whole market+16.6%30.5%0.66−41.1%+116%0.01—
72
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds
Whole market+4.5%1.8%2.48−13.5%+24.5%0.390.15%
73
BELFBBel Fuse Inc. · Hardware, Equipment & Parts
Whole market+78.0%52.1%1.37−79.8%+1,688%0.19—
74
PSXPhillips 66 · Oil & Gas
Whole market+33.2%32.9%1.04−64.2%+319%-0.05—
75
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.4%26.0%0.78−35.1%+133%0.440.09%
76
UBSUBS Group AG · Banks
Whole market+25.4%30.4%0.90−59.8%+210%0.26—
77
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+33.7%29.4%1.14−47.6%+327%0.10—
78
PHParker-Hannifin Corporation · Industrial Machinery
Whole market+27.4%28.8%0.99−54.7%+235%0.44—
79
ADIAnalog Devices, Inc. · Semiconductors
Whole market+19.5%34.1%0.69−33.6%+144%0.21—
80
ASXASE Technology Holding Co., Ltd. · Semiconductors
Whole market+48.8%43.0%1.15−52.5%+631%0.17—
81
BTIBritish American Tobacco p.l.c. · Tobacco
Whole market+18.7%22.0%0.90−56.1%+136%-0.13—
82
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+162%-0.05—
83
COPConocoPhillips · Exploration & Production
Whole market+18.2%32.6%0.68−70.7%+131%0.02—
84
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+107%-0.07—
85
PWRQuanta Services, Inc. · Engineering & Construction
Whole market+39.3%37.2%1.08−45.5%+425%0.37—
86
VRTXVertex Pharmaceuticals Incorporated · Biotechnology
Whole market+22.6%29.1%0.85−41.6%+177%0.07—
87
MOAltria Group, Inc. · Tobacco
Whole market+17.8%21.4%0.88−53.7%+126%0.03—
88
SUSuncor Energy Inc. · Integrated Oil & Gas
Whole market+33.1%32.5%1.05−73.5%+318%-0.02—
89
ETNEaton Corporation plc · Electrical Equipment
Whole market+20.4%32.1%0.74−44.5%+153%0.35—
90
TPCTutor Perini Corporation · Engineering & Construction
Whole market+42.5%56.0%0.91−91.0%+488%0.39—
91
BNYBank of New York Mellon Corp · Banks
Whole market+22.7%24.4%0.97−50.5%+179%0.32—
92
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Whole market+24.6%24.0%1.04−68.1%+200%0.14—
93
GLWCorning Inc · Electronic Components
Whole market+31.4%42.1%0.86−51.5%+292%0.14—
94
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.2%21.6%0.93−47.3%+141%0.41—
95
VIGVanguard Dividend Appreciation ETF · US Dividend Equity
Whole market+10.4%14.1%0.78−31.7%+64.0%0.310.04%
96
ITUBItaú Unibanco Holding S.A. · Banks
Whole market+26.3%33.8%0.86−62.1%+221%0.16—
97
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+174%-0.04—
98
TTTrane Technologies plc · Building Products
Whole market+22.7%27.7%0.88−40.5%+178%0.32—
99
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
Whole market+5.1%1.7%2.98−2.6%+28.0%0.480.20%
100
MARMarriott International, Inc. · Hotels & Resorts
Whole market+22.0%28.6%0.84−61.3%+170%0.44—

CVNA against its popular alternatives

The investments people most often weigh against CVNA, compared period by period and year by year.

How do CVNA's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at CVNA, which divides the map into what did better or worse on each measure.

Green points earned more than CVNA with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

0.0%20.0%40.0%60.0%80.0%100%120%−40.0%−30.0%−20.0%−10.0%0.0%10.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCVNA: 0.9% a year, volatility 112%SPY (S&P 500): 12.7% a year, volatility 17.1%PAG: 18.3% a year, volatility 31.9%GM: 6.9% a year, volatility 36.7%RUSHA: 18.2% a year, volatility 30.7%SAH: 6.8% a year, volatility 42.9%AN: 6.7% a year, volatility 36.0%GPI: 5.7% a year, volatility 38.1%OPEN: −38.6% a year, volatility 114%KMX: −17.2% a year, volatility 44.9%LAD: −1.9% a year, volatility 39.5%CARS: −3.4% a year, volatility 44.8%ALLY: −4.3% a year, volatility 38.2%CARG: −1.3% a year, volatility 50.3%CPRT: −5.7% a year, volatility 27.5%ABG: −4.4% a year, volatility 40.0%CVNASPY (S&P 500)PAGGMRUSHASAHANOPENKMXLADCARSALLYCARGCPRTABG0.0%20.0%40.0%60.0%80.0%100%120%−40.0%−30.0%−20.0%−10.0%0.0%10.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCVNA: 0.9% a year, volatility 112%SPY (S&P 500): 12.7% a year, volatility 17.1%PAG: 18.3% a year, volatility 31.9%GM: 6.9% a year, volatility 36.7%RUSHA: 18.2% a year, volatility 30.7%SAH: 6.8% a year, volatility 42.9%AN: 6.7% a year, volatility 36.0%GPI: 5.7% a year, volatility 38.1%OPEN: −38.6% a year, volatility 114%KMX: −17.2% a year, volatility 44.9%LAD: −1.9% a year, volatility 39.5%CARS: −3.4% a year, volatility 44.8%ALLY: −4.3% a year, volatility 38.2%CARG: −1.3% a year, volatility 50.3%CPRT: −5.7% a year, volatility 27.5%ABG: −4.4% a year, volatility 40.0%CVNASPY (S&P 500)PAGGMRUSHAANOPENKMXLADCARSCARGCPRT
All figures
InvestmentAnnual returnVolatility
PAG Penske Automotive Group, Inc.+18.3%31.9%
RUSHA Rush Enterprises, Inc.+18.2%30.7%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
GM General Motors Company+6.9%36.7%
SAH Sonic Automotive, Inc.+6.8%42.9%
AN AutoNation, Inc.+6.7%36.0%
GPI Group 1 Automotive, Inc.+5.7%38.1%
CVNA This pageCarvana Co.+0.9%112%
CARG CarGurus, Inc.−1.3%50.3%
LAD Lithia Motors, Inc.−1.9%39.5%
CARS Cars.com Inc.−3.4%44.8%
ALLY Ally Financial Inc.−4.3%38.2%
ABG Asbury Automotive Group, Inc.−4.4%40.0%
CPRT Copart, Inc.−5.7%27.5%
KMX CarMax, Inc.−17.2%44.9%
OPEN Opendoor Technologies Inc.−38.6%114%
Open these 16 in EasyCompare

Has CVNA consistently beaten its popular alternatives?

This section compares CVNA with the investments people most often weigh against it, checking each one over seven periods from one month to five years. Counting how often an alternative earned more than CVNA helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than CVNA over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 2 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
CVNA Carvana Co. (this page)—−10.2%−6.0%−25.0%−24.7%−10.7%+871%+4.3%112%0.55−99.0%—$66B—
PAG Auto - DealershipsPenske Automotive Group, Inc.5/5 short1/2 long0.0%+9.3%+32.4%+37.5%+29.4%+57.0%+131%31.9%0.69−60.0%—$14B—
GM Auto - ManufacturersGeneral Motors Company5/5 short1/2 long−8.2%+1.9%−3.9%−4.2%+34.0%+168%+39.5%36.7%0.36−59.9%—$68B—
RUSHA Auto - DealershipsRush Enterprises, Inc.4/5 short1/2 long−4.6%−7.9%−7.9%+28.2%+36.3%+83.6%+131%30.7%0.70−47.9%—$5.4B—
SAH Auto - DealershipsSonic Automotive, Inc.3/5 short1/2 long−2.9%−33.2%−9.9%+5.6%−13.6%+50.3%+38.7%42.9%0.37−70.8%—$2.0B—
AN Auto - DealershipsAutoNation, Inc.3/5 short1/2 long−4.1%−18.2%−22.7%−21.6%−25.3%+21.1%+38.4%36.0%0.36−63.6%—$5.4B—
GPI Auto - DealershipsGroup 1 Automotive, Inc.1/5 short1/2 long−3.0%−20.3%−30.5%−37.7%−45.1%+1.6%+32.2%38.1%0.34−70.3%—$2.9B—
KMX Auto - DealershipsCarMax, Inc.5/5 short0/2 long−7.0%−3.7%+32.4%+37.0%+25.1%−14.4%−61.2%44.9%-0.19−80.1%—$7.6B—
LAD Auto - DealershipsLithia Motors, Inc.4/5 short0/2 long−5.1%−7.6%+4.3%−9.2%−2.3%+18.5%−9.2%39.5%0.15−61.2%—$6.6B—
CARS Internet Content & InformationCars.com Inc.4/5 short0/2 long−7.9%−11.9%−4.5%−12.5%−0.3%−34.3%−15.8%44.8%0.15−88.9%—$589M—
ALLY Financial - Credit ServicesAlly Financial Inc.4/5 short0/2 long−4.8%−16.0%−16.9%−15.3%−3.5%+73.9%−19.6%38.2%0.08−66.2%—$12B—
CARG Internet Content & InformationCarGurus, Inc.3/5 short0/2 long−4.6%−10.0%−14.7%−15.9%−11.5%+77.5%−6.2%50.3%0.22−78.7%—$2.8B—
CPRT Specialty Business ServicesCopart, Inc.3/5 short0/2 long−3.7%+1.2%−17.6%−26.3%−37.8%−36.3%−25.5%27.5%-0.08−58.9%—$26B—
ABG Auto - DealershipsAsbury Automotive Group, Inc.2/5 short0/2 long−6.7%−18.1%−19.1%−26.7%−30.0%−15.9%−20.0%40.0%0.09−65.7%—$3.1B—
OPEN Real Estate - ServicesOpendoor Technologies Inc.0/5 short0/2 long−23.1%−53.7%−61.5%−66.1%−72.0%−5.5%−91.2%114%0.10−98.6%—$2.0B—
Open these 15 in EasyCompare

How did CVNA do year by year?

This table shows each investment's total return in every full calendar year since 2018, along with where CVNA ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with CVNA and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: CVNA began trading on April 28, 2017, so the table starts with 2018, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or three other sell-offs.

Newest year first. Green marks a year in which the fund came out ahead of CVNA; gray means the two finished within a fraction of a point. The rank row places CVNA among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of CVNA20252024202320222021202020192018
CVNA This pageCarvana Co.—+108%+284%+1,017%−98.0%−3.2%+160%+182%+71.2%
Rank among alternativesTop quarter in 6 of 82 of 151 of 151 of 1515 of 1514 of 151 of 141 of 141 of 14
SPY S&P 500State Street SPDR S&P 500 ETF2 of 8+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%
PAG Penske Automotive Group, Inc.2 of 8+7.1%−2.5%+42.3%+9.2%+84.4%+20.1%+28.9%−13.2%
GM General Motors Company2 of 8+54.2%+49.8%+8.0%−42.4%+40.8%+15.2%+14.0%−15.0%
RUSHA Rush Enterprises, Inc.2 of 8−0.2%+10.5%+46.8%−4.5%+36.5%+35.4%+36.6%−31.8%
SAH Sonic Automotive, Inc.2 of 8−0.3%+15.2%+16.7%+2.0%+29.4%+26.1%+129%−24.5%
AN AutoNation, Inc.2 of 8+21.6%+13.1%+40.0%−8.2%+67.4%+43.5%+36.2%−30.4%
GPI Group 1 Automotive, Inc.2 of 8−6.3%+39.1%+70.2%−6.9%+50.0%+31.9%+92.4%−24.6%
KMX CarMax, Inc.2 of 8−52.7%+6.5%+26.0%−53.2%+37.9%+7.8%+39.8%−2.2%
LAD Lithia Motors, Inc.2 of 8−6.3%+9.3%+62.0%−30.6%+1.8%+101%+94.5%−32.0%
CARS Cars.com Inc.2 of 8−29.6%−8.6%+37.8%−14.4%+42.4%−7.5%−43.2%−25.4%
ALLY Ally Financial Inc.2 of 8+29.9%+6.4%+49.2%−46.9%+36.0%+20.6%+37.9%−20.7%
CARG CarGurus, Inc.2 of 8+5.0%+51.2%+72.5%−58.4%+6.0%−9.8%+4.3%+12.5%
CPRT Copart, Inc.2 of 8−31.8%+17.1%+60.9%−19.7%+19.1%+39.9%+90.3%+10.7%
ABG Asbury Automotive Group, Inc.2 of 8−4.3%+8.0%+25.5%+3.8%+18.5%+30.4%+67.7%+4.2%
OPEN Opendoor Technologies Inc.2 of 5+264%−64.3%+286%−92.1%−35.7%———
Open these 16 in EasyCompare

Risk and diversification

How CVNA has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were CVNA's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents CVNA's five deepest drawdowns since it began trading in 2017, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: CVNA began trading on April 28, 2017, so this list cannot include the dot-com bust, the 2008 financial crisis or three other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means CVNA fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringCVNA fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2022 bear market−99.0%−11.9%Aug 2021Dec 202216 monthsJul 20252.6 years
Covid crash−73.3%−31.0%Feb 2020Mar 20201 monthJun 20203 months
Late-2018 sell-off−57.8%−15.9%Sep 2018Dec 20183 monthsApr 20194 months
No named crash−46.6%+6.1%Jun 2017Oct 20174 monthsApr 20186 months
No named crash−41.2%−5.6%Jan 2026Mar 20262 monthsNot yet—

How did CVNA do in stock market crashes?

This section measures how far CVNA, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: CVNA began trading on April 28, 2017, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or three other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than CVNA.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
CVNA This pageCarvana Co.—−17.5%−91.8%−73.3%−51.2%−4.6%Not yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF4 of 5−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
PAG Penske Automotive Group, Inc.4 of 5−5.8%−22.2%−59.6%−22.4%−6.1%−43.9%−36.9%−1.5%−77.5%−63.3%
GM General Motors Company5 of 5−10.1%−53.0%−51.8%−14.9%−3.9%−25.5%−34.4%———
RUSHA Rush Enterprises, Inc.4 of 5−5.8%−27.2%−36.9%−23.6%−11.5%−46.0%−36.6%−5.9%−70.1%—
SAH Sonic Automotive, Inc.4 of 5−8.8%−36.5%−66.3%−36.2%−6.0%−36.7%−35.3%−2.5%−96.0%−63.6%
AN AutoNation, Inc.4 of 5−7.7%−23.9%−53.6%−25.1%−7.9%−36.4%−22.9%−1.5%−77.0%−49.0%
GPI Group 1 Automotive, Inc.4 of 5−8.0%−28.3%−70.1%−30.1%−6.3%−45.0%−31.3%−6.6%−83.4%−60.0%
KMX CarMax, Inc.4 of 5−13.2%−49.9%−56.6%−27.4%−6.4%−33.7%−29.4%−2.0%−73.1%−59.2%
LAD Lithia Motors, Inc.4 of 5−10.0%−41.1%−51.5%−23.6%−4.6%−41.5%−37.0%−5.3%−91.5%−48.1%
CARS Cars.com Inc.4 of 5−4.9%−47.7%−69.1%−27.1%−4.1%—————
ALLY Ally Financial Inc.3 of 5−21.7%−46.0%−60.2%−24.3%−5.8%−32.3%————
CARG CarGurus, Inc.4 of 5−1.9%−71.1%−42.9%−44.9%−5.3%—————
CPRT Copart, Inc.4 of 5−4.6%−29.6%−43.7%−14.8%−6.2%−16.7%−19.2%−1.4%−51.8%−61.7%
ABG Asbury Automotive Group, Inc.4 of 5−11.6%−26.8%−55.3%−18.3%−4.2%−48.4%−28.3%−4.0%−89.8%—
OPEN Opendoor Technologies Inc.1 of 2−23.7%−80.8%————————
Open these 16 in EasyCompare

How closely does CVNA move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares CVNA with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 5 years.

Monthly total returns over the past 5 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than CVNA's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
CVNA This pageCarvana Co.246%401%0.613.52
PAG Penske Automotive Group, Inc.103%85%1.210.92
RUSHA Rush Enterprises, Inc.117%99%1.190.92
SAH Sonic Automotive, Inc.56%71%0.780.92
GPI Group 1 Automotive, Inc.68%88%0.770.92
GM General Motors Company130%178%0.731.40
AN AutoNation, Inc.83%118%0.710.81
LAD Lithia Motors, Inc.114%206%0.551.27
CARG CarGurus, Inc.71%129%0.551.21
ALLY Ally Financial Inc.84%167%0.511.12
CARS Cars.com Inc.91%186%0.491.64
ABG Asbury Automotive Group, Inc.70%142%0.490.78
CPRT Copart, Inc.75%163%0.461.06
OPEN Opendoor Technologies Inc.270%658%0.413.76
KMX CarMax, Inc.69%223%0.311.23
Open these 15 in EasyCompare

What diversifies CVNA?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with CVNA's. Because such investments tend not to fall at the same time, pairing CVNA with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which CVNA lost money. The last two columns show a portfolio that is 80% CVNA and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe2022202180/20 mix volatility80/20 mix annual return
CVNA Carvana Co. (this page)1.00+4.3%0.55−98.0%−3.2%121%+0.7%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.14+119%1.48+3.8%+17.8%97.3%+14.0%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.28+225%1.34+6.0%+18.0%97.7%+15.6%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.19+101%1.04+10.4%+23.1%97.6%+13.4%
HDV Dividend & IncomeiShares Core High Dividend ETF0.09+83.3%1.00+7.1%+19.6%97.3%+13.0%
SMH TechnologyVanEck Semiconductor ETF0.41+323%0.97−33.5%+42.1%100%+16.2%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.30+85.0%0.96−5.1%+19.6%97.7%+13.0%
GLD CommoditiesSPDR Gold Shares0.07+126%0.96−0.8%−4.2%97.3%+14.3%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.28+136%0.93−10.4%+22.7%98.2%+14.1%

Stocks

InvestmentCorrelation5Y returnSharpe2022202180/20 mix volatility80/20 mix annual return
CVNA Carvana Co. (this page)1.00+4.3%0.55−98.0%−3.2%121%+0.7%
CAH Medical - DistributionCardinal Health, Inc.-0.01+479%1.55+54.1%−0.4%97.1%+18.6%
CLS Hardware, Equipment & PartsCelestica Inc.0.42+3,143%1.47+1.3%+37.9%102%+27.1%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.23+1,636%1.46+17.0%+89.0%99.4%+25.5%
MCK Medical - DistributionMcKesson Corporation-0.03+413%1.44+51.8%+44.2%97.0%+18.1%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.01+690%1.41+86.6%+61.0%97.2%+20.9%
Open these 14 in EasyCompare

Common questions

What was CVNA's worst drawdown?

CVNA's deepest decline since it began trading in 2017 was 99.0%, from August 2021 to December 2022. It took about three years from the low to climb back to its old high. Because CVNA launched in April 2017, that record does not include the dot-com bust, the 2008 financial crisis or three other sell-offs.

What were CVNA's best and worst years?

Over eight full calendar years, CVNA's best year was 2023, when it returned 1,017%. Its worst was 2022, with a return of -98.0%.

Is there a better investment than CVNA?

Among CVNA's popular alternatives, PAG, RUSHA and GM earned more than CVNA with less volatility over the past 5 years. PAG returned 18.3% a year at 31.9% volatility, against 0.8% a year at 112%. Looking beyond its popular alternatives, WMT (discount retail) and COST (discount retail) earned more than CVNA with less volatility over the past 5 years. WMT returned 20.8% a year at 22.6% volatility, against 0.8% a year at 112%.

Is CVNA more volatile than the S&P 500?

Yes. CVNA's volatility over the past 5 years was 112%, 6.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CVNA's return lands within 112% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is CVNA's Sharpe ratio?

CVNA's Sharpe ratio over the past 5 years was 0.55, against 0.79 for the S&P 500, so CVNA earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is CVNA with the S&P 500?

Over the past 5 years, CVNA's monthly returns had a correlation of 0.46 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against CVNA instead: the lower it is, the more that option would diversify a CVNA holding.

What are the best alternatives to CVNA?

None of the 14 popular alternatives we compared outperformed CVNA in at least 3 of 5 short-term and 2 of 2 long-term timeframes, which says more about CVNA's strength than about its alternatives.

Did CVNA outperform the S&P 500?

CVNA finished ahead of the S&P 500 (SPY) in six of eight full calendar years. In 2025, it returned +108%, against +17.7% for the index.

How did CVNA do in stock market crashes?

CVNA fell less than the S&P 500 (SPY) in one of the five major crashes it has traded through, and further in four. The clearest case was the 2022 bear market, when CVNA fell 91.8% and the S&P 500 fell 24.5%.

What diversifies CVNA?

These had a low correlation with CVNA over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.14), DXJ (correlation 0.28) and EMLP (correlation 0.19); among large stocks, CAH (correlation -0.01), CLS (correlation 0.42) and FIX (correlation 0.23). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to CVNA

Other stocks and ETFs