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

> Source: EasyCompare research, https://easycompare.io/research/cvna
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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.

## Key findings

- **Right now:** Over the past 6 months, CVNA fell 25.0% while the S&P 500 rose 9.1%. The slide is CVNA's own: it is 37.0% below its high, against 1.3% for the S&P 500.
- **Stock or market?:** CVNA fell 6.0% over the past 3 months, 4.8 points behind the specialty retail ETF XRT (State Street SPDR S&P Retail ETF), which fell 1.2%. The S&P 500 rose 3.9%. Its specialty retail peers did not move as one over the past 3 months: PAG (Penske Automotive Group) rose 9.3%, while AN (AutoNation) fell 18.2%.
- **Past 1 to 3 years:** CVNA has gone against the market, falling 10.7% over the past year while the S&P 500 rose 15.8%. Even so, the past 3 years (ahead of 99% of the stocks worth at least $300 million) have been far stronger than the record over 5 years (behind 58% of them).
- **Long term:** CVNA turned $10,000 into $10,400 over the past 5 years, against $18,200 in the S&P 500.
- **In a crash:** The 2022 bear market took 91.8% off CVNA, against 24.5% for the S&P 500, and more than specialty retail peers such as PAG (Penske Automotive Group, 22.2%). CVNA fell further than the S&P 500 in four of the last four sell-offs, including the 2022 bear market (91.8% against 24.5%).
- **Diversification:** Against the S&P 500, CVNA has a correlation of 0.46 over 5 years, more closely than 63% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge. Over 5 years, CVNA's beta versus the S&P 500 was 3.52: in the S&P 500's rising months it gained 2.5 times as much as the index, and in falling months it lost 4.0 times as much.
- **Better options**
  - **Nearby categories and themes:** WMT (Walmart, discount retail) and COST (Costco Wholesale, 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%.
  - **Whole market:** 2,302 of the 3,633 stocks and funds worth at least $500 million earned more than CVNA with less volatility over the past 5 years, among them NVDA (NVIDIA), AAPL (Apple) and GOOG (Alphabet).

## 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.

- $10,000 invested in CVNA at the end of September 2017 would have grown to $212,727 by September 2026, more than the $34,839 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of CVNA, and FIX finished highest, at $487,926.

## 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.

- CVNA is still 37.0% below its all-time high.
- 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.
- Over eight full calendar years, CVNA's best was 2023, when it returned 1,017%, and its worst was 2022, when it lost 98.0%. It lost money in two of those years.

- Type: Stock, Consumer Discretionary (Auto - Dealerships)
- Trading since: April 28, 2017
- Market value: $66B
- Volatility (5 years): 112%; Sharpe ratio: 0.55
- Worst decline ever: −99.0%, from August 10, 2021 to December 27, 2022; back at its high by July 31, 2025

| Period | CVNA total return |
| --- | --- |
| 1 month | −10.2% |
| 3 months | −6.0% |
| 6 months | −25.0% |
| year to date | −24.7% |
| 1 year | −10.7% |
| 3 years | +871% |
| 5 years | +4.3% |

## 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.

- CVNA's 3-year return ranks in the top 1% of the 3,017 stocks worth at least $300 million with 3 years of history.
- CVNA is among the more volatile stocks: its price swings rank in the bottom 2% of the 2,893 stocks worth at least $300 million, where the top is the calmest.

| Measure | CVNA | Rank |
| --- | --- | --- |
| 1-year return | −10.7% | 2,365 of 3,287 (top 72%) |
| 3-year return | +871% | 36 of 3,017 (top 2%) |
| 5-year return | +4.3% | 1,670 of 2,893 (top 58%) |
| Volatility, 5 years | 112% | 2,824 of 2,893 (top 98%) |
| Sharpe ratio, 5 years | 0.55 | 810 of 2,893 (top 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).

- 1,485 stocks and 817 ETFs worth at least $500 million sit in the green region: each earned more than CVNA over the past 5 years with smaller price swings. That is 63% of the 3,633 screened.
- Among those with at least half CVNA's swings, CLS has the best return for its risk: 101% a year at 59.7% volatility, 47% less than CVNA's 112%, and a Sharpe ratio (return above cash per unit of volatility) of 1.47 against 0.55 for CVNA.
- Among CVNA's popular alternatives, RUSHA, PAG and SAH are in the region. RUSHA earned 18.2% a year against 0.8% a year for CVNA, at 30.7% volatility, 73% less than CVNA's 112%.

### Is there a better investment than CVNA?

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.

- 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%.
- Across the whole market, 2,302 of the 3,633 stocks and funds worth at least $500 million earned more than CVNA with less volatility over the past 5 years, among them NVDA, AAPL and GOOG.

The 15 strongest of 2,302 investments that beat CVNA over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 5Y return | Correlation with CVNA | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CVNA: Carvana Co. (this page) |  | +0.8% | 112% | 0.55 | −99.0% | +4.3% |  |  |
| [CLS](https://easycompare.io/research/cls): Celestica Inc. | Electronics Manufacturing | +101% | 59.7% | 1.47 | −80.6% | +3,143% | 0.42 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [MU](https://easycompare.io/research/mu): Micron Technology, Inc. | Semiconductors | +68.1% | 57.1% | 1.20 | −57.6% | +1,244% | 0.16 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [STX](https://easycompare.io/research/stx): Seagate Technology Holdings plc | Computer Hardware | +57.4% | 48.7% | 1.18 | −57.0% | +866% | 0.29 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [WDC](https://easycompare.io/research/wdc): Western Digital Corporation | Computer Hardware | +53.7% | 53.5% | 1.07 | −70.5% | +759% | 0.28 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [LITE](https://easycompare.io/research/lite): Lumentum Holdings Inc. | Communications Equipment | +57.3% | 64.5% | 1.03 | −66.9% | +863% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [BIL](https://easycompare.io/research/bil): State Street SPDR Bloomberg 1-3 Month T-Bill ETF | Treasury Bonds | +3.7% | 0.3% | 14.05 | −0.2% | +19.9% | 0.38 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [PLTR](https://easycompare.io/research/pltr): Palantir Technologies Inc. | Enterprise Software | +51.4% | 67.0% | 0.95 | −84.6% | +695% | 0.49 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [RY](https://easycompare.io/research/ry): Royal Bank of Canada | Banks | +17.3% | 18.2% | 0.97 | −40.0% | +122% | 0.25 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [PBR-A](https://easycompare.io/research/pbr-a): Petróleo Brasileiro S.A. - Petrobras | Integrated Oil & Gas | +51.8% | 37.5% | 1.31 | −71.7% | +705% | 0.19 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [HWM](https://easycompare.io/research/hwm): Howmet Aerospace Inc. | Aerospace & Defense | +47.3% | 32.5% | 1.36 | −68.9% | +594% | 0.20 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [CAH](https://easycompare.io/research/cah): Cardinal Health, Inc. | Health Care Distribution | +42.1% | 24.7% | 1.55 | −46.1% | +479% | -0.01 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [AAPL](https://easycompare.io/research/aapl): Apple Inc. | Computer Hardware | +18.5% | 28.0% | 0.75 | −38.5% | +133% | 0.30 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [FIX](https://easycompare.io/research/fix): Comfort Systems USA, Inc. | Engineering & Construction | +77.0% | 46.7% | 1.46 | −49.7% | +1,636% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [GOOG](https://easycompare.io/research/goog): Alphabet Inc. | Internet Services | +19.0% | 32.0% | 0.71 | −44.6% | +138% | 0.38 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [MPLX](https://easycompare.io/research/mplx): MPLX Lp | Oil & Gas Midstream | +23.5% | 18.8% | 1.22 | −75.2% | +187% | 0.13 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |

## 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.

- Six of the 14 popular alternatives, led by PAG, RUSHA and GM, were both more rewarding and calmer than CVNA over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, CVNA returned 0.9% a year, less than the S&P 500's 12.7%, with higher volatility (112.2% against 17.1%).

### 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.

- None of the 14 popular alternatives outperformed CVNA in at least 3 of 5 short-term and 2 of 2 long-term timeframes. The closest was PAG.
- RUSHA and PAG earned more for the risk they took than CVNA (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | Periods ahead of CVNA | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- |
| CVNA: Carvana Co. (this page) | −10.7% | +871% | +4.3% |  |  | 0.55 |
| PAG: Penske Automotive Group, Inc. | +29.4% | +57.0% | +131% | 5/5 short-term, 1/2 long-term |  | 0.69 |
| [GM](https://easycompare.io/research/gm): General Motors Company | +34.0% | +168% | +39.5% | 5/5 short-term, 1/2 long-term |  | 0.36 |
| RUSHA: Rush Enterprises, Inc. | +36.3% | +83.6% | +131% | 4/5 short-term, 1/2 long-term |  | 0.70 |
| SAH: Sonic Automotive, Inc. | −13.6% | +50.3% | +38.7% | 3/5 short-term, 1/2 long-term |  | 0.37 |
| AN: AutoNation, Inc. | −25.3% | +21.1% | +38.4% | 3/5 short-term, 1/2 long-term |  | 0.36 |
| GPI: Group 1 Automotive, Inc. | −45.1% | +1.6% | +32.2% | 1/5 short-term, 1/2 long-term |  | 0.34 |
| KMX: CarMax, Inc. | +25.1% | −14.4% | −61.2% | 5/5 short-term, 0/2 long-term |  | -0.19 |
| LAD: Lithia Motors, Inc. | −2.3% | +18.5% | −9.2% | 4/5 short-term, 0/2 long-term |  | 0.15 |
| CARS: Cars.com Inc. | −0.3% | −34.3% | −15.8% | 4/5 short-term, 0/2 long-term |  | 0.15 |
| ALLY: Ally Financial Inc. | −3.5% | +73.9% | −19.6% | 4/5 short-term, 0/2 long-term |  | 0.08 |
| CARG: CarGurus, Inc. | −11.5% | +77.5% | −6.2% | 3/5 short-term, 0/2 long-term |  | 0.22 |
| CPRT: Copart, Inc. | −37.8% | −36.3% | −25.5% | 3/5 short-term, 0/2 long-term |  | -0.08 |
| ABG: Asbury Automotive Group, Inc. | −30.0% | −15.9% | −20.0% | 2/5 short-term, 0/2 long-term |  | 0.09 |
| OPEN: Opendoor Technologies Inc. | −72.0% | −5.5% | −91.2% | 0/5 short-term, 0/2 long-term |  | 0.10 |

### 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.

- CVNA finished ahead of the S&P 500 in six of its eight full calendar years, and ahead of it in each of the last three.
- Ranked against its popular alternatives each year, CVNA finished in the top quarter in six of eight years and in the bottom quarter in two. In 2025, it ranked 2 of 15.
- None of the 14 popular alternatives came out ahead of CVNA in most of the years they have in common.

| Year | CVNA | SPY |
| --- | --- | --- |
| 2025 | +108% | +17.7% |
| 2024 | +284% | +24.9% |
| 2023 | +1,017% | +26.2% |
| 2022 | −98.0% | −18.2% |
| 2021 | −3.2% | +28.7% |
| 2020 | +160% | +18.3% |
| 2019 | +182% | +31.2% |
| 2018 | +71.2% | −4.6% |

## 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.

- In all five of CVNA's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: CVNA fell 46.6% from June to October 2017, while the S&P 500 rose 6.1%.
- The slowest recovery came after CVNA fell 99.0% from August 2021 to December 2022; it did not regain that peak until July 2025, three years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −99.0% | August 10, 2021 | December 27, 2022 | July 31, 2025 | −11.9% | 2022 bear market |
| −73.3% | February 21, 2020 | March 20, 2020 | June 5, 2020 | −31.0% | Covid crash |
| −57.8% | September 11, 2018 | December 21, 2018 | April 30, 2019 | −15.9% | late-2018 sell-off |
| −46.6% | June 26, 2017 | October 30, 2017 | April 9, 2018 | +6.1% |  |
| −41.2% | January 22, 2026 | March 20, 2026 | not yet | −5.6% |  |

### 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.

- CVNA fell further than the S&P 500 in four of the five crashes it has traded through. The clearest case was the 2022 bear market, when CVNA fell 91.8% and the S&P 500 fell 24.5%.
- Among its popular alternatives, GM held up best, falling less than CVNA in all five crashes they both traded through.
- CVNA began trading after the 2008 financial crisis, but nine of its popular alternatives lived through it. The mildest fall among them was CPRT's 51.8%, against 55.2% for the S&P 500.

| Crash | Dates | CVNA fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | not trading | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | not trading | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | not trading | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | not trading | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −4.6% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −51.2% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −73.3% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −91.8% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −17.5% | −3.4% |

### 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.

- Over the past 5 years, CVNA captured 246% of the S&P 500's gains in rising months and 401% of its losses in falling months, with a beta of 3.52. It amplified the market's moves in both directions.
- Six of the 14 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than CVNA's 0.61, led by PAG, RUSHA and SAH.

Measured over the past 5 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| CVNA: Carvana Co. (this page) | 246% | 401% | 3.52 |
| PAG: Penske Automotive Group, Inc. | 103% | 85.0% | 0.92 |
| [GM](https://easycompare.io/research/gm): General Motors Company | 130% | 178% | 1.40 |
| RUSHA: Rush Enterprises, Inc. | 117% | 99.0% | 0.92 |
| SAH: Sonic Automotive, Inc. | 56.0% | 71.0% | 0.92 |
| AN: AutoNation, Inc. | 83.0% | 118% | 0.81 |
| GPI: Group 1 Automotive, Inc. | 68.0% | 88.0% | 0.92 |
| KMX: CarMax, Inc. | 69.0% | 223% | 1.23 |
| LAD: Lithia Motors, Inc. | 114% | 206% | 1.27 |
| CARS: Cars.com Inc. | 91.0% | 186% | 1.64 |
| ALLY: Ally Financial Inc. | 84.0% | 167% | 1.12 |
| CARG: CarGurus, Inc. | 71.0% | 129% | 1.21 |
| CPRT: Copart, Inc. | 75.0% | 163% | 1.06 |
| ABG: Asbury Automotive Group, Inc. | 70.0% | 142% | 0.78 |
| OPEN: Opendoor Technologies Inc. | 270% | 658% | 3.76 |

### 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).

- Moving a fifth of the money in CVNA into MCK would have cut the portfolio's volatility by 20% over the past 5 years and raised its annual return (+0.7% for CVNA alone, +18.1% for the mix).
- MCK made money in two of the two calendar years in which CVNA lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of CVNA over the past 5 years, with correlations of 0.28 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with CVNA | 5Y return | Volatility | Sharpe | Rose in CVNA's 2 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.14 | +119% | 11.1% | 1.48 | 2 of 2 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.28 | +225% | 19.1% | 1.34 | 2 of 2 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.19 | +101% | 14.5% | 1.04 | 2 of 2 |
| HDV: iShares Core High Dividend ETF | 0.09 | +83.3% | 13.0% | 1.00 | 2 of 2 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.41 | +323% | 36.9% | 0.97 | 1 of 2 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.30 | +85.0% | 13.8% | 0.96 | 1 of 2 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.07 | +126% | 18.9% | 0.96 | 0 of 2 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.28 | +136% | 20.8% | 0.93 | 1 of 2 |

## 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.

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- [Meta Platforms (META) Performance, Alternatives and Market Rank](https://easycompare.io/research/meta)
- [Vanguard S&P 500 ETF (VOO) Performance, Alternatives and Market Rank](https://easycompare.io/research/voo)

## Explore further

- Full page with charts: https://easycompare.io/research/cvna
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against CVNA live: https://betterthanspy.com/?b=CVNA&utm_source=easycompare&utm_medium=research