CVNA vs. FCEL

Last updated Jun 4, 2026

CVNA (Carvana Co.) and FCEL (FuelCell Energy, Inc.) are both stocks. CVNA operates in Internet Retail (Consumer Cyclical), while FCEL operates in Electrical Equipment & Parts (Industrials). Over the past 5 years, CVNA returned 2.60%/yr vs -40.79%/yr for FCEL. At a 0.29 correlation, their price movements are largely independent.

Performance

CVNA vs. FCEL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Carvana Co. (CVNA) and FuelCell Energy, Inc. (FCEL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVNA achieves a -24.59% return, which is significantly lower than FCEL's 198.36% return.

CVNA

• 1D: -2.97%
• 1M: -15.48%
• YTD: -24.59%
• 6M: -19.43%
• 1Y: -6.43%
• 3Y*: 172.78%
• 5Y*: 2.60%
• 10Y*: —

FCEL

• 1D: -11.49%
• 1M: 67.51%
• YTD: 198.36%
• 6M: 203.76%
• 1Y: 287.39%
• 3Y*: -31.18%
• 5Y*: -40.79%
• 10Y*: -38.80%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CVNA vs. FCEL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CVNA Carvana Co.	-24.59%	107.52%	284.13%	1,016.88%	-97.96%	-3.24%	160.23%	181.41%	71.08%	72.25%
FCEL FuelCell Energy, Inc.	198.36%	-19.14%	-81.17%	-42.45%	-46.54%	-53.45%	345.02%	-62.00%	-67.62%	47.83%

Correlation

The correlation between CVNA and FCEL is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (All Time) Calculated using the full available price history since May 1, 2017	0.29

The correlation between CVNA and FCEL shifts across timeframes, from 0.16 (1 year) to 0.35 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap CVNA : $9.43B FCEL : $1.05B
EPS CVNA : $8.69 FCEL : -$5.05
PS Ratio CVNA : 0.47 FCEL : 4.66
PB Ratio CVNA : 2.53 FCEL : 1.66
Total Revenue (TTM) CVNA : $22.52B FCEL : $169.70M
Gross Profit (TTM) CVNA : $4.50B FCEL : -$27.06M
EBITDA (TTM) CVNA : -$116.00M FCEL : -$146.91M

Return for Risk

CVNA vs. FCEL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CVNA

CVNA Risk / Return Rank: 35
CVNA Sharpe Ratio Rank: 36
CVNA Sortino Ratio Rank: 36
CVNA Omega Ratio Rank: 35
CVNA Calmar Ratio Rank: 35
CVNA Martin Ratio Rank: 35

FCEL

FCEL Risk / Return Rank: 89
FCEL Sharpe Ratio Rank: 91
FCEL Sortino Ratio Rank: 90
FCEL Omega Ratio Rank: 84
FCEL Calmar Ratio Rank: 93
FCEL Martin Ratio Rank: 86

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CVNA vs. FCEL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Carvana Co. (CVNA) and FuelCell Energy, Inc. (FCEL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	CVNA	FCEL	Difference
Sharpe ratio Return per unit of total volatility	-0.11	2.39	-2.50
Sortino ratio Return per unit of downside risk	0.26	3.20	-2.94
Omega ratio Gain probability vs. loss probability	1.03	1.35	-0.32
Calmar ratio Return relative to maximum drawdown	-0.16	6.09	-6.25
Martin ratio Return relative to average drawdown	-0.35	9.67	-10.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CVNA vs. FCEL - Sharpe Ratio Comparison

The current CVNA Sharpe Ratio is -0.11, which is lower than the FCEL Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of CVNA and FCEL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CVNA	FCEL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.11	2.39	-2.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.02	-0.42	+0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.32	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	-0.20	+0.65

Drawdowns

CVNA vs. FCEL - Drawdown Comparison

The maximum CVNA drawdown since its inception was -98.99%, roughly equal to the maximum FCEL drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for CVNA and FCEL.

Drawdown Indicators

	CVNA	FCEL	Difference
Max Drawdown Largest peak-to-trough decline	-98.99%	-100.00%	+1.01%
Max Drawdown (1Y) Largest decline over 1 year	-41.21%	-47.52%	+6.31%
Max Drawdown (3Y) Largest decline over 3 years	-53.47%	-95.54%	+42.07%
Max Drawdown (5Y) Largest decline over 5 years	-98.99%	-98.98%	-0.01%
Max Drawdown (10Y) Largest decline over 10 years	—	-99.88%	—
Current Drawdown Current decline from peak	-33.48%	-99.99%	+66.51%
Average Drawdown Average peak-to-trough decline	-38.11%	-83.84%	+45.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.24%	29.87%	-11.63%

Volatility

CVNA vs. FCEL - Volatility Comparison

The current volatility for Carvana Co. (CVNA) is 15.52%, while FuelCell Energy, Inc. (FCEL) has a volatility of 51.05%. This indicates that CVNA experiences smaller price fluctuations and is considered to be less risky than FCEL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVNA	FCEL	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.52%	51.05%	-35.53%
Volatility (6M) Calculated over the trailing 6-month period	43.03%	88.08%	-45.05%
Volatility (1Y) Calculated over the trailing 1-year period	59.47%	121.73%	-62.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	111.18%	97.26%	+13.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	99.27%	122.67%	-23.40%

Dividends

CVNA vs. FCEL - Dividend Comparison

Neither CVNA nor FCEL has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

CVNA vs. FCEL - Profitability Comparison

The chart below illustrates the profitability comparison between Carvana Co. and FuelCell Energy, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

CVNA - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Carvana Co. reported a gross profit of 1.27B and revenue of 6.43B. Therefore, the gross margin over that period was 19.8%.

FCEL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, FuelCell Energy, Inc. reported a gross profit of -5.86M and revenue of 30.53M. Therefore, the gross margin over that period was -19.2%.

CVNA - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Carvana Co. reported an operating income of 581.00M and revenue of 6.43B, resulting in an operating margin of 9.0%.

FCEL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, FuelCell Energy, Inc. reported an operating income of -26.29M and revenue of 30.53M, resulting in an operating margin of -86.1%.

CVNA - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Carvana Co. reported a net income of 250.00M and revenue of 6.43B, resulting in a net margin of 3.9%.

FCEL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, FuelCell Energy, Inc. reported a net income of -23.66M and revenue of 30.53M, resulting in a net margin of -77.5%.

Frequently Asked Questions

Can I hold both CVNA and FCEL in my portfolio?

CVNA and FCEL have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVNA or FCEL?

FCEL has higher volatility (51.05%) compared to CVNA (15.52%). In terms of maximum drawdown, CVNA dropped -98.99% vs FCEL's -100.00%.

Which has better risk-adjusted returns?

FCEL currently has the higher Sharpe Ratio (2.39 vs -0.11), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.