CVNA vs. MSTR

Last updated Jun 13, 2026

CVNA (Carvana Co.) and MSTR (Strategy Inc) are both stocks. CVNA operates in Internet Retail (Consumer Cyclical), while MSTR operates in Software - Application (Technology). Over the past 5 years, CVNA returned 3.14%/yr vs 19.14%/yr for MSTR. At a 0.36 correlation, their price movements are largely independent.

Performance

CVNA vs. MSTR - Performance Comparison

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

Returns By Period

In the year-to-date period, CVNA achieves a -24.06% return, which is significantly lower than MSTR's -18.41% return.

CVNA

• 1D: -5.49%
• 1M: -8.30%
• YTD: -24.06%
• 6M: -29.67%
• 1Y: 0.49%
• 3Y*: 138.89%
• 5Y*: 3.14%
• 10Y*: —

MSTR

• 1D: 3.18%
• 1M: -30.37%
• YTD: -18.41%
• 6M: -29.74%
• 1Y: -67.36%
• 3Y*: 63.46%
• 5Y*: 19.14%
• 10Y*: 20.92%

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

CVNA vs. MSTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CVNA Carvana Co.	-24.06%	107.52%	284.13%	1,016.88%	-97.96%	-3.24%	160.23%	181.41%	71.08%	41.63%
MSTR Strategy Inc	-18.41%	-47.53%	358.54%	346.15%	-74.00%	40.13%	172.42%	11.65%	-2.70%	-31.79%

Correlation

The correlation between CVNA and MSTR is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (All Time) Calculated using the full available price history since Apr 28, 2017	0.36

The correlation between CVNA and MSTR shifts across timeframes, from 0.27 (1 year) to 0.40 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap CVNA : $9.49B MSTR : $41.40B
EPS CVNA : $8.69 MSTR : -$40.19
PS Ratio CVNA : 0.47 MSTR : 77.72
PB Ratio CVNA : 2.55 MSTR : 1.13
Total Revenue (TTM) CVNA : $22.52B MSTR : $490.47M
Gross Profit (TTM) CVNA : $4.50B MSTR : $334.08M
EBITDA (TTM) CVNA : -$116.00M MSTR : $466.93M

Return for Risk

CVNA vs. MSTR — Risk / Return Rank

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

CVNA

CVNA Risk / Return Rank: 42
CVNA Sharpe Ratio Rank: 43
CVNA Sortino Ratio Rank: 42
CVNA Omega Ratio Rank: 42
CVNA Calmar Ratio Rank: 43
CVNA Martin Ratio Rank: 42

MSTR

MSTR Risk / Return Rank: 8
MSTR Sharpe Ratio Rank: 6
MSTR Sortino Ratio Rank: 4
MSTR Omega Ratio Rank: 7
MSTR Calmar Ratio Rank: 8
MSTR Martin Ratio Rank: 13

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. MSTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Carvana Co. (CVNA) and Strategy Inc (MSTR). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CVNA	MSTR	Difference
Sharpe ratio: Return per unit of total volatility	0.01	-0.95	+0.96
Sortino ratio: Return per unit of downside risk	0.44	-1.71	+2.15
Omega ratio: Gain probability vs. loss probability	1.05	0.82	+0.23
Calmar ratio: Return relative to maximum drawdown	0.01	-0.88	+0.89
Martin ratio: Return relative to average drawdown	0.03	-1.27	+1.30

CVNA vs. MSTR - Sharpe Ratio Comparison

The current CVNA Sharpe Ratio is 0.01, which is higher than the MSTR Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of CVNA and MSTR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CVNA vs. MSTR - Drawdown Comparison

The maximum CVNA drawdown since its inception was -98.99%, roughly equal to the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for CVNA and MSTR.

Drawdown Indicators

	CVNA	MSTR	Difference
Max Drawdown Largest peak-to-trough decline	-98.99%	-99.86%	+0.87%
Max Drawdown (1Y) Largest decline over 1 year	-41.21%	-76.53%	+35.32%
Max Drawdown (3Y) Largest decline over 3 years	-53.47%	-77.42%	+23.95%
Max Drawdown (5Y) Largest decline over 5 years	-98.99%	-84.11%	-14.88%
Max Drawdown (10Y) Largest decline over 10 years	—	-89.27%	—
Current Drawdown Current decline from peak	-33.01%	-73.84%	+40.83%
Average Drawdown Average peak-to-trough decline	-38.24%	-86.45%	+48.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.79%	53.01%	-34.22%

Volatility

CVNA vs. MSTR - Volatility Comparison

The current volatility for Carvana Co. (CVNA) is 16.26%, while Strategy Inc (MSTR) has a volatility of 21.60%. This indicates that CVNA experiences smaller price fluctuations and is considered to be less risky than MSTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVNA	MSTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.26%	21.60%	-5.34%
Volatility (6M) Calculated over the trailing 6-month period	42.02%	57.34%	-15.32%
Volatility (1Y) Calculated over the trailing 1-year period	60.04%	71.15%	-11.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	111.17%	90.79%	+20.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	99.32%	73.80%	+25.52%

Dividends

CVNA vs. MSTR - Dividend Comparison

Neither CVNA nor MSTR has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both CVNA and MSTR in my portfolio?

CVNA and MSTR have a correlation of 0.27, 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 MSTR?

MSTR has higher volatility (21.60%) compared to CVNA (16.26%). In terms of maximum drawdown, CVNA dropped -98.99% vs MSTR's -99.86%.

Which has better risk-adjusted returns?

CVNA currently has the higher Sharpe Ratio (0.01 vs -0.95), 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.