KMX vs. CVNA

Last updated Apr 2, 2026

Compare and contrast key facts about CarMax, Inc. (KMX) and Carvana Co. (CVNA).

Performance

KMX vs. CVNA - Performance Comparison

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

KMX vs. CVNA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KMX CarMax, Inc.	4.32%	-52.74%	6.54%	26.03%	-53.24%	37.87%	7.74%	39.76%	-2.18%	9.62%
CVNA Carvana Co.	-26.05%	107.52%	284.13%	1,016.88%	-97.96%	-3.24%	160.23%	181.41%	71.08%	72.25%

Fundamentals

Market Cap KMX : $6.02B CVNA : $70.38B
EPS KMX : $3.03 CVNA : $8.20
PE Ratio KMX : 13.30 CVNA : 38.08
PEG Ratio KMX : 15.48 CVNA : 0.17
PS Ratio KMX : 0.23 CVNA : 2.64
PB Ratio KMX : 0.99 CVNA : 20.45
Total Revenue (TTM) KMX : $25.94B CVNA : $20.32B
Gross Profit (TTM) KMX : $2.87B CVNA : $4.19B
EBITDA (TTM) KMX : $1.39B CVNA : $1.98B

Returns By Period

In the year-to-date period, KMX achieves a 4.32% return, which is significantly higher than CVNA's -26.05% return.

KMX

• 1D: -3.05%
• 1M: -3.59%
• YTD: 4.32%
• 6M: -12.45%
• 1Y: -48.90%
• 3Y*: -14.41%
• 5Y*: -20.04%
• 10Y*: -2.47%

CVNA

• 1D: -0.73%
• 1M: -3.41%
• YTD: -26.05%
• 6M: -21.07%
• 1Y: 46.80%
• 3Y*: 217.08%
• 5Y*: 3.30%
• 10Y*: —

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

Return for Risk

KMX vs. CVNA — Risk / Return Rank

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

KMX

KMX Risk / Return Rank: 10
KMX Sharpe Ratio Rank: 6
KMX Sortino Ratio Rank: 9
KMX Omega Ratio Rank: 7
KMX Calmar Ratio Rank: 13
KMX Martin Ratio Rank: 17

CVNA

CVNA Risk / Return Rank: 65
CVNA Sharpe Ratio Rank: 64
CVNA Sortino Ratio Rank: 63
CVNA Omega Ratio Rank: 63
CVNA Calmar Ratio Rank: 66
CVNA Martin Ratio Rank: 68

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.

KMX vs. CVNA - Risk-Adjusted Trends Comparison

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

	KMX	CVNA	Difference
Sharpe ratio Return per unit of total volatility	-0.92	0.68	-1.60
Sortino ratio Return per unit of downside risk	-1.16	1.33	-2.49
Omega ratio Gain probability vs. loss probability	0.82	1.18	-0.36
Calmar ratio Return relative to maximum drawdown	-0.77	1.20	-1.97
Martin ratio Return relative to average drawdown	-1.23	3.19	-4.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KMX vs. CVNA - Sharpe Ratio Comparison

The current KMX Sharpe Ratio is -0.92, which is lower than the CVNA Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of KMX and CVNA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	KMX	CVNA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.92	0.68	-1.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.46	0.03	-0.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.06	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.46	-0.36

Correlation

The correlation between KMX and CVNA is 0.40, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

KMX vs. CVNA - Dividend Comparison

Neither KMX nor CVNA has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

KMX vs. CVNA - Drawdown Comparison

The maximum KMX drawdown since its inception was -93.19%, smaller than the maximum CVNA drawdown of -98.99%. Use the drawdown chart below to compare losses from any high point for KMX and CVNA.

Drawdown Indicators

	KMX	CVNA	Difference
Max Drawdown Largest peak-to-trough decline	-93.19%	-98.99%	+5.80%
Max Drawdown (1Y) Largest decline over 1 year	-62.69%	-41.21%	-21.48%
Max Drawdown (5Y) Largest decline over 5 years	-80.06%	-98.99%	+18.93%
Max Drawdown (10Y) Largest decline over 10 years	-80.06%	—	—
Current Drawdown Current decline from peak	-73.97%	-34.77%	-39.20%
Average Drawdown Average peak-to-trough decline	-31.47%	-38.38%	+6.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.16%	15.47%	+23.69%

Volatility

KMX vs. CVNA - Volatility Comparison

The current volatility for CarMax, Inc. (KMX) is 9.61%, while Carvana Co. (CVNA) has a volatility of 18.49%. This indicates that KMX experiences smaller price fluctuations and is considered to be less risky than CVNA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KMX	CVNA	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.61%	18.49%	-8.88%
Volatility (6M) Calculated over the trailing 6-month period	40.80%	47.88%	-7.08%
Volatility (1Y) Calculated over the trailing 1-year period	53.24%	69.27%	-16.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.34%	111.13%	-67.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.09%	99.95%	-59.86%

Financials

KMX vs. CVNA - Profitability Comparison

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

KMX - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, CarMax, Inc. reported a gross profit of 590.05M and revenue of 5.79B. Therefore, the gross margin over that period was 10.2%.

CVNA - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Carvana Co. reported a gross profit of 1.13B and revenue of 5.60B. Therefore, the gross margin over that period was 20.2%.

KMX - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, CarMax, Inc. reported an operating income of 8.68M and revenue of 5.79B, resulting in an operating margin of 0.2%.

CVNA - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Carvana Co. reported an operating income of 424.00M and revenue of 5.60B, resulting in an operating margin of 7.6%.

KMX - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, CarMax, Inc. reported a net income of 62.22M and revenue of 5.79B, resulting in a net margin of 1.1%.

CVNA - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Carvana Co. reported a net income of 857.00M and revenue of 5.60B, resulting in a net margin of 15.3%.