Shares of online used car retailer (NYSE: CVNA) are up more than 500% this year. That's not a typo. The heavily shorted stock has made an epic comeback after crashing hard in 2021 and 2022.

While the stock has gained ground, the company itself remains in dire straits. The biggest risk remains exactly the same as it was at the start of the year, and those buying the stock following this rally are unlikely to be happy with the end result.

While the stock market is full of speculators and gamblers driving stocks up and down, the bond market is usually a more serious affair. And right now, the bond market is saying that Carvana is a distressed company that's unlikely to survive this decade.

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Source Fool.com