AMZN vs CMG: Correlation
How closely do Amazon (AMZN) and Chipotle Mexican Grill (CMG) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMZN and CMG?
Over the past 3 years, AMZN and CMG moved with a correlation of 0.35, which is moderate. The past 12 months show a weaker link (0.23) than the 3-year average (0.35). Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 391.5 %².
Among the 38 assets we track against AMZN, CMG ranks #25 by 3-year correlation. The last year tells two different stories: AMZN led by 24.5 percentage points, +11.8% for AMZN against -12.7% for CMG. The rolling one-year correlation moved between 0.10 and 0.56 over the past three years, a moderate range.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AMZN vs CMG: side by side
| AMZN (Amazon) | CMG (Chipotle Mexican Grill) | |
|---|---|---|
| 1-year return | +11.8% | -12.7% |
| 5-year return | +49.8% | -2.9% |
| Volatility (ann.) | 31.0% | 35.7% |
| Beta vs S&P 500 | 1.48 | 0.89 |
| Max drawdown (3Y) | -30.9% | -58.9% |
| Market cap | $2,764.1B | $47.1B |
| P/E (trailing) | 20.9 | 34.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Consumer Discretionary | Consumer Discretionary |
Year-by-year returns
| Year | AMZN | CMG |
|---|---|---|
| 2022 | -49.6% | -20.6% |
| 2023 | +80.9% | +64.8% |
| 2024 | +44.4% | +31.8% |
| 2025 | +5.2% | -38.6% |
| 2026 | +11.0% | +0.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMZN and CMG good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AMZN and CMG?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.23 over the last year and 0.46 over 5 years.
Is CMG a good diversifier for AMZN?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.35 mean?
On the −1 to +1 scale, 0.35 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: AMZN correlations · CMG correlations
