CAKE vs FWRG: Correlation
The Cheesecake Factory Incorporated (CAKE) and First Watch Restaurant Group, Inc. (FWRG) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAKE and FWRG?
Across a 3-year window, the weekly returns of CAKE and FWRG correlate at 0.44, moderate. The past 12 months show a tighter link (0.55) than the 3-year average (0.44). Stretching to 5 years gives 0.44, with an annualized covariance of 758.0 %².
By 3-year correlation, FWRG places #15 of the 23 assets tracked against CAKE. Correlation aside, the last 12 months split them widely, with CAKE ahead by 115.4 points (+81.1% versus -34.3%).
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.
CAKE vs FWRG: side by side
| CAKE (The Cheesecake Factory Incorporated) | FWRG (First Watch Restaurant Group, Inc.) | |
|---|---|---|
| 1-year return | +81.1% | -34.3% |
| 5-year return | +170.4% | -44.1% |
| Volatility (ann.) | 34.8% | 49.3% |
| Beta vs S&P 500 | 0.93 | 1.01 |
| Max drawdown (3Y) | -36.4% | -60.4% |
| Market cap | $5.5B | $0.8B |
| P/E (trailing) | 31.2 | 45.9 |
| Dividend yield | 0.99% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAKE | FWRG |
|---|---|---|
| 2022 | -17.0% | -19.3% |
| 2023 | +14.0% | +48.6% |
| 2024 | +39.3% | -7.4% |
| 2025 | +8.6% | -19.0% |
| 2026 | +120.8% | -17.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAKE and FWRG good diversifiers for each other?
Reasonably. At 0.44, CAKE and FWRG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CAKE and FWRG?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.55 over the last year and 0.44 over 5 years.
Is FWRG a good diversifier for CAKE?
Reasonably. At 0.44, CAKE and FWRG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cake-vs-fwrg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cake-vs-fwrg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CAKE correlations · FWRG correlations
