CAVA vs CMG: Correlation
Measured on weekly returns over the past three years, CAVA Group, Inc. (CAVA) and Chipotle Mexican Grill (CMG) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAVA and CMG?
Across a 3-year window, the weekly returns of CAVA and CMG correlate at 0.43, moderate. The relationship has been stable: the 1-year correlation (0.51) sits close to the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of 920.5 %².
Among the 13 assets we track against CAVA, CMG ranks #7 by 3-year correlation. On 12-month performance CAVA holds a 11.5-point edge, -1.2% against -12.7%. One caveat on sizing: CAVA is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CAVA vs CMG: side by side
| CAVA (CAVA Group, Inc.) | CMG (Chipotle Mexican Grill) | |
|---|---|---|
| 1-year return | -1.2% | -12.7% |
| 5-year return | n/a | -2.9% |
| Volatility (ann.) | 59.9% | 35.7% |
| Beta vs S&P 500 | 1.78 | 0.89 |
| Max drawdown (3Y) | -71.1% | -58.9% |
| Market cap | $7.8B | $47.1B |
| P/E (trailing) | 119.6 | 34.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Consumer Discretionary |
Year-by-year returns
| Year | CAVA | CMG |
|---|---|---|
| 2022 | – | -20.6% |
| 2023 | – | +64.8% |
| 2024 | +162.4% | +31.8% |
| 2025 | -48.0% | -38.6% |
| 2026 | +14.1% | +0.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAVA and CMG good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CAVA and CMG?
As of 2026-08-27, the correlation of weekly returns between CAVA and CMG is 0.43 over 3 years, 0.51 over 1 year and n/a over 5 years.
Is CMG a good diversifier for CAVA?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: CAVA correlations · CMG correlations
