CMG vs ITRI: Correlation
How closely do Chipotle Mexican Grill (CMG) and Itron, Inc. (ITRI) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMG and ITRI?
Over the past 3 years, CMG and ITRI moved with a correlation of 0.52, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.67 versus 0.52 over 3 years. Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 724.7 %².
ITRI is one of the assets that tracks CMG most closely: it ranks #1 out of the 36 assets we track against CMG. On 12-month performance CMG holds a 7.2-point edge, -12.7% against -19.9%.
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.
CMG vs ITRI: side by side
| CMG (Chipotle Mexican Grill) | ITRI (Itron, Inc.) | |
|---|---|---|
| 1-year return | -12.7% | -19.9% |
| 5-year return | -2.9% | +17.0% |
| Volatility (ann.) | 35.7% | 38.9% |
| Beta vs S&P 500 | 0.89 | 1.14 |
| Max drawdown (3Y) | -58.9% | -43.6% |
| Market cap | $47.1B | $4.3B |
| P/E (trailing) | 34.5 | 16.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | CMG | ITRI |
|---|---|---|
| 2022 | -20.6% | -26.1% |
| 2023 | +64.8% | +49.1% |
| 2024 | +31.8% | +43.8% |
| 2025 | -38.6% | -14.5% |
| 2026 | +0.6% | +6.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMG and ITRI good diversifiers for each other?
Only partially. A correlation of 0.52 means CMG and ITRI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CMG and ITRI?
Using weekly returns as of 2026-08-27: 0.52 over 3 years, with 0.67 over the last year and 0.48 over 5 years.
Is ITRI a good diversifier for CMG?
Only partially. A correlation of 0.52 means CMG and ITRI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 mean?
On the −1 to +1 scale, 0.52 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/cmg-vs-itri.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cmg-vs-itri/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CMG correlations · ITRI correlations
