CMG vs MA: Correlation
Measured on weekly returns over the past three years, Chipotle Mexican Grill (CMG) and Mastercard (MA) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMG and MA?
Over the past 3 years, CMG and MA moved with a correlation of 0.47, which is moderate. The link has tightened recently: the 1-year correlation (0.60) runs above the 3-year figure (0.47). Over 5 years the correlation is 0.49, and the annualized covariance of weekly returns is 320.5 %².
By 3-year correlation, MA places #5 of the 36 assets tracked against CMG. On 12-month performance MA holds a 13.5-point edge, -12.7% against +0.8%. The link looks structural: the rolling one-year correlation barely moved, holding between 0.34 and 0.59. Note the risk asymmetry: CMG runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 MA: side by side
| CMG (Chipotle Mexican Grill) | MA (Mastercard) | |
|---|---|---|
| 1-year return | -12.7% | +0.8% |
| 5-year return | -2.9% | +72.6% |
| Volatility (ann.) | 35.7% | 19.3% |
| Beta vs S&P 500 | 0.89 | 0.77 |
| Max drawdown (3Y) | -58.9% | -20.9% |
| Market cap | $47.1B | $518.4B |
| P/E (trailing) | 34.5 | 32.9 |
| Dividend yield | 0.00% | 0.56% |
| Sector / category | Consumer Discretionary | Financials |
Year-by-year returns
| Year | CMG | MA |
|---|---|---|
| 2022 | -20.6% | -2.7% |
| 2023 | +64.8% | +23.4% |
| 2024 | +31.8% | +24.2% |
| 2025 | -38.6% | +9.0% |
| 2026 | +0.6% | +4.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMG and MA good diversifiers for each other?
Reasonably. At 0.47, CMG and MA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CMG and MA?
As of 2026-08-27, the correlation of weekly returns between CMG and MA is 0.47 over 3 years, 0.60 over 1 year and 0.49 over 5 years.
Is MA a good diversifier for CMG?
Reasonably. At 0.47, CMG and MA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 mean?
A reading of 0.47 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CMG correlations · MA correlations
