CMG vs MEGL: Correlation
Measured on weekly returns over the past three years, Chipotle Mexican Grill (CMG) and Magic Empire Global Limited - Class A (MEGL) carry a correlation of -0.19, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMG and MEGL?
Across a 3-year window, the weekly returns of CMG and MEGL correlate at -0.19, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.01) than the 3-year average (-0.19). Stretching to 5 years gives 0.02, with an annualized covariance of -1137.4 %².
Among the 36 assets we track against CMG, MEGL ranks #27 by 3-year correlation. Twelve-month performance is nearly a tie, at -12.7% for CMG and -16.7% for MEGL. Risk is not evenly split, since MEGL carries 4.8 times the volatility of the other side.
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 MEGL: side by side
| CMG (Chipotle Mexican Grill) | MEGL (Magic Empire Global Limited - Class A) | |
|---|---|---|
| 1-year return | -12.7% | -16.7% |
| 5-year return | -2.9% | n/a |
| Volatility (ann.) | 35.7% | 170.2% |
| Beta vs S&P 500 | 0.89 | -0.70 |
| Max drawdown (3Y) | -58.9% | -68.7% |
| Market cap | $47.1B | – |
| P/E (trailing) | 34.5 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | CMG | MEGL |
|---|---|---|
| 2022 | -20.6% | – |
| 2023 | +64.8% | -7.3% |
| 2024 | +31.8% | -54.4% |
| 2025 | -38.6% | +117.6% |
| 2026 | +0.6% | -0.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMG and MEGL good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between CMG and MEGL?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with 0.01 over the last year and 0.02 over 5 years.
Is MEGL a good diversifier for CMG?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 mean?
A reading of -0.19 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cmg-vs-megl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cmg-vs-megl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CMG correlations · MEGL correlations
