CMG vs MNST: Correlation
Chipotle Mexican Grill (CMG) and Monster Beverage (MNST) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMG and MNST?
Across a 3-year window, the weekly returns of CMG and MNST correlate at -0.22, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.32 lands near the 3-year figure. Stretching to 5 years gives -0.12, with an annualized covariance of -547.1 %².
Among the 36 assets we track against CMG, MNST ranks #30 by 3-year correlation. Over the last 12 months CMG came out ahead by 11.6 percentage points (-12.7% against -24.3%). The relationship is regime-dependent: the rolling one-year correlation swung between -0.34 and 0.39 over the past three years, so this pair behaves very differently depending on the market environment. One caveat on sizing: MNST is 1.9 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.
CMG vs MNST: side by side
| CMG (Chipotle Mexican Grill) | MNST (Monster Beverage) | |
|---|---|---|
| 1-year return | -12.7% | -24.3% |
| 5-year return | -2.9% | -4.5% |
| Volatility (ann.) | 35.7% | 68.6% |
| Beta vs S&P 500 | 0.89 | 0.80 |
| Max drawdown (3Y) | -58.9% | -54.5% |
| Market cap | $47.1B | $91.5B |
| P/E (trailing) | 34.5 | 43.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Consumer Discretionary | Consumer Staples |
Year-by-year returns
| Year | CMG | MNST |
|---|---|---|
| 2022 | -20.6% | +5.7% |
| 2023 | +64.8% | +13.5% |
| 2024 | +31.8% | -8.8% |
| 2025 | -38.6% | +45.9% |
| 2026 | +0.6% | -39.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMG and MNST good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between CMG and MNST?
As of 2026-08-27, the correlation of weekly returns between CMG and MNST is -0.22 over 3 years, -0.32 over 1 year and -0.12 over 5 years.
Is MNST a good diversifier for CMG?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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-mnst.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cmg-vs-mnst/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CMG correlations · MNST correlations
