CMG vs QQQ: Correlation
Chipotle Mexican Grill (CMG) and Invesco QQQ Trust (QQQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMG and QQQ?
Over the past 3 years, CMG and QQQ moved with a correlation of 0.32, which is moderate. The past 12 months show a weaker link (0.15) than the 3-year average (0.32). Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 226.5 %².
Among the 36 assets we track against CMG, QQQ ranks #24 by 3-year correlation. The last year tells two different stories: QQQ led by 39.0 percentage points, -12.7% for CMG against +26.3% for QQQ. On a rolling one-year basis the correlation drifted between 0.19 and 0.58, a moderate band. 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 QQQ: side by side
| CMG (Chipotle Mexican Grill) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -12.7% | +26.3% |
| 5-year return | -2.9% | +95.4% |
| Volatility (ann.) | 35.7% | 19.6% |
| Beta vs S&P 500 | 0.89 | 1.28 |
| Max drawdown (3Y) | -58.9% | -22.8% |
| Market cap | $47.1B | – |
| P/E (trailing) | 34.5 | – |
| Dividend yield | 0.00% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | Consumer Discretionary | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | CMG | QQQ |
|---|---|---|
| 2022 | -20.6% | -32.6% |
| 2023 | +64.8% | +54.9% |
| 2024 | +31.8% | +25.6% |
| 2025 | -38.6% | +20.8% |
| 2026 | +0.6% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMG and QQQ good diversifiers for each other?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CMG and QQQ?
Using weekly returns as of 2026-08-27: 0.32 over 3 years, with 0.15 over the last year and 0.46 over 5 years.
Is QQQ a good diversifier for CMG?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.32 mean?
A reading of 0.32 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
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[](https://www.pairbook.io/pair/cmg-vs-qqq/)
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Related comparisons
Hubs: CMG correlations · QQQ correlations
