CMG vs SG: Correlation
Chipotle Mexican Grill (CMG) and Sweetgreen, Inc. (SG) show a moderate relationship: their 3-year correlation of weekly returns is 0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMG and SG?
Over the past 3 years, CMG and SG moved with a correlation of 0.48, which is moderate. The link has tightened recently: the 1-year correlation (0.63) runs above the 3-year figure (0.48). Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 1368.0 %².
Among the 36 assets we track against CMG, SG ranks #4 by 3-year correlation. Over the last 12 months CMG came out ahead by 12.2 percentage points (-12.7% against -24.9%). One caveat on sizing: SG is 2.2 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 SG: side by side
| CMG (Chipotle Mexican Grill) | SG (Sweetgreen, Inc.) | |
|---|---|---|
| 1-year return | -12.7% | -24.9% |
| 5-year return | -2.9% | -86.3% |
| Volatility (ann.) | 35.7% | 79.8% |
| Beta vs S&P 500 | 0.89 | 1.83 |
| Max drawdown (3Y) | -58.9% | -89.3% |
| Market cap | $47.1B | $0.8B |
| P/E (trailing) | 34.5 | 75.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | CMG | SG |
|---|---|---|
| 2022 | -20.6% | -73.2% |
| 2023 | +64.8% | +31.9% |
| 2024 | +31.8% | +183.7% |
| 2025 | -38.6% | -78.9% |
| 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 SG good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CMG and SG?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.63 over the last year and 0.46 over 5 years.
Is SG a good diversifier for CMG?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: CMG correlations · SG correlations
