CMG vs SPSC: Correlation
Chipotle Mexican Grill (CMG) and SPS Commerce, Inc. (SPSC) show a moderate relationship: their 3-year correlation of weekly returns is 0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMG and SPSC?
Across a 3-year window, the weekly returns of CMG and SPSC correlate at 0.49, moderate. Little has changed lately, as the 1-year reading of 0.57 lands near the 3-year figure. Stretching to 5 years gives 0.50, with an annualized covariance of 778.7 %².
In CMG's tracked universe of 36 assets, SPSC sits right near the top at #3. On 12-month performance CMG holds a 12.7-point edge, -12.7% against -25.4%.
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 SPSC: side by side
| CMG (Chipotle Mexican Grill) | SPSC (SPS Commerce, Inc.) | |
|---|---|---|
| 1-year return | -12.7% | -25.4% |
| 5-year return | -2.9% | -38.6% |
| Volatility (ann.) | 35.7% | 44.2% |
| Beta vs S&P 500 | 0.89 | 1.10 |
| Max drawdown (3Y) | -58.9% | -76.8% |
| Market cap | $47.1B | $3.0B |
| P/E (trailing) | 34.5 | 40.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | CMG | SPSC |
|---|---|---|
| 2022 | -20.6% | -9.8% |
| 2023 | +64.8% | +50.9% |
| 2024 | +31.8% | -5.1% |
| 2025 | -38.6% | -51.6% |
| 2026 | +0.6% | -5.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMG and SPSC good diversifiers for each other?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CMG and SPSC?
The CMG/SPSC correlation stands at 0.49 on a 3-year window (1 year: 0.57, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is SPSC a good diversifier for CMG?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.49 mean?
A reading of 0.49 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 · SPSC correlations
