CMG vs SPY: Correlation
How closely do Chipotle Mexican Grill (CMG) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMG and SPY?
Over the past 3 years, CMG and SPY moved with a correlation of 0.36, which is moderate. The relationship has been stable: the 1-year correlation (0.26) sits close to the 3-year figure. Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 185.8 %².
By 3-year correlation, SPY places #20 of the 36 assets tracked against CMG. Correlation aside, the last 12 months split them widely, with SPY ahead by 33.3 points (-12.7% versus +20.6%). Stability stands out here, with the rolling one-year correlation confined to 0.31 through 0.52. One caveat on sizing: CMG is 2.5 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 SPY: side by side
| CMG (Chipotle Mexican Grill) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -12.7% | +20.6% |
| 5-year return | -2.9% | +82.4% |
| Volatility (ann.) | 35.7% | 14.5% |
| Beta vs S&P 500 | 0.89 | 1.00 |
| Max drawdown (3Y) | -58.9% | -18.8% |
| Market cap | $47.1B | – |
| P/E (trailing) | 34.5 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Discretionary | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | CMG | SPY |
|---|---|---|
| 2022 | -20.6% | -18.2% |
| 2023 | +64.8% | +26.2% |
| 2024 | +31.8% | +24.9% |
| 2025 | -38.6% | +17.7% |
| 2026 | +0.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds CMG at a 0.07% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are CMG and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CMG and SPY?
Using weekly returns as of 2026-08-27: 0.36 over 3 years, with 0.26 over the last year and 0.47 over 5 years.
Is SPY a good diversifier for CMG?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 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.
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Related comparisons
Hubs: CMG correlations · SPY correlations
