CMG vs VXZ: Correlation
Measured on weekly returns over the past three years, Chipotle Mexican Grill (CMG) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.33, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMG and VXZ?
Over the past 3 years, CMG and VXZ moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.49) runs below the 3-year figure (-0.33). Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -301.0 %².
VXZ is close to the least connected end of CMG's tracked universe, ranking #36 of 36. Neither side won the trailing year by much: -12.7% against -16.1%.
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 VXZ: side by side
| CMG (Chipotle Mexican Grill) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -12.7% | -16.1% |
| 5-year return | -2.9% | -53.1% |
| Volatility (ann.) | 35.7% | 25.6% |
| Beta vs S&P 500 | 0.89 | -1.31 |
| Max drawdown (3Y) | -58.9% | -36.4% |
| Market cap | $47.1B | – |
| P/E (trailing) | 34.5 | – |
| Dividend yield | 0.00% | – |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | CMG | VXZ |
|---|---|---|
| 2022 | -20.6% | +0.5% |
| 2023 | +64.8% | -44.0% |
| 2024 | +31.8% | -12.7% |
| 2025 | -38.6% | +5.7% |
| 2026 | +0.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMG and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
FAQ
What is the correlation between CMG and VXZ?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with -0.49 over the last year and -0.36 over 5 years.
Is VXZ a good diversifier for CMG?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
What does a correlation of -0.33 mean?
A reading of -0.33 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
$ curl https://www.pairbook.io/api/v1/pairs/cmg-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cmg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CMG correlations · VXZ correlations
