CMG vs WING: Correlation
Measured on weekly returns over the past three years, Chipotle Mexican Grill (CMG) and Wingstop Inc. (WING) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMG and WING?
On 3 years of weekly data the CMG/WING correlation comes out at 0.45, moderate. Little has changed lately, as the 1-year reading of 0.51 lands near the 3-year figure. The 5-year figure is 0.48, and annualized covariance runs at 893.9 %².
Among the 36 assets we track against CMG, WING ranks #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CMG ahead by 54.6 points (-12.7% versus -67.3%). Risk is not evenly split, since WING carries 1.5 times the volatility of the other side.
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 WING: side by side
| CMG (Chipotle Mexican Grill) | WING (Wingstop Inc.) | |
|---|---|---|
| 1-year return | -12.7% | -67.3% |
| 5-year return | -2.9% | -31.4% |
| Volatility (ann.) | 35.7% | 55.1% |
| Beta vs S&P 500 | 0.89 | 1.29 |
| Max drawdown (3Y) | -58.9% | -74.0% |
| Market cap | $47.1B | $3.0B |
| P/E (trailing) | 34.5 | 26.5 |
| Dividend yield | 0.00% | 1.07% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | CMG | WING |
|---|---|---|
| 2022 | -20.6% | -17.1% |
| 2023 | +64.8% | +87.3% |
| 2024 | +31.8% | +11.1% |
| 2025 | -38.6% | -15.7% |
| 2026 | +0.6% | -53.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMG and WING good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CMG and WING?
The CMG/WING correlation stands at 0.45 on a 3-year window (1 year: 0.51, 5 years: 0.48), computed from weekly returns as of 2026-08-27.
Is WING a good diversifier for CMG?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cmg-vs-wing.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cmg-vs-wing/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CMG correlations · WING correlations
