Relative Intelligence · Restaurants
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How Chipotle Mexican Grill (CMG) compares with the whole market and its popular alternatives
The short answer
- Returns
- −1.8% a year over the past 5 years, against +11.7% for the S&P 500. $10,000 grew to $44,500 over 10 years, against $42,000 in SPY. Details ↓
- Risk
- More volatile than the S&P 500: volatility 35.5% against 17.2%; worst decline in 10 years −59.9% against −33.7%. Details ↓
- Better options
- 9 of its 23 popular alternatives earned more with less volatility over the past 5 years, including YUM, USFD and DRI. Details ↓
- Track record
- CMG beat the S&P 500 in 11 of 19 full calendar years, and fell less than it in 1 of 9 major crashes. Details ↓
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on CMG alone. It places CMG (Chipotle Mexican Grill, Inc.) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where CMG stands in the market, and of the alternatives worth a closer look.
Period covered: CMG's full trading record, from January 2006 through October 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of November 2, 2026.
Data as of November 2, 2026. Full tables and charts read best on a larger screen.
This page answers the following questions about CMG
Key findings
Not AI-generatedThese key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.
- Right nowCMG is 52.0% below its high, bear-market territory, while the S&P 500 sits 3.5% below a record. Over the past 3 months, CMG fell 12.1% against 0.5% for the S&P 500 and 2.6% for the Nasdaq 100. At a glance ↓
- Stock or market?The weakness is CMG's own: it fell 12.1% over the past 3 months while the consumer discretionary sector ETF XLY (State Street Consumer Discretionary Select Sector SPDR ETF) rose 0.2%. The S&P 500 fell 0.5%. Its restaurant peers did not move as one over the past 3 months: YUM (Yum! Brands) rose 6.4%, while PZZA (Papa John's International) fell 39.2%.
- Past 1 to 3 yearsThe long record (ahead of 76% of the stocks worth at least $300 million over 10 years) has not carried into the past 3 years (behind 86% of them). CMG has trailed the market, rising 4.4% over the past year against 11.3% for the S&P 500 and 8.3% for the Nasdaq 100. The same gap shows up over 3 years (19.2% against 81.0%). Market rank ↓
- Long termCMG turned $10,000 into $44,500 over the past decade, against $42,000 in the S&P 500. That said, over 5 years CMG trailed the index: 8.6% against 74.1%. Growth of $10,000 ↓
- In a crashAcross six sell-offs, CMG has typically fallen 1.6 times as far as the S&P 500. Crash tests ↓
- DiversificationAgainst the S&P 500, CMG has a correlation of 0.47 over 5 years, more closely than 68% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge. Market capture ↓
- Better options
- Nearby categories and themes
- KO (Coca-Cola, nonalcoholic beverages) and MNST (Monster Beverage, nonalcoholic beverages) earned more than CMG with less volatility over the past 5 years. KO returned 14.6% a year at 16.9% volatility, against a loss of 1.8% a year at 35.5%.
- Whole market
- 1,732 of the 3,627 stocks and funds worth at least $500 million earned more than CMG with less volatility over the past 5 years, among them AAPL (Apple), MSFT (Microsoft) and GOOG (Alphabet).
How much would $10,000 in CMG have grown?
- $10,000 invested in CMG at the end of October 2006 would have grown to $265,745 by October 2026, more than the $79,058 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of CMG, and AAPL finished highest, at $1,418,204.
This chart tracks a hypothetical $10,000 investment in CMG over the past 20 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of CMG over the same span and CMG's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.
Note: CMG began trading on January 26, 2006, so the chart cannot reach back to the dot-com bust. It covers the most recent 20 years of CMG's record, starting at the end of October 2006.
Choose a period
From the end of October 2006 to the end of October 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 64 of the 1,670 stocks and funds worth at least $500 million that traded the whole period ended ahead of CMG; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- AAPL$1M+14,082% total · +28.1% a year
- MA$952,278+9,423% total · +25.6% a year
- LLY$444,084+4,341% total · +20.9% a year
- MNST$355,949+3,459% total · +19.6% a year
- COST$278,725+2,687% total · +18.1% a year
- CMG$265,745+2,557% total · +17.8% a year
- TXRH$165,772+1,558% total · +15.1% a year
- DRI$107,497+975% total · +12.6% a year
- EAT$100,038+900% total · +12.2% a year
- SPY (S&P 500)$79,058+691% total · +10.9% a year
From the end of October 2021 to the end of October 2026. Hover over a fund in the key to pick out its line. 2,741 of the 3,626 stocks and funds worth at least $500 million that traded the whole period ended ahead of CMG; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- EAT$50,567+406% total · +38.3% a year
- CAKE$31,159+212% total · +25.5% a year
- USFD$29,885+199% total · +24.5% a year
- TXRH$22,480+125% total · +17.6% a year
- DRI$18,024+80.2% total · +12.5% a year
- SPY (S&P 500)$17,593+75.9% total · +12.0% a year
- YUM$13,680+36.8% total · +6.5% a year
- SBUX$11,004+10.0% total · +1.9% a year
- WING$9,218−7.8% total · −1.6% a year
- CMG$8,963−10.4% total · −2.2% a year
CMG at a glance
- CMG is still 52.0% below its all-time high.
- CMG's deepest decline since it began trading in 2006 was 74.6%, from December 2007 to November 2008. It took 19 months from the low to climb back to its old high.
- Over 19 full calendar years, CMG's best was 2007, when it returned 158%, and its worst was 2008, when it lost 57.8%. It lost money in seven of those years.
This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.
Note: CMG began trading on January 26, 2006, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust.
The company
- Market value
- $42B
- Industry
- Restaurants
- Price history from
- January 2006
Returns
- Past 1 year
- +4.4%total return
- Past 3 years
- −19.2%−6.8% a year
- Past 5 years
- −8.6%−1.8% a year
- Past 10 years
- +345%+16.1% a year
- Best calendar year
- +158%2007
- Worst calendar year
- −57.8%2008
- Losing years
- 7 of 19full calendar years
Risk
- Volatility
- 35.5%typical yearly swing, 5 years
- Sharpe ratio
- 0.13return per unit of risk, 5 years
- Worst decline ever
- −74.6%Dec 2007 to Nov 2008
- From its all-time high
- −52.0%below the peak
CMG against the whole market
Where CMG ranks among every stock and fund, and what across the market has done better.
How does CMG rank among all stocks?
- CMG's 10-year return ranks in the top 24% of the 2,186 stocks worth at least $300 million with 10 years of history.
- CMG's 3-year return ranks in the bottom 14% of the 2,999 stocks worth at least $300 million with 3 years of history.
This section ranks CMG on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how CMG stacks up against its peers, these rankings show where it stands in the market as a whole.
Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.
| Measure | CMG | Rank | Standing |
|---|---|---|---|
| 1-year return | +4.4% | 1,909 of 3,272 | bottom 43% |
| 3-year return | −19.2% | 2,574 of 2,999 | bottom 15% |
| 5-year return | −8.6% | 1,863 of 2,886 | bottom 36% |
| 10-year return | +345% | 527 of 2,186 | top 24% |
| Volatility, 5 years | 35.5% | 1,158 of 2,886 | top 40% |
| Sharpe ratio, 5 years | 0.13 | 2,066 of 2,886 | bottom 29% |
| Worst decline, past 10 years | −59.9% | 874 of 2,183 | top 40% |
What has beaten CMG on both return and risk?
- 800 stocks and 932 ETFs worth at least $500 million sit in the green region: each earned more than CMG over the past 5 years with smaller price swings. That is 48% of the 3,627 screened.
- Among those with at least half CMG's swings, CAH has the best return for its risk: 41.9% a year at 24.8% volatility, 30% less than CMG's 35.5%, and a Sharpe ratio (return above cash per unit of volatility) of 1.54 against 0.13 for CMG. MPC earned the most, 49.4% a year, while still swinging less than CMG (33.6% against 35.5%).
- Among CMG's popular alternatives, USFD, TXRH and PFGC are in the region. USFD earned 24.2% a year against a loss of 1.8% a year for CMG, at 29.8% volatility, 16% less than CMG's 35.5%.
Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). CMG sits where the dashed lines cross. Anything in the green box above and to the left earned more than CMG with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.
Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to CMG; faint dots are 93 more of the 1,732 in the green region (the strongest, one per fund family). 3,627 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than CMG?
- Among CMG's popular alternatives, YUM, USFD and DRI earned more than CMG with less volatility over the past 5 years. YUM returned 6.8% a year at 21.2% volatility, against a loss of 1.8% a year at 35.5%.
- Looking beyond its popular alternatives, KO (nonalcoholic beverages) and MNST (nonalcoholic beverages) earned more than CMG with less volatility over the past 5 years. KO returned 14.6% a year at 16.9% volatility, against a loss of 1.8% a year at 35.5%.
- Across the whole market, 1,732 of the 3,627 stocks and funds worth at least $500 million earned more than CMG with less volatility over the past 5 years, among them AAPL, MSFT and GOOG.
Investments that beat CMG over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
How this works
The table below lists investments that beat CMG over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks CMG's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than CMG follows the table.
Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than CMG's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× CMG's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than CMG's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with CMG?lower diversifies more | Expenseper year | |||
| CMGChipotle Mexican Grill, Inc. · this page | −1.8% | 35.5% | 0.13 | −59.9% | +345% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +11.7% | 17.2% | 0.73 | −33.7% | +320% | 0.47 | 0.09% | ||
| Popular alternativesbest 6 shownThe investments people most often weigh against CMG. 14 of 23 passed at least one test. | |||||||||
 YUMYum! Brands, Inc. · Restaurants | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +6.8% | 21.3% | 0.42 | −52.2% | +215% | 0.44 | — | |
USFDUS Foods Holding Corp. · Food Distribution | Higher return, lower volatilityHigher return in most periods | +24.2% | 29.8% | 0.88 | −77.3% | +367% | 0.39 | — | |
DRIDarden Restaurants, Inc. · Casual Dining | Higher return, lower volatilityHigher return in most periods | +12.9% | 27.2% | 0.58 | −72.8% | +358% | 0.51 | — | |
TXRHTexas Roadhouse, Inc. · Casual Dining | Higher return, lower volatilityHigher return in most periods | +18.5% | 30.5% | 0.71 | −58.0% | +454% | 0.50 | — | |
 SBUXStarbucks Corporation · Restaurants | Higher return, lower volatilityHigher return in most periods | +1.1% | 31.8% | 0.19 | −43.7% | +145% | 0.47 | — | |
 MCDMcDonald's Corporation · Restaurants | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +3.7% | 18.0% | 0.29 | −36.9% | +198% | 0.28 | — | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in Restaurants and the categories next to it (Casual Dining, Food Distribution, Packaged Foods, Nonalcoholic Beverages), plus CMG's specific themes. 19 of 48 passed at least one test. | |||||||||
 KOThe Coca-Cola Company · Nonalcoholic Beverages | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +14.6% | 16.9% | 0.90 | −37.0% | +211% | 0.22 | — | |
 MNSTMonster Beverage Corporation · Nonalcoholic Beverages | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.5% | 25.0% | 0.77 | −30.4% | +299% | 0.30 | — | |
 MDLZMondelez International, Inc. · Packaged Foods | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +4.4% | 20.4% | 0.31 | −29.8% | +92.0% | 0.30 | — | |
 KDPKeurig Dr Pepper Inc. · Nonalcoholic Beverages | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +3.2% | 22.0% | 0.25 | −36.9% | +305% | 0.17 | — | |
SENEASeneca Foods Corporation · Packaged Foods | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +25.4% | 36.4% | 0.81 | −51.3% | +445% | 0.00 | — | |
SEBSeaboard Corporation · Packaged Foods | Similar return, lower volatility | −1.1% | 28.2% | 0.10 | −48.4% | +15.2% | 0.07 | — | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 2,290 of 3,565 passed at least one test. | |||||||||
 LLYEli Lilly and Company · Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +41.9% | 33.0% | 1.23 | −34.5% | +2,172% | 0.27 | — | |
 WMTWalmart Inc. · Discount Retail | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +22.2% | 22.7% | 1.00 | −25.7% | +552% | 0.33 | — | |
 ABBVAbbVie Inc. · Specialty Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +24.3% | 23.4% | 1.05 | −45.1% | +665% | -0.11 | — | |
 VVisa Inc. · Payment Processing | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +16.1% | 22.7% | 0.78 | −36.4% | +467% | 0.41 | — | |
 VTIVanguard Morningstar Total Stock Market ETF · US Total Market | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +10.7% | 17.5% | 0.67 | −35.0% | +304% | 0.47 | 0.03% | |
 VOOVanguard S&P 500 ETF · US Large-Cap Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +11.8% | 16.9% | 0.75 | −34.0% | +323% | 0.47 | 0.03% | |
 TXNTexas Instruments Incorporated · Semiconductors | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +12.9% | 33.8% | 0.53 | −33.4% | +479% | 0.35 | — | |
 ABTAbbott Laboratories · Medical Devices | Similar return, lower volatilityHigher return in most periods | −1.0% | 23.2% | 0.07 | −39.6% | +243% | 0.41 | — | |
What these numbers mean for CMG
- Annual return
- CMG lost 1.8% a year over the past 5 years with dividends reinvested, against 11.7% a year for the S&P 500. At that pace, $10,000 became about $9,140. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
- Volatility
- CMG's volatility over the past 5 years was 35.5%, about twice the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CMG's return lands within 35.5% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
- Sharpe ratio
- CMG's Sharpe ratio over the past 5 years was 0.13, against 0.73 for the S&P 500, so CMG earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
- Worst decline
- CMG's worst fall from a peak to a low over the past 10 years was 59.9%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 59.9% fall takes a 149% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, CMG's monthly returns had a correlation of 0.47 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against CMG instead: the lower it is, the more that option would diversify a CMG holding. Guide: Correlation and diversification →
Show all 1,732 stocks and funds worth at least $500 million that earned more than CMG with less volatility
Out of 3,627 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with CMG | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | LLYEli Lilly and Company · Pharmaceuticals | Whole market | +41.9% | 33.0% | 1.23 | −34.5% | +2,172% | 0.27 | — |
| 2 | WMTWalmart Inc. · Discount Retail | Whole market | +22.2% | 22.7% | 1.00 | −25.7% | +552% | 0.33 | — |
| 3 | ABBVAbbVie Inc. · Specialty Pharmaceuticals | Whole market | +24.3% | 23.4% | 1.05 | −45.1% | +665% | -0.11 | — |
| 4 | VVisa Inc. · Payment Processing | Whole market | +16.1% | 22.7% | 0.78 | −36.4% | +467% | 0.41 | — |
| 5 |  AMGNAmgen Inc. · Biotechnology | Whole market | +20.5% | 24.9% | 0.88 | −24.9% | +352% | 0.02 | — |
| 6 |  LINLinde plc · Chemicals | Whole market | +11.2% | 20.9% | 0.61 | −32.6% | +433% | 0.36 | — |
| 7 |  TRVThe Travelers Companies, Inc. · Property & Casualty Insurance | Whole market | +22.5% | 22.3% | 1.03 | −46.3% | +367% | 0.23 | — |
| 8 |  RSGRepublic Services, Inc. · Waste Management | Whole market | +14.3% | 18.6% | 0.81 | −34.0% | +464% | 0.47 | — |
| 9 |  MSIMotorola Solutions, Inc. · Communications Equipment | Whole market | +15.5% | 23.6% | 0.73 | −32.8% | +684% | 0.47 | — |
| 10 |  WMWaste Management, Inc. · Waste Management | Whole market | +9.8% | 19.3% | 0.58 | −30.1% | +346% | 0.51 | — |
| 11 |  ETREntergy Corporation · Electric Utilities | Whole market | +20.3% | 22.5% | 0.94 | −42.0% | +348% | 0.03 | — |
| 12 |  FASTFastenal Company · Industrial Distribution | Whole market | +15.6% | 24.6% | 0.71 | −30.7% | +610% | 0.26 | — |
| 13 |  AJGArthur J. Gallagher & Co. · Insurance Brokers | Whole market | +12.5% | 24.4% | 0.61 | −44.4% | +589% | 0.45 | — |
| 14 | CBOECboe Global Markets, Inc. · Capital Markets | Whole market | +22.5% | 25.5% | 0.93 | −43.2% | +533% | 0.15 | — |
| 15 | IRMIron Mountain Incorporated · Specialty REITs | Whole market | +24.4% | 30.3% | 0.88 | −39.0% | +516% | 0.29 | — |
| 16 |  CAHCardinal Health, Inc. · Health Care Distribution | Whole market | +41.9% | 24.8% | 1.54 | −46.1% | +388% | 0.30 | — |
| 17 |  AAPLApple Inc. · Computer Hardware | Whole market | +18.2% | 28.0% | 0.74 | −38.5% | +1,226% | 0.26 | — |
| 18 | WRBW. R. Berkley Corporation · Property & Casualty Insurance | Whole market | +18.6% | 22.9% | 0.86 | −45.3% | +463% | 0.09 | — |
| 19 | RSReliance Steel & Aluminum Co. · Metals & Mining | Whole market | +26.4% | 28.0% | 0.98 | −40.8% | +712% | 0.32 | — |
| 20 |  MSFTMicrosoft Corporation · Software | Whole market | +9.7% | 28.2% | 0.47 | −37.1% | +861% | 0.38 | — |
| 21 | VTIVanguard Morningstar Total Stock Market ETF · US Total Market | Whole market | +10.7% | 17.5% | 0.67 | −35.0% | +304% | 0.47 | 0.03% |
| 22 | VOOVanguard S&P 500 ETF · US Large-Cap Equity | Whole market | +11.8% | 16.9% | 0.75 | −34.0% | +323% | 0.47 | 0.03% |
| 23 | IOOiShares Global 100 ETF · Global Equity | Whole market | +14.6% | 17.2% | 0.88 | −31.4% | +355% | 0.44 | 0.40% |
| 24 |  BRK-ABerkshire Hathaway Inc. · Insurance | Whole market | +13.9% | 17.2% | 0.85 | −30.4% | +288% | 0.33 | — |
| 25 | ORIOld Republic International Corporation · Property & Casualty Insurance | Whole market | +15.8% | 21.9% | 0.78 | −47.8% | +384% | 0.31 | — |
| 26 | THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance | Whole market | +17.0% | 23.0% | 0.80 | −40.1% | +337% | 0.05 | — |
| 27 |  JPMJPMorgan Chase & Co. · Banks | Whole market | +17.7% | 24.3% | 0.80 | −43.6% | +543% | 0.33 | — |
| 28 |  JNJJohnson & Johnson · Pharmaceuticals | Whole market | +13.4% | 18.0% | 0.80 | −27.4% | +209% | -0.06 | — |
| 29 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +204% | 0.28 | 0.40% |
| 30 |  MAMastercard Incorporated · Payment Processing | Whole market | +15.6% | 23.7% | 0.73 | −41.0% | +571% | 0.36 | — |
| 31 | BALTInnovator Defined Wealth Shield ETF · US Equity Buffer | Whole market | +6.2% | 3.4% | 1.82 | −4.9% | — | 0.38 | 0.69% |
| 32 |  COSTCostco Wholesale Corporation · Discount Retail | Whole market | +17.2% | 23.0% | 0.81 | −31.4% | +741% | 0.46 | — |
| 33 |  PMPhilip Morris International Inc. · Tobacco | Whole market | +22.8% | 23.4% | 1.00 | −42.9% | +255% | 0.18 | — |
| 34 | DXJWisdomTree Japan Hedged Equity Fund · Japan Equity | Whole market | +26.2% | 19.1% | 1.32 | −39.1% | +424% | 0.32 | 0.48% |
| 35 |  RYRoyal Bank of Canada · Banks | Whole market | +18.3% | 18.2% | 1.02 | −40.0% | +381% | 0.30 | — |
| 36 |  NVSNovartis AG · Pharmaceuticals | Whole market | +18.5% | 20.7% | 0.93 | −26.8% | +265% | 0.35 | — |
| 37 |  QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth | Whole market | +12.5% | 23.1% | 0.63 | −35.1% | +534% | 0.40 | 0.18% |
| 38 | FCNFTI Consulting, Inc. · Consulting Services | Whole market | +5.5% | 30.9% | 0.33 | −43.5% | +382% | 0.11 | — |
| 39 | MGRCMcGrath RentCorp · Equipment Rental | Whole market | +13.8% | 26.5% | 0.62 | −44.0% | +400% | 0.06 | — |
| 40 |  CSCOCisco Systems, Inc. · Communications Equipment | Whole market | +15.1% | 26.3% | 0.67 | −42.0% | +348% | 0.16 | — |
| 41 |  RTXRTX Corporation · Aerospace & Defense | Whole market | +20.8% | 24.4% | 0.90 | −52.0% | +328% | 0.09 | — |
| 42 |  GILDGilead Sciences, Inc. · Biotechnology | Whole market | +25.3% | 25.0% | 1.03 | −30.5% | +235% | -0.08 | — |
| 43 |  APHAmphenol Corporation · Electronic Components | Whole market | +34.1% | 32.5% | 1.07 | −37.5% | +994% | 0.27 | — |
| 44 |  VTVVanguard Morningstar Value ETF · US Large-Cap Value | Whole market | +12.3% | 13.7% | 0.92 | −36.8% | +245% | 0.40 | 0.03% |
| 45 |  MCKMcKesson Corporation · Health Care Distribution | Whole market | +36.2% | 25.0% | 1.37 | −38.1% | +693% | 0.21 | — |
| 46 |  MRKMerck & Co., Inc. · Pharmaceuticals | Whole market | +14.2% | 24.7% | 0.66 | −43.4% | +259% | 0.21 | — |
| 47 |  TDThe Toronto-Dominion Bank · Banks | Whole market | +16.2% | 20.0% | 0.85 | −42.0% | +317% | 0.15 | — |
| 48 |  MSMorgan Stanley · Capital Markets | Whole market | +15.8% | 28.9% | 0.65 | −51.3% | +648% | 0.30 | — |
| 49 |  IBMInternational Business Machines Corporation · IT Services | Whole market | +20.4% | 30.3% | 0.77 | −41.1% | +161% | 0.01 | — |
| 50 |  VEAVanguard FTSE Developed Markets ETF · Developed International Equity | Whole market | +9.1% | 16.9% | 0.60 | −35.8% | +158% | 0.44 | 0.03% |
| 51 | BFCBank First Corporation · Regional Banks | Whole market | +18.5% | 27.4% | 0.76 | −39.8% | +507% | -0.03 | — |
| 52 |  MFGMizuho Financial Group, Inc. · Banks | Whole market | +33.6% | 30.7% | 1.10 | −45.7% | +333% | 0.11 | — |
| 53 |  PGThe Procter & Gamble Company · Household & Personal Products | Whole market | +5.2% | 18.5% | 0.37 | −23.8% | +147% | 0.27 | — |
| 54 |  MOAltria Group, Inc. · Tobacco | Whole market | +20.8% | 21.4% | 0.99 | −53.7% | +136% | 0.15 | — |
| 55 |  SAPSAP SE · Enterprise Software | Whole market | +11.5% | 30.0% | 0.51 | −52.5% | +216% | 0.42 | — |
| 56 |  VRTXVertex Pharmaceuticals Incorporated · Rare Disease Therapeutics | Whole market | +25.0% | 29.1% | 0.92 | −41.6% | +609% | 0.13 | — |
| 57 |  BHPBHP Group Limited · Metals & Mining | Whole market | +18.1% | 31.4% | 0.69 | −44.3% | +398% | 0.17 | — |
| 58 |  SMFGSumitomo Mitsui Financial Group, Inc. · Banks | Whole market | +34.5% | 29.4% | 1.16 | −47.6% | +464% | 0.16 | — |
| 59 |  PGRThe Progressive Corporation · Property & Casualty Insurance | Whole market | +22.5% | 25.7% | 0.93 | −30.3% | +892% | 0.32 | — |
| 60 |  VGTVanguard Information Technology ETF · Technology Equity | Whole market | +16.5% | 26.2% | 0.72 | −35.1% | +743% | 0.32 | 0.09% |
| 61 |  PHParker-Hannifin Corporation · Industrial Machinery | Whole market | +26.8% | 29.0% | 0.97 | −54.7% | +795% | 0.33 | — |
| 62 |  LMTLockheed Martin Corporation · Aerospace & Defense | Whole market | +17.6% | 24.0% | 0.80 | −36.7% | +237% | 0.05 | — |
| 63 |  CBChubb Limited · Property & Casualty Insurance | Whole market | +15.8% | 20.4% | 0.82 | −42.6% | +254% | 0.20 | — |
| 64 |  CMCanadian Imperial Bank of Commerce · Banks | Whole market | +19.7% | 21.7% | 0.94 | −47.3% | +434% | 0.30 | — |
| 65 |  BNYBank of New York Mellon Corp · Banks | Whole market | +23.1% | 24.4% | 0.98 | −50.5% | +345% | 0.18 | — |
| 66 |  DEDeere & Company · Industrial Machinery | Whole market | +14.9% | 29.7% | 0.62 | −37.9% | +782% | 0.16 | — |
| 67 | EQLALPS Equal Sector Weight ETF · US Large-Cap Equity | Whole market | +13.1% | 14.5% | 0.92 | −34.2% | +396% | 0.49 | 0.19% |
| 68 |  VOVanguard Morningstar Mid-Cap ETF · US Mid-Cap Equity | Whole market | +6.7% | 17.5% | 0.46 | −39.4% | +209% | 0.47 | 0.03% |
| 69 |  VIGVanguard Dividend Appreciation ETF · Dividend Growth | Whole market | +10.5% | 14.1% | 0.78 | −31.7% | +267% | 0.47 | 0.04% |
| 70 |  SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +10.5% | 14.4% | 0.77 | −33.4% | +264% | 0.32 | 0.06% |
| 71 |  VXUSVanguard Total International Stock ETF · International Equity | Whole market | +8.0% | 16.4% | 0.56 | −36.0% | +142% | 0.42 | 0.05% |
| 72 |  VYMVanguard High Dividend Yield ETF · High Dividend Yield | Whole market | +11.6% | 13.8% | 0.87 | −35.2% | +216% | 0.37 | 0.04% |
| 73 |  BMOBank of Montreal · Banks | Whole market | +14.2% | 21.4% | 0.73 | −51.0% | +318% | 0.28 | — |
| 74 | CCBGCapital City Bank Group, Inc. · Regional Banks | Whole market | +16.9% | 27.5% | 0.71 | −45.2% | +344% | 0.03 | — |
| 75 |  TMToyota Motor Corporation · Automobiles | Whole market | +4.7% | 27.0% | 0.31 | −36.8% | +133% | 0.22 | — |
| 76 |  BNSThe Bank of Nova Scotia · Banks | Whole market | +13.3% | 20.0% | 0.73 | −46.9% | +195% | 0.39 | — |
| 77 | FBIZFirst Business Financial Services, Inc. · Regional Banks | Whole market | +23.8% | 29.4% | 0.87 | −50.2% | +431% | 0.03 | — |
| 78 |  GDGeneral Dynamics Corporation · Aerospace & Defense | Whole market | +15.5% | 20.9% | 0.80 | −51.6% | +210% | 0.11 | — |
| 79 |  UNPUnion Pacific Corporation · Railroads | Whole market | +7.4% | 23.0% | 0.43 | −38.7% | +331% | 0.34 | — |
| 80 | RCBCRiver City Bank · Regional Banks | Whole market | +16.2% | 27.3% | 0.69 | −45.5% | +376% | -0.11 | — |
| 81 |  GWWW.W. Grainger, Inc. · Industrial Distribution | Whole market | +25.2% | 24.7% | 1.04 | −41.6% | +685% | 0.35 | — |
| 82 |  CORCencora, Inc. · Health Care Distribution | Whole market | +23.2% | 22.8% | 1.03 | −32.4% | +429% | 0.36 | — |
| 83 |  BLKBlackRock, Inc. · Asset Management | Whole market | +6.8% | 27.1% | 0.38 | −43.9% | +341% | 0.38 | — |
| 84 |  VBVanguard Morningstar Small-Cap ETF · US Small-Cap Equity | Whole market | +6.1% | 20.6% | 0.39 | −42.0% | +195% | 0.42 | 0.03% |
| 85 |  HLTHilton Worldwide Holdings Inc. · Hotels & Resorts | Whole market | +21.2% | 26.8% | 0.85 | −50.8% | +732% | 0.48 | — |
| 86 |  CTASCintas Corporation · Business Services | Whole market | +16.7% | 23.2% | 0.78 | −48.4% | +865% | 0.45 | — |
| 87 |  CMECME Group Inc. · Capital Markets | Whole market | +11.4% | 21.0% | 0.62 | −37.4% | +345% | 0.15 | — |
| 88 |  EP-PCEl Paso Energy Capital Trust I PFD CV TR SECS · Preferred Stocks | Whole market | +5.1% | 8.9% | 0.60 | −25.4% | +36.8% | 0.22 | — |
| 89 |  ENBEnbridge Inc. · Oil & Gas Midstream | Whole market | +10.2% | 18.9% | 0.61 | −44.1% | +120% | 0.34 | — |
| 90 |  VTVanguard Total World Stock ETF · Global Equity | Whole market | +9.7% | 16.2% | 0.66 | −34.2% | +224% | 0.47 | 0.06% |
| 91 |  IEMGiShares Core MSCI Emerging Markets ETF · Emerging Markets Equity | Whole market | +6.6% | 19.5% | 0.43 | −38.7% | +120% | 0.28 | 0.09% |
| 92 | BUFDFT Vest Laddered Deep Buffer ETF · Buffered Equity | Whole market | +7.4% | 7.8% | 0.97 | −10.8% | — | 0.47 | 0.10% |
| 93 |  VZVerizon Communications Inc. · Integrated Telecommunications | Whole market | +3.4% | 23.1% | 0.26 | −41.2% | +65.0% | 0.21 | — |
| 94 |  JCIJohnson Controls International plc · Building Products | Whole market | +16.9% | 29.4% | 0.68 | −46.4% | +339% | 0.30 | — |
| 95 |  HCAHCA Healthcare, Inc. · Health Care Facilities | Whole market | +14.4% | 30.1% | 0.60 | −54.7% | +572% | 0.36 | — |
| 96 |  NEENextEra Energy, Inc. · Electric Utilities | Whole market | +2.6% | 26.9% | 0.23 | −45.0% | +255% | 0.20 | — |
| 97 |  ULUnilever PLC · Household & Personal Products | Whole market | +5.5% | 21.6% | 0.35 | −30.1% | +95.1% | 0.33 | — |
| 98 |  ADPAutomatic Data Processing, Inc. · Business Services | Whole market | +8.2% | 23.1% | 0.46 | −40.8% | +313% | 0.34 | — |
| 99 |  DUKDuke Energy Corporation · Electric Utilities | Whole market | +8.7% | 18.1% | 0.56 | −37.4% | +147% | 0.12 | — |
| 100 |  ALLThe Allstate Corporation · Property & Casualty Insurance | Whole market | +18.9% | 26.2% | 0.80 | −41.4% | +388% | 0.21 | — |
CMG against its popular alternatives
The investments people most often weigh against CMG, compared period by period and year by year.
How do CMG's risk and return compare with its alternatives?
- Nine of the 23 popular alternatives, led by USFD, TXRH and PFGC, were both more rewarding and calmer than CMG over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, CMG returned -1.8% a year, less than the S&P 500's 11.7%, with higher volatility (35.5% against 17.2%).
This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at CMG, which divides the map into what did better or worse on each measure.
Green points earned more than CMG with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| EAT Brinker International, Inc. | +38.4% | 49.2% |
| CAKE The Cheesecake Factory Incorporated | +25.3% | 40.0% |
| USFD US Foods Holding Corp. | +24.2% | 29.8% |
| TXRH Texas Roadhouse, Inc. | +18.4% | 30.5% |
| PFGC Performance Food Group Co | +17.0% | 31.5% |
| BJRI BJ's Restaurants, Inc. | +13.7% | 46.4% |
| DRI Darden Restaurants, Inc. | +12.8% | 27.2% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +11.7% | 17.2% |
| QSR Restaurant Brands International Inc. | +9.2% | 23.0% |
| YUM Yum! Brands, Inc. | +6.8% | 21.3% |
| SYY Sysco Corporation | +3.8% | 23.7% |
| MCD McDonald's Corporation | +3.7% | 18.0% |
| SBUX Starbucks Corporation | +1.1% | 31.8% |
| WING Wingstop Inc. | +0.6% | 53.4% |
| SHAK Shake Shack Inc. | +0.4% | 52.1% |
| DASH DoorDash, Inc. | −0.9% | 54.6% |
| CMG This pageChipotle Mexican Grill, Inc. | −1.8% | 35.5% |
| YUMC Yum China Holdings, Inc. | −2.0% | 37.3% |
| DPZ Domino's Pizza, Inc. | −6.5% | 30.2% |
| FWRG First Watch Restaurant Group, Inc. | −9.3% | 48.1% |
| BROS Dutch Bros Inc. | −9.3% | 61.3% |
| WEN The Wendy's Company | −16.3% | 37.3% |
| PZZA Papa John's International, Inc. | −29.3% | 43.2% |
| JACK Jack in the Box Inc. | −31.1% | 52.6% |
| PTLO Portillo's Inc. | −34.4% | 54.8% |
Has CMG consistently beaten its popular alternatives?
- 13 of the 25 popular alternatives, led by TXRH, EAT and USFD, outperformed CMG in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- TXRH, EAT and USFD outperformed CMG in every long-term period and in all but one short-term period, the most consistent record in the group.
- TXRH, YUM and MCD earned more for the risk they took than CMG (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
This section compares CMG with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than CMG helps separate lasting outperformance from a single strong stretch.
A green cell means the alternative earned more than CMG over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| CMG Chipotle Mexican Grill, Inc. (this page) | — | +1.7% | −12.1% | +2.9% | −12.2% | +4.4% | −19.2% | −8.6% | +345% | 35.5% | 0.13 | −59.9% | — | $42B | — |
| TXRH QualifiedTexas Roadhouse, Inc. | 5/5 short3/3 longAll-weather | +19.9% | −10.8% | +21.1% | +10.6% | +18.2% | +91.6% | +133% | +454% | 30.5% | 0.71 | −58.0% | — | $12B | — |
| EAT QualifiedBrinker International, Inc. | 5/5 short3/3 longAll-weather | +4.9% | −6.0% | +51.1% | +39.8% | +102% | +526% | +407% | +393% | 49.2% | 0.91 | −84.9% | — | $8.8B | — |
| USFD QualifiedUS Foods Holding Corp. | 5/5 short3/3 longAll-weather | +9.2% | +6.2% | +16.2% | +41.7% | +43.6% | +163% | +196% | +367% | 29.8% | 0.88 | −77.3% | — | $23B | — |
| DRI QualifiedDarden Restaurants, Inc. | 5/5 short3/3 longAll-weather | +12.1% | +8.9% | +17.9% | +22.8% | +29.5% | +67.1% | +83.1% | +358% | 27.2% | 0.58 | −72.8% | — | $25B | — |
| WING QualifiedWingstop Inc. | 3/5 short3/3 long | +52.5% | +25.4% | +8.9% | −36.1% | −23.2% | −16.7% | +2.8% | +660% | 53.4% | 0.28 | −76.9% | — | $4.4B | — |
| CAKE QualifiedThe Cheesecake Factory Incorporated | 5/5 short2/3 long | +3.0% | +8.0% | +92.0% | +117% | +142% | +300% | +209% | +163% | 40.0% | 0.77 | −75.6% | — | $5.6B | — |
| SYY QualifiedSysco Corporation | 5/5 short2/3 long | +5.5% | −3.1% | +14.3% | +15.0% | +15.4% | +35.2% | +20.4% | +122% | 23.7% | 0.28 | −63.4% | — | $40B | — |
| YUM QualifiedYum! Brands, Inc. | 4/5 short2/3 long | +15.7% | +6.4% | +3.0% | +6.2% | +15.2% | +34.3% | +39.2% | +215% | 21.3% | 0.42 | −52.2% | — | $43B | — |
| SBUX QualifiedStarbucks Corporation | 4/5 short2/3 long | +10.2% | +1.6% | +0.6% | +26.6% | +32.2% | +12.6% | +5.5% | +145% | 31.8% | 0.19 | −43.7% | — | $119B | — |
| QSR QualifiedRestaurant Brands International Inc. | 4/5 short2/3 long | +6.8% | +3.3% | −5.1% | +13.1% | +17.6% | +19.9% | +55.2% | +131% | 23.0% | 0.50 | −63.0% | — | $26B | — |
| BJRI QualifiedBJ's Restaurants, Inc. | 4/5 short2/3 long | +2.0% | −7.5% | +70.8% | +53.7% | +85.9% | +133% | +90.2% | +82.3% | 46.4% | 0.51 | −91.2% | — | $1.3B | — |
| PFGC QualifiedPerformance Food Group Co | 3/5 short2/3 long | +7.4% | −11.8% | +16.0% | +14.5% | +2.9% | +69.1% | +120% | +324% | 31.5% | 0.66 | −78.8% | — | $16B | — |
| MCD QualifiedMcDonald's Corporation | 3/5 short2/3 long | +14.6% | +0.9% | −5.2% | −10.7% | −8.1% | +7.0% | +19.7% | +198% | 18.0% | 0.29 | −36.9% | — | $188B | — |
| SHAK RestaurantsShake Shack Inc. | 2/5 short2/3 long | +18.8% | +11.9% | −24.2% | −13.2% | −22.5% | +28.3% | +2.1% | +123% | 52.1% | 0.27 | −70.9% | — | $2.9B | — |
| DASH Internet Content & InformationDoorDash, Inc. | 2/5 short2/3 long | +0.5% | −5.2% | +10.1% | −13.5% | −21.5% | +117% | −4.6% | — | 54.6% | 0.26 | −82.5% | — | $82B | — |
| SG RestaurantsSweetgreen, Inc. | 5/5 short1/3 long | +26.0% | +93.8% | +70.4% | +65.5% | +78.9% | +3.6% | — | — | — | — | −91.1% | — | $1.4B | — |
| YUMC RestaurantsYum China Holdings, Inc. | 4/5 short1/3 long | +17.8% | −2.0% | −0.3% | −0.5% | +9.6% | +9.0% | −9.4% | +98.1% | 37.3% | 0.13 | −56.5% | — | $16B | — |
| CAVA RestaurantsCAVA Group, Inc. | 4/5 short1/3 long | +14.0% | −3.8% | −30.4% | +2.5% | +17.9% | +82.2% | — | — | — | — | −71.1% | — | $7.2B | — |
| DPZ RestaurantsDomino's Pizza, Inc. | 2/5 short1/3 long | +8.3% | −11.0% | −1.2% | −22.9% | −18.4% | −2.8% | −28.7% | +117% | 30.2% | -0.07 | −47.8% | — | $11B | — |
| BROS RestaurantsDutch Bros Inc. | 1/5 short1/3 long | +13.4% | −32.5% | −22.8% | −29.4% | −19.5% | +69.0% | −38.7% | — | 61.3% | 0.14 | −70.1% | — | $8.2B | — |
| WEN RestaurantsThe Wendy's Company | 4/5 short0/3 long | +18.6% | −2.8% | +14.0% | −7.0% | −8.3% | −53.8% | −59.0% | −5.8% | 37.3% | -0.30 | −73.0% | — | $1.4B | — |
| FWRG RestaurantsFirst Watch Restaurant Group, Inc. | 3/5 short0/3 long | +22.5% | +3.6% | +6.1% | −15.7% | −18.3% | −22.3% | −38.6% | — | 48.1% | 0.04 | −60.4% | — | $799M | — |
| PTLO RestaurantsPortillo's Inc. | 3/5 short0/3 long | +47.6% | +14.1% | −9.4% | +12.9% | −1.1% | −68.0% | −87.8% | — | 54.8% | -0.50 | −93.5% | — | $376M | — |
| JACK RestaurantsJack in the Box Inc. | 2/5 short0/3 long | +10.8% | −18.8% | +14.5% | −26.3% | −13.7% | −77.4% | −84.5% | −82.6% | 52.6% | -0.45 | −91.5% | — | $265M | — |
| PZZA RestaurantsPapa John's International, Inc. | 0/5 short0/3 long | −2.7% | −39.2% | −44.5% | −51.8% | −59.3% | −66.4% | −82.4% | −70.1% | 43.2% | -0.59 | −85.0% | — | $622M | — |
How did CMG do year by year?
- CMG finished ahead of the S&P 500 in 11 of its 19 full calendar years.
- Among its popular alternatives, WING came out ahead of CMG most often, in seven of the ten years both traded.
- Ranked against its popular alternatives each year, CMG finished in the top quarter in eight of 19 years and in the bottom quarter in six. In 2025, it ranked 21 of 26.
This table shows each investment's total return in every full calendar year since 2007, along with where CMG ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with CMG and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
Note: CMG began trading on January 26, 2006, so the table starts with 2007, its first full calendar year, and cannot show how it fared during the dot-com bust.
Newest year first. Green marks a year in which the fund came out ahead of CMG; gray means the two finished within a fraction of a point. The rank row places CMG among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of CMG | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CMG This pageChipotle Mexican Grill, Inc. | — | −38.6% | +31.8% | +64.8% | −20.6% | +26.1% | +65.6% | +93.8% | +49.5% | −23.4% | −21.4% | −29.9% | +28.4% | +79.2% | −11.8% | +58.8% | +141% | +41.9% | −57.8% | +158% |
| Rank among alternatives | Top quarter in 8 of 19 | 21 of 26 | 10 of 26 | 4 of 25 | 17 of 25 | 7 of 21 | 1 of 20 | 1 of 20 | 2 of 20 | 19 of 20 | 18 of 18 | 15 of 15 | 5 of 14 | 2 of 14 | 13 of 14 | 2 of 14 | 1 of 14 | 7 of 14 | 13 of 14 | 1 of 14 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 8 of 19 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% | +18.3% | +31.2% | −4.6% | +21.7% | +12.0% | +1.2% | +13.5% | +32.3% | +16.0% | +1.9% | +15.1% | +26.4% | −36.8% | +5.1% |
| TXRH Texas Roadhouse, Inc. | 9 of 19 | −6.6% | +49.8% | +37.1% | +4.2% | +15.7% | +39.8% | −3.6% | +15.1% | +10.2% | +37.1% | +8.0% | +24.1% | +68.9% | +15.2% | −11.3% | +52.8% | +45.1% | −30.0% | −16.5% |
| EAT Brinker International, Inc. | 9 of 19 | +8.5% | +206% | +35.3% | −12.8% | −35.3% | +36.1% | −0.9% | +17.3% | −18.4% | +6.0% | −16.4% | +29.2% | +52.8% | +18.6% | +31.5% | +44.0% | +46.1% | −44.0% | −34.3% |
| USFD US Foods Holding Corp. | 4 of 9 | +11.7% | +48.6% | +33.5% | −2.3% | +4.6% | −20.5% | +32.4% | −0.9% | +16.2% | — | — | — | — | — | — | — | — | — | — |
| DRI Darden Restaurants, Inc. | 8 of 19 | +1.6% | +17.7% | +22.8% | −4.8% | +29.5% | +10.5% | +12.3% | +6.9% | +36.0% | +18.2% | +25.4% | +12.7% | +26.0% | +2.6% | +1.3% | +36.2% | +28.0% | +4.4% | −30.1% |
| WING Wingstop Inc. | 7 of 10 | −15.7% | +11.1% | +87.3% | −17.0% | +30.9% | +60.4% | +35.0% | +86.1% | +32.3% | +44.7% | — | — | — | — | — | — | — | — | — |
| CAKE The Cheesecake Factory Incorporated | 8 of 19 | +8.6% | +39.3% | +14.0% | −17.0% | +5.6% | −3.6% | −7.8% | −7.4% | −18.5% | +32.1% | −7.0% | +5.7% | +49.5% | +12.3% | −4.3% | +42.0% | +114% | −57.4% | −3.6% |
| SYY Sysco Corporation | 7 of 19 | −1.0% | +7.4% | −1.7% | −0.3% | +8.3% | −10.4% | +39.6% | +5.5% | +12.5% | +38.8% | +5.8% | +13.4% | +18.9% | +11.9% | +3.5% | +8.0% | +26.7% | −23.5% | −13.2% |
| YUM Yum! Brands, Inc. | 8 of 19 | +14.9% | +4.7% | +3.9% | −6.0% | +30.1% | +9.8% | +11.4% | +14.6% | +31.1% | +23.4% | +2.5% | −1.6% | +16.2% | +14.7% | +22.8% | +43.3% | +13.8% | −16.0% | +32.3% |
| SBUX Starbucks Corporation | 8 of 19 | −5.3% | −2.5% | −1.2% | −13.2% | +11.1% | +24.2% | +39.1% | +14.7% | +5.4% | −6.1% | +48.1% | +6.2% | +48.1% | +18.4% | +45.3% | +41.4% | +144% | −53.7% | −42.2% |
| QSR Restaurant Brands International Inc. | 5 of 11 | +8.6% | −13.8% | +24.7% | +10.7% | +2.7% | −0.3% | +25.6% | −12.1% | +30.7% | +29.4% | −3.2% | — | — | — | — | — | — | — | — |
| BJRI BJ's Restaurants, Inc. | 7 of 19 | +12.1% | −2.4% | +36.5% | −23.6% | −10.2% | +1.8% | −24.1% | +40.0% | −7.0% | −9.6% | −13.4% | +61.7% | −5.6% | −27.4% | +27.9% | +88.1% | +74.8% | −33.8% | −19.5% |
| PFGC Performance Food Group Co | 4 of 10 | +6.3% | +22.3% | +18.4% | +27.2% | −3.6% | −7.5% | +59.5% | −2.5% | +37.9% | +3.7% | — | — | — | — | — | — | — | — | — |
| MCD McDonald's Corporation | 8 of 19 | +7.9% | +0.1% | +15.1% | +0.5% | +27.8% | +11.3% | +14.0% | +5.8% | +44.0% | +6.2% | +30.4% | −0.1% | +13.6% | −9.3% | +34.7% | +26.9% | +4.0% | +8.6% | +36.4% |
| SHAK Shake Shack Inc. | 5 of 10 | −37.5% | +75.1% | +78.5% | −42.4% | −14.9% | +42.3% | +31.1% | +5.1% | +20.7% | −9.6% | — | — | — | — | — | — | — | — | — |
| DASH DoorDash, Inc. | 3 of 5 | +35.0% | +69.6% | +103% | −67.2% | +4.3% | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| SG Sweetgreen, Inc. | 1 of 4 | −78.9% | +184% | +31.9% | −73.2% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| YUMC Yum China Holdings, Inc. | 3 of 9 | +1.1% | +15.4% | −21.6% | +10.8% | −12.0% | +19.5% | +44.8% | −15.3% | +53.6% | — | — | — | — | — | — | — | — | — | — |
| CAVA CAVA Group, Inc. | 1 of 2 | −48.0% | +162% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| DPZ Domino's Pizza, Inc. | 9 of 19 | +0.9% | +3.2% | +20.7% | −37.9% | +48.4% | +31.6% | +19.6% | +32.4% | +19.8% | +44.7% | +19.5% | +36.9% | +62.1% | +38.6% | +113% | +90.4% | +78.0% | −64.5% | −18.9% |
| BROS Dutch Bros Inc. | 2 of 4 | +16.9% | +65.4% | +12.3% | −44.6% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| WEN The Wendy's Company | 7 of 19 | −45.8% | −11.5% | −9.6% | −2.8% | +11.0% | +0.1% | +45.4% | −3.1% | +23.7% | +28.2% | +22.0% | +6.1% | +90.3% | −10.2% | +18.2% | 0.0% | −4.0% | −40.0% | −58.9% |
| FWRG First Watch Restaurant Group, Inc. | 2 of 4 | −19.0% | −7.4% | +48.6% | −19.3% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| PTLO Portillo's Inc. | 0 of 4 | −51.7% | −41.0% | −2.4% | −56.5% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| JACK Jack in the Box Inc. | 6 of 19 | −53.8% | −47.3% | +22.2% | −20.2% | −4.1% | +20.8% | +2.5% | −19.4% | −10.7% | +47.8% | −2.8% | +61.4% | +74.9% | +36.8% | −1.1% | +7.4% | −10.9% | −14.3% | −15.6% |
| PZZA Papa John's International, Inc. | 6 of 19 | −2.0% | −44.2% | −5.3% | −37.3% | +58.9% | +35.9% | +61.5% | −27.8% | −33.7% | +55.0% | +1.1% | +24.4% | +66.5% | +45.8% | +36.0% | +18.6% | +26.7% | −18.8% | −21.7% |
Risk and diversification
How CMG has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.
What were CMG's worst declines?
- In all five of CMG's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: CMG fell 66.8% from August 2015 to February 2018, while the S&P 500 rose 33.3%.
- The longest climb back to a previous high took 19 months, after CMG fell 74.6% from December 2007 to November 2008.
A drawdown is the decline from a peak to the lowest point before a new high. This section presents CMG's five deepest drawdowns since it began trading in 2006, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.
Note: CMG began trading on January 26, 2006, so this list cannot include the dot-com bust. The crash tests on this page show how older funds and the S&P 500 fared through those years.
Green means CMG fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | CMG fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2008 financial crisis | −74.6% | −48.8% | Dec 2007 | Nov 2008 | 11 months | Jun 2010 | 19 months |
| 2015 China and oil sell-off | −66.8% | +33.3% | Aug 2015 | Feb 2018 | 2.5 years | Jul 2019 | 17 months |
| No named crash | −59.9% | +42.6% | Jun 2024 | Oct 2026 | 2.3 years | Not yet | — |
| Covid crash | −50.2% | −29.1% | Feb 2020 | Mar 2020 | 1 month | May 2020 | 2 months |
| No named crash | −46.4% | +4.2% | Apr 2012 | Oct 2012 | 6 months | Oct 2013 | 12 months |
How did CMG do in stock market crashes?
- CMG fell further than the S&P 500 in seven of the nine crashes it has traded through. The clearest case was the 2015 China and oil sell-off, when CMG fell 46.4% and the S&P 500 fell 12.8%.
- Among its popular alternatives, YUM held up best, falling less than CMG in eight of the nine crashes they both traded through.
- CMG began trading after the dot-com bust, but 11 of its popular alternatives lived through it. The mildest fall among them was WEN's 22.0%, against 47.5% for the S&P 500.
This section measures how far CMG, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.
Note: CMG began trading on January 26, 2006, so its row reads "Not yet trading" for the dot-com bust. The older alternatives and the S&P 500 show how those crashes played out.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than CMG.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CMG This pageChipotle Mexican Grill, Inc. | — | 0.0% | −26.9% | −50.2% | −21.4% | −18.0% | −46.4% | −18.6% | −1.9% | −74.6% | Not yet trading |
| SPY S&P 500State Street SPDR S&P 500 ETF | 7 of 9 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| TXRH Texas Roadhouse, Inc. | 5 of 9 | −2.7% | −25.9% | −57.2% | −19.2% | −5.2% | −13.3% | −28.6% | −2.5% | −66.1% | — |
| EAT Brinker International, Inc. | 4 of 9 | −10.0% | −49.2% | −81.0% | −19.5% | −7.4% | −21.7% | −21.9% | −0.6% | −85.6% | −30.5% |
| USFD US Foods Holding Corp. | 2 of 5 | −6.6% | −32.8% | −75.6% | −10.6% | −6.6% | — | — | — | — | — |
| DRI Darden Restaurants, Inc. | 6 of 9 | −1.2% | −25.0% | −71.8% | −14.8% | −4.9% | −16.3% | −22.1% | −0.7% | −69.0% | −32.4% |
| WING Wingstop Inc. | 3 of 6 | −3.2% | −58.1% | −50.8% | −18.8% | −2.3% | −35.2% | — | — | — | — |
| CAKE The Cheesecake Factory Incorporated | 3 of 9 | −7.0% | −38.5% | −62.4% | −20.7% | −9.8% | −20.3% | −22.5% | −2.7% | −78.5% | −40.0% |
| SYY Sysco Corporation | 6 of 9 | −2.3% | −20.8% | −59.5% | −17.8% | −6.8% | −6.4% | −17.9% | −1.5% | −43.1% | −27.2% |
| YUM Yum! Brands, Inc. | 8 of 9 | −1.7% | −22.2% | −46.3% | −6.9% | −7.7% | −24.7% | −12.3% | −1.1% | −45.5% | −33.0% |
| SBUX Starbucks Corporation | 7 of 9 | −3.3% | −38.4% | −37.5% | −11.4% | −3.0% | −14.2% | −15.5% | −0.6% | −73.2% | −44.1% |
| QSR Restaurant Brands International Inc. | 4 of 6 | −3.3% | −23.5% | −56.9% | −13.9% | −4.7% | −29.5% | — | — | — | — |
| BJRI BJ's Restaurants, Inc. | 3 of 9 | −8.8% | −43.3% | −85.0% | −31.7% | −4.1% | −16.7% | −18.7% | −1.4% | −66.9% | −40.9% |
| PFGC Performance Food Group Co | 2 of 5 | −5.1% | −32.3% | −78.5% | −17.2% | −7.2% | — | — | — | — | — |
| MCD McDonald's Corporation | 7 of 9 | −1.4% | −17.2% | −36.1% | −9.7% | −6.1% | −9.8% | −7.3% | −2.0% | −21.4% | −57.1% |
| SHAK Shake Shack Inc. | 1 of 6 | −7.8% | −51.7% | −57.6% | −34.9% | −5.6% | −54.8% | — | — | — | — |
| DASH DoorDash, Inc. | 0 of 2 | −8.5% | −68.8% | — | — | — | — | — | — | — | — |
| SG Sweetgreen, Inc. | 0 of 2 | −13.0% | −70.3% | — | — | — | — | — | — | — | — |
| YUMC Yum China Holdings, Inc. | 3 of 5 | −3.4% | −32.0% | −14.6% | −13.3% | −11.5% | — | — | — | — | — |
| DPZ Domino's Pizza, Inc. | 5 of 9 | −3.8% | −43.1% | −23.1% | −20.3% | −7.4% | −11.5% | −14.8% | −5.9% | −83.3% | — |
| BROS Dutch Bros Inc. | 0 of 2 | −8.8% | −60.0% | — | — | — | — | — | — | — | — |
| WEN The Wendy's Company | 3 of 9 | −5.0% | −32.8% | −68.6% | −16.5% | −3.6% | −15.8% | −19.9% | −4.9% | −78.3% | −22.0% |
| FWRG First Watch Restaurant Group, Inc. | 0 of 2 | −4.1% | −30.4% | — | — | — | — | — | — | — | — |
| PTLO Portillo's Inc. | 0 of 2 | −7.9% | −58.7% | — | — | — | — | — | — | — | — |
| JACK Jack in the Box Inc. | 5 of 9 | −9.2% | −41.4% | −79.1% | −14.4% | −7.5% | −20.7% | −21.3% | −1.2% | −64.4% | −40.2% |
| PZZA Papa John's International, Inc. | 6 of 9 | −6.3% | −45.6% | −48.7% | −31.1% | −7.9% | −38.5% | −13.0% | −1.0% | −57.0% | −43.7% |
How closely does CMG move with the S&P 500?
- TXRH took just 71% of the S&P 500's losses, against 101% for CMG, while still keeping 93% of its gains.
- Over the past 10 years, CMG captured 103% of the S&P 500's gains in rising months and 101% of its losses in falling months, with a beta of 1.14. It amplified the market's moves in both directions.
- Six of the 19 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than CMG's 1.01, led by MCD, TXRH and YUM.
Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares CMG with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than CMG's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| CMG This pageChipotle Mexican Grill, Inc. | 103% | 101% | 1.01 | 1.14 |
| MCD McDonald's Corporation | 58% | 43% | 1.34 | 0.51 |
| TXRH Texas Roadhouse, Inc. | 93% | 71% | 1.32 | 0.93 |
| YUM Yum! Brands, Inc. | 67% | 58% | 1.15 | 0.80 |
| WING Wingstop Inc. | 123% | 109% | 1.14 | 1.52 |
| DRI Darden Restaurants, Inc. | 96% | 87% | 1.10 | 1.05 |
| USFD US Foods Holding Corp. | 100% | 93% | 1.07 | 1.27 |
| PFGC Performance Food Group Co | 105% | 109% | 0.96 | 1.26 |
| YUMC Yum China Holdings, Inc. | 59% | 67% | 0.88 | 0.43 |
| EAT Brinker International, Inc. | 139% | 162% | 0.86 | 1.98 |
| QSR Restaurant Brands International Inc. | 67% | 77% | 0.86 | 0.83 |
| CAKE The Cheesecake Factory Incorporated | 85% | 104% | 0.82 | 1.36 |
| SBUX Starbucks Corporation | 81% | 100% | 0.81 | 0.93 |
| SYY Sysco Corporation | 76% | 96% | 0.79 | 1.01 |
| SHAK Shake Shack Inc. | 85% | 114% | 0.75 | 1.66 |
| DPZ Domino's Pizza, Inc. | 77% | 103% | 0.75 | 0.76 |
| BJRI BJ's Restaurants, Inc. | 99% | 154% | 0.64 | 1.77 |
| WEN The Wendy's Company | 32% | 70% | 0.46 | 0.67 |
| JACK Jack in the Box Inc. | 49% | 215% | 0.23 | 1.61 |
| PZZA Papa John's International, Inc. | 32% | 143% | 0.22 | 1.09 |
What diversifies CMG?
- Moving a fifth of the money in CMG into LVHI would have cut the portfolio's volatility by 18% over the past 5 years and raised its annual return (-2.2% for CMG alone, +2.3% for the mix).
- MPC made money in six of the seven calendar years in which CMG lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of CMG over the past 5 years, with correlations of 0.38 or lower, and each still earned a positive 5-year return.
Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with CMG's. Because such investments tend not to fall at the same time, pairing CMG with them can reduce a portfolio's overall swings.
Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which CMG lost money. The last two columns show a portfolio that is 80% CMG and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2025 | 2022 | 2017 | 2016 | 2015 | 2012 | 2008 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CMG Chipotle Mexican Grill, Inc. (this page) | 1.00 | −8.6% | 0.13 | −38.6% | −20.6% | −23.4% | −21.4% | −29.9% | −11.8% | −57.8% | 32.9% | −2.2% |
| LVHI InternationalFranklin International Low Volatility High Dividend Index ETF | 0.28 | +119% | 1.48 | +27.1% | +3.8% | +10.0% | — | — | — | — | 26.9% | +2.3% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.32 | +220% | 1.32 | +32.8% | +6.0% | +22.8% | +1.1% | +7.7% | +19.6% | −20.8% | 27.2% | +3.9% |
| EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund | 0.38 | +108% | 1.09 | +9.7% | +10.4% | +1.1% | +29.8% | −25.3% | — | — | 27.6% | +2.0% |
| HDV Dividend & IncomeiShares Core High Dividend ETF | 0.30 | +87.1% | 1.03 | +11.9% | +7.0% | +13.3% | +15.8% | −0.3% | +9.6% | — | 27.3% | +1.6% |
| DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF | 0.44 | +82.4% | 0.94 | +23.1% | −5.1% | +16.7% | +6.3% | +4.1% | +20.9% | — | 27.3% | +1.4% |
| FTLS Broad MarketFirst Trust Long/Short Equity ETF | 0.45 | +58.7% | 0.94 | +9.1% | −5.6% | +14.4% | +6.5% | +4.7% | — | — | 27.1% | +0.9% |
| AMLP EnergyAlerian MLP ETF | 0.32 | +120% | 0.93 | +5.8% | +25.5% | −7.9% | +14.9% | −25.7% | +1.9% | — | 27.7% | +2.5% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.10 | +177% | 0.93 | +7.9% | +64.4% | −0.9% | +28.0% | −21.5% | +5.2% | −39.0% | 27.3% | +3.9% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2025 | 2022 | 2017 | 2016 | 2015 | 2012 | 2008 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CMG Chipotle Mexican Grill, Inc. (this page) | 1.00 | −8.6% | 0.13 | −38.6% | −20.6% | −23.4% | −21.4% | −29.9% | −11.8% | −57.8% | 32.9% | −2.2% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.30 | +476% | 1.54 | +76.3% | +54.1% | −12.7% | −17.5% | +12.6% | +3.8% | −39.6% | 28.3% | +6.6% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.04 | +644% | 1.37 | +19.2% | +86.6% | +34.8% | +0.7% | +17.4% | +94.3% | — | 27.3% | +8.4% |
| MCK Medical - DistributionMcKesson Corporation | 0.21 | +368% | 1.37 | +44.5% | +51.8% | +12.0% | −28.3% | −4.5% | +25.6% | −40.4% | 27.9% | +5.9% |
| CLS Hardware, Equipment & PartsCelestica Inc. | -0.08 | +2,294% | 1.36 | +220% | +1.3% | −11.6% | +7.4% | −6.0% | +11.2% | −20.5% | 28.0% | +16.7% |
| HWM Aerospace & DefenseHowmet Aerospace Inc. | 0.24 | +604% | 1.35 | +87.9% | +24.2% | +48.4% | −11.5% | −36.3% | +2.9% | −67.4% | 28.8% | +7.7% |
Common questions
What was CMG's worst drawdown?
CMG's deepest decline since it began trading in 2006 was 74.6%, from December 2007 to November 2008. It took 19 months from the low to climb back to its old high. Because CMG launched in January 2006, that record does not include the dot-com bust.
What were CMG's best and worst years?
Over 19 full calendar years, CMG's best year was 2007, when it returned 158%. Its worst was 2008, with a return of -57.8%.
Is there a better investment than CMG?
Among CMG's popular alternatives, YUM, USFD and DRI earned more than CMG with less volatility over the past 5 years. YUM returned 6.8% a year at 21.2% volatility, against a loss of 1.8% a year at 35.5%. Looking beyond its popular alternatives, KO (nonalcoholic beverages) and MNST (nonalcoholic beverages) earned more than CMG with less volatility over the past 5 years. KO returned 14.6% a year at 16.9% volatility, against a loss of 1.8% a year at 35.5%.
Is CMG more volatile than the S&P 500?
Yes. CMG's volatility over the past 5 years was 35.5%, about twice the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CMG's return lands within 35.5% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.
What is CMG's Sharpe ratio?
CMG's Sharpe ratio over the past 5 years was 0.13, against 0.73 for the S&P 500, so CMG earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.
How correlated is CMG with the S&P 500?
Over the past 5 years, CMG's monthly returns had a correlation of 0.47 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against CMG instead: the lower it is, the more that option would diversify a CMG holding.
What are the best alternatives to CMG?
Of the 25 popular alternatives we compared, 13 outperformed CMG in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: TXRH, EAT and USFD.
Did CMG outperform the S&P 500?
CMG finished ahead of the S&P 500 (SPY) in 11 of 19 full calendar years. In 2025, it returned -38.6%, against +17.7% for the index.
How did CMG do in stock market crashes?
CMG fell less than the S&P 500 (SPY) in one of the nine major crashes it has traded through, and further in seven. The clearest case was the 2015 China and oil sell-off, when CMG fell 46.4% and the S&P 500 fell 12.8%.
What diversifies CMG?
These had a low correlation with CMG over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.28), DXJ (correlation 0.32) and EMLP (correlation 0.38); among large stocks, CAH (correlation 0.30), MPC (correlation 0.04) and MCK (correlation 0.21). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than CMG's. Returns within 0.5 points or 3% of CMG's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
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