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Relative Intelligence · Restaurants

How Chipotle Mexican Grill (CMG) compares with the whole market and its popular alternatives

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 September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against CMG →Chart CMG vs. 25 alternatives →
On this page12 sections

Key findings

How much would $10,000 in CMG have grown?

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 September 2006.

Choose a period

From the end of September 2006 to the end of September 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. 61 of the 1,663 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.

$10,000$100,000$1M2006200920122015201820212024$10,000$100,000$1M20062011201620212026
  • AAPL$1M+14,379% total · +28.2% a year
  • COKE$401,032+3,910% total · +20.3% a year
  • ORLY$386,482+3,765% total · +20.0% a year
  • LLY$356,239+3,462% total · +19.6% a year
  • CASY$325,029+3,150% total · +19.0% a year
  • CMG$321,617+3,116% total · +19.0% a year
  • TXRH$167,024+1,570% total · +15.1% a year
  • EAT$105,696+957% total · +12.5% a year
  • DRI$92,821+828% total · +11.8% a year
  • SPY (S&P 500)$82,294+723% total · +11.1% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,799 of the 3,628 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.

$0$10,000$20,000$30,000$40,000$50,000202120222023202420252026$0$20,000$40,000$60,000202120222023202420252026
  • EAT$39,456+295% total · +31.6% a year
  • USFD$26,605+166% total · +21.6% a year
  • CAKE$25,176+152% total · +20.3% a year
  • PFGC$19,697+97.0% total · +14.5% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • TXRH$18,725+87.3% total · +13.4% a year
  • DRI$15,039+50.4% total · +8.5% a year
  • YUM$12,260+22.6% total · +4.2% a year
  • MCD$10,761+7.6% total · +1.5% a year
  • CMG$8,790−12.1% total · −2.5% a year
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CMG at a glance

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
$38B
Industry
Restaurants
Price history from
January 2006

Returns

Past 1 year
−28.8%total return
Past 3 years
−19.0%−6.8% a year
Past 5 years
−18.7%−4.0% a year
Past 10 years
+266%+13.9% a year
Best calendar year
+158%2007
Worst calendar year
−57.8%2008
Losing years
7 of 19full calendar years

Risk

Volatility
35.1%typical yearly swing, 5 years
Sharpe ratio
0.06return per unit of risk, 5 years
Worst decline ever
−74.6%Dec 2007 to Nov 2008
From its all-time high
−56.7%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?

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.

MeasureCMGRankStanding
1-year return−28.8%2,829 of 3,287bottom 15%
3-year return−19.0%2,580 of 3,017bottom 15%
5-year return−18.7%1,990 of 2,893bottom 32%
10-year return+266%672 of 2,202top 31%
Volatility, 5 years35.1%1,143 of 2,893top 40%
Sharpe ratio, 5 years0.062,218 of 2,893bottom 24%
Worst decline, past 10 years−58.9%837 of 2,187top 38%

What has beaten CMG on both return and risk?

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 91 more of the 1,798 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

−10.0%0.0%10.0%20.0%30.0%40.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than CMGAMGN: +19.6% a year, volatility 24.9%MFG: +33.6% a year, volatility 30.6%SGOV: +3.8% a year, volatility 0.3%LIN: +11.5% a year, volatility 20.9%TRV: +22.4% a year, volatility 22.3%TMO: +2.9% a year, volatility 27.8%RSG: +13.9% a year, volatility 18.5%CMI: +19.9% a year, volatility 29.0%RY: +17.3% a year, volatility 18.2%ADP: +9.0% a year, volatility 22.9%ORLY: +15.9% a year, volatility 23.4%MSI: +14.8% a year, volatility 23.6%WM: +9.3% a year, volatility 19.2%ETR: +19.2% a year, volatility 22.4%FAST: +15.8% a year, volatility 24.6%JAAA: +5.1% a year, volatility 1.7%DGRO: +10.9% a year, volatility 13.7%AJG: +10.9% a year, volatility 24.2%CBOE: +21.5% a year, volatility 25.1%IRM: +24.6% a year, volatility 30.3%CASY: +29.9% a year, volatility 29.3%ELV: +2.2% a year, volatility 29.4%AZO: +12.3% a year, volatility 25.3%FNDX: +13.5% a year, volatility 14.9%AAPL: +18.5% a year, volatility 28.0%WRB: +18.9% a year, volatility 22.9%RS: +24.8% a year, volatility 28.1%GOOG: +19.0% a year, volatility 32.0%WCN: +6.1% a year, volatility 20.0%A: +2.6% a year, volatility 30.6%DGRW: +11.8% a year, volatility 14.0%MSFT: +12.5% a year, volatility 28.2%MUSA: +26.1% a year, volatility 31.2%IOO: +15.7% a year, volatility 17.2%ORI: +17.0% a year, volatility 22.2%BRK-B: +13.4% a year, volatility 17.1%MOAT: +9.1% a year, volatility 18.4%THG: +14.4% a year, volatility 22.9%NHC: +32.0% a year, volatility 28.5%JPM: +17.3% a year, volatility 24.3%SCI: +7.5% a year, volatility 25.2%JNJ: +12.7% a year, volatility 17.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%BALT: +6.3% a year, volatility 3.3%CAT: +31.1% a year, volatility 31.9%COST: +17.4% a year, volatility 22.9%VXUS: +8.2% a year, volatility 16.4%QQQ: +14.5% a year, volatility 23.0%VRIG: +4.7% a year, volatility 1.3%MA: +12.4% a year, volatility 23.8%EQWL: +11.6% a year, volatility 15.0%NNI: +9.6% a year, volatility 22.6%PM: +21.0% a year, volatility 23.4%CHE: +3.4% a year, volatility 25.3%CSCO: +16.8% a year, volatility 26.1%MCK: +38.7% a year, volatility 25.0%MRK: +16.3% a year, volatility 24.8%NVS: +17.1% a year, volatility 20.7%APH: +33.8% a year, volatility 32.2%RTX: +18.6% a year, volatility 24.3%CHCO: +15.9% a year, volatility 22.8%GILD: +22.8% a year, volatility 24.9%GS: +19.6% a year, volatility 28.6%MGRC: +10.0% a year, volatility 26.2%VEA: +9.3% a year, volatility 16.9%MS: +16.0% a year, volatility 28.8%FLRT: +6.0% a year, volatility 2.3%TD: +15.8% a year, volatility 20.0%BFC: +19.0% a year, volatility 27.3%TJX: +19.9% a year, volatility 22.3%GLD: +17.7% a year, volatility 18.9%IBM: +16.6% a year, volatility 30.5%PG: +5.1% a year, volatility 18.3%VGT: +18.4% a year, volatility 26.0%SAP: +11.5% a year, volatility 30.0%SMFG: +33.7% a year, volatility 29.4%BHP: +16.6% a year, volatility 31.4%PTNQ: +9.7% a year, volatility 14.1%BAC: +4.0% a year, volatility 26.6%AXP: +13.5% a year, volatility 29.3%PGR: +21.3% a year, volatility 25.6%CB: +15.7% a year, volatility 20.4%VRTX: +22.6% a year, volatility 29.1%MO: +17.8% a year, volatility 21.4%ETN: +20.4% a year, volatility 32.1%BNY: +22.7% a year, volatility 24.4%CM: +19.2% a year, volatility 21.6%VO: +6.8% a year, volatility 17.6%DE: +14.4% a year, volatility 29.9%TT: +22.7% a year, volatility 27.7%CMG: −4.0% a year, volatility 35.1%SPY (S&P 500): +12.7% a year, volatility 17.1%MCD: +2.9% a year, volatility 17.9%YUM: +5.8% a year, volatility 21.2%USFD: +22.7% a year, volatility 29.8%DRI: +12.4% a year, volatility 27.2%PFGC: +16.0% a year, volatility 31.5%SBUX: −0.4% a year, volatility 31.9%MNST: +17.2% a year, volatility 24.9%KDP: +2.5% a year, volatility 22.1%KO: +14.7% a year, volatility 16.8%CCEP: +19.7% a year, volatility 23.2%COKE: +41.2% a year, volatility 38.0%KHC: −3.6% a year, volatility 23.4%LLY: +40.7% a year, volatility 32.8%VTI: +11.5% a year, volatility 17.5%VOO: +12.8% a year, volatility 16.9%WMT: +20.8% a year, volatility 22.6%ABBV: +26.1% a year, volatility 23.4%V: +12.8% a year, volatility 22.9%ADI: +19.5% a year, volatility 34.1%ALC: −3.2% a year, volatility 27.0%CAH: +42.1% a year, volatility 24.7%TXRH: +15.9% a year, volatility 30.4%HWM: +47.3% a year, volatility 32.5%CMGSPY (S&P 500)MCDYUMUSFDDRIPFGCSBUXMNSTKDPKOCCEPCOKEKHCLLYVTIWMTABBVADIALCCAHHWM−10.0%0.0%10.0%20.0%30.0%40.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than CMGAMGN: +19.6% a year, volatility 24.9%MFG: +33.6% a year, volatility 30.6%SGOV: +3.8% a year, volatility 0.3%LIN: +11.5% a year, volatility 20.9%TRV: +22.4% a year, volatility 22.3%TMO: +2.9% a year, volatility 27.8%RSG: +13.9% a year, volatility 18.5%CMI: +19.9% a year, volatility 29.0%RY: +17.3% a year, volatility 18.2%ADP: +9.0% a year, volatility 22.9%ORLY: +15.9% a year, volatility 23.4%MSI: +14.8% a year, volatility 23.6%WM: +9.3% a year, volatility 19.2%ETR: +19.2% a year, volatility 22.4%FAST: +15.8% a year, volatility 24.6%JAAA: +5.1% a year, volatility 1.7%DGRO: +10.9% a year, volatility 13.7%AJG: +10.9% a year, volatility 24.2%CBOE: +21.5% a year, volatility 25.1%IRM: +24.6% a year, volatility 30.3%CASY: +29.9% a year, volatility 29.3%ELV: +2.2% a year, volatility 29.4%AZO: +12.3% a year, volatility 25.3%FNDX: +13.5% a year, volatility 14.9%AAPL: +18.5% a year, volatility 28.0%WRB: +18.9% a year, volatility 22.9%RS: +24.8% a year, volatility 28.1%GOOG: +19.0% a year, volatility 32.0%WCN: +6.1% a year, volatility 20.0%A: +2.6% a year, volatility 30.6%DGRW: +11.8% a year, volatility 14.0%MSFT: +12.5% a year, volatility 28.2%MUSA: +26.1% a year, volatility 31.2%IOO: +15.7% a year, volatility 17.2%ORI: +17.0% a year, volatility 22.2%BRK-B: +13.4% a year, volatility 17.1%MOAT: +9.1% a year, volatility 18.4%THG: +14.4% a year, volatility 22.9%NHC: +32.0% a year, volatility 28.5%JPM: +17.3% a year, volatility 24.3%SCI: +7.5% a year, volatility 25.2%JNJ: +12.7% a year, volatility 17.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%BALT: +6.3% a year, volatility 3.3%CAT: +31.1% a year, volatility 31.9%COST: +17.4% a year, volatility 22.9%VXUS: +8.2% a year, volatility 16.4%QQQ: +14.5% a year, volatility 23.0%VRIG: +4.7% a year, volatility 1.3%MA: +12.4% a year, volatility 23.8%EQWL: +11.6% a year, volatility 15.0%NNI: +9.6% a year, volatility 22.6%PM: +21.0% a year, volatility 23.4%CHE: +3.4% a year, volatility 25.3%CSCO: +16.8% a year, volatility 26.1%MCK: +38.7% a year, volatility 25.0%MRK: +16.3% a year, volatility 24.8%NVS: +17.1% a year, volatility 20.7%APH: +33.8% a year, volatility 32.2%RTX: +18.6% a year, volatility 24.3%CHCO: +15.9% a year, volatility 22.8%GILD: +22.8% a year, volatility 24.9%GS: +19.6% a year, volatility 28.6%MGRC: +10.0% a year, volatility 26.2%VEA: +9.3% a year, volatility 16.9%MS: +16.0% a year, volatility 28.8%FLRT: +6.0% a year, volatility 2.3%TD: +15.8% a year, volatility 20.0%BFC: +19.0% a year, volatility 27.3%TJX: +19.9% a year, volatility 22.3%GLD: +17.7% a year, volatility 18.9%IBM: +16.6% a year, volatility 30.5%PG: +5.1% a year, volatility 18.3%VGT: +18.4% a year, volatility 26.0%SAP: +11.5% a year, volatility 30.0%SMFG: +33.7% a year, volatility 29.4%BHP: +16.6% a year, volatility 31.4%PTNQ: +9.7% a year, volatility 14.1%BAC: +4.0% a year, volatility 26.6%AXP: +13.5% a year, volatility 29.3%PGR: +21.3% a year, volatility 25.6%CB: +15.7% a year, volatility 20.4%VRTX: +22.6% a year, volatility 29.1%MO: +17.8% a year, volatility 21.4%ETN: +20.4% a year, volatility 32.1%BNY: +22.7% a year, volatility 24.4%CM: +19.2% a year, volatility 21.6%VO: +6.8% a year, volatility 17.6%DE: +14.4% a year, volatility 29.9%TT: +22.7% a year, volatility 27.7%CMG: −4.0% a year, volatility 35.1%SPY (S&P 500): +12.7% a year, volatility 17.1%MCD: +2.9% a year, volatility 17.9%YUM: +5.8% a year, volatility 21.2%USFD: +22.7% a year, volatility 29.8%DRI: +12.4% a year, volatility 27.2%PFGC: +16.0% a year, volatility 31.5%SBUX: −0.4% a year, volatility 31.9%MNST: +17.2% a year, volatility 24.9%KDP: +2.5% a year, volatility 22.1%KO: +14.7% a year, volatility 16.8%CCEP: +19.7% a year, volatility 23.2%COKE: +41.2% a year, volatility 38.0%KHC: −3.6% a year, volatility 23.4%LLY: +40.7% a year, volatility 32.8%VTI: +11.5% a year, volatility 17.5%VOO: +12.8% a year, volatility 16.9%WMT: +20.8% a year, volatility 22.6%ABBV: +26.1% a year, volatility 23.4%V: +12.8% a year, volatility 22.9%ADI: +19.5% a year, volatility 34.1%ALC: −3.2% a year, volatility 27.0%CAH: +42.1% a year, volatility 24.7%TXRH: +15.9% a year, volatility 30.4%HWM: +47.3% a year, volatility 32.5%CMGSPY (S&P 500)MCDYUMUSFDPFGCSBUXMNSTKDPKOCCEPCOKEKHCLLYVTIWMTABBVADICAHHWM
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than CMG?

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.

Screen the whole market against CMG for any period in BetterThanSPYOpen these 21 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with CMG?lower diversifies moreExpenseper year
CMGChipotle Mexican Grill, Inc. · this page
−4.0%35.1%0.06−58.9%+266%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.460.09%
Popular alternativesbest 6 shownThe investments people most often weigh against CMG. 14 of 23 passed at least one test.
MCDMcDonald's Corporation · Restaurants
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+2.9%17.9%0.25−36.9%+181%0.29—
YUMYum! Brands, Inc. · Restaurants
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+5.8%21.2%0.37−52.2%+192%0.45—
USFDUS Foods Holding Corp. · Food Distribution
Higher return, lower volatilityHigher return in most periods+22.7%29.8%0.84−77.3%+347%0.39—
DRIDarden Restaurants, Inc. · Restaurants
Higher return, lower volatilityHigher return in most periods+12.4%27.2%0.57−72.8%+361%0.53—
PFGCPerformance Food Group Co · Food Distribution
Higher return, lower volatilityHigher return in most periods+16.0%31.5%0.63−78.8%+299%0.31—
SBUXStarbucks Corporation · Restaurants
Higher return, lower volatilityHigher return in most periods−0.4%31.9%0.15−43.7%+130%0.48—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Restaurants and the categories next to it (Food Distribution, Food & Beverages, Packaged Foods, Online Delivery), plus CMG's specific themes. 18 of 25 passed at least one test.
MNSTMonster Beverage Corporation · Food & Beverages
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+17.2%24.9%0.77−30.4%+285%0.31—
KDPKeurig Dr Pepper Inc. · Food & Beverages
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+2.5%22.1%0.23−36.9%+281%0.18—
KOThe Coca-Cola Company · Food & Beverages
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+14.7%16.8%0.91−37.0%+204%0.22—
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+19.7%23.2%0.90−48.8%+292%0.30—
COKECoca-Cola Consolidated, Inc. · Food & Beverages
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+41.2%38.0%1.10−51.7%+1,569%0.02—
KHCThe Kraft Heinz Company · Packaged Foods
Similar return, lower volatilityHigher return in most periods−3.6%23.4%-0.04−76.1%−56.7%0.12—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 2,435 of 3,587 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+40.7%32.8%1.21−34.5%+1,807%0.28—
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+11.5%17.5%0.71−35.0%+302%0.450.03%
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+12.8%16.9%0.80−34.0%+324%0.460.03%
WMTWalmart Inc. · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+20.8%22.6%0.96−25.7%+508%0.34—
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+26.1%23.4%1.11−45.1%+603%-0.11—
VVisa Inc. · Payment Processing
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+12.8%22.9%0.64−36.4%+429%0.44—
ADIAnalog Devices, Inc. · Semiconductors
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+19.5%34.1%0.69−33.6%+652%0.29—
ALCAlcon Inc. · Medical Devices
Similar return, lower volatilityHigher return in most periods−3.2%27.0%0.01−37.9%—0.44—
What these numbers mean for CMG
Annual return
CMG lost 4.0% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $8,130. 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 35.1%, about twice the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CMG's return lands within 35.1% 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 0.06, against 0.79 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 58.9%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 58.9% fall takes a 143% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, CMG's monthly returns had a correlation of 0.46 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 1,798 stocks and funds worth at least $500 million that earned more than CMG with less volatility

Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with CMGExpense
1
LLYEli Lilly and Company · Pharmaceuticals
Whole market+40.7%32.8%1.21−34.5%+1,807%0.28—
2
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Whole market+11.5%17.5%0.71−35.0%+302%0.450.03%
3
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.8%16.9%0.80−34.0%+324%0.460.03%
4
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.34—
5
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%-0.11—
6
VVisa Inc. · Payment Processing
Whole market+12.8%22.9%0.64−36.4%+429%0.44—
7
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+266%0.03—
8
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.6%30.6%1.10−45.7%+345%0.11—
9
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds
Whole market+3.8%0.3%13.25−0.3%—0.160.09%
10
LINLinde plc · Chemicals
Whole market+11.5%20.9%0.63−32.6%+394%0.36—
11
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.23—
12
TMOThermo Fisher Scientific Inc. · Life Sciences Tools
Whole market+2.9%27.8%0.24−40.9%+366%0.07—
13
RSGRepublic Services, Inc. · Environmental Services
Whole market+13.9%18.5%0.80−34.0%+446%0.48—
14
CMICummins Inc. · Industrial Machinery
Whole market+19.9%29.0%0.77−44.0%+444%0.23—
15
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.30—
16
ADPAutomatic Data Processing, Inc. · Business Services
Whole market+9.0%22.9%0.49−40.8%+320%0.34—
17
ORLYO'Reilly Automotive, Inc. · Specialty Retail
Whole market+15.9%23.4%0.75−42.0%+393%0.25—
18
MSIMotorola Solutions, Inc. · Communications Equipment
Whole market+14.8%23.6%0.71−32.8%+625%0.47—
19
WMWaste Management, Inc. · Environmental Services
Whole market+9.3%19.2%0.56−30.1%+344%0.52—
20
ETREntergy Corporation · Electric Utilities
Whole market+19.2%22.4%0.90−42.0%+311%0.03—
21
FASTFastenal Company · Industrial Distribution
Whole market+15.8%24.6%0.72−30.7%+576%0.25—
22
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
Whole market+5.1%1.7%2.98−2.6%—0.230.20%
23
DGROiShares Core Dividend Growth ETF · US Dividend Equity
Whole market+10.9%13.7%0.83−35.1%+267%0.430.08%
24
AJGArthur J. Gallagher & Co. · Insurance
Whole market+10.9%24.2%0.55−44.4%+516%0.47—
25
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.31—
26
CBOECboe Global Markets, Inc. · Capital Markets
Whole market+21.5%25.1%0.91−43.2%+463%0.16—
27
IRMIron Mountain Incorporated · Specialty REITs
Whole market+24.6%30.3%0.88−39.0%+470%0.29—
28
CASYCasey's General Stores, Inc. · Convenience Stores
Whole market+29.9%29.3%1.04−36.1%+537%0.41—
29
ELVElevance Health Inc. · Managed Health Care
Whole market+2.2%29.4%0.23−50.4%+307%0.31—
30
AZOAutoZone, Inc. · Specialty Retail
Whole market+12.3%25.3%0.59−42.1%+323%0.26—
31
FNDXSchwab Fundamental U.S. Large Company ETF · US Large-Cap Value
Whole market+13.5%14.9%0.93−37.7%+291%0.430.25%
32
AAPLApple Inc. · Computer Hardware
Whole market+18.5%28.0%0.75−38.5%+1,168%0.25—
33
WRBW. R. Berkley Corporation · Property & Casualty Insurance
Whole market+18.9%22.9%0.87−45.3%+443%0.09—
34
RSReliance Steel & Aluminum Co. · Metals & Mining
Whole market+24.8%28.1%0.93−40.8%+626%0.33—
35
GOOGAlphabet Inc. · Internet Services
Whole market+19.0%32.0%0.71−44.6%+752%0.30—
36
WCNWaste Connections, Inc. · Environmental Services
Whole market+6.1%20.0%0.40−31.6%+270%0.43—
37
AAgilent Technologies, Inc. · Life Sciences Tools
Whole market+2.6%30.6%0.24−43.2%+306%0.20—
38
DGRWWisdomTree U.S. Quality Dividend Growth Fund · US Dividend Equity
Whole market+11.8%14.0%0.87−32.0%+276%0.430.28%
39
MSFTMicrosoft Corporation · Software
Whole market+12.5%28.2%0.56−37.1%+946%0.35—
40
MUSAMurphy USA Inc. · Convenience Stores
Whole market+26.1%31.2%0.90−35.5%+706%0.29—
41
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.430.40%
42
ORIOld Republic International Corporation · Property & Casualty Insurance
Whole market+17.0%22.2%0.82−47.8%+349%0.30—
43
MNSTMonster Beverage Corporation · Food & Beverages
Same or nearby category+17.2%24.9%0.77−30.4%+285%0.31—
44
BRK-BBerkshire Hathaway Inc. · Insurance
Whole market+13.4%17.1%0.82−29.6%+274%0.33—
45
MOATVanEck Morningstar Wide Moat ETF · US Large-Cap Equity
Whole market+9.1%18.4%0.57−33.3%+276%0.500.46%
46
THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance
Whole market+14.4%22.9%0.70−40.1%+291%0.05—
47
NHCNational HealthCare Corporation · Medical - Care Facilities
Whole market+32.0%28.5%1.12−35.3%+394%0.24—
48
JPMJPMorgan Chase & Co. · Banks
Whole market+17.3%24.3%0.78−43.6%+537%0.32—
49
SCIService Corporation International · Death Care
Whole market+7.5%25.2%0.41−34.0%+272%0.38—
50
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+196%-0.06—
51
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.330.48%
52
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.280.40%
53
BALTInnovator Defined Wealth Shield ETF · Crypto
Whole market+6.3%3.3%1.85−4.9%—0.380.69%
54
CATCaterpillar Inc. · Industrial Machinery
Whole market+31.1%31.9%1.01−43.4%+936%0.08—
55
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+685%0.46—
56
VXUSVanguard Total International Stock ETF · International Equity
Whole market+8.2%16.4%0.57−36.0%+140%0.420.05%
57
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.5%23.0%0.71−35.1%+553%0.400.18%
58
VRIGInvesco Variable Rate Investment Grade ETF · Bonds
Whole market+4.7%1.3%3.51−13.1%+40.5%0.190.30%
59
MAMastercard Incorporated · Payment Processing
Whole market+12.4%23.8%0.61−41.0%+541%0.38—
60
EQWLInvesco S&P 100 Equal Weight ETF · Broad Market
Whole market+11.6%15.0%0.81−34.3%+291%0.450.30%
61
NNINelnet, Inc. · Consumer Finance
Whole market+9.6%22.6%0.52−44.0%+261%0.22—
62
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.18—
63
CHEChemed Corporation · Health Care Services
Whole market+3.4%25.3%0.26−42.9%+273%0.37—
64
CSCOCisco Systems, Inc. · Communications Equipment
Whole market+16.8%26.1%0.73−42.0%+374%0.16—
65
KDPKeurig Dr Pepper Inc. · Food & Beverages
Same or nearby category+2.5%22.1%0.23−36.9%+281%0.18—
66
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.22—
67
MRKMerck & Co., Inc. · Pharmaceuticals
Whole market+16.3%24.8%0.74−43.4%+241%0.19—
68
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+226%0.36—
69
APHAmphenol Corporation · Electronic Components
Whole market+33.8%32.2%1.07−37.5%+965%0.27—
70
RTXRTX Corporation · Aerospace & Defense
Whole market+18.6%24.3%0.83−52.0%+317%0.09—
71
CHCOCity Holding Company · Banks - Regional
Whole market+15.9%22.8%0.77−32.3%+286%0.19—
72
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%-0.08—
73
GSThe Goldman Sachs Group, Inc. · Capital Markets
Whole market+19.6%28.6%0.77−48.8%+521%0.38—
74
MGRCMcGrath RentCorp · Rental & Leasing Services
Whole market+10.0%26.2%0.50−44.0%+357%0.06—
75
VEAVanguard FTSE Developed Markets ETF · Developed International Equity
Whole market+9.3%16.9%0.61−35.8%+153%0.440.03%
76
MSMorgan Stanley · Capital Markets
Whole market+16.0%28.8%0.66−51.3%+627%0.30—
77
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials
Whole market+6.0%2.3%2.55−21.0%+58.0%0.380.60%
78
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+310%0.14—
79
BFCBank First Corporation · Banks - Regional
Whole market+19.0%27.3%0.78−39.8%+496%-0.03—
80
TJXThe TJX Companies, Inc. · Specialty Retail
Whole market+19.9%22.3%0.93−42.5%+361%0.21—
81
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.190.40%
82
IBMInternational Business Machines Corporation · IT Services
Whole market+16.6%30.5%0.66−41.1%+151%0.02—
83
PGThe Procter & Gamble Company · Household & Personal Products
Whole market+5.1%18.3%0.37−23.8%+145%0.28—
84
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.4%26.0%0.78−35.1%+779%0.320.09%
85
SAPSAP SE · Enterprise Software
Whole market+11.5%30.0%0.52−52.5%+205%0.42—
86
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+33.7%29.4%1.14−47.6%+474%0.16—
87
BHPBHP Group Limited · Metals & Mining
Whole market+16.6%31.4%0.65−44.3%+398%0.17—
88
PTNQPacer Trendpilot 100 ETF · Technology
Whole market+9.7%14.1%0.73−28.1%+305%0.280.65%
89
BACBank of America Corporation · Banks
Whole market+4.0%26.6%0.28−49.0%+282%0.33—
90
AXPAmerican Express Company · Consumer Finance
Whole market+13.5%29.3%0.58−49.6%+446%0.43—
91
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+816%0.32—
92
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+248%0.19—
93
VRTXVertex Pharmaceuticals Incorporated · Biotechnology
Whole market+22.6%29.1%0.85−41.6%+521%0.13—
94
MOAltria Group, Inc. · Tobacco
Whole market+17.8%21.4%0.88−53.7%+140%0.16—
95
ETNEaton Corporation plc · Electrical Equipment
Whole market+20.4%32.1%0.74−44.5%+657%0.30—
96
BNYBank of New York Mellon Corp · Banks
Whole market+22.7%24.4%0.97−50.5%+341%0.17—
97
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.2%21.6%0.93−47.3%+395%0.29—
98
VOVanguard Morningstar Mid-Cap ETF · US Mid-Cap Equity
Whole market+6.8%17.6%0.47−39.4%+198%0.460.03%
99
DEDeere & Company · Industrial Machinery
Whole market+14.4%29.9%0.60−37.9%+755%0.16—
100
TTTrane Technologies plc · Building Products
Whole market+22.7%27.7%0.88−40.5%+955%0.37—

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?

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.

10.0%20.0%30.0%40.0%50.0%60.0%70.0%−40.0%−30.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCMG: −4.0% a year, volatility 35.1%SPY (S&P 500): 12.7% a year, volatility 17.1%DRI: 12.4% a year, volatility 27.2%USFD: 22.7% a year, volatility 29.8%TXRH: 15.9% a year, volatility 30.4%PFGC: 16.0% a year, volatility 31.5%YUM: 5.8% a year, volatility 21.2%SBUX: −0.4% a year, volatility 31.9%QSR: 8.0% a year, volatility 23.1%SYY: 3.5% a year, volatility 23.6%MCD: 2.9% a year, volatility 17.9%YUMC: −4.2% a year, volatility 37.3%BROS: −6.5% a year, volatility 61.8%WEN: −18.0% a year, volatility 36.5%PTLO: −30.9% a year, volatility 56.4%FWRG: −10.7% a year, volatility 47.8%JACK: −33.3% a year, volatility 52.1%PZZA: −29.1% a year, volatility 43.1%EAT: 34.6% a year, volatility 48.8%CAKE: 25.8% a year, volatility 39.9%DASH: −2.3% a year, volatility 54.5%SHAK: −1.2% a year, volatility 52.2%BJRI: 10.8% a year, volatility 46.3%WING: −3.7% a year, volatility 52.8%DPZ: −5.8% a year, volatility 30.2%CMGSPY (S&P 500)DRIUSFDTXRHPFGCYUMSBUXSYYMCDYUMCBROSWENPTLOFWRGJACKPZZAEATCAKEDASHSHAKBJRIDPZ10.0%20.0%30.0%40.0%50.0%60.0%70.0%−40.0%−20.0%0.0%20.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCMG: −4.0% a year, volatility 35.1%SPY (S&P 500): 12.7% a year, volatility 17.1%DRI: 12.4% a year, volatility 27.2%USFD: 22.7% a year, volatility 29.8%TXRH: 15.9% a year, volatility 30.4%PFGC: 16.0% a year, volatility 31.5%YUM: 5.8% a year, volatility 21.2%SBUX: −0.4% a year, volatility 31.9%QSR: 8.0% a year, volatility 23.1%SYY: 3.5% a year, volatility 23.6%MCD: 2.9% a year, volatility 17.9%YUMC: −4.2% a year, volatility 37.3%BROS: −6.5% a year, volatility 61.8%WEN: −18.0% a year, volatility 36.5%PTLO: −30.9% a year, volatility 56.4%FWRG: −10.7% a year, volatility 47.8%JACK: −33.3% a year, volatility 52.1%PZZA: −29.1% a year, volatility 43.1%EAT: 34.6% a year, volatility 48.8%CAKE: 25.8% a year, volatility 39.9%DASH: −2.3% a year, volatility 54.5%SHAK: −1.2% a year, volatility 52.2%BJRI: 10.8% a year, volatility 46.3%WING: −3.7% a year, volatility 52.8%DPZ: −5.8% a year, volatility 30.2%CMGSPY (S&P 500)USFDYUMSBUXQSRSYYMCDYUMCBROSWENPTLOFWRGJACKPZZAEATCAKEDASHSHAKBJRIDPZ
All figures
InvestmentAnnual returnVolatility
EAT Brinker International, Inc.+34.6%48.8%
CAKE The Cheesecake Factory Incorporated+25.8%39.9%
USFD US Foods Holding Corp.+22.7%29.8%
PFGC Performance Food Group Co+16.0%31.5%
TXRH Texas Roadhouse, Inc.+15.9%30.4%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
DRI Darden Restaurants, Inc.+12.4%27.2%
BJRI BJ's Restaurants, Inc.+10.8%46.3%
QSR Restaurant Brands International Inc.+8.0%23.1%
YUM Yum! Brands, Inc.+5.8%21.2%
SYY Sysco Corporation+3.5%23.6%
MCD McDonald's Corporation+2.9%17.9%
SBUX Starbucks Corporation−0.4%31.9%
SHAK Shake Shack Inc.−1.2%52.2%
DASH DoorDash, Inc.−2.3%54.5%
WING Wingstop Inc.−3.7%52.8%
CMG This pageChipotle Mexican Grill, Inc.−4.0%35.1%
YUMC Yum China Holdings, Inc.−4.2%37.3%
DPZ Domino's Pizza, Inc.−5.8%30.2%
BROS Dutch Bros Inc.−6.5%61.8%
FWRG First Watch Restaurant Group, Inc.−10.7%47.8%
WEN The Wendy's Company−18.0%36.5%
PZZA Papa John's International, Inc.−29.1%43.1%
PTLO Portillo's Inc.−30.9%56.4%
JACK Jack in the Box Inc.−33.3%52.1%
Open these 25 in EasyCompare

Has CMG consistently beaten its popular alternatives?

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.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
CMG Chipotle Mexican Grill, Inc. (this page)—−10.5%−10.5%−17.2%−20.9%−28.8%−19.0%−18.7%+266%35.1%0.06−58.9%—$38B—
DRI QualifiedDarden Restaurants, Inc.5/5 short3/3 longAll-weather+4.0%+12.8%+9.8%+20.1%+19.7%+70.6%+79.7%+361%27.2%0.57−72.8%—$25B—
USFD QualifiedUS Foods Holding Corp.5/5 short3/3 longAll-weather+9.3%+8.4%+10.4%+38.0%+35.0%+178%+178%+347%29.8%0.84−77.3%—$22B—
EAT QualifiedBrinker International, Inc.5/5 short3/3 longAll-weather−2.5%+0.2%+23.4%+28.9%+50.5%+492%+342%+337%48.8%0.86−84.9%—$8.2B—
TXRH QualifiedTexas Roadhouse, Inc.4/5 short3/3 longAll-weather+2.2%−13.5%+4.1%0.0%−3.9%+84.4%+109%+405%30.4%0.64−58.0%—$11B—
PFGC QualifiedPerformance Food Group Co4/5 short3/3 longAll-weather+5.9%−10.5%+6.8%+11.2%−3.6%+75.9%+110%+299%31.5%0.63−78.8%—$15B—
YUM QualifiedYum! Brands, Inc.5/5 short2/3 long+8.8%+3.4%−5.4%+2.2%+4.3%+34.0%+32.5%+192%21.2%0.37−52.2%—$41B—
CAKE QualifiedThe Cheesecake Factory Incorporated5/5 short2/3 long+17.1%+35.6%+88.8%+123%+118%+305%+216%+187%39.9%0.78−75.6%—$5.8B—
SBUX QualifiedStarbucks Corporation5/5 short2/3 long+4.7%−4.6%+1.6%+20.5%+20.6%+13.8%−1.7%+130%31.9%0.15−43.7%—$113B—
QSR QualifiedRestaurant Brands International Inc.5/5 short2/3 long+3.5%+2.5%−3.1%+13.8%+14.9%+27.3%+46.8%+127%23.1%0.45−63.0%—$26B—
SYY QualifiedSysco Corporation5/5 short2/3 long+6.4%+3.3%+10.2%+16.6%+6.7%+37.6%+18.7%+126%23.6%0.27−63.4%—$41B—
DASH QualifiedDoorDash, Inc.5/5 short2/3 long−1.1%+1.4%+1.0%−12.8%−27.8%+162%−11.1%—54.5%0.23−82.5%—$83B—
MCD QualifiedMcDonald's Corporation4/5 short2/3 long−0.5%−7.2%−18.6%−17.1%−17.8%+2.7%+15.5%+181%17.9%0.25−36.9%—$174B—
SHAK QualifiedShake Shack Inc.4/5 short2/3 long+22.4%+22.4%−33.4%−16.4%−24.7%+27.0%−5.7%+115%52.2%0.24−70.9%—$2.8B—
BJRI QualifiedBJ's Restaurants, Inc.4/5 short2/3 long−3.3%−14.2%+50.6%+43.8%+89.9%+146%+67.1%+76.2%46.3%0.45−91.2%—$1.3B—
WING RestaurantsWingstop Inc.2/5 short2/3 long+21.4%−7.4%−34.2%−48.9%−48.6%−26.3%−17.2%+479%52.8%0.19−76.9%—$3.5B—
YUMC RestaurantsYum China Holdings, Inc.5/5 short1/3 long+8.8%+3.3%−6.2%−4.7%+2.9%−7.1%−19.4%+108%37.3%0.07−56.5%—$15B—
SG RestaurantsSweetgreen, Inc.5/5 short1/3 long+42.6%+60.5%+53.1%+54.0%+43.6%−2.3%————−91.1%—$1.3B—
DPZ RestaurantsDomino's Pizza, Inc.4/5 short1/3 long+6.9%−3.3%−13.3%−24.3%−23.6%−4.4%−25.7%+116%30.2%-0.05−47.8%—$10B—
CAVA RestaurantsCAVA Group, Inc.4/5 short1/3 long+10.5%−9.5%−41.0%−5.1%−7.8%+74.1%————−71.1%—$6.7B—
BROS RestaurantsDutch Bros Inc.2/5 short1/3 long+11.9%−33.9%−19.8%−29.5%−21.9%+73.0%−28.7%—61.8%0.20−70.1%—$8.2B—
WEN RestaurantsThe Wendy's Company4/5 short0/3 long−2.7%−16.2%−6.1%−16.5%−22.3%−59.5%−63.0%−16.5%36.5%-0.37−73.0%—$1.2B—
PTLO RestaurantsPortillo's Inc.4/5 short0/3 long+22.5%+0.2%−27.7%−0.4%−19.3%−69.0%−84.3%—56.4%-0.38−93.5%—$331M—
FWRG RestaurantsFirst Watch Restaurant Group, Inc.3/5 short0/3 long+18.0%−2.1%−6.9%−22.1%−33.8%−31.4%−43.3%—47.8%0.00−60.4%—$739M—
JACK RestaurantsJack in the Box Inc.2/5 short0/3 long−9.4%−17.8%−5.5%−35.5%−30.0%−80.1%−86.8%−85.0%52.1%-0.52−91.5%—$232M—
PZZA RestaurantsPapa John's International, Inc.1/5 short0/3 long−7.7%−43.9%−49.9%−52.3%−63.5%−67.8%−82.0%−70.9%43.1%-0.59−84.5%—$617M—
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How did CMG do year by year?

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.

InvestmentYears ahead of CMG2025202420232022202120202019201820172016201520142013201220112010200920082007
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 alternativesTop quarter in 8 of 1921 of 2610 of 264 of 2517 of 257 of 211 of 201 of 202 of 2019 of 2018 of 1815 of 155 of 142 of 1413 of 142 of 141 of 147 of 1413 of 141 of 14
SPY S&P 500State Street SPDR S&P 500 ETF8 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%
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%
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%——————————
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%
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%
PFGC Performance Food Group Co4 of 10+6.3%+22.3%+18.4%+27.2%−3.6%−7.5%+59.5%−2.5%+37.9%+3.7%—————————
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%
CAKE The Cheesecake Factory Incorporated8 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%
SBUX Starbucks Corporation8 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%————————
SYY Sysco Corporation7 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%
DASH DoorDash, Inc.3 of 5+35.0%+69.6%+103%−67.2%+4.3%——————————————
MCD McDonald's Corporation8 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%—————————
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%
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%—————————
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%——————————
SG Sweetgreen, Inc.1 of 4−78.9%+184%+31.9%−73.2%———————————————
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%
CAVA CAVA Group, Inc.1 of 2−48.0%+162%—————————————————
BROS Dutch Bros Inc.2 of 4+16.9%+65.4%+12.3%−44.6%———————————————
WEN The Wendy's Company7 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%
PTLO Portillo's Inc.0 of 4−51.7%−41.0%−2.4%−56.5%———————————————
FWRG First Watch Restaurant Group, Inc.2 of 4−19.0%−7.4%+48.6%−19.3%———————————————
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%
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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?

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.

DuringCMG fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−74.6%−48.8%Dec 2007Nov 200811 monthsJun 201019 months
2015 China and oil sell-off−66.8%+33.3%Aug 2015Feb 20182.5 yearsJul 201917 months
No named crash−58.9%+41.4%Jun 2024Jun 20262 yearsNot yet—
Covid crash−50.2%−29.1%Feb 2020Mar 20201 monthMay 20202 months
No named crash−46.4%+4.2%Apr 2012Oct 20126 monthsOct 201312 months

How did CMG do in stock market crashes?

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.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-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 ETF7 of 9−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
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%
USFD US Foods Holding Corp.2 of 5−6.6%−32.8%−75.6%−10.6%−6.6%—————
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%
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%—
PFGC Performance Food Group Co2 of 5−5.1%−32.3%−78.5%−17.2%−7.2%—————
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%
CAKE The Cheesecake Factory Incorporated3 of 9−7.0%−38.5%−62.4%−20.7%−9.8%−20.3%−22.5%−2.7%−78.5%−40.0%
SBUX Starbucks Corporation7 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%————
SYY Sysco Corporation6 of 9−2.3%−20.8%−59.5%−17.8%−6.8%−6.4%−17.9%−1.5%−43.1%−27.2%
DASH DoorDash, Inc.0 of 2−8.5%−68.8%————————
MCD McDonald's Corporation7 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%————
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%
WING Wingstop Inc.3 of 6−3.2%−58.1%−50.8%−18.8%−2.3%−35.2%————
YUMC Yum China Holdings, Inc.3 of 5−3.4%−32.0%−14.6%−13.3%−11.5%—————
SG Sweetgreen, Inc.0 of 2−13.0%−70.3%————————
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 Company3 of 9−5.0%−32.8%−68.6%−16.5%−3.6%−15.8%−19.9%−4.9%−78.3%−22.0%
PTLO Portillo's Inc.0 of 2−7.9%−58.7%————————
FWRG First Watch Restaurant Group, Inc.0 of 2−4.1%−30.4%————————
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%
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How closely does CMG move with the S&P 500?

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.

InvestmentUpside captureDownside captureCapture ratioBeta
CMG This pageChipotle Mexican Grill, Inc.103%111%0.921.16
TXRH Texas Roadhouse, Inc.93%78%1.190.94
MCD McDonald's Corporation58%52%1.110.52
DRI Darden Restaurants, Inc.96%92%1.051.06
USFD US Foods Holding Corp.100%103%0.971.29
YUM Yum! Brands, Inc.67%70%0.960.82
PFGC Performance Food Group Co105%116%0.901.27
WING Wingstop Inc.123%137%0.901.57
QSR Restaurant Brands International Inc.67%78%0.850.83
EAT Brinker International, Inc.139%168%0.831.98
CAKE The Cheesecake Factory Incorporated85%104%0.821.35
DPZ Domino's Pizza, Inc.77%98%0.790.75
SBUX Starbucks Corporation81%107%0.760.94
SYY Sysco Corporation76%100%0.761.02
SHAK Shake Shack Inc.85%131%0.651.68
BJRI BJ's Restaurants, Inc.99%158%0.631.77
WEN The Wendy's Company32%78%0.420.68
JACK Jack in the Box Inc.49%214%0.231.61
PZZA Papa John's International, Inc.32%141%0.221.08
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What diversifies CMG?

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

InvestmentCorrelation5Y returnSharpe202520222017201620152012200880/20 mix volatility80/20 mix annual return
CMG Chipotle Mexican Grill, Inc. (this page)1.00−18.7%0.06−38.6%−20.6%−23.4%−21.4%−29.9%−11.8%−57.8%32.9%−2.5%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.28+119%1.48+27.1%+3.8%+10.0%————26.9%+1.9%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.33+225%1.34+32.8%+6.0%+22.8%+1.1%+7.7%+19.6%−20.8%27.2%+3.6%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.38+101%1.04+9.7%+10.4%+1.1%+29.8%−25.3%——27.6%+1.6%
HDV Dividend & IncomeiShares Core High Dividend ETF0.31+83.3%1.00+11.9%+7.1%+13.5%+15.9%−0.3%+9.6%—27.3%+1.1%
SMH TechnologyVanEck Semiconductor ETF0.29+323%0.97+49.2%−33.5%+38.5%+35.6%−0.3%+8.6%−44.7%29.1%+5.8%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.43+85.0%0.96+23.1%−5.1%+16.7%+6.3%+4.1%+20.9%—27.3%+1.3%
GLD CommoditiesSPDR Gold Shares0.19+126%0.96+63.7%−0.8%+12.8%+8.0%−10.7%+6.6%+4.9%27.2%+2.3%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.31+136%0.93+26.6%−10.4%+27.8%+7.4%———27.8%+2.8%

Stocks

InvestmentCorrelation5Y returnSharpe202520222017201620152012200880/20 mix volatility80/20 mix annual return
CMG Chipotle Mexican Grill, Inc. (this page)1.00−18.7%0.06−38.6%−20.6%−23.4%−21.4%−29.9%−11.8%−57.8%32.9%−2.5%
CAH Medical - DistributionCardinal Health, Inc.0.31+479%1.55+76.3%+54.1%−12.7%−17.5%+12.6%+3.8%−39.6%28.4%+5.6%
CLS Hardware, Equipment & PartsCelestica Inc.-0.09+3,143%1.47+220%+1.3%−11.6%+7.4%−6.0%+11.2%−20.5%27.9%+18.1%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.11+1,636%1.46+121%+17.0%+32.1%+18.3%+67.7%+15.7%−15.2%28.7%+13.9%
MCK Medical - DistributionMcKesson Corporation0.22+413%1.44+44.5%+51.8%+12.0%−28.3%−4.5%+25.6%−40.4%27.9%+5.1%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.04+690%1.41+19.2%+86.6%+34.8%+0.7%+17.4%+94.3%—27.3%+7.9%
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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, MCD, YUM and USFD earned more than CMG with less volatility over the past 5 years. MCD returned 2.9% a year at 17.9% volatility, against a loss of 4.0% a year at 35.1%. Looking beyond its popular alternatives, MNST (food & beverages) and KDP (food & beverages) earned more than CMG with less volatility over the past 5 years. MNST returned 17.2% a year at 24.9% volatility, against a loss of 4.0% a year at 35.1%.

Is CMG more volatile than the S&P 500?

Yes. CMG's volatility over the past 5 years was 35.1%, about twice the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CMG's return lands within 35.1% 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 0.06, against 0.79 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 0.46 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, 14 outperformed CMG in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: DRI, USFD and EAT.

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 0.33) and EMLP (correlation 0.38); among large stocks, CAH (correlation 0.31), CLS (correlation -0.09) and FIX (correlation 0.11). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to CMG

Other stocks and ETFs