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

> Source: EasyCompare research, https://easycompare.io/research/cmg
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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.

## Key findings

- **Right now:** Over the past 6 months, CMG fell 17.2% while the S&P 500 rose 9.1%. CMG is 56.7% below its high, bear-market territory, while the S&P 500 sits 1.3% below a record.
- **Stock or market?:** The weakness is CMG's own: it fell 10.5% over the past 3 months while the consumer discretionary sector ETF XLY (State Street Consumer Discretionary Select Sector SPDR ETF) rose 1.0%. The S&P 500 rose 3.9%. Its restaurant peers did not move as one over the past 3 months: YUM (Yum! Brands) rose 3.4%, while BROS (Dutch Bros) fell 33.9%.
- **Past 1 to 3 years:** CMG has gone against the market, falling 28.8% over the past year while the S&P 500 rose 15.8%. The same gap shows up over 3 years (19.0% against 89.3%). The long record (ahead of 69% of the stocks worth at least $300 million over 10 years) has not carried into the past 3 years (behind 86% of them).
- **Long term:** CMG turned $10,000 into $36,600 over the past decade, against $42,100 in the S&P 500.
- **In a crash:** Across six sell-offs, CMG has typically fallen 1.6 times as far as the S&P 500.
- **Diversification:** Against the S&P 500, CMG has a correlation of 0.46 over 5 years, more closely than 64% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge.
- **Better options**
  - **Popular alternatives:** MCD (McDonald's), YUM (Yum! Brands) and USFD (US Foods Holding) 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%.
  - **Nearby categories and themes:** MNST (Monster Beverage, food & beverages) and KDP (Keurig Dr Pepper, 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%.
  - **Whole market:** 1,798 of the 3,633 stocks and funds worth at least $500 million earned more than CMG with less volatility over the past 5 years, among them AAPL (Apple), GOOG (Alphabet) and MSFT (Microsoft).

## 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.

- $10,000 invested in CMG at the end of September 2006 would have grown to $321,617 by September 2026, more than the $82,294 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 $1,447,888.

## 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.

- CMG is still 56.7% 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.

- Type: Stock, Consumer Discretionary (Restaurants)
- Trading since: January 26, 2006
- Market value: $38B
- Volatility (5 years): 35.1%; Sharpe ratio: 0.06
- Worst decline ever: −74.6%, from December 26, 2007 to November 20, 2008; back at its high by June 15, 2010

| Period | CMG total return |
| --- | --- |
| 1 month | −10.5% |
| 3 months | −10.5% |
| 6 months | −17.2% |
| year to date | −20.9% |
| 1 year | −28.8% |
| 3 years | −19.0% |
| 5 years | −18.7% |
| 10 years | +266% |

## 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.

- CMG's 1-year return ranks in the bottom 14% of the 3,287 stocks worth at least $300 million with 1 year of history.

| Measure | CMG | Rank |
| --- | --- | --- |
| 1-year return | −28.8% | 2,829 of 3,287 (top 87%) |
| 3-year return | −19.0% | 2,580 of 3,017 (top 86%) |
| 5-year return | −18.7% | 1,990 of 2,893 (top 69%) |
| 10-year return | +266% | 672 of 2,202 (top 31%) |
| Volatility, 5 years | 35.1% | 1,143 of 2,893 (top 40%) |
| Sharpe ratio, 5 years | 0.06 | 2,218 of 2,893 (top 77%) |
| Worst decline, past 10 years | −58.9% | 837 of 2,187 (top 39%) |

### 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).

- 848 stocks and 950 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 49% of the 3,633 screened.
- Among those with at least half CMG's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 29% less than CMG's 35.1%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.06 for CMG. HWM earned the most, 47.3% a year, while still swinging less than CMG (32.5% against 35.1%).
- Among CMG's popular alternatives, USFD, TXRH and PFGC are in the region. USFD earned 22.7% a year against a loss of 4.0% a year for CMG, at 29.8% volatility, 15% less than CMG's 35.1%.

### Is there a better investment than CMG?

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.

- 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%.
- Across the whole market, 1,798 of the 3,633 stocks and funds worth at least $500 million earned more than CMG with less volatility over the past 5 years, among them AAPL, GOOG and MSFT.

The 15 strongest of 1,798 investments that beat CMG over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with CMG | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CMG: Chipotle Mexican Grill, Inc. (this page) |  | −4.0% | 35.1% | 0.06 | −58.9% | +266% |  |  |
| [LLY](https://easycompare.io/research/lly): Eli Lilly and Company | Pharmaceuticals | +40.7% | 32.8% | 1.21 | −34.5% | +1,807% | 0.28 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [VTI](https://easycompare.io/research/vti): Vanguard Morningstar Total Stock Market ETF | US Total Market | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.45 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [VOO](https://easycompare.io/research/voo): Vanguard S&P 500 ETF | US Large-Cap Equity | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.46 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [WMT](https://easycompare.io/research/wmt): Walmart Inc. | Discount Retail | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.34 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [ABBV](https://easycompare.io/research/abbv): AbbVie Inc. | Pharmaceuticals | +26.1% | 23.4% | 1.11 | −45.1% | +603% | -0.11 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [V](https://easycompare.io/research/v): Visa Inc. | Payment Processing | +12.8% | 22.9% | 0.64 | −36.4% | +429% | 0.44 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [AMGN](https://easycompare.io/research/amgn): Amgen Inc. | Biotechnology | +19.6% | 24.9% | 0.85 | −24.9% | +266% | 0.03 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [MFG](https://easycompare.io/research/mfg): Mizuho Financial Group, Inc. | Banks | +33.6% | 30.6% | 1.10 | −45.7% | +345% | 0.11 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [SGOV](https://easycompare.io/research/sgov): iShares 0-3 Month Treasury Bond ETF | Treasury Bonds | +3.8% | 0.3% | 13.25 | −0.3% | — | 0.16 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [LIN](https://easycompare.io/research/lin): Linde plc | Chemicals | +11.5% | 20.9% | 0.63 | −32.6% | +394% | 0.36 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [TRV](https://easycompare.io/research/trv): The Travelers Companies, Inc. | Property & Casualty Insurance | +22.4% | 22.3% | 1.02 | −46.3% | +347% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [TMO](https://easycompare.io/research/tmo): Thermo Fisher Scientific Inc. | Life Sciences Tools | +2.9% | 27.8% | 0.24 | −40.9% | +366% | 0.07 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [RSG](https://easycompare.io/research/rsg): Republic Services, Inc. | Environmental Services | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.48 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [CMI](https://easycompare.io/research/cmi): Cummins Inc. | Industrial Machinery | +19.9% | 29.0% | 0.77 | −44.0% | +444% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [RY](https://easycompare.io/research/ry): Royal Bank of Canada | Banks | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.30 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## 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.

- Nine of the 23 popular alternatives, led by USFD, PFGC and TXRH, 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 -4.0% a year, less than the S&P 500's 12.7%, with higher volatility (35.1% against 17.1%).

### 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.

- 14 of the 25 popular alternatives, led by DRI, USFD and EAT, outperformed CMG in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- DRI, USFD and EAT 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.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of CMG | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| CMG: Chipotle Mexican Grill, Inc. (this page) | −28.8% | −19.0% | −18.7% | +266% |  |  | 0.06 |
| DRI: Darden Restaurants, Inc. | +19.7% | +70.6% | +79.7% | +361% | 5/5 short-term, 3/3 long-term | all-weather | 0.57 |
| USFD: US Foods Holding Corp. | +35.0% | +178% | +178% | +347% | 5/5 short-term, 3/3 long-term | all-weather | 0.84 |
| EAT: Brinker International, Inc. | +50.5% | +492% | +342% | +337% | 5/5 short-term, 3/3 long-term | all-weather | 0.86 |
| TXRH: Texas Roadhouse, Inc. | −3.9% | +84.4% | +109% | +405% | 4/5 short-term, 3/3 long-term | all-weather | 0.64 |
| PFGC: Performance Food Group Co | −3.6% | +75.9% | +110% | +299% | 4/5 short-term, 3/3 long-term | all-weather | 0.63 |
| [YUM](https://easycompare.io/research/yum): Yum! Brands, Inc. | +4.3% | +34.0% | +32.5% | +192% | 5/5 short-term, 2/3 long-term | consistent | 0.37 |
| CAKE: The Cheesecake Factory Incorporated | +118% | +305% | +216% | +187% | 5/5 short-term, 2/3 long-term | consistent | 0.78 |
| [SBUX](https://easycompare.io/research/sbux): Starbucks Corporation | +20.6% | +13.8% | −1.7% | +130% | 5/5 short-term, 2/3 long-term | consistent | 0.15 |
| QSR: Restaurant Brands International Inc. | +14.9% | +27.3% | +46.8% | +127% | 5/5 short-term, 2/3 long-term | consistent | 0.45 |
| [SYY](https://easycompare.io/research/syy): Sysco Corporation | +6.7% | +37.6% | +18.7% | +126% | 5/5 short-term, 2/3 long-term | consistent | 0.27 |
| [DASH](https://easycompare.io/research/dash): DoorDash, Inc. | −27.8% | +162% | −11.1% | — | 5/5 short-term, 2/3 long-term | consistent | 0.23 |
| [MCD](https://easycompare.io/research/mcd): McDonald's Corporation | −17.8% | +2.7% | +15.5% | +181% | 4/5 short-term, 2/3 long-term | consistent | 0.25 |
| SHAK: Shake Shack Inc. | −24.7% | +27.0% | −5.7% | +115% | 4/5 short-term, 2/3 long-term | consistent | 0.24 |
| BJRI: BJ's Restaurants, Inc. | +89.9% | +146% | +67.1% | +76.2% | 4/5 short-term, 2/3 long-term | consistent | 0.45 |
| WING: Wingstop Inc. | −48.6% | −26.3% | −17.2% | +479% | 2/5 short-term, 2/3 long-term |  | 0.19 |
| YUMC: Yum China Holdings, Inc. | +2.9% | −7.1% | −19.4% | +108% | 5/5 short-term, 1/3 long-term |  | 0.07 |
| SG: Sweetgreen, Inc. | +43.6% | −2.3% | — | — | 5/5 short-term, 1/3 long-term |  | — |
| DPZ: Domino's Pizza, Inc. | −23.6% | −4.4% | −25.7% | +116% | 4/5 short-term, 1/3 long-term |  | -0.05 |
| CAVA: CAVA Group, Inc. | −7.8% | +74.1% | — | — | 4/5 short-term, 1/3 long-term |  | — |
| BROS: Dutch Bros Inc. | −21.9% | +73.0% | −28.7% | — | 2/5 short-term, 1/3 long-term |  | 0.20 |
| WEN: The Wendy's Company | −22.3% | −59.5% | −63.0% | −16.5% | 4/5 short-term, 0/3 long-term |  | -0.37 |
| PTLO: Portillo's Inc. | −19.3% | −69.0% | −84.3% | — | 4/5 short-term, 0/3 long-term |  | -0.38 |
| FWRG: First Watch Restaurant Group, Inc. | −33.8% | −31.4% | −43.3% | — | 3/5 short-term, 0/3 long-term |  | 0.00 |
| JACK: Jack in the Box Inc. | −30.0% | −80.1% | −86.8% | −85.0% | 2/5 short-term, 0/3 long-term |  | -0.52 |
| PZZA: Papa John's International, Inc. | −63.5% | −67.8% | −82.0% | −70.9% | 1/5 short-term, 0/3 long-term |  | -0.59 |

### 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.

- 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.

| Year | CMG | SPY |
| --- | --- | --- |
| 2025 | −38.6% | +17.7% |
| 2024 | +31.8% | +24.9% |
| 2023 | +64.8% | +26.2% |
| 2022 | −20.6% | −18.2% |
| 2021 | +26.1% | +28.7% |
| 2020 | +65.6% | +18.3% |
| 2019 | +93.8% | +31.2% |
| 2018 | +49.5% | −4.6% |
| 2017 | −23.4% | +21.7% |
| 2016 | −21.4% | +12.0% |

## 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.

- 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.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −74.6% | December 26, 2007 | November 20, 2008 | June 15, 2010 | −48.8% | 2008 financial crisis |
| −66.8% | August 5, 2015 | February 13, 2018 | July 15, 2019 | +33.3% | 2015 China and oil sell-off |
| −58.9% | June 18, 2024 | June 4, 2026 | not yet | +41.4% |  |
| −50.2% | February 19, 2020 | March 18, 2020 | May 11, 2020 | −29.1% | Covid crash |
| −46.4% | April 13, 2012 | October 23, 2012 | October 11, 2013 | +4.2% |  |

### 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.

- 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.

| Crash | Dates | CMG fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −74.6% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −1.9% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −18.6% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −46.4% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −18.0% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −21.4% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −50.2% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −26.9% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | 0.0% | −3.4% |

### 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.

- TXRH took just 78% of the S&P 500's losses, against 111% 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 111% of its losses in falling months, with a beta of 1.16. It amplified the market's moves in both directions.
- Five of the 18 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than CMG's 0.92, led by TXRH, MCD and DRI.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| CMG: Chipotle Mexican Grill, Inc. (this page) | 103% | 111% | 1.16 |
| DRI: Darden Restaurants, Inc. | 96.0% | 92.0% | 1.06 |
| USFD: US Foods Holding Corp. | 100% | 103% | 1.29 |
| EAT: Brinker International, Inc. | 139% | 168% | 1.98 |
| TXRH: Texas Roadhouse, Inc. | 93.0% | 78.0% | 0.94 |
| PFGC: Performance Food Group Co | 105% | 116% | 1.27 |
| [YUM](https://easycompare.io/research/yum): Yum! Brands, Inc. | 67.0% | 70.0% | 0.82 |
| CAKE: The Cheesecake Factory Incorporated | 85.0% | 104% | 1.35 |
| [SBUX](https://easycompare.io/research/sbux): Starbucks Corporation | 81.0% | 107% | 0.94 |
| QSR: Restaurant Brands International Inc. | 67.0% | 78.0% | 0.83 |
| [SYY](https://easycompare.io/research/syy): Sysco Corporation | 76.0% | 100% | 1.02 |
| [MCD](https://easycompare.io/research/mcd): McDonald's Corporation | 58.0% | 52.0% | 0.52 |
| SHAK: Shake Shack Inc. | 85.0% | 131% | 1.68 |
| BJRI: BJ's Restaurants, Inc. | 99.0% | 158% | 1.77 |
| WING: Wingstop Inc. | 123% | 137% | 1.57 |
| DPZ: Domino's Pizza, Inc. | 77.0% | 98.0% | 0.75 |
| WEN: The Wendy's Company | 32.0% | 78.0% | 0.68 |
| JACK: Jack in the Box Inc. | 49.0% | 214% | 1.61 |
| PZZA: Papa John's International, Inc. | 32.0% | 141% | 1.08 |

### 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).

- 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 (-2.5% for CMG alone, +1.9% 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.

| Investment | Correlation with CMG | 5Y return | Volatility | Sharpe | Rose in CMG's 7 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.28 | +119% | 11.1% | 1.48 | 3 of 7 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.33 | +225% | 19.1% | 1.34 | 6 of 7 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.38 | +101% | 14.5% | 1.04 | 4 of 7 |
| HDV: iShares Core High Dividend ETF | 0.31 | +83.3% | 13.0% | 1.00 | 5 of 7 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.29 | +323% | 36.9% | 0.97 | 4 of 7 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.43 | +85.0% | 13.8% | 0.96 | 5 of 7 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.19 | +126% | 18.9% | 0.96 | 5 of 7 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.31 | +136% | 20.8% | 0.93 | 3 of 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, 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.

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## Explore further

- Full page with charts: https://easycompare.io/research/cmg
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against CMG live: https://betterthanspy.com/?b=CMG&utm_source=easycompare&utm_medium=research