CMG vs. XOP

Last updated Aug 1, 2026

CMG (Chipotle Mexican Grill, Inc.) is a stock, while XOP (SPDR S&P Oil & Gas Exploration & Production ETF) is Energy Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry. Over the past 10 years, CMG returned 16.54%/yr vs 5.00%/yr for XOP. Their 0.22 correlation means their historical movements had little consistent relationship.

Performance

CMG vs. XOP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Chipotle Mexican Grill, Inc. (CMG) and SPDR S&P Oil & Gas Exploration & Production ETF (XOP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CMG achieves a 0.59% return, which is significantly lower than XOP's 41.76% return. Over the past 10 years, CMG has outperformed XOP with an annualized return of 16.54%, while XOP has yielded a comparatively lower 5.00% annualized return.

CMG

• 1D: -3.37%
• 1M: 5.17%
• 6M: -4.24%
• YTD: 0.59%
• 1Y: -12.46%
• 3Y*: -1.63%
• 5Y*: -0.03%
• 10Y*: 16.54%
• ALL TIME*: 19.90%

XOP

• 1D: 1.45%
• 1M: 14.72%
• 6M: 27.63%
• YTD: 41.76%
• 1Y: 46.74%
• 3Y*: 10.13%
• 5Y*: 19.29%
• 10Y*: 5.00%
• ALL TIME*: 2.68%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CMG Chipotle Mexican Grill, Inc.	$612.37M	$603.10M	$624.35M
XOP SPDR S&P Oil & Gas Exploration & Production ETF	$553.31M	$544.38M	$598.08M

CMG vs. XOP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CMG Chipotle Mexican Grill, Inc.	0.59%	-38.64%	31.83%	64.83%	-20.64%	26.07%	65.65%	93.87%	49.39%	-23.40%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	41.76%	-2.15%	-1.00%	3.56%	45.37%	66.74%	-36.40%	-9.44%	-28.10%	-9.47%

Correlation

The correlation between CMG and XOP is -0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.07
Correlation (3Y) Balances recent behavior with more history.	0.02
Correlation (5Y) Shows whether the relationship held over a longer period.	0.13
Correlation (10Y) Provides a long-term view across more market conditions.	0.14
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006	0.22

The correlation between CMG and XOP shifts across timeframes, from -0.07 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CMG vs. XOP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CMG

CMG Risk / Return Rank: 30
CMG Sharpe Ratio Rank: 29
CMG Sortino Ratio Rank: 28
CMG Omega Ratio Rank: 28
CMG Calmar Ratio Rank: 32
CMG Martin Ratio Rank: 32

XOP

XOP Risk / Return Rank: 58
XOP Sharpe Ratio Rank: 64
XOP Sortino Ratio Rank: 57
XOP Omega Ratio Rank: 56
XOP Calmar Ratio Rank: 65
XOP Martin Ratio Rank: 48

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CMG vs. XOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Chipotle Mexican Grill, Inc. (CMG) and SPDR S&P Oil & Gas Exploration & Production ETF (XOP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CMG	XOP	Difference
Sharpe ratio: Return per unit of total volatility	-0.33	1.47	-1.80
Sortino ratio: Return per unit of downside risk	-0.21	1.96	-2.17
Omega ratio: Gain probability vs. loss probability	0.97	1.24	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.37	2.26	-2.63
Martin ratio: Return relative to average drawdown	-0.67	5.48	-6.14

CMG vs. XOP - Sharpe Ratio Comparison

The current CMG Sharpe Ratio is -0.33, which is lower than the XOP Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of CMG and XOP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CMG vs. XOP - Drawdown Comparison

The maximum CMG drawdown since its inception was -74.61%, smaller than the maximum XOP drawdown of -90.27%. Use the drawdown chart below to compare losses from any high point for CMG and XOP.

Drawdown Indicators

	CMG	XOP	Difference
Max Drawdown Largest peak-to-trough decline	-74.61%	-90.27%	+15.66%
Max Drawdown (1Y) Largest decline over 1 year	-36.01%	-18.50%	-17.51%
Max Drawdown (3Y) Largest decline over 3 years	-58.89%	-34.98%	-23.91%
Max Drawdown (5Y) Largest decline over 5 years	-58.89%	-34.98%	-23.91%
Max Drawdown (10Y) Largest decline over 10 years	-58.89%	-82.61%	+23.72%
Current Drawdown Current decline from peak	-45.71%	-33.74%	-11.97%
Average Drawdown Average peak-to-trough decline	-21.56%	-42.56%	+21.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.85%	7.67%	+12.18%

Volatility

CMG vs. XOP - Volatility Comparison

Chipotle Mexican Grill, Inc. (CMG) has a higher volatility of 17.31% compared to SPDR S&P Oil & Gas Exploration & Production ETF (XOP) at 8.28%. This indicates that CMG's price experiences larger fluctuations and is considered to be riskier than XOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMG	XOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.31%	8.28%	+9.03%
Volatility (6M) Calculated over the trailing 6-month period	29.05%	22.52%	+6.53%
Volatility (1Y) Calculated over the trailing 1-year period	39.89%	28.49%	+11.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.19%	33.53%	+0.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.97%	40.15%	-4.18%

Dividends

CMG vs. XOP - Dividend Comparison

CMG has not paid dividends to shareholders, while XOP's dividend yield for the trailing twelve months is around 1.83%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMG Chipotle Mexican Grill, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	1.83%	2.62%	2.45%	2.63%	2.47%	1.61%	2.34%	1.47%	0.99%	0.76%	0.76%	2.21%

Frequently Asked Questions

Can I hold both CMG and XOP in my portfolio?

CMG and XOP have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CMG or XOP?

CMG has higher volatility (17.31%) compared to XOP (8.28%). In terms of maximum drawdown, CMG dropped -74.61% vs XOP's -90.27%.

Which has better risk-adjusted returns?

XOP currently has the higher Sharpe Ratio (1.47 vs -0.33), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.