The New Year is upon us, and with the major benchmarks now on track to deliver their worst annual performance since 2008, traders may be looking for some safe bets to jumpstart 2023. One name in particular that tends to outperform in January is Chipotle Mexican Grill, Inc. (NYSE: CMG).

According to a study Schaeffer's Senior Quantitative Analyst Rocky White conducted highlighting the 25 best S&P 500 Index (SPX) stocks in January going back 10 years, Chipotle Mexican Grill stock boasts positive eight positive returns. The restaurant stock averaged a 4.7% pop for the month and is the only name of its sector on the list. A comparable move from its current perch would place CMG above $1,450 per share.

Now looks like the right opportunity to grab the equity on the dip, too, given it was last seen down 1.1% to trade at $1,388.67. The $1,360 level has emerged as a floor over the past week, though, after containing a pullback in early November as well. Year-to-date, CMG has shed just over 20%.

Short-term options traders have been bearish on Chipotle Mexican Grill stock. This is per its Schaeffer's put/call open interest ratio (SOIR) of 1.20, which ranks in the elevated 82nd percentile of its annual range . An unwinding of this pessimism could create even more tailwinds for CMG. 

The security's options are attractively priced at the moment, too. This is per the stock's Schaeffer's Volatility Index (SVI) of 30%, which ranks in the 12th percentile of readings from the last 12 months.

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