AIRJ vs GFL: Correlation
How closely do AirJoule Technologies Corporation (AIRJ) and GFL Environmental Inc. Subordinate voting shares, no par (GFL) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIRJ and GFL?
Over the past 3 years, AIRJ and GFL moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.16 over 1 year against -0.23 over 3. Over 5 years the correlation is -0.17, and the annualized covariance of weekly returns is -422.7 %².
GFL is close to the least connected end of AIRJ's tracked universe, ranking #10 of 13. Correlation aside, the last 12 months split them widely, with AIRJ ahead by 15.7 points (-1.6% versus -17.3%). Risk is not evenly split, since AIRJ carries 2.4 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AIRJ vs GFL: side by side
| AIRJ (AirJoule Technologies Corporation) | GFL (GFL Environmental Inc. Subordinate voting shares, no par) | |
|---|---|---|
| 1-year return | -1.6% | -17.3% |
| 5-year return | -51.6% | +17.2% |
| Volatility (ann.) | 67.0% | 27.9% |
| Beta vs S&P 500 | 0.94 | 0.47 |
| Max drawdown (3Y) | -91.4% | -34.9% |
| Market cap | $0.4B | $14.8B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.20% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AIRJ | GFL |
|---|---|---|
| 2022 | – | -22.6% |
| 2023 | +6.7% | +18.2% |
| 2024 | -25.8% | +29.3% |
| 2025 | -50.5% | -3.5% |
| 2026 | +21.6% | -4.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIRJ and GFL good diversifiers for each other?
Yes. With a correlation of -0.23, AIRJ and GFL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AIRJ and GFL?
As of 2026-08-27, the correlation of weekly returns between AIRJ and GFL is -0.23 over 3 years, -0.16 over 1 year and -0.17 over 5 years.
Is GFL a good diversifier for AIRJ?
Yes. With a correlation of -0.23, AIRJ and GFL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/airj-vs-gfl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/airj-vs-gfl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AIRJ correlations · GFL correlations
