ATO vs WM: Correlation
Atmos Energy (ATO) and Waste Management (WM) show a moderate relationship: their 3-year correlation of weekly returns is 0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ATO and WM?
Over the past 3 years, ATO and WM moved with a correlation of 0.39, which is moderate. The relationship has been stable: the 1-year correlation (0.45) sits close to the 3-year figure. Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 112.6 %².
By 3-year correlation, WM places #19 of the 32 assets tracked against ATO. Twelve-month performance is nearly a tie, at +2.9% for ATO and -2.0% for WM. The rolling one-year correlation moved between 0.10 and 0.56 over the past three years, a moderate range.
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.
ATO vs WM: side by side
| ATO (Atmos Energy) | WM (Waste Management) | |
|---|---|---|
| 1-year return | +2.9% | -2.0% |
| 5-year return | +94.1% | +51.8% |
| Volatility (ann.) | 15.9% | 18.3% |
| Beta vs S&P 500 | 0.15 | 0.07 |
| Max drawdown (3Y) | -12.7% | -18.1% |
| Market cap | $28.3B | $87.0B |
| P/E (trailing) | 19.9 | 30.8 |
| Dividend yield | 2.28% | 1.60% |
| Sector / category | Utilities | Industrials |
Year-by-year returns
| Year | ATO | WM |
|---|---|---|
| 2022 | +9.6% | -4.5% |
| 2023 | +6.2% | +16.2% |
| 2024 | +23.4% | +14.3% |
| 2025 | +23.1% | +10.5% |
| 2026 | +1.5% | -0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATO and WM good diversifiers for each other?
Reasonably. At 0.39, ATO and WM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ATO and WM?
As of 2026-08-27, the correlation of weekly returns between ATO and WM is 0.39 over 3 years, 0.45 over 1 year and 0.46 over 5 years.
Is WM a good diversifier for ATO?
Reasonably. At 0.39, ATO and WM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.39 mean?
A reading of 0.39 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ato-vs-wm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ato-vs-wm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ATO correlations · WM correlations
