CNA vs WM: Correlation
Measured on weekly returns over the past three years, CNA Financial Corporation (CNA) and Waste Management (WM) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNA and WM?
Across a 3-year window, the weekly returns of CNA and WM correlate at 0.38, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.57 versus 0.38 over 3 years. Stretching to 5 years gives 0.32, with an annualized covariance of 136.1 %².
Among the 26 assets we track against CNA, WM ranks #20 by 3-year correlation. Over the last 12 months CNA came out ahead by 9.6 percentage points (+7.6% against -2.0%).
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.
CNA vs WM: side by side
| CNA (CNA Financial Corporation) | WM (Waste Management) | |
|---|---|---|
| 1-year return | +7.6% | -2.0% |
| 5-year return | +64.0% | +51.8% |
| Volatility (ann.) | 19.8% | 18.3% |
| Beta vs S&P 500 | 0.21 | 0.07 |
| Max drawdown (3Y) | -14.6% | -18.1% |
| Market cap | $13.2B | $87.0B |
| P/E (trailing) | 10.9 | 30.8 |
| Dividend yield | 3.80% | 1.60% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | CNA | WM |
|---|---|---|
| 2022 | +3.8% | -4.5% |
| 2023 | +7.1% | +16.2% |
| 2024 | +24.0% | +14.3% |
| 2025 | +7.0% | +10.5% |
| 2026 | +10.1% | -0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNA and WM good diversifiers for each other?
Reasonably. At 0.38, CNA and WM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CNA and WM?
The CNA/WM correlation stands at 0.38 on a 3-year window (1 year: 0.57, 5 years: 0.32), computed from weekly returns as of 2026-08-27.
Is WM a good diversifier for CNA?
Reasonably. At 0.38, CNA and WM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 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/cna-vs-wm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cna-vs-wm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CNA correlations · WM correlations
