CTAS vs WCN: Correlation
How closely do Cintas (CTAS) and Waste Connections, Inc. (WCN) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CTAS and WCN?
Across a 3-year window, the weekly returns of CTAS and WCN correlate at 0.48, moderate. The link has loosened recently: the 1-year correlation (0.37) runs below the 3-year figure (0.48). Stretching to 5 years gives 0.55, with an annualized covariance of 203.3 %².
Within CTAS's tracked universe of 38 assets, WCN comes in at #21 by 3-year correlation. The trailing year gives CTAS the advantage: -3.3% versus -9.0%, a 5.7-point spread.
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.
CTAS vs WCN: side by side
| CTAS (Cintas) | WCN (Waste Connections, Inc.) | |
|---|---|---|
| 1-year return | -3.3% | -9.0% |
| 5-year return | +117.4% | +33.1% |
| Volatility (ann.) | 23.2% | 18.2% |
| Beta vs S&P 500 | 0.71 | 0.23 |
| Max drawdown (3Y) | -27.7% | -24.9% |
| Market cap | $81.7B | $41.7B |
| P/E (trailing) | 41.8 | 40.3 |
| Dividend yield | 0.87% | 0.82% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | CTAS | WCN |
|---|---|---|
| 2022 | +3.0% | -2.0% |
| 2023 | +34.8% | +13.5% |
| 2024 | +22.2% | +15.7% |
| 2025 | +3.8% | +2.7% |
| 2026 | +9.4% | -4.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CTAS and WCN good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CTAS and WCN?
The CTAS/WCN correlation stands at 0.48 on a 3-year window (1 year: 0.37, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is WCN a good diversifier for CTAS?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 mean?
A reading of 0.48 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CTAS correlations · WCN correlations
