CWST vs GFL: Correlation
Casella Waste Systems, Inc. (CWST) and GFL Environmental Inc. Subordinate voting shares, no par (GFL) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWST and GFL?
Over the past 3 years, CWST and GFL moved with a correlation of 0.44, which is moderate. The past 12 months show a tighter link (0.60) than the 3-year average (0.44). Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 327.1 %².
By 3-year correlation, GFL places #6 of the 11 assets tracked against CWST. The trailing year gives CWST the advantage: -7.1% versus -17.3%, a 10.2-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.
CWST vs GFL: side by side
| CWST (Casella Waste Systems, Inc.) | GFL (GFL Environmental Inc. Subordinate voting shares, no par) | |
|---|---|---|
| 1-year return | -7.1% | -17.3% |
| 5-year return | +25.0% | +17.2% |
| Volatility (ann.) | 26.7% | 27.9% |
| Beta vs S&P 500 | 0.40 | 0.47 |
| Max drawdown (3Y) | -37.7% | -34.9% |
| Market cap | $5.9B | $14.8B |
| P/E (trailing) | 1162.5 | – |
| Dividend yield | 0.00% | 0.20% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CWST | GFL |
|---|---|---|
| 2022 | -7.2% | -22.6% |
| 2023 | +7.8% | +18.2% |
| 2024 | +23.8% | +29.3% |
| 2025 | -7.4% | -3.5% |
| 2026 | -5.0% | -4.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWST and GFL good diversifiers for each other?
Reasonably. At 0.44, CWST and GFL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CWST and GFL?
As of 2026-08-27, the correlation of weekly returns between CWST and GFL is 0.44 over 3 years, 0.60 over 1 year and 0.46 over 5 years.
Is GFL a good diversifier for CWST?
Reasonably. At 0.44, CWST and GFL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 mean?
A reading of 0.44 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/cwst-vs-gfl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cwst-vs-gfl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CWST correlations · GFL correlations
