CWST vs PARA: Correlation
How closely do Casella Waste Systems, Inc. (CWST) and Banzai International, Inc. (PARA) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWST and PARA?
Across a 3-year window, the weekly returns of CWST and PARA correlate at -0.21, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.27 over 1 year against -0.21 over 3. Stretching to 5 years gives -0.16, with an annualized covariance of -633.6 %².
PARA is close to the least connected end of CWST's tracked universe, ranking #9 of 11. Their recent paths diverged sharply: over the last 12 months CWST outperformed by 91.1 percentage points (-7.1% for CWST against -98.2% for PARA). One caveat on sizing: PARA is 4.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 PARA: side by side
| CWST (Casella Waste Systems, Inc.) | PARA (Banzai International, Inc.) | |
|---|---|---|
| 1-year return | -7.1% | -98.2% |
| 5-year return | +25.0% | -100.0% |
| Volatility (ann.) | 26.7% | 114.5% |
| Beta vs S&P 500 | 0.40 | -0.02 |
| Max drawdown (3Y) | -37.7% | -100.0% |
| Market cap | $5.9B | – |
| P/E (trailing) | 1162.5 | 0.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CWST | PARA |
|---|---|---|
| 2022 | -7.2% | +3.7% |
| 2023 | +7.8% | -81.4% |
| 2024 | +23.8% | -98.4% |
| 2025 | -7.4% | -93.7% |
| 2026 | -5.0% | -93.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWST and PARA good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CWST and PARA?
The CWST/PARA correlation stands at -0.21 on a 3-year window (1 year: -0.27, 5 years: -0.16), computed from weekly returns as of 2026-08-27.
Is PARA a good diversifier for CWST?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 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/cwst-vs-para.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cwst-vs-para/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CWST correlations · PARA correlations
