CWST vs WCN: Correlation
Measured on weekly returns over the past three years, Casella Waste Systems, Inc. (CWST) and Waste Connections, Inc. (WCN) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWST and WCN?
On 3 years of weekly data the CWST/WCN correlation comes out at 0.57, moderate. Recent behaviour matches the longer record: 0.47 over 1 year against 0.57 over 3. The 5-year figure is 0.64, and annualized covariance runs at 276.2 %².
In CWST's tracked universe of 11 assets, WCN sits right near the top at #2. Neither side won the trailing year by much: -7.1% against -9.0%.
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.
CWST vs WCN: side by side
| CWST (Casella Waste Systems, Inc.) | WCN (Waste Connections, Inc.) | |
|---|---|---|
| 1-year return | -7.1% | -9.0% |
| 5-year return | +25.0% | +33.1% |
| Volatility (ann.) | 26.7% | 18.2% |
| Beta vs S&P 500 | 0.40 | 0.23 |
| Max drawdown (3Y) | -37.7% | -24.9% |
| Market cap | $5.9B | $41.7B |
| P/E (trailing) | 1162.5 | 40.3 |
| Dividend yield | 0.00% | 0.82% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CWST | WCN |
|---|---|---|
| 2022 | -7.2% | -2.0% |
| 2023 | +7.8% | +13.5% |
| 2024 | +23.8% | +15.7% |
| 2025 | -7.4% | +2.7% |
| 2026 | -5.0% | -4.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWST and WCN good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CWST and WCN?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.47 over the last year and 0.64 over 5 years.
Is WCN a good diversifier for CWST?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 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-wcn.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cwst-vs-wcn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CWST correlations · WCN correlations
