CWST vs WM: Correlation
Casella Waste Systems, Inc. (CWST) and Waste Management (WM) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWST and WM?
Over the past 3 years, CWST and WM moved with a correlation of 0.54, which is moderate. Recent behaviour matches the longer record: 0.51 over 1 year against 0.54 over 3. Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 263.8 %².
WM is one of the assets that tracks CWST most closely: it ranks #3 out of the 11 assets we track against CWST. On 12-month performance WM holds a 5.1-point edge, -7.1% 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.
CWST vs WM: side by side
| CWST (Casella Waste Systems, Inc.) | WM (Waste Management) | |
|---|---|---|
| 1-year return | -7.1% | -2.0% |
| 5-year return | +25.0% | +51.8% |
| Volatility (ann.) | 26.7% | 18.3% |
| Beta vs S&P 500 | 0.40 | 0.07 |
| Max drawdown (3Y) | -37.7% | -18.1% |
| Market cap | $5.9B | $87.0B |
| P/E (trailing) | 1162.5 | 30.8 |
| Dividend yield | 0.00% | 1.60% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | CWST | WM |
|---|---|---|
| 2022 | -7.2% | -4.5% |
| 2023 | +7.8% | +16.2% |
| 2024 | +23.8% | +14.3% |
| 2025 | -7.4% | +10.5% |
| 2026 | -5.0% | -0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWST and WM good diversifiers for each other?
To a limited degree. At 0.54 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CWST and WM?
The CWST/WM correlation stands at 0.54 on a 3-year window (1 year: 0.51, 5 years: 0.56), computed from weekly returns as of 2026-08-27.
Is WM a good diversifier for CWST?
To a limited degree. At 0.54 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.54 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-wm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cwst-vs-wm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CWST correlations · WM correlations
