ELA vs WM: Correlation
Measured on weekly returns over the past three years, Envela Corporation (ELA) and Waste Management (WM) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELA and WM?
On 3 years of weekly data the ELA/WM correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.37 versus -0.25 over 3 years. The 5-year figure is -0.10, and annualized covariance runs at -253.6 %².
Among the 12 assets we track against ELA, WM sits near the bottom by co-movement, at rank #12. The last year tells two different stories: ELA led by 91.5 percentage points, +89.5% for ELA against -2.0% for WM. Note the risk asymmetry: ELA runs 3.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ELA vs WM: side by side
| ELA (Envela Corporation) | WM (Waste Management) | |
|---|---|---|
| 1-year return | +89.5% | -2.0% |
| 5-year return | +229.3% | +51.8% |
| Volatility (ann.) | 56.3% | 18.3% |
| Beta vs S&P 500 | 0.61 | 0.07 |
| Max drawdown (3Y) | -51.8% | -18.1% |
| Market cap | $0.4B | $87.0B |
| P/E (trailing) | 16.6 | 30.8 |
| Dividend yield | 0.00% | 1.60% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | ELA | WM |
|---|---|---|
| 2022 | +29.2% | -4.5% |
| 2023 | -7.6% | +16.2% |
| 2024 | +47.7% | +14.3% |
| 2025 | +86.4% | +10.5% |
| 2026 | +4.1% | -0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELA and WM good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ELA and WM?
The ELA/WM correlation stands at -0.25 on a 3-year window (1 year: -0.37, 5 years: -0.10), computed from weekly returns as of 2026-08-27.
Is WM a good diversifier for ELA?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 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/ela-vs-wm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ela-vs-wm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ELA correlations · WM correlations
