ESLA vs WM: Correlation
Estrella Immunopharma, Inc. (ESLA) and Waste Management (WM) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESLA and WM?
Over the past 3 years, ESLA and WM moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.12) runs above the 3-year figure (-0.24). Over 5 years the correlation is -0.15, and the annualized covariance of weekly returns is -517.3 %².
WM is close to the least connected end of ESLA's tracked universe, ranking #10 of 10. Correlation aside, the last 12 months split them widely, with WM ahead by 21.2 points (-23.2% versus -2.0%). One caveat on sizing: ESLA is 6.6 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.
ESLA vs WM: side by side
| ESLA (Estrella Immunopharma, Inc.) | WM (Waste Management) | |
|---|---|---|
| 1-year return | -23.2% | -2.0% |
| 5-year return | -92.6% | +51.8% |
| Volatility (ann.) | 120.6% | 18.3% |
| Beta vs S&P 500 | 1.20 | 0.07 |
| Max drawdown (3Y) | -96.7% | -18.1% |
| Market cap | – | $87.0B |
| P/E (trailing) | – | 30.8 |
| Dividend yield | 0.00% | 1.60% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | ESLA | WM |
|---|---|---|
| 2022 | +3.8% | -4.5% |
| 2023 | -89.2% | +16.2% |
| 2024 | +8.1% | +14.3% |
| 2025 | +30.0% | +10.5% |
| 2026 | -53.7% | -0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESLA and WM good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between ESLA and WM?
As of 2026-08-27, the correlation of weekly returns between ESLA and WM is -0.24 over 3 years, -0.12 over 1 year and -0.15 over 5 years.
Is WM a good diversifier for ESLA?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/esla-vs-wm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/esla-vs-wm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ESLA correlations · WM correlations
