FLNC vs WM: Correlation
Fluence Energy, Inc. (FLNC) and Waste Management (WM) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLNC and WM?
On 3 years of weekly data the FLNC/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 -0.41 versus -0.25 over 3 years. The 5-year figure is -0.09, and annualized covariance runs at -494.1 %².
By 3-year correlation, WM places #14 of the 19 assets tracked against FLNC. Correlation aside, the last 12 months split them widely, with FLNC ahead by 59.0 points (+57.0% versus -2.0%). One caveat on sizing: FLNC is 6.0 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.
FLNC vs WM: side by side
| FLNC (Fluence Energy, Inc.) | WM (Waste Management) | |
|---|---|---|
| 1-year return | +57.0% | -2.0% |
| 5-year return | -67.3% | +51.8% |
| Volatility (ann.) | 109.2% | 18.3% |
| Beta vs S&P 500 | 2.11 | 0.07 |
| Max drawdown (3Y) | -86.9% | -18.1% |
| Market cap | $2.1B | $87.0B |
| P/E (trailing) | – | 30.8 |
| Dividend yield | 0.00% | 1.60% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FLNC | WM |
|---|---|---|
| 2022 | -51.8% | -4.5% |
| 2023 | +39.1% | +16.2% |
| 2024 | -33.4% | +14.3% |
| 2025 | +24.6% | +10.5% |
| 2026 | -42.2% | -0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLNC and WM good diversifiers for each other?
Yes. With a correlation of -0.25, FLNC and WM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FLNC and WM?
The FLNC/WM correlation stands at -0.25 on a 3-year window (1 year: -0.41, 5 years: -0.09), computed from weekly returns as of 2026-08-27.
Is WM a good diversifier for FLNC?
Yes. With a correlation of -0.25, FLNC and WM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
A reading of -0.25 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/flnc-vs-wm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/flnc-vs-wm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FLNC correlations · WM correlations
