GFL vs RSG: Correlation
Measured on weekly returns over the past three years, GFL Environmental Inc. Subordinate voting shares, no par (GFL) and Republic Services (RSG) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GFL and RSG?
Over the past 3 years, GFL and RSG moved with a correlation of 0.47, which is moderate. The link has tightened recently: the 1-year correlation (0.68) runs above the 3-year figure (0.47). Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 212.0 %².
In GFL's tracked universe of 11 assets, RSG sits right near the top at #2. The trailing year gives RSG the advantage: -17.3% versus -5.6%, a 11.7-point spread. Note the risk asymmetry: GFL runs 1.7 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.
GFL vs RSG: side by side
| GFL (GFL Environmental Inc. Subordinate voting shares, no par) | RSG (Republic Services) | |
|---|---|---|
| 1-year return | -17.3% | -5.6% |
| 5-year return | +17.2% | +87.9% |
| Volatility (ann.) | 27.9% | 16.2% |
| Beta vs S&P 500 | 0.47 | 0.17 |
| Max drawdown (3Y) | -34.9% | -22.5% |
| Market cap | $14.8B | $67.1B |
| P/E (trailing) | – | 31.0 |
| Dividend yield | 0.20% | 1.13% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | GFL | RSG |
|---|---|---|
| 2022 | -22.6% | -6.2% |
| 2023 | +18.2% | +29.6% |
| 2024 | +29.3% | +23.0% |
| 2025 | -3.5% | +6.4% |
| 2026 | -4.4% | +4.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GFL and RSG good diversifiers for each other?
Reasonably. At 0.47, GFL and RSG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GFL and RSG?
As of 2026-08-27, the correlation of weekly returns between GFL and RSG is 0.47 over 3 years, 0.68 over 1 year and 0.51 over 5 years.
Is RSG a good diversifier for GFL?
Reasonably. At 0.47, GFL and RSG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 mean?
A reading of 0.47 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/gfl-vs-rsg.json
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Related comparisons
Hubs: GFL correlations · RSG correlations
