GFL vs WCN: Correlation
How closely do GFL Environmental Inc. Subordinate voting shares, no par (GFL) and Waste Connections, Inc. (WCN) trade together? Their weekly returns over three years give a correlation of 0.61, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GFL and WCN?
Across a 3-year window, the weekly returns of GFL and WCN correlate at 0.61, strong. Recent behaviour matches the longer record: 0.69 over 1 year against 0.61 over 3. Stretching to 5 years gives 0.56, with an annualized covariance of 308.7 %².
Few assets follow GFL as closely as WCN, which ranks #1 of 11 tracked partners. On 12-month performance WCN holds a 8.3-point edge, -17.3% against -9.0%. One caveat on sizing: GFL is 1.5 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.
GFL vs WCN: side by side
| GFL (GFL Environmental Inc. Subordinate voting shares, no par) | WCN (Waste Connections, Inc.) | |
|---|---|---|
| 1-year return | -17.3% | -9.0% |
| 5-year return | +17.2% | +33.1% |
| Volatility (ann.) | 27.9% | 18.2% |
| Beta vs S&P 500 | 0.47 | 0.23 |
| Max drawdown (3Y) | -34.9% | -24.9% |
| Market cap | $14.8B | $41.7B |
| P/E (trailing) | – | 40.3 |
| Dividend yield | 0.20% | 0.82% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GFL | WCN |
|---|---|---|
| 2022 | -22.6% | -2.0% |
| 2023 | +18.2% | +13.5% |
| 2024 | +29.3% | +15.7% |
| 2025 | -3.5% | +2.7% |
| 2026 | -4.4% | -4.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GFL and WCN good diversifiers for each other?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GFL and WCN?
As of 2026-08-27, the correlation of weekly returns between GFL and WCN is 0.61 over 3 years, 0.69 over 1 year and 0.56 over 5 years.
Is WCN a good diversifier for GFL?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.61 mean?
A reading of 0.61 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
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Related comparisons
Hubs: GFL correlations · WCN correlations
