GFL vs WM: Correlation
How closely do GFL Environmental Inc. Subordinate voting shares, no par (GFL) and Waste Management (WM) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GFL and WM?
Over the past 3 years, GFL and WM moved with a correlation of 0.42, which is moderate. The past 12 months show a tighter link (0.68) than the 3-year average (0.42). Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 214.3 %².
Among the 11 assets we track against GFL, WM ranks #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WM ahead by 15.3 points (-17.3% versus -2.0%). Note the risk asymmetry: GFL runs 1.5 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 WM: side by side
| GFL (GFL Environmental Inc. Subordinate voting shares, no par) | WM (Waste Management) | |
|---|---|---|
| 1-year return | -17.3% | -2.0% |
| 5-year return | +17.2% | +51.8% |
| Volatility (ann.) | 27.9% | 18.3% |
| Beta vs S&P 500 | 0.47 | 0.07 |
| Max drawdown (3Y) | -34.9% | -18.1% |
| Market cap | $14.8B | $87.0B |
| P/E (trailing) | – | 30.8 |
| Dividend yield | 0.20% | 1.60% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | GFL | WM |
|---|---|---|
| 2022 | -22.6% | -4.5% |
| 2023 | +18.2% | +16.2% |
| 2024 | +29.3% | +14.3% |
| 2025 | -3.5% | +10.5% |
| 2026 | -4.4% | -0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GFL and WM good diversifiers for each other?
Reasonably. At 0.42, GFL and WM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GFL and WM?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.68 over the last year and 0.47 over 5 years.
Is WM a good diversifier for GFL?
Reasonably. At 0.42, GFL and WM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 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-wm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gfl-vs-wm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GFL correlations · WM correlations
