LIN vs WM: Correlation
Measured on weekly returns over the past three years, Linde plc (LIN) and Waste Management (WM) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LIN and WM?
On 3 years of weekly data the LIN/WM correlation comes out at 0.44, moderate. Little has changed lately, as the 1-year reading of 0.48 lands near the 3-year figure. The 5-year figure is 0.38, and annualized covariance runs at 133.1 %².
Within LIN's tracked universe of 36 assets, WM comes in at #17 by 3-year correlation. Their 12-month results are close: +1.9% for LIN against -2.0% for WM. On a rolling one-year basis the correlation drifted between 0.15 and 0.60, a moderate band.
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.
LIN vs WM: side by side
| LIN (Linde plc) | WM (Waste Management) | |
|---|---|---|
| 1-year return | +1.9% | -2.0% |
| 5-year return | +64.6% | +51.8% |
| Volatility (ann.) | 16.5% | 18.3% |
| Beta vs S&P 500 | 0.37 | 0.07 |
| Max drawdown (3Y) | -19.2% | -18.1% |
| Market cap | $223.7B | $87.0B |
| P/E (trailing) | 31.6 | 30.8 |
| Dividend yield | 1.26% | 1.60% |
| Sector / category | Materials | Industrials |
Year-by-year returns
| Year | LIN | WM |
|---|---|---|
| 2022 | -4.4% | -4.5% |
| 2023 | +27.7% | +16.2% |
| 2024 | +3.2% | +14.3% |
| 2025 | +3.2% | +10.5% |
| 2026 | +14.6% | -0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LIN and WM good diversifiers for each other?
Reasonably. At 0.44, LIN and WM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between LIN and WM?
The LIN/WM correlation stands at 0.44 on a 3-year window (1 year: 0.48, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is WM a good diversifier for LIN?
Reasonably. At 0.44, LIN and WM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 mean?
A reading of 0.44 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/lin-vs-wm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/lin-vs-wm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: LIN correlations · WM correlations
