MTEX vs WM: Correlation
How closely do Mannatech, Incorporated (MTEX) and Waste Management (WM) trade together? Their weekly returns over three years give a correlation of -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTEX and WM?
Over the past 3 years, MTEX and WM moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.47) than the 3-year average (-0.31). Over 5 years the correlation is -0.16, and the annualized covariance of weekly returns is -377.7 %².
WM is close to the least connected end of MTEX's tracked universe, ranking #34 of 34. The last year tells two different stories: WM led by 26.5 percentage points, -28.5% for MTEX against -2.0% for WM. Risk is not evenly split, since MTEX carries 3.6 times the volatility of the other side.
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.
MTEX vs WM: side by side
| MTEX (Mannatech, Incorporated) | WM (Waste Management) | |
|---|---|---|
| 1-year return | -28.5% | -2.0% |
| 5-year return | -79.1% | +51.8% |
| Volatility (ann.) | 65.8% | 18.3% |
| Beta vs S&P 500 | 0.48 | 0.07 |
| Max drawdown (3Y) | -74.9% | -18.1% |
| Market cap | – | $87.0B |
| P/E (trailing) | – | 30.8 |
| Dividend yield | 0.00% | 1.60% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | MTEX | WM |
|---|---|---|
| 2022 | -51.7% | -4.5% |
| 2023 | -53.5% | +16.2% |
| 2024 | +65.8% | +14.3% |
| 2025 | -38.6% | +10.5% |
| 2026 | -23.3% | -0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTEX and WM good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MTEX and WM?
As of 2026-08-27, the correlation of weekly returns between MTEX and WM is -0.31 over 3 years, -0.47 over 1 year and -0.16 over 5 years.
Is WM a good diversifier for MTEX?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mtex-vs-wm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mtex-vs-wm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MTEX correlations · WM correlations
