TGL vs WCN: Correlation
How closely do Treasure Global Inc. (TGL) and Waste Connections, Inc. (WCN) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TGL and WCN?
Across a 3-year window, the weekly returns of TGL and WCN correlate at -0.21, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.25) sits close to the 3-year figure. Stretching to 5 years gives -0.18, with an annualized covariance of -602.5 %².
Among the 10 assets we track against TGL, WCN sits near the bottom by co-movement, at rank #8. Their recent paths diverged sharply: over the last 12 months WCN outperformed by 81.0 percentage points (-90.0% for TGL against -9.0% for WCN). Note the risk asymmetry: TGL runs 8.5 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.
TGL vs WCN: side by side
| TGL (Treasure Global Inc.) | WCN (Waste Connections, Inc.) | |
|---|---|---|
| 1-year return | -90.0% | -9.0% |
| 5-year return | n/a | +33.1% |
| Volatility (ann.) | 155.0% | 18.2% |
| Beta vs S&P 500 | 0.73 | 0.23 |
| Max drawdown (3Y) | -100.0% | -24.9% |
| Market cap | – | $41.7B |
| P/E (trailing) | – | 40.3 |
| Dividend yield | 0.00% | 0.82% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TGL | WCN |
|---|---|---|
| 2022 | – | -2.0% |
| 2023 | -94.8% | +13.5% |
| 2024 | -97.2% | +15.7% |
| 2025 | -96.5% | +2.7% |
| 2026 | -58.9% | -4.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TGL and WCN good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between TGL and WCN?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.25 over the last year and -0.18 over 5 years.
Is WCN a good diversifier for TGL?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 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.
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Related comparisons
Hubs: TGL correlations · WCN correlations
