TKNO vs WM: Correlation
How closely do Alpha Teknova, Inc. (TKNO) and Waste Management (WM) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TKNO and WM?
Over the past 3 years, TKNO and WM moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.08) runs above the 3-year figure (-0.19). Over 5 years the correlation is -0.12, and the annualized covariance of weekly returns is -383.9 %².
WM is close to the least connected end of TKNO's tracked universe, ranking #8 of 10. Correlation aside, the last 12 months split them widely, with TKNO ahead by 66.3 points (+64.3% versus -2.0%). One caveat on sizing: TKNO is 5.9 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.
TKNO vs WM: side by side
| TKNO (Alpha Teknova, Inc.) | WM (Waste Management) | |
|---|---|---|
| 1-year return | +64.3% | -2.0% |
| 5-year return | -61.5% | +51.8% |
| Volatility (ann.) | 107.9% | 18.3% |
| Beta vs S&P 500 | 1.10 | 0.07 |
| Max drawdown (3Y) | -79.6% | -18.1% |
| Market cap | $0.4B | $87.0B |
| P/E (trailing) | – | 30.8 |
| Dividend yield | 0.00% | 1.60% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | TKNO | WM |
|---|---|---|
| 2022 | -72.5% | -4.5% |
| 2023 | -33.9% | +16.2% |
| 2024 | +123.9% | +14.3% |
| 2025 | -54.5% | +10.5% |
| 2026 | +92.4% | -0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TKNO and WM good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between TKNO and WM?
As of 2026-08-27, the correlation of weekly returns between TKNO and WM is -0.19 over 3 years, -0.08 over 1 year and -0.12 over 5 years.
Is WM a good diversifier for TKNO?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 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/tkno-vs-wm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/tkno-vs-wm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: TKNO correlations · WM correlations
