UNP vs WM: Correlation
Measured on weekly returns over the past three years, Union Pacific Corporation (UNP) and Waste Management (WM) carry a correlation of 0.32, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are UNP and WM?
On 3 years of weekly data the UNP/WM correlation comes out at 0.32, moderate. Recent behaviour matches the longer record: 0.40 over 1 year against 0.32 over 3. The 5-year figure is 0.36, and annualized covariance runs at 120.0 %².
Among the 33 assets we track against UNP, WM ranks #22 by 3-year correlation. The last year tells two different stories: UNP led by 44.4 percentage points, +42.4% for UNP against -2.0% for WM. Across three years, the rolling one-year figure varied moderately, from 0.02 to 0.46.
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.
UNP vs WM: side by side
| UNP (Union Pacific Corporation) | WM (Waste Management) | |
|---|---|---|
| 1-year return | +42.4% | -2.0% |
| 5-year return | +56.5% | +51.8% |
| Volatility (ann.) | 20.6% | 18.3% |
| Beta vs S&P 500 | 0.56 | 0.07 |
| Max drawdown (3Y) | -17.8% | -18.1% |
| Market cap | $182.8B | $87.0B |
| P/E (trailing) | 25.1 | 30.8 |
| Dividend yield | 1.78% | 1.60% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | UNP | WM |
|---|---|---|
| 2022 | -15.9% | -4.5% |
| 2023 | +21.6% | +16.2% |
| 2024 | -5.1% | +14.3% |
| 2025 | +3.9% | +10.5% |
| 2026 | +34.4% | -0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are UNP and WM good diversifiers for each other?
Reasonably. At 0.32, UNP and WM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between UNP and WM?
The UNP/WM correlation stands at 0.32 on a 3-year window (1 year: 0.40, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is WM a good diversifier for UNP?
Reasonably. At 0.32, UNP and WM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.32 mean?
On the −1 to +1 scale, 0.32 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/unp-vs-wm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/unp-vs-wm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: UNP correlations · WM correlations
