WCN vs WM: Correlation
Measured on weekly returns over the past three years, Waste Connections, Inc. (WCN) and Waste Management (WM) carry a correlation of 0.67, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are WCN and WM?
Across a 3-year window, the weekly returns of WCN and WM correlate at 0.67, strong. Little has changed lately, as the 1-year reading of 0.71 lands near the 3-year figure. Stretching to 5 years gives 0.73, with an annualized covariance of 222.5 %².
Few assets follow WCN as closely as WM, which ranks #2 of 10 tracked partners. Over the last 12 months WM came out ahead by 7.0 percentage points (-9.0% against -2.0%).
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.
WCN vs WM: side by side
| WCN (Waste Connections, Inc.) | WM (Waste Management) | |
|---|---|---|
| 1-year return | -9.0% | -2.0% |
| 5-year return | +33.1% | +51.8% |
| Volatility (ann.) | 18.2% | 18.3% |
| Beta vs S&P 500 | 0.23 | 0.07 |
| Max drawdown (3Y) | -24.9% | -18.1% |
| Market cap | $41.7B | $87.0B |
| P/E (trailing) | 40.3 | 30.8 |
| Dividend yield | 0.82% | 1.60% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | WCN | WM |
|---|---|---|
| 2022 | -2.0% | -4.5% |
| 2023 | +13.5% | +16.2% |
| 2024 | +15.7% | +14.3% |
| 2025 | +2.7% | +10.5% |
| 2026 | -4.9% | -0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are WCN and WM good diversifiers for each other?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between WCN and WM?
Using weekly returns as of 2026-08-27: 0.67 over 3 years, with 0.71 over the last year and 0.73 over 5 years.
Is WM a good diversifier for WCN?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.67 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/wcn-vs-wm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/wcn-vs-wm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: WCN correlations · WM correlations
