CFNB vs. WCN

Last updated Jun 4, 2026

CFNB (California First Leasing Corporation) and WCN (Waste Connections, Inc.) are both stocks. CFNB operates in Credit Services (Financial Services), while WCN operates in Waste Management (Industrials). Over the past 10 years, CFNB returned 10.87%/yr vs 13.26%/yr for WCN. At a 0.10 correlation, their price movements are largely independent.

Performance

CFNB vs. WCN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in California First Leasing Corporation (CFNB) and Waste Connections, Inc. (WCN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CFNB achieves a 16.49% return, which is significantly higher than WCN's -13.58% return. Over the past 10 years, CFNB has underperformed WCN with an annualized return of 10.87%, while WCN has yielded a comparatively higher 13.26% annualized return.

CFNB

• 1D: 0.05%
• 1M: 16.70%
• YTD: 16.49%
• 6M: 42.05%
• 1Y: 64.97%
• 3Y*: 30.59%
• 5Y*: 13.41%
• 10Y*: 10.87%

WCN

• 1D: 1.21%
• 1M: -5.84%
• YTD: -13.58%
• 6M: -13.03%
• 1Y: -21.30%
• 3Y*: 3.41%
• 5Y*: 5.22%
• 10Y*: 13.26%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CFNB vs. WCN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CFNB California First Leasing Corporation	16.49%	18.72%	43.24%	3.72%	-11.51%	24.31%	-5.78%	21.39%	-3.14%	-0.52%
WCN Waste Connections, Inc.	-13.58%	2.92%	15.72%	13.47%	-2.02%	33.80%	13.86%	23.19%	5.47%	36.47%

Correlation

The correlation between CFNB and WCN is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (10Y) Calculated over the trailing 10-year period	0.02
Correlation (All Time) Calculated using the full available price history since May 26, 1998	0.10

Fundamentals

Total Revenue (TTM) CFNB : $7.82M WCN : $9.65B
Gross Profit (TTM) CFNB : $7.72M WCN : $2.77B
EBITDA (TTM) CFNB : $5.33M WCN : $2.68B

Return for Risk

CFNB vs. WCN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CFNB

CFNB Risk / Return Rank: 94
CFNB Sharpe Ratio Rank: 92
CFNB Sortino Ratio Rank: 96
CFNB Omega Ratio Rank: 98
CFNB Calmar Ratio Rank: 91
CFNB Martin Ratio Rank: 92

WCN

WCN Risk / Return Rank: 4
WCN Sharpe Ratio Rank: 4
WCN Sortino Ratio Rank: 7
WCN Omega Ratio Rank: 7
WCN Calmar Ratio Rank: 2
WCN Martin Ratio Rank: 1

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CFNB vs. WCN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for California First Leasing Corporation (CFNB) and Waste Connections, Inc. (WCN). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	CFNB	WCN	Difference
Sharpe ratio: Return per unit of total volatility	2.53	-1.00	+3.53
Sortino ratio: Return per unit of downside risk	4.40	-1.37	+5.77
Omega ratio: Gain probability vs. loss probability	1.84	0.83	+1.01
Calmar ratio: Return relative to maximum drawdown	4.83	-0.98	+5.81
Martin ratio: Return relative to average drawdown	14.39	-1.89	+16.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CFNB vs. WCN - Sharpe Ratio Comparison

The current CFNB Sharpe Ratio is 2.53, which is higher than the WCN Sharpe Ratio of -1.00. The chart below compares the historical Sharpe Ratios of CFNB and WCN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CFNB	WCN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	-1.00	+3.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.27	+0.55
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.68	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.55	-0.39

Drawdowns

CFNB vs. WCN - Drawdown Comparison

The maximum CFNB drawdown since its inception was -75.57%, which is greater than WCN's maximum drawdown of -68.85%. Use the drawdown chart below to compare losses from any high point for CFNB and WCN.

Drawdown Indicators

	CFNB	WCN	Difference
Max Drawdown Largest peak-to-trough decline	-75.57%	-68.85%	-6.72%
Max Drawdown (1Y) Largest decline over 1 year	-13.53%	-21.79%	+8.26%
Max Drawdown (3Y) Largest decline over 3 years	-23.92%	-24.75%	+0.83%
Max Drawdown (5Y) Largest decline over 5 years	-23.92%	-24.75%	+0.83%
Max Drawdown (10Y) Largest decline over 10 years	-31.09%	-31.59%	+0.50%
Current Drawdown Current decline from peak	0.00%	-23.80%	+23.80%
Average Drawdown Average peak-to-trough decline	-22.12%	-8.39%	-13.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.97%	11.79%	-6.82%

Volatility

CFNB vs. WCN - Volatility Comparison

California First Leasing Corporation (CFNB) has a higher volatility of 7.93% compared to Waste Connections, Inc. (WCN) at 5.15%. This indicates that CFNB's price experiences larger fluctuations and is considered to be riskier than WCN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CFNB	WCN	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.93%	5.15%	+2.78%
Volatility (6M) Calculated over the trailing 6-month period	21.30%	17.72%	+3.58%
Volatility (1Y) Calculated over the trailing 1-year period	26.28%	21.41%	+4.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.39%	19.27%	-2.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.45%	19.71%	-0.26%

Dividends

CFNB vs. WCN - Dividend Comparison

CFNB has not paid dividends to shareholders, while WCN's dividend yield for the trailing twelve months is around 0.90%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CFNB California First Leasing Corporation	0.00%	0.00%	1.70%	0.00%	0.00%	3.07%	3.56%	3.12%	3.53%	3.18%	2.94%	3.33%
WCN Waste Connections, Inc.	0.90%	0.74%	0.68%	0.70%	0.71%	0.62%	0.74%	0.73%	0.78%	0.70%	1.20%	1.86%

Financials

Frequently Asked Questions

Can I hold both CFNB and WCN in my portfolio?

CFNB and WCN have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CFNB or WCN?

CFNB has higher volatility (7.93%) compared to WCN (5.15%). In terms of maximum drawdown, CFNB dropped -75.57% vs WCN's -68.85%.

Which has better risk-adjusted returns?

CFNB currently has the higher Sharpe Ratio (2.53 vs -1.00), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.