CLH vs. CWST

Last updated Jun 3, 2026

CLH (Clean Harbors, Inc.) and CWST (Casella Waste Systems, Inc.) are both stocks. Both operate in the Waste Management industry within the Industrials sector. Over the past 10 years, CLH returned 17.98%/yr vs 27.75%/yr for CWST. At a 0.24 correlation, their price movements are largely independent.

Performance

CLH vs. CWST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Clean Harbors, Inc. (CLH) and Casella Waste Systems, Inc. (CWST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CLH achieves a 17.70% return, which is significantly higher than CWST's -15.25% return. Over the past 10 years, CLH has underperformed CWST with an annualized return of 17.98%, while CWST has yielded a comparatively higher 27.75% annualized return.

CLH

• 1D: -1.78%
• 1M: -11.38%
• YTD: 17.70%
• 6M: 15.21%
• 1Y: 22.24%
• 3Y*: 22.29%
• 5Y*: 24.21%
• 10Y*: 17.98%

CWST

• 1D: -2.46%
• 1M: -4.41%
• YTD: -15.25%
• 6M: -13.18%
• 1Y: -29.05%
• 3Y*: -4.00%
• 5Y*: 4.62%
• 10Y*: 27.75%

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

CLH vs. CWST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CLH Clean Harbors, Inc.	17.70%	1.89%	31.88%	52.92%	14.38%	31.10%	-11.25%	73.76%	-8.95%	-2.61%
CWST Casella Waste Systems, Inc.	-15.25%	-7.44%	23.81%	7.75%	-7.15%	37.89%	34.59%	61.57%	23.76%	85.50%

Correlation

The correlation between CLH and CWST is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since Oct 30, 1997	0.24

The correlation between CLH and CWST shifts across timeframes, from 0.24 (all time) to 0.45 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap CLH : $14.63B CWST : $5.27B
EPS CLH : $7.40 CWST : $0.11
PE Ratio CLH : 37.31 CWST : 738.10
PS Ratio CLH : 2.44 CWST : 2.81
PB Ratio CLH : 5.27 CWST : 3.36
Total Revenue (TTM) CLH : $6.06B CWST : $1.88B
Gross Profit (TTM) CLH : $1.81B CWST : $248.24M
EBITDA (TTM) CLH : $1.07B CWST : $405.88M

Return for Risk

CLH vs. CWST — Risk / Return Rank

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

CLH

CLH Risk / Return Rank: 64
CLH Sharpe Ratio Rank: 67
CLH Sortino Ratio Rank: 58
CLH Omega Ratio Rank: 62
CLH Calmar Ratio Rank: 63
CLH Martin Ratio Rank: 69

CWST

CWST Risk / Return Rank: 8
CWST Sharpe Ratio Rank: 7
CWST Sortino Ratio Rank: 8
CWST Omega Ratio Rank: 10
CWST Calmar Ratio Rank: 10
CWST Martin Ratio Rank: 8

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.

CLH vs. CWST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Clean Harbors, Inc. (CLH) and Casella Waste Systems, Inc. (CWST). 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.

	CLH	CWST	Difference
Sharpe ratio Return per unit of total volatility	0.84	-0.88	+1.72
Sortino ratio Return per unit of downside risk	1.20	-1.21	+2.41
Omega ratio Gain probability vs. loss probability	1.18	0.86	+0.32
Calmar ratio Return relative to maximum drawdown	1.12	-0.80	+1.91
Martin ratio Return relative to average drawdown	3.57	-1.39	+4.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CLH vs. CWST - Sharpe Ratio Comparison

The current CLH Sharpe Ratio is 0.84, which is higher than the CWST Sharpe Ratio of -0.88. The chart below compares the historical Sharpe Ratios of CLH and CWST, 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

	CLH	CWST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.84	-0.88	+1.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.17	+0.68
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.90	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.09	+0.20

Drawdowns

CLH vs. CWST - Drawdown Comparison

The maximum CLH drawdown since its inception was -93.48%, smaller than the maximum CWST drawdown of -98.52%. Use the drawdown chart below to compare losses from any high point for CLH and CWST.

Drawdown Indicators

	CLH	CWST	Difference
Max Drawdown Largest peak-to-trough decline	-93.48%	-98.52%	+5.04%
Max Drawdown (1Y) Largest decline over 1 year	-19.45%	-36.69%	+17.24%
Max Drawdown (3Y) Largest decline over 3 years	-30.86%	-37.72%	+6.86%
Max Drawdown (5Y) Largest decline over 5 years	-30.86%	-37.72%	+6.86%
Max Drawdown (10Y) Largest decline over 10 years	-64.51%	-37.72%	-26.79%
Current Drawdown Current decline from peak	-12.02%	-31.05%	+19.03%
Average Drawdown Average peak-to-trough decline	-32.91%	-53.05%	+20.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.08%	21.00%	-14.92%

Volatility

CLH vs. CWST - Volatility Comparison

Clean Harbors, Inc. (CLH) has a higher volatility of 11.29% compared to Casella Waste Systems, Inc. (CWST) at 8.69%. This indicates that CLH's price experiences larger fluctuations and is considered to be riskier than CWST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLH	CWST	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.29%	8.69%	+2.60%
Volatility (6M) Calculated over the trailing 6-month period	18.75%	27.14%	-8.39%
Volatility (1Y) Calculated over the trailing 1-year period	26.57%	33.09%	-6.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.58%	27.13%	+1.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.73%	30.89%	+3.84%

Dividends

CLH vs. CWST - Dividend Comparison

Neither CLH nor CWST has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

CLH vs. CWST - Profitability Comparison

The chart below illustrates the profitability comparison between Clean Harbors, Inc. and Casella Waste Systems, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

CLH - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Clean Harbors, Inc. reported a gross profit of 445.42M and revenue of 1.46B. Therefore, the gross margin over that period was 30.5%.

CWST - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Casella Waste Systems, Inc. reported a gross profit of 0.00 and revenue of 457.33M. Therefore, the gross margin over that period was 0.0%.

CLH - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Clean Harbors, Inc. reported an operating income of 118.94M and revenue of 1.46B, resulting in an operating margin of 8.2%.

CWST - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Casella Waste Systems, Inc. reported an operating income of 4.86M and revenue of 457.33M, resulting in an operating margin of 1.1%.

CLH - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Clean Harbors, Inc. reported a net income of 63.20M and revenue of 1.46B, resulting in a net margin of 4.3%.

CWST - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Casella Waste Systems, Inc. reported a net income of -5.54M and revenue of 457.33M, resulting in a net margin of -1.2%.

Frequently Asked Questions

Can I hold both CLH and CWST in my portfolio?

CLH and CWST have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CLH or CWST?

CLH has higher volatility (11.29%) compared to CWST (8.69%). In terms of maximum drawdown, CLH dropped -93.48% vs CWST's -98.52%.

Which has better risk-adjusted returns?

CLH currently has the higher Sharpe Ratio (0.84 vs -0.88), 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.