CTAS vs. CWST

Last updated Jun 4, 2026

CTAS (Cintas Corporation) and CWST (Casella Waste Systems, Inc.) are both stocks. Both are in the Industrials sector — CTAS in Specialty Business Services, CWST in Waste Management. Over the past 10 years, CTAS returned 23.39%/yr vs 27.90%/yr for CWST. At a 0.32 correlation, their price movements are largely independent.

Performance

CTAS vs. CWST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cintas Corporation (CTAS) 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, CTAS achieves a -6.63% return, which is significantly higher than CWST's -14.21% return. Over the past 10 years, CTAS has underperformed CWST with an annualized return of 23.39%, while CWST has yielded a comparatively higher 27.90% annualized return.

CTAS

• 1D: 0.81%
• 1M: 4.98%
• YTD: -6.63%
• 6M: -4.93%
• 1Y: -22.50%
• 3Y*: 14.22%
• 5Y*: 15.76%
• 10Y*: 23.39%

CWST

• 1D: 1.23%
• 1M: -2.75%
• YTD: -14.21%
• 6M: -12.19%
• 1Y: -27.53%
• 3Y*: -3.61%
• 5Y*: 4.94%
• 10Y*: 27.90%

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

CTAS vs. CWST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CTAS Cintas Corporation	-6.63%	3.78%	22.24%	34.82%	2.97%	26.51%	32.74%	61.73%	9.04%	36.32%
CWST Casella Waste Systems, Inc.	-14.21%	-7.44%	23.81%	7.75%	-7.15%	37.89%	34.59%	61.57%	23.76%	85.50%

Correlation

The correlation between CTAS and CWST is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.46
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	0.32

The correlation between CTAS and CWST shifts across timeframes, from 0.32 (all time) to 0.46 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap CTAS : $71.08B CWST : $5.34B
EPS CTAS : $4.75 CWST : $0.11
PE Ratio CTAS : 36.75 CWST : 747.17
PS Ratio CTAS : 6.46 CWST : 2.84
PB Ratio CTAS : 14.84 CWST : 3.40
Total Revenue (TTM) CTAS : $11.03B CWST : $1.88B
Gross Profit (TTM) CTAS : $1.33B CWST : $248.24M
EBITDA (TTM) CTAS : $2.66B CWST : $405.88M

Return for Risk

CTAS vs. CWST — Risk / Return Rank

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

CTAS

CTAS Risk / Return Rank: 6
CTAS Sharpe Ratio Rank: 2
CTAS Sortino Ratio Rank: 5
CTAS Omega Ratio Rank: 6
CTAS Calmar Ratio Rank: 10
CTAS Martin Ratio Rank: 7

CWST

CWST Risk / Return Rank: 10
CWST Sharpe Ratio Rank: 8
CWST Sortino Ratio Rank: 10
CWST Omega Ratio Rank: 11
CWST Calmar Ratio Rank: 12
CWST Martin Ratio Rank: 10

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.

CTAS vs. CWST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cintas Corporation (CTAS) 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.

	CTAS	CWST	Difference
Sharpe ratio: Return per unit of total volatility	-1.17	-0.83	-0.33
Sortino ratio: Return per unit of downside risk	-1.58	-1.12	-0.46
Omega ratio: Gain probability vs. loss probability	0.82	0.87	-0.05
Calmar ratio: Return relative to maximum drawdown	-0.82	-0.75	-0.06
Martin ratio: Return relative to average drawdown	-1.43	-1.31	-0.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CTAS vs. CWST - Sharpe Ratio Comparison

The current CTAS Sharpe Ratio is -1.17, which is lower than the CWST Sharpe Ratio of -0.83. The chart below compares the historical Sharpe Ratios of CTAS 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

	CTAS	CWST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.17	-0.83	-0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.18	+0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.88	0.91	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.09	+0.43

Drawdowns

CTAS vs. CWST - Drawdown Comparison

The maximum CTAS drawdown since its inception was -65.32%, smaller than the maximum CWST drawdown of -98.52%. Use the drawdown chart below to compare losses from any high point for CTAS and CWST.

Drawdown Indicators

	CTAS	CWST	Difference
Max Drawdown Largest peak-to-trough decline	-65.32%	-98.52%	+33.20%
Max Drawdown (1Y) Largest decline over 1 year	-27.68%	-36.69%	+9.01%
Max Drawdown (3Y) Largest decline over 3 years	-27.68%	-37.72%	+10.04%
Max Drawdown (5Y) Largest decline over 5 years	-27.68%	-37.72%	+10.04%
Max Drawdown (10Y) Largest decline over 10 years	-48.38%	-37.72%	-10.66%
Current Drawdown Current decline from peak	-22.53%	-30.20%	+7.67%
Average Drawdown Average peak-to-trough decline	-15.04%	-53.04%	+38.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.71%	21.08%	-5.37%

Volatility

CTAS vs. CWST - Volatility Comparison

The current volatility for Cintas Corporation (CTAS) is 6.16%, while Casella Waste Systems, Inc. (CWST) has a volatility of 8.80%. This indicates that CTAS experiences smaller price fluctuations and is considered to be less risky than CWST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CTAS	CWST	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.16%	8.80%	-2.64%
Volatility (6M) Calculated over the trailing 6-month period	14.56%	27.17%	-12.61%
Volatility (1Y) Calculated over the trailing 1-year period	19.36%	33.12%	-13.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.43%	27.13%	-4.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.63%	30.88%	-4.25%

Dividends

CTAS vs. CWST - Dividend Comparison

CTAS's dividend yield for the trailing twelve months is around 1.03%, while CWST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CTAS Cintas Corporation	1.03%	0.89%	0.80%	0.83%	0.93%	0.77%	0.99%	0.95%	1.22%	1.04%	1.15%	1.15%
CWST Casella Waste Systems, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

CTAS vs. CWST - Profitability Comparison

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

CTAS - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Cintas Corporation reported a gross profit of -2.78B and revenue of 2.84B. Therefore, the gross margin over that period was -97.8%.

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%.

CTAS - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Cintas Corporation reported an operating income of 659.90M and revenue of 2.84B, resulting in an operating margin of 23.2%.

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%.

CTAS - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Cintas Corporation reported a net income of 502.50M and revenue of 2.84B, resulting in a net margin of 17.7%.

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 CTAS and CWST in my portfolio?

CTAS and CWST have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CTAS or CWST?

CWST has higher volatility (8.80%) compared to CTAS (6.16%). In terms of maximum drawdown, CTAS dropped -65.32% vs CWST's -98.52%.

Which has better risk-adjusted returns?

CWST currently has the higher Sharpe Ratio (-0.83 vs -1.17), 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.