CWST vs. SPY

Last updated Aug 1, 2026

CWST (Casella Waste Systems, Inc.) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, CWST returned 25.23%/yr vs 15.07%/yr for SPY. Their 0.36 correlation means their historical movements had little consistent relationship.

Performance

CWST vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Casella Waste Systems, Inc. (CWST) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CWST achieves a -8.40% return, which is significantly lower than SPY's 10.13% return. Over the past 10 years, CWST has outperformed SPY with an annualized return of 25.23%, while SPY has yielded a comparatively lower 15.07% annualized return.

CWST

• 1D: 0.23%
• 1M: -7.98%
• 6M: -11.07%
• YTD: -8.40%
• 1Y: -12.89%
• 3Y*: 3.04%
• 5Y*: 5.46%
• 10Y*: 25.23%
• ALL TIME*: 4.89%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CWST Casella Waste Systems, Inc.	$67.56M	$64.85M	$62.44M
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

CWST vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CWST Casella Waste Systems, Inc.	-8.40%	-7.44%	23.81%	7.75%	-7.15%	37.89%	34.59%	61.57%	23.76%	85.50%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between CWST and SPY is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.05
Correlation (3Y) Balances recent behavior with more history.	0.26
Correlation (5Y) Shows whether the relationship held over a longer period.	0.35
Correlation (10Y) Provides a long-term view across more market conditions.	0.36
Correlation (All Time) Calculated using the full available price history since Oct 29, 1997	0.36

Over the past year, the correlation between CWST and SPY has dropped to 0.05 - well below their long-term average of 0.36, suggesting their price drivers have been diverging.

Return for Risk

CWST vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CWST

CWST Risk / Return Rank: 20
CWST Sharpe Ratio Rank: 21
CWST Sortino Ratio Rank: 21
CWST Omega Ratio Rank: 21
CWST Calmar Ratio Rank: 23
CWST Martin Ratio Rank: 15

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CWST vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Casella Waste Systems, Inc. (CWST) and State Street SPDR S&P 500 ETF (SPY). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CWST	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.50	1.52	-2.02
Sortino ratio: Return per unit of downside risk	-0.54	2.11	-2.65
Omega ratio: Gain probability vs. loss probability	0.94	1.27	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.58	2.20	-2.79
Martin ratio: Return relative to average drawdown	-1.21	9.40	-10.61

CWST vs. SPY - Sharpe Ratio Comparison

The current CWST Sharpe Ratio is -0.50, which is lower than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of CWST and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CWST vs. SPY - Drawdown Comparison

The maximum CWST drawdown since its inception was -98.52%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for CWST and SPY.

Drawdown Indicators

	CWST	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-98.52%	-55.19%	-43.33%
Max Drawdown (1Y) Largest decline over 1 year	-30.16%	-8.88%	-21.28%
Max Drawdown (3Y) Largest decline over 3 years	-37.72%	-18.76%	-18.96%
Max Drawdown (5Y) Largest decline over 5 years	-37.72%	-24.50%	-13.22%
Max Drawdown (10Y) Largest decline over 10 years	-37.72%	-33.72%	-4.00%
Current Drawdown Current decline from peak	-25.47%	-1.40%	-24.07%
Average Drawdown Average peak-to-trough decline	-52.88%	-9.01%	-43.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.51%	2.08%	+14.43%

Volatility

CWST vs. SPY - Volatility Comparison

Casella Waste Systems, Inc. (CWST) has a higher volatility of 9.55% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that CWST's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CWST	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.55%	3.58%	+5.97%
Volatility (6M) Calculated over the trailing 6-month period	28.90%	10.14%	+18.76%
Volatility (1Y) Calculated over the trailing 1-year period	35.06%	12.89%	+22.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.58%	17.18%	+10.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.95%	17.95%	+13.00%

Dividends

CWST vs. SPY - Dividend Comparison

CWST has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.01%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both CWST and SPY in my portfolio?

CWST and SPY 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, CWST or SPY?

CWST has higher volatility (9.55%) compared to SPY (3.58%). In terms of maximum drawdown, CWST dropped -98.52% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 vs -0.50), 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.