GFL vs. NOA
GFL (GFL Environmental Inc.) and NOA (North American Construction Group Ltd) are both stocks. GFL operates in Waste Management (Industrials), while NOA operates in Oil & Gas Equipment & Services (Energy). Over the past 5 years, GFL returned 2.70%/yr vs -2.77%/yr for NOA. At a 0.17 correlation, their price movements are largely independent.
Performance
GFL vs. NOA - Performance Comparison
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Returns By Period
In the year-to-date period, GFL achieves a -16.10% return, which is significantly lower than NOA's -4.88% return.
GFL
- 1D
- 2.89%
- 1M
- 0.81%
- YTD
- -16.10%
- 6M
- -16.58%
- 1Y
- -27.95%
- 3Y*
- -0.56%
- 5Y*
- 2.70%
- 10Y*
- —
NOA
- 1D
- -0.59%
- 1M
- -8.21%
- YTD
- -4.88%
- 6M
- 0.28%
- 1Y
- -17.67%
- 3Y*
- -10.39%
- 5Y*
- -2.77%
- 10Y*
- 18.29%
GFL vs. NOA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GFL GFL Environmental Inc. | -16.10% | -3.44% | 29.26% | 18.24% | -22.65% | 29.88% | 67.01% |
NOA North American Construction Group Ltd | -4.88% | -31.98% | 5.16% | 58.49% | -9.78% | 54.32% | 8.67% |
Correlation
The correlation between GFL and NOA is 0.10, 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 | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Mar 3, 2020 | 0.17 |
The correlation between GFL and NOA shifts across timeframes, from 0.07 (3 years) to 0.17 (all time), reflecting how their relationship changes across market environments.
Fundamentals
GFL:
$12.91B
NOA:
$384.81M
GFL:
CA$0.57
NOA:
CA$1.09
GFL:
90.26
NOA:
17.55
GFL:
2.80
NOA:
0.46
GFL:
2.51
NOA:
1.15
GFL:
CA$6.70B
NOA:
CA$1.26B
GFL:
CA$1.38B
NOA:
CA$166.23M
GFL:
CA$2.14B
NOA:
CA$324.24M
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Return for Risk
GFL vs. NOA — Risk / Return Rank
GFL
NOA
GFL vs. NOA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GFL Environmental Inc. (GFL) and North American Construction Group Ltd (NOA). 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.
| GFL | NOA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.74 | ||
| Sortino ratioReturn per unit of downside risk | -1.41 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.98 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | -0.63 | -0.19 |
| Martin ratioReturn relative to average drawdown | -1.70 | -1.25 | -0.45 |
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Drawdowns
GFL vs. NOA - Drawdown Comparison
The maximum GFL drawdown since its inception was -42.76%, smaller than the maximum NOA drawdown of -93.59%. Use the drawdown chart below to compare losses from any high point for GFL and NOA.
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Drawdown Indicators
| GFL | NOA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.76% | -93.59% | +50.83% |
Max Drawdown (1Y)Largest decline over 1 year | -34.20% | -28.32% | -5.88% |
Max Drawdown (3Y)Largest decline over 3 years | -34.88% | -50.67% | +15.79% |
Max Drawdown (5Y)Largest decline over 5 years | -42.76% | -50.67% | +7.91% |
Max Drawdown (10Y)Largest decline over 10 years | — | -68.41% | — |
Current DrawdownCurrent decline from peak | -30.09% | -44.27% | +14.18% |
Average DrawdownAverage peak-to-trough decline | -14.47% | -55.65% | +41.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.44% | 14.22% | +2.22% |
Volatility
GFL vs. NOA - Volatility Comparison
The current volatility for GFL Environmental Inc. (GFL) is 8.84%, while North American Construction Group Ltd (NOA) has a volatility of 9.92%. This indicates that GFL experiences smaller price fluctuations and is considered to be less risky than NOA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GFL | NOA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.84% | 9.92% | -1.08% |
Volatility (6M)Calculated over the trailing 6-month period | 22.08% | 41.38% | -19.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.85% | 51.20% | -25.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.83% | 41.85% | -12.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.96% | 45.89% | -12.93% |
Dividends
GFL vs. NOA - Dividend Comparison
GFL's dividend yield for the trailing twelve months is around 0.18%, less than NOA's 2.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GFL GFL Environmental Inc. | 0.18% | 0.14% | 0.12% | 0.15% | 0.16% | 0.11% | 0.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
NOA North American Construction Group Ltd | 2.57% | 2.39% | 1.42% | 1.54% | 1.84% | 0.85% | 1.21% | 0.74% | 0.73% | 1.62% | 2.08% | 4.62% |
Financials
GFL vs. NOA - Financials Comparison
This section allows you to compare key financial metrics between GFL Environmental Inc. and North American Construction Group Ltd. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
GFL vs. NOA - Profitability Comparison
GFL - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, GFL Environmental Inc. reported a gross profit of 300.57M and revenue of 1.65B. Therefore, the gross margin over that period was 18.2%.
NOA - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, North American Construction Group Ltd reported a gross profit of 42.36M and revenue of 320.04M. Therefore, the gross margin over that period was 13.2%.
GFL - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, GFL Environmental Inc. reported an operating income of 34.09M and revenue of 1.65B, resulting in an operating margin of 2.1%.
NOA - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, North American Construction Group Ltd reported an operating income of 21.87M and revenue of 320.04M, resulting in an operating margin of 6.8%.
GFL - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, GFL Environmental Inc. reported a net income of -216.26M and revenue of 1.65B, resulting in a net margin of -13.1%.
NOA - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, North American Construction Group Ltd reported a net income of 5.57M and revenue of 320.04M, resulting in a net margin of 1.7%.
Frequently Asked Questions
GFL and NOA have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NOA has higher volatility (9.92%) compared to GFL (8.84%). In terms of maximum drawdown, GFL dropped -42.76% vs NOA's -93.59%.
NOA currently has the higher Sharpe Ratio (-0.35 vs -1.09), 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.
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