NOG vs. WM

Last updated Jun 3, 2026

NOG (Northern Oil and Gas, Inc.) and WM (Waste Management, Inc.) are both stocks. NOG operates in Oil & Gas E&P (Energy), while WM operates in Waste Management (Industrials). Over the past 10 years, NOG returned -4.78%/yr vs 15.18%/yr for WM. At a 0.18 correlation, their price movements are largely independent.

Performance

NOG vs. WM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Oil and Gas, Inc. (NOG) and Waste Management, Inc. (WM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NOG achieves a 4.18% return, which is significantly higher than WM's -3.16% return. Over the past 10 years, NOG has underperformed WM with an annualized return of -4.78%, while WM has yielded a comparatively higher 15.18% annualized return.

NOG

• 1D: -1.48%
• 1M: -16.89%
• YTD: 4.18%
• 6M: 0.55%
• 1Y: -12.95%
• 3Y*: -6.31%
• 5Y*: 7.88%
• 10Y*: -4.78%

WM

• 1D: -0.27%
• 1M: -7.36%
• YTD: -3.16%
• 6M: -0.44%
• 1Y: -11.14%
• 3Y*: 10.23%
• 5Y*: 10.17%
• 10Y*: 15.18%

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

NOG vs. WM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NOG Northern Oil and Gas, Inc.	4.18%	-38.20%	4.84%	25.54%	54.51%	136.72%	-62.56%	3.54%	10.24%	-25.45%
WM Waste Management, Inc.	-3.16%	10.50%	14.28%	16.20%	-4.49%	43.82%	5.46%	30.45%	5.32%	24.46%

Correlation

The correlation between NOG and WM is 0.08, 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	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	0.11
Correlation (All Time) Calculated using the full available price history since Apr 16, 2007	0.18

The correlation between NOG and WM shifts across timeframes, from 0.07 (3 years) to 0.18 (all time), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap NOG : $2.17B WM : $85.70B
EPS NOG : -$6.32 WM : $6.91
PS Ratio NOG : 1.43 WM : 3.37
PB Ratio NOG : 1.22 WM : 8.55
Total Revenue (TTM) NOG : $1.52B WM : $25.41B
Gross Profit (TTM) NOG : $450.66M WM : $5.61B
EBITDA (TTM) NOG : $73.21M WM : $6.96B

Return for Risk

NOG vs. WM — Risk / Return Rank

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

NOG

NOG Risk / Return Rank: 28
NOG Sharpe Ratio Rank: 28
NOG Sortino Ratio Rank: 27
NOG Omega Ratio Rank: 27
NOG Calmar Ratio Rank: 29
NOG Martin Ratio Rank: 30

WM

WM Risk / Return Rank: 15
WM Sharpe Ratio Rank: 14
WM Sortino Ratio Rank: 14
WM Omega Ratio Rank: 15
WM Calmar Ratio Rank: 19
WM Martin Ratio Rank: 11

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.

NOG vs. WM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Oil and Gas, Inc. (NOG) and Waste Management, Inc. (WM). 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.

	NOG	WM	Difference
Sharpe ratio Return per unit of total volatility	-0.29	-0.61	+0.32
Sortino ratio Return per unit of downside risk	-0.11	-0.74	+0.63
Omega ratio Gain probability vs. loss probability	0.99	0.91	+0.08
Calmar ratio Return relative to maximum drawdown	-0.33	-0.59	+0.26
Martin ratio Return relative to average drawdown	-0.56	-1.28	+0.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NOG vs. WM - Sharpe Ratio Comparison

The current NOG Sharpe Ratio is -0.29, which is higher than the WM Sharpe Ratio of -0.61. The chart below compares the historical Sharpe Ratios of NOG and WM, 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

	NOG	WM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.29	-0.61	+0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	0.55	-0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.07	0.78	-0.85
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	0.36	-0.39

Drawdowns

NOG vs. WM - Drawdown Comparison

The maximum NOG drawdown since its inception was -98.96%, which is greater than WM's maximum drawdown of -77.85%. Use the drawdown chart below to compare losses from any high point for NOG and WM.

Drawdown Indicators

	NOG	WM	Difference
Max Drawdown Largest peak-to-trough decline	-98.96%	-77.85%	-21.11%
Max Drawdown (1Y) Largest decline over 1 year	-34.26%	-17.48%	-16.78%
Max Drawdown (3Y) Largest decline over 3 years	-51.36%	-18.14%	-33.22%
Max Drawdown (5Y) Largest decline over 5 years	-51.36%	-18.14%	-33.22%
Max Drawdown (10Y) Largest decline over 10 years	-93.06%	-30.07%	-62.99%
Current Drawdown Current decline from peak	-91.70%	-13.69%	-78.01%
Average Drawdown Average peak-to-trough decline	-69.71%	-17.69%	-52.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.27%	8.36%	+11.91%

Volatility

NOG vs. WM - Volatility Comparison

Northern Oil and Gas, Inc. (NOG) has a higher volatility of 13.44% compared to Waste Management, Inc. (WM) at 4.94%. This indicates that NOG's price experiences larger fluctuations and is considered to be riskier than WM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOG	WM	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.44%	4.94%	+8.50%
Volatility (6M) Calculated over the trailing 6-month period	31.87%	13.30%	+18.57%
Volatility (1Y) Calculated over the trailing 1-year period	45.15%	18.37%	+26.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.10%	18.49%	+30.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.68%	19.48%	+51.20%

Dividends

NOG vs. WM - Dividend Comparison

NOG's dividend yield for the trailing twelve months is around 8.17%, more than WM's 1.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NOG Northern Oil and Gas, Inc.	8.17%	8.38%	4.41%	4.02%	2.86%	0.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
WM Waste Management, Inc.	1.61%	1.50%	1.49%	1.56%	1.66%	1.38%	1.85%	1.80%	2.09%	1.97%	2.31%	2.89%

Financials

Frequently Asked Questions

Can I hold both NOG and WM in my portfolio?

NOG and WM have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOG or WM?

NOG has higher volatility (13.44%) compared to WM (4.94%). In terms of maximum drawdown, NOG dropped -98.96% vs WM's -77.85%.

Which has better risk-adjusted returns?

NOG currently has the higher Sharpe Ratio (-0.29 vs -0.61), 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.