WCN vs. GFL
WCN (Waste Connections, Inc.) and GFL (GFL Environmental Inc.) are both stocks. Both operate in the Waste Management industry within the Industrials sector. Over the past 5 years, WCN returned 6.50%/yr vs 3.61%/yr for GFL. Their 0.46 correlation means their historical movements had little consistent relationship.
Performance
WCN vs. GFL - Performance Comparison
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Returns By Period
In the year-to-date period, WCN achieves a -4.14% return, which is significantly lower than GFL's -3.68% return.
WCN
- 1D
- 0.67%
- 1M
- -0.85%
- 6M
- 0.30%
- YTD
- -4.14%
- 1Y
- -9.56%
- 3Y*
- 6.20%
- 5Y*
- 6.50%
- 10Y*
- 13.90%
- ALL TIME*
- 17.09%
GFL
- 1D
- -0.12%
- 1M
- 10.29%
- 6M
- -3.72%
- YTD
- -3.68%
- 1Y
- -16.87%
- 3Y*
- 6.72%
- 5Y*
- 3.61%
- 10Y*
- —
- ALL TIME*
- 14.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $104.67M | $126.13M | $109.48M | |
| $252.66M | $226.08M | $266.58M |
WCN vs. GFL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
WCN Waste Connections, Inc. | -4.14% | 2.92% | 15.72% | 13.47% | -2.02% | 33.80% | 3.75% |
GFL GFL Environmental Inc. | -3.68% | -3.44% | 29.26% | 18.24% | -22.65% | 29.88% | 67.01% |
Correlation
The correlation between WCN and GFL is 0.56, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.56 |
Correlation (3Y) Balances recent behavior with more history. | 0.48 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.52 |
Correlation (All Time) Calculated using the full available price history since Mar 3, 2020 | 0.46 |
The correlation between WCN and GFL has been stable across timeframes, ranging from 0.46 to 0.56 - a consistent structural relationship.
Fundamentals
WCN:
$42.19B
GFL:
$14.42B
WCN:
$7.11
GFL:
-CA$0.62
WCN:
3.29
GFL:
3.03
WCN:
$9.80B
GFL:
CA$6.97B
WCN:
$1.75B
GFL:
CA$1.39B
WCN:
$2.10B
GFL:
CA$1.79B
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Return for Risk
WCN vs. GFL — Risk / Return Rank
WCN
GFL
WCN vs. GFL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Waste Connections, Inc. (WCN) and GFL Environmental Inc. (GFL). 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.
| WCN | GFL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.35 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 0.90 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.45 | -0.52 | +0.07 |
| Martin ratioReturn relative to average drawdown | -0.80 | -0.99 | +0.18 |
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Drawdowns
WCN vs. GFL - Drawdown Comparison
The maximum WCN drawdown since its inception was -68.85%, which is greater than GFL's maximum drawdown of -42.76%. Use the drawdown chart below to compare losses from any high point for WCN and GFL.
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Drawdown Indicators
| WCN | GFL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.85% | -42.76% | -26.09% |
Max Drawdown (1Y)Largest decline over 1 year | -21.30% | -34.20% | +12.90% |
Max Drawdown (3Y)Largest decline over 3 years | -24.75% | -34.88% | +10.13% |
Max Drawdown (5Y)Largest decline over 5 years | -24.75% | -42.76% | +18.01% |
Max Drawdown (10Y)Largest decline over 10 years | -31.59% | — | — |
Current DrawdownCurrent decline from peak | -15.47% | -19.74% | +4.27% |
Average DrawdownAverage peak-to-trough decline | -8.43% | -14.63% | +6.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.01% | 18.07% | -6.06% |
Volatility
WCN vs. GFL - Volatility Comparison
The current volatility for Waste Connections, Inc. (WCN) is 7.24%, while GFL Environmental Inc. (GFL) has a volatility of 10.59%. This indicates that WCN experiences smaller price fluctuations and is considered to be less risky than GFL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| WCN | GFL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.24% | 10.59% | -3.35% |
Volatility (6M)Calculated over the trailing 6-month period | 19.30% | 23.98% | -4.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.67% | 27.80% | -5.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.71% | 29.96% | -10.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.89% | 33.01% | -13.12% |
Dividends
WCN vs. GFL - Dividend Comparison
WCN's dividend yield for the trailing twelve months is around 0.82%, more than GFL's 0.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GFL GFL Environmental Inc. | 0.16% | 0.14% | 0.12% | 0.15% | 0.16% | 0.11% | 0.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
WCN Waste Connections, Inc. | 0.82% | 0.74% | 0.68% | 0.70% | 0.71% | 0.62% | 0.74% | 0.73% | 0.78% | 0.65% | 1.20% | 1.86% |
Financials
WCN vs. GFL - Financials Comparison
This section allows you to compare key financial metrics between Waste Connections, Inc. and GFL Environmental Inc.. 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
WCN vs. GFL - Profitability Comparison
WCN - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Waste Connections, Inc. reported a gross profit of -1.01B and revenue of 2.56B. Therefore, the gross margin over that period was -39.4%.
GFL - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, GFL Environmental Inc. reported a gross profit of 385.97M and revenue of 1.95B. Therefore, the gross margin over that period was 19.8%.
WCN - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Waste Connections, Inc. reported an operating income of 437.55M and revenue of 2.56B, resulting in an operating margin of 17.1%.
GFL - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, GFL Environmental Inc. reported an operating income of 109.55M and revenue of 1.95B, resulting in an operating margin of 5.6%.
WCN - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Waste Connections, Inc. reported a net income of 599.49M and revenue of 2.56B, resulting in a net margin of 23.4%.
GFL - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, GFL Environmental Inc. reported a net income of -159.87M and revenue of 1.95B, resulting in a net margin of -8.2%.
Frequently Asked Questions
WCN and GFL have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GFL has higher volatility (10.59%) compared to WCN (7.24%). In terms of maximum drawdown, WCN dropped -68.85% vs GFL's -42.76%.
WCN currently has the higher Sharpe Ratio (-0.43 vs -0.66), 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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