WCN vs. NDAQ

Last updated Jun 3, 2026

WCN (Waste Connections, Inc.) and NDAQ (Nasdaq, Inc.) are both stocks. WCN operates in Waste Management (Industrials), while NDAQ operates in Financial Data & Stock Exchanges (Financial Services). Over the past 10 years, WCN returned 13.12%/yr vs 16.88%/yr for NDAQ. At a 0.34 correlation, their price movements are largely independent.

Performance

WCN vs. NDAQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Waste Connections, Inc. (WCN) and Nasdaq, Inc. (NDAQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WCN achieves a -14.61% return, which is significantly lower than NDAQ's -9.21% return. Over the past 10 years, WCN has underperformed NDAQ with an annualized return of 13.12%, while NDAQ has yielded a comparatively higher 16.88% annualized return.

WCN

• 1D: -0.28%
• 1M: -7.32%
• YTD: -14.61%
• 6M: -13.59%
• 1Y: -23.44%
• 3Y*: 3.00%
• 5Y*: 5.08%
• 10Y*: 13.12%

NDAQ

• 1D: -5.28%
• 1M: -3.73%
• YTD: -9.21%
• 6M: -0.06%
• 1Y: 5.93%
• 3Y*: 17.63%
• 5Y*: 10.92%
• 10Y*: 16.88%

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

WCN vs. NDAQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WCN Waste Connections, Inc.	-14.61%	2.92%	15.72%	13.47%	-2.02%	33.80%	13.86%	23.19%	5.47%	36.47%
NDAQ Nasdaq, Inc.	-9.21%	27.19%	34.85%	-3.66%	-11.19%	60.13%	25.99%	33.88%	8.21%	16.76%

Correlation

The correlation between WCN and NDAQ is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jul 2, 2002	0.34

The correlation between WCN and NDAQ shifts across timeframes, from 0.23 (1 year) to 0.41 (10 years), reflecting how their relationship changes across market environments.

Fundamentals

EPS WCN : $5.48 NDAQ : $3.32
PE Ratio WCN : 27.22 NDAQ : 26.49
PEG Ratio WCN : 1.29 NDAQ : 2.55
PS Ratio WCN : 2.99 NDAQ : 6.13
Total Revenue (TTM) WCN : $9.65B NDAQ : $8.27B
Gross Profit (TTM) WCN : $2.77B NDAQ : $4.53B
EBITDA (TTM) WCN : $2.68B NDAQ : $3.11B

Return for Risk

WCN vs. NDAQ — Risk / Return Rank

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

WCN

WCN Risk / Return Rank: 3
WCN Sharpe Ratio Rank: 3
WCN Sortino Ratio Rank: 5
WCN Omega Ratio Rank: 6
WCN Calmar Ratio Rank: 0
WCN Martin Ratio Rank: 1

NDAQ

NDAQ Risk / Return Rank: 45
NDAQ Sharpe Ratio Rank: 49
NDAQ Sortino Ratio Rank: 41
NDAQ Omega Ratio Rank: 42
NDAQ Calmar Ratio Rank: 47
NDAQ Martin Ratio Rank: 48

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.

WCN vs. NDAQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Waste Connections, Inc. (WCN) and Nasdaq, Inc. (NDAQ). 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.

	WCN	NDAQ	Difference
Sharpe ratio Return per unit of total volatility	-1.10	0.24	-1.34
Sortino ratio Return per unit of downside risk	-1.53	0.47	-2.00
Omega ratio Gain probability vs. loss probability	0.81	1.07	-0.26
Calmar ratio Return relative to maximum drawdown	-1.01	0.30	-1.31
Martin ratio Return relative to average drawdown	-1.84	0.71	-2.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WCN vs. NDAQ - Sharpe Ratio Comparison

The current WCN Sharpe Ratio is -1.10, which is lower than the NDAQ Sharpe Ratio of 0.24. The chart below compares the historical Sharpe Ratios of WCN and NDAQ, 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

	WCN	NDAQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.10	0.24	-1.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.46	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	0.70	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.37	+0.17

Drawdowns

WCN vs. NDAQ - Drawdown Comparison

The maximum WCN drawdown since its inception was -68.85%, roughly equal to the maximum NDAQ drawdown of -68.48%. Use the drawdown chart below to compare losses from any high point for WCN and NDAQ.

Drawdown Indicators

	WCN	NDAQ	Difference
Max Drawdown Largest peak-to-trough decline	-68.85%	-68.48%	-0.37%
Max Drawdown (1Y) Largest decline over 1 year	-22.28%	-21.76%	-0.52%
Max Drawdown (3Y) Largest decline over 3 years	-24.75%	-21.76%	-2.99%
Max Drawdown (5Y) Largest decline over 5 years	-24.75%	-32.84%	+8.09%
Max Drawdown (10Y) Largest decline over 10 years	-31.59%	-38.31%	+6.72%
Current Drawdown Current decline from peak	-24.71%	-12.67%	-12.04%
Average Drawdown Average peak-to-trough decline	-8.39%	-23.82%	+15.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.93%	9.20%	+3.73%

Volatility

WCN vs. NDAQ - Volatility Comparison

The current volatility for Waste Connections, Inc. (WCN) is 4.90%, while Nasdaq, Inc. (NDAQ) has a volatility of 7.25%. This indicates that WCN experiences smaller price fluctuations and is considered to be less risky than NDAQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WCN	NDAQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.90%	7.25%	-2.35%
Volatility (6M) Calculated over the trailing 6-month period	17.71%	20.67%	-2.96%
Volatility (1Y) Calculated over the trailing 1-year period	21.37%	24.40%	-3.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.26%	23.94%	-4.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.71%	24.25%	-4.54%

Dividends

WCN vs. NDAQ - Dividend Comparison

WCN's dividend yield for the trailing twelve months is around 0.92%, less than NDAQ's 1.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NDAQ Nasdaq, Inc.	1.23%	1.08%	1.22%	1.48%	1.27%	1.00%	1.46%	1.73%	2.08%	1.90%	1.80%	1.55%
WCN Waste Connections, Inc.	0.92%	0.74%	0.68%	0.70%	0.71%	0.62%	0.74%	0.73%	0.78%	0.70%	1.20%	1.86%

Financials

WCN vs. NDAQ - Profitability Comparison

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

WCN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Waste Connections, Inc. reported a gross profit of 0.00 and revenue of 2.37B. Therefore, the gross margin over that period was 0.0%.

NDAQ - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Nasdaq, Inc. reported a gross profit of 1.41B and revenue of 2.14B. Therefore, the gross margin over that period was 65.8%.

WCN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Waste Connections, Inc. reported an operating income of 364.08M and revenue of 2.37B, resulting in an operating margin of 15.4%.

NDAQ - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Nasdaq, Inc. reported an operating income of 657.00M and revenue of 2.14B, resulting in an operating margin of 30.7%.

WCN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Waste Connections, Inc. reported a net income of 219.34M and revenue of 2.37B, resulting in a net margin of 9.3%.

NDAQ - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Nasdaq, Inc. reported a net income of 519.00M and revenue of 2.14B, resulting in a net margin of 24.3%.

Frequently Asked Questions

Can I hold both WCN and NDAQ in my portfolio?

WCN and NDAQ have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WCN or NDAQ?

NDAQ has higher volatility (7.25%) compared to WCN (4.90%). In terms of maximum drawdown, WCN dropped -68.85% vs NDAQ's -68.48%.

Which has better risk-adjusted returns?

NDAQ currently has the higher Sharpe Ratio (0.24 vs -1.10), 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.