WM vs. WCN

Last updated Apr 1, 2026

Compare and contrast key facts about Waste Management, Inc. (WM) and Waste Connections, Inc. (WCN).

Performance

WM vs. WCN - Performance Comparison

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

WM vs. WCN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WM Waste Management, Inc.	5.00%	10.50%	14.28%	16.20%	-4.49%	43.82%	5.46%	30.45%	5.32%	24.46%
WCN Waste Connections, Inc.	-7.17%	2.92%	15.72%	13.47%	-2.02%	33.80%	13.86%	23.19%	5.47%	36.47%

Fundamentals

EPS WM : $6.70 WCN : $6.25
PE Ratio WM : 34.31 WCN : 25.98
PEG Ratio WM : 2.81 WCN : 0.50
PS Ratio WM : 3.69 WCN : 2.95
Total Revenue (TTM) WM : $25.20B WCN : $9.47B
Gross Profit (TTM) WM : $7.33B WCN : $3.00B
EBITDA (TTM) WM : $7.27B WCN : $2.67B

Returns By Period

In the year-to-date period, WM achieves a 5.00% return, which is significantly higher than WCN's -7.17% return. Over the past 10 years, WM has outperformed WCN with an annualized return of 16.64%, while WCN has yielded a comparatively lower 15.04% annualized return.

WM

• 1D: -0.07%
• 1M: -4.21%
• YTD: 5.00%
• 6M: 4.88%
• 1Y: 0.76%
• 3Y*: 13.82%
• 5Y*: 13.95%
• 10Y*: 16.64%

WCN

• 1D: 0.36%
• 1M: -5.63%
• YTD: -7.17%
• 6M: -7.21%
• 1Y: -16.15%
• 3Y*: 6.08%
• 5Y*: 9.01%
• 10Y*: 15.04%

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

Return for Risk

WM vs. WCN — Risk / Return Rank

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

WM

WM Risk / Return Rank: 41
WM Sharpe Ratio Rank: 43
WM Sortino Ratio Rank: 35
WM Omega Ratio Rank: 35
WM Calmar Ratio Rank: 46
WM Martin Ratio Rank: 46

WCN

WCN Risk / Return Rank: 14
WCN Sharpe Ratio Rank: 11
WCN Sortino Ratio Rank: 13
WCN Omega Ratio Rank: 13
WCN Calmar Ratio Rank: 18
WCN Martin Ratio Rank: 16

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.

WM vs. WCN - Risk-Adjusted Trends Comparison

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

	WM	WCN	Difference
Sharpe ratio Return per unit of total volatility	0.04	-0.75	+0.79
Sortino ratio Return per unit of downside risk	0.18	-0.90	+1.08
Omega ratio Gain probability vs. loss probability	1.02	0.88	+0.15
Calmar ratio Return relative to maximum drawdown	0.13	-0.71	+0.84
Martin ratio Return relative to average drawdown	0.31	-1.31	+1.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WM vs. WCN - Sharpe Ratio Comparison

The current WM Sharpe Ratio is 0.04, which is higher than the WCN Sharpe Ratio of -0.75. The chart below compares the historical Sharpe Ratios of WM and WCN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	WM	WCN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.04	-0.75	+0.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.48	+0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	0.77	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.56	-0.19

Correlation

The correlation between WM and WCN is 0.47, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

WM vs. WCN - Dividend Comparison

WM's dividend yield for the trailing twelve months is around 1.49%, more than WCN's 0.82% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
WM Waste Management, Inc.	1.49%	1.50%	1.49%	1.56%	1.66%	1.38%	1.85%	1.80%	2.09%	1.97%	2.31%	2.89%
WCN Waste Connections, Inc.	0.82%	0.74%	0.68%	0.70%	0.71%	0.62%	0.74%	0.73%	0.78%	0.70%	1.20%	1.86%

Drawdowns

WM vs. WCN - Drawdown Comparison

The maximum WM drawdown since its inception was -77.85%, which is greater than WCN's maximum drawdown of -68.85%. Use the drawdown chart below to compare losses from any high point for WM and WCN.

Drawdown Indicators

	WM	WCN	Difference
Max Drawdown Largest peak-to-trough decline	-77.85%	-68.85%	-9.00%
Max Drawdown (1Y) Largest decline over 1 year	-18.14%	-21.39%	+3.25%
Max Drawdown (5Y) Largest decline over 5 years	-18.14%	-21.39%	+3.25%
Max Drawdown (10Y) Largest decline over 10 years	-30.07%	-31.59%	+1.52%
Current Drawdown Current decline from peak	-6.41%	-18.15%	+11.74%
Average Drawdown Average peak-to-trough decline	-17.74%	-8.31%	-9.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.53%	11.59%	-4.06%

Volatility

WM vs. WCN - Volatility Comparison

The current volatility for Waste Management, Inc. (WM) is 5.94%, while Waste Connections, Inc. (WCN) has a volatility of 6.88%. This indicates that WM experiences smaller price fluctuations and is considered to be less risky than WCN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WM	WCN	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.94%	6.88%	-0.94%
Volatility (6M) Calculated over the trailing 6-month period	13.99%	16.32%	-2.33%
Volatility (1Y) Calculated over the trailing 1-year period	19.06%	21.64%	-2.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.30%	18.83%	-0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.38%	19.62%	-0.24%

Financials

WM vs. WCN - Profitability Comparison

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

WM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Waste Management, Inc. reported a gross profit of 1.85B and revenue of 6.31B. Therefore, the gross margin over that period was 29.3%.

WCN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 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%.

WM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Waste Management, Inc. reported an operating income of 1.18B and revenue of 6.31B, resulting in an operating margin of 18.6%.

WCN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Waste Connections, Inc. reported an operating income of 420.83M and revenue of 2.37B, resulting in an operating margin of 17.7%.

WM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Waste Management, Inc. reported a net income of 742.00M and revenue of 6.31B, resulting in a net margin of 11.8%.

WCN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Waste Connections, Inc. reported a net income of 258.50M and revenue of 2.37B, resulting in a net margin of 10.9%.