WM vs. WCN
WM (Waste Management, Inc.) and WCN (Waste Connections, Inc.) are both stocks. Both operate in the Waste Management industry within the Industrials sector. Over the past 10 years, WM returned 15.16%/yr vs 13.90%/yr for WCN. Their 0.48 correlation means their historical movements had little consistent relationship.
Performance
WM vs. WCN - Performance Comparison
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Returns By Period
In the year-to-date period, WM achieves a 3.97% return, which is significantly higher than WCN's -4.14% return. Over the past 10 years, WM has outperformed WCN with an annualized return of 15.16%, while WCN has yielded a comparatively lower 13.90% annualized return.
WM
- 1D
- 0.10%
- 1M
- -1.67%
- 6M
- 2.79%
- YTD
- 3.97%
- 1Y
- 0.57%
- 3Y*
- 13.43%
- 5Y*
- 10.57%
- 10Y*
- 15.16%
- ALL TIME*
- 10.50%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $252.66M | $226.08M | $266.58M | |
| $446.41M | $426.54M | $482.07M |
WM vs. WCN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
WM Waste Management, Inc. | 3.97% | 10.50% | 14.28% | 16.20% | -4.49% | 43.82% | 5.46% | 30.45% | 5.32% | 24.46% |
WCN Waste Connections, Inc. | -4.14% | 2.92% | 15.72% | 13.47% | -2.02% | 33.80% | 13.86% | 23.19% | 5.47% | 36.38% |
Correlation
The correlation between WM and WCN is 0.75, 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. | 0.75 |
Correlation (3Y) Balances recent behavior with more history. | 0.73 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.76 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.70 |
Correlation (All Time) Calculated using the full available price history since May 22, 1998 | 0.48 |
Over the past year, WM and WCN have become more correlated (0.75) than their long-term average of 0.48, meaning their price movements have been converging.
Fundamentals
WM:
$90.56B
WCN:
$42.19B
WM:
$7.06
WCN:
$7.11
WM:
32.09
WCN:
23.56
WM:
2.62
WCN:
1.12
WM:
3.57
WCN:
3.29
WM:
$25.67B
WCN:
$9.80B
WM:
$3.73B
WCN:
$1.75B
WM:
$6.62B
WCN:
$2.10B
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Return for Risk
WM vs. WCN — Risk / Return Rank
WM
WCN
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.
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.
| WM | WCN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.45 | ||
| Sortino ratioReturn per unit of downside risk | +0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 0.94 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.03 | -0.45 | +0.48 |
| Martin ratioReturn relative to average drawdown | 0.06 | -0.80 | +0.86 |
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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.
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Drawdown Indicators
| WM | WCN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.85% | -68.85% | -9.00% |
Max Drawdown (1Y)Largest decline over 1 year | -16.70% | -21.30% | +4.60% |
Max Drawdown (3Y)Largest decline over 3 years | -18.14% | -24.75% | +6.61% |
Max Drawdown (5Y)Largest decline over 5 years | -18.14% | -24.75% | +6.61% |
Max Drawdown (10Y)Largest decline over 10 years | -30.07% | -31.59% | +1.52% |
Current DrawdownCurrent decline from peak | -7.33% | -15.47% | +8.14% |
Average DrawdownAverage peak-to-trough decline | -17.64% | -8.43% | -9.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.86% | 12.01% | -4.15% |
Volatility
WM vs. WCN - Volatility Comparison
Waste Management, Inc. (WM) has a higher volatility of 8.87% compared to Waste Connections, Inc. (WCN) at 7.24%. This indicates that WM's price experiences larger fluctuations and is considered to be riskier than WCN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| WM | WCN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.87% | 7.24% | +1.63% |
Volatility (6M)Calculated over the trailing 6-month period | 15.76% | 19.30% | -3.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.33% | 22.67% | -2.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.01% | 19.71% | -0.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.73% | 19.89% | -0.16% |
Dividends
WM vs. WCN - Dividend Comparison
WM's dividend yield for the trailing twelve months is around 1.56%, more than WCN's 0.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
WM Waste Management, Inc. | 1.56% | 1.50% | 1.49% | 1.56% | 1.66% | 1.38% | 1.85% | 1.80% | 2.09% | 1.97% | 2.31% | 2.89% |
Financials
WM vs. WCN - Financials Comparison
This section allows you to compare key financial metrics between Waste Management, Inc. and Waste Connections, 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
WM vs. WCN - Profitability Comparison
WM - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Waste Management, Inc. reported a gross profit of -2.53B and revenue of 6.68B. Therefore, the gross margin over that period was -37.9%.
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%.
WM - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Waste Management, Inc. reported an operating income of 1.25B and revenue of 6.68B, resulting in an operating margin of 18.8%.
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%.
WM - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Waste Management, Inc. reported a net income of 785.00M and revenue of 6.68B, resulting in a net margin of 11.7%.
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%.
Frequently Asked Questions
WM and WCN have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WM has higher volatility (8.87%) compared to WCN (7.24%). In terms of maximum drawdown, WM dropped -77.85% vs WCN's -68.85%.
WM currently has the higher Sharpe Ratio (0.02 vs -0.43), 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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