X.TO vs. WCN.TO
X.TO (TMX Group Limited) and WCN.TO (Waste Connections, Inc.) are both stocks. X.TO operates in Financial Data & Stock Exchanges (Financial Services), while WCN.TO operates in Waste Management (Industrials). Over the past 10 years, X.TO returned 30.69%/yr vs 18.98%/yr for WCN.TO. At a 0.18 correlation, their price movements are largely independent.
Performance
X.TO vs. WCN.TO - Performance Comparison
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Returns By Period
In the year-to-date period, X.TO achieves a -2.41% return, which is significantly higher than WCN.TO's -8.90% return. Over the past 10 years, X.TO has outperformed WCN.TO with an annualized return of 30.69%, while WCN.TO has yielded a comparatively lower 18.98% annualized return.
X.TO
- 1D
- 0.74%
- 1M
- -5.58%
- YTD
- -2.41%
- 6M
- -0.90%
- 1Y
- -8.21%
- 3Y*
- 21.82%
- 5Y*
- 24.37%
- 10Y*
- 30.69%
WCN.TO
- 1D
- 0.55%
- 1M
- 1.38%
- YTD
- -8.90%
- 6M
- -7.68%
- 1Y
- -15.08%
- 3Y*
- 7.40%
- 5Y*
- 9.00%
- 10Y*
- 18.98%
X.TO vs. WCN.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
X.TO TMX Group Limited | -2.41% | 19.83% | 40.85% | 27.51% | 20.20% | 28.63% | 25.96% | 80.88% | 15.53% | 13.73% |
WCN.TO Waste Connections, Inc. | -8.90% | -1.69% | 25.48% | 11.09% | 4.86% | 33.02% | 11.52% | 17.27% | 14.53% | 92.32% |
Correlation
The correlation between X.TO and WCN.TO is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Jul 12, 2006 | 0.18 |
Fundamentals
X.TO:
CA$14.10B
WCN.TO:
CA$55.87B
X.TO:
CA$9.15
WCN.TO:
$4.09
X.TO:
5.51
WCN.TO:
38.23
X.TO:
0.46
WCN.TO:
1.82
X.TO:
1.42
WCN.TO:
4.20
X.TO:
0.29
WCN.TO:
4.96
X.TO:
CA$9.91B
WCN.TO:
$9.57B
X.TO:
CA$4.54B
WCN.TO:
$3.76B
X.TO:
CA$4.93B
WCN.TO:
$2.97B
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Return for Risk
X.TO vs. WCN.TO — Risk / Return Rank
X.TO
WCN.TO
X.TO vs. WCN.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TMX Group Limited (X.TO) and Waste Connections, Inc. (WCN.TO). 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.
| X.TO | WCN.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.56 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 0.89 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | -0.72 | +0.35 |
| Martin ratioReturn relative to average drawdown | -0.80 | -1.36 | +0.57 |
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Drawdowns
X.TO vs. WCN.TO - Drawdown Comparison
The maximum X.TO drawdown since its inception was -51.85%, smaller than the maximum WCN.TO drawdown of -71.10%. Use the drawdown chart below to compare losses from any high point for X.TO and WCN.TO.
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Drawdown Indicators
| X.TO | WCN.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.85% | -71.10% | +19.25% |
Max Drawdown (1Y)Largest decline over 1 year | -22.81% | -21.51% | -1.30% |
Max Drawdown (3Y)Largest decline over 3 years | -22.81% | -26.21% | +3.40% |
Max Drawdown (5Y)Largest decline over 5 years | -22.81% | -26.21% | +3.40% |
Max Drawdown (10Y)Largest decline over 10 years | -27.26% | -26.53% | -0.73% |
Current DrawdownCurrent decline from peak | -11.37% | -21.70% | +10.33% |
Average DrawdownAverage peak-to-trough decline | -6.93% | -10.25% | +3.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.66% | 11.43% | -0.77% |
Volatility
X.TO vs. WCN.TO - Volatility Comparison
TMX Group Limited (X.TO) has a higher volatility of 8.91% compared to Waste Connections, Inc. (WCN.TO) at 5.88%. This indicates that X.TO's price experiences larger fluctuations and is considered to be riskier than WCN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| X.TO | WCN.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.91% | 5.88% | +3.03% |
Volatility (6M)Calculated over the trailing 6-month period | 18.48% | 18.32% | +0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.45% | 22.04% | +1.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.66% | 18.59% | +2.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.49% | 24.81% | -3.32% |
Dividends
X.TO vs. WCN.TO - Dividend Comparison
X.TO's dividend yield for the trailing twelve months is around 1.82%, more than WCN.TO's 0.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
WCN.TO Waste Connections, Inc. | 0.86% | 0.75% | 0.65% | 0.72% | 0.68% | 0.61% | 0.78% | 0.75% | 0.74% | 0.74% | 1.22% | 1.09% |
X.TO TMX Group Limited | 1.82% | 1.61% | 1.69% | 6.55% | 12.25% | 23.74% | 10.70% | 11.20% | 15.83% | 13.84% | 11.54% | 22.35% |
Financials
X.TO vs. WCN.TO - Financials Comparison
This section allows you to compare key financial metrics between TMX Group Limited 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
X.TO vs. WCN.TO - Profitability Comparison
X.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, TMX Group Limited reported a gross profit of 3.58B and revenue of 7.41B. Therefore, the gross margin over that period was 48.3%.
WCN.TO - 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 683.40M and revenue of 2.33B. Therefore, the gross margin over that period was 29.3%.
X.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, TMX Group Limited reported an operating income of 2.39B and revenue of 7.41B, resulting in an operating margin of 32.2%.
WCN.TO - 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 358.11M and revenue of 2.33B, resulting in an operating margin of 15.4%.
X.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, TMX Group Limited reported a net income of 2.25B and revenue of 7.41B, resulting in a net margin of 30.3%.
WCN.TO - 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 215.75M and revenue of 2.33B, resulting in a net margin of 9.3%.
Frequently Asked Questions
X.TO and WCN.TO have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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