Waste Management Correlations

WM Stock

USD 216.15 1.61 0.75%

The current 90-days correlation between Waste Management and Drugs Made In is -0.04 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Waste Management moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Waste Management moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Waste Management Correlation With Market

Significant diversification

The correlation between Waste Management and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Waste Management and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Waste Stock

Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Waste Management. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in industry.

To learn how to invest in Waste Stock, please use our How to Invest in Waste Management guide.

Moving together with Waste Stock

0.68	0RFX	Bell Food Group	Pair Corr
0.64	ABM	ABM Industries	Pair Corr
0.84	GFL	Gfl Environmental	Pair Corr
0.73	WCN	Waste Connections	Pair Corr
0.61	0LVK	Westlake Chemical Corp	Pair Corr

Moving against Waste Stock

0.85	0HAH	Fortum Oyj	Pair Corr
0.55	0J71	JB Hunt Transport	Pair Corr
0.44	0NIF	SMA Solar Technology	Pair Corr
0.42	0IFX	Electronic Arts	Pair Corr
0.39	0JVV	Lumentum Holdings	Pair Corr
0.61	TMIP	Taylor Maritime Inve	Pair Corr
0.58	0L8B	Southern Copper Corp	Pair Corr
0.58	AEI	Aeris Environmental	Pair Corr
0.5	0N4T	Nordea Bank Abp	Pair Corr
0.41	0N9K	Elmos Semiconductor	Pair Corr
0.75	0QT5	Gaztransport et Technigaz	Pair Corr
0.52	0RQ9	Lundin Mining Corp	Pair Corr
0.52	0GA3	Telecom Italia SpA	Pair Corr
0.45	0HJR	Avery Dennison Corp	Pair Corr
0.45	0H30	Indutrade AB	Pair Corr

Related Correlations Analysis

	DMAA	PFSMF	EJH	PUMD	KNOIF	PHYMF	BDULF	OMZNF
DMAA		0.0	-0.75	0.0	0.6	0.7	-0.76	0.48	DMAA
PFSMF	0.0		0.0	1.0	0.0	0.0	0.0	0.0	PFSMF
EJH	-0.75	0.0		0.0	-0.67	-0.65	0.71	-0.34	EJH
PUMD	0.0	1.0	0.0		0.0	0.0	0.0	0.0	PUMD
KNOIF	0.6	0.0	-0.67	0.0		0.72	-0.5	0.4	KNOIF
PHYMF	0.7	0.0	-0.65	0.0	0.72		-0.48	0.73	PHYMF
BDULF	-0.76	0.0	0.71	0.0	-0.5	-0.48		-0.25	BDULF
OMZNF	0.48	0.0	-0.34	0.0	0.4	0.73	-0.25		OMZNF
	DMAA	PFSMF	EJH	PUMD	KNOIF	PHYMF	BDULF	OMZNF

Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

PUMD	+ 1.0	PFSMF
OMZNF	+ 0.73	PHYMF
PHYMF	+ 0.72	KNOIF
BDULF	+ 0.71	EJH
PHYMF	+ 0.7	DMAA
KNOIF	+ 0.6	DMAA

High negative correlations

BDULF	- 0.76	DMAA
EJH	- 0.75	DMAA
KNOIF	- 0.67	EJH
PHYMF	- 0.65	EJH
BDULF	- 0.5	KNOIF
BDULF	- 0.48	PHYMF

Risk-Adjusted Indicators

There is a big difference between Waste Stock performing well and Waste Management Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Waste Management's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
DMAA	0.12	0.00	(0.37)	0.06	0.08	(0.18)	0.29	(0.29)	0.88
PFSMF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EJH	2.85	(0.33)	0.00	0.38	0.00	0.00	6.25	(6.86)	27.92
PUMD	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
KNOIF	0.41	0.19	0.00	1.17	0.00	0.00	0.00	0.00	10.08
PHYMF	0.95	0.24	0.11	1.20	1.31	(0.98)	2.19	(1.90)	8.08
BDULF	0.34	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.96
OMZNF	2.59	0.28	0.04	(0.64)	2.61	(5.29)	7.14	(5.13)	18.77

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