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Relative Intelligence · Environmental Services

How Waste Connections (WCN) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on WCN alone. It places WCN (Waste Connections, Inc.) against 15 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where WCN stands in the market, and of the alternatives worth a closer look.

Period covered: WCN's full trading record, from May 2001 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against WCN →Chart WCN vs. 15 alternatives →
On this page12 sections

Key findings

How much would $10,000 in WCN have grown?

This chart tracks a hypothetical $10,000 investment in WCN over the past 25 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of WCN over the same span and WCN's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 2001 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 131 of the 1,326 stocks and funds worth at least $500 million that traded the whole period ended ahead of WCN; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M$10M2001200520092013201720212025$10,000$100,000$1M$10M20012007201320192025
  • AAPL$14M+143,470% total · +33.7% a year
  • NVDA$11M+109,423% total · +32.3% a year
  • CLH$3M+26,876% total · +25.1% a year
  • WAB$577,865+5,679% total · +17.6% a year
  • DE$572,040+5,620% total · +17.6% a year
  • WCN$494,932+4,849% total · +16.9% a year
  • RSG$310,830+3,008% total · +14.7% a year
  • ECL$201,017+1,910% total · +12.8% a year
  • WM$138,622+1,286% total · +11.1% a year
  • SPY (S&P 500)$114,557+1,046% total · +10.2% a year
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From the end of September 2021 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 2,005 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of WCN; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$20,000$50,000$100,000202120222023202420252026$10,000$20,000$50,000$100,000202120222023202420252026
  • CECO$98,921+889% total · +58.1% a year
  • CLH$29,868+199% total · +24.5% a year
  • PESI$23,533+135% total · +18.7% a year
  • LQDT$19,819+98.2% total · +14.7% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • RSG$18,545+85.5% total · +13.1% a year
  • WM$14,773+47.7% total · +8.1% a year
  • ECL$13,921+39.2% total · +6.8% a year
  • WCN$12,683+26.8% total · +4.9% a year
  • TTEK$11,397+14.0% total · +2.6% a year
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WCN at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The company

Market value
$43B
Industry
Waste Management
Price history from
May 2001

Returns

Past 1 year
−1.8%total return
Past 3 years
+27.0%+8.3% a year
Past 5 years
+34.2%+6.1% a year
Past 10 years
+270%+14.0% a year
Best calendar year
+41.5%2016
Worst calendar year
−2.0%2022
Losing years
1 of 24full calendar years

Risk

Volatility
20.0%typical yearly swing, 5 years
Sharpe ratio
0.40return per unit of risk, 5 years
Worst decline ever
−45.0%Sep 2008 to Mar 2009
From its all-time high
−14.2%below the peak

WCN against the whole market

Where WCN ranks among every stock and fund, and what across the market has done better.

How does WCN rank among all stocks?

This section ranks WCN on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how WCN stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureWCNRankStanding
1-year return−1.8%2,056 of 3,287bottom 38%
3-year return+27.0%1,905 of 3,017bottom 38%
5-year return+34.2%1,292 of 2,893top 45%
10-year return+270%665 of 2,202top 30%
Volatility, 5 years20.0%89 of 2,893top 3%
Sharpe ratio, 5 years0.401,243 of 2,893top 43%
Worst decline, past 10 years−31.6%32 of 2,187top 1%

What has beaten WCN on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). WCN sits where the dashed lines cross. Anything in the green box above and to the left earned more than WCN with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to WCN; faint dots are 91 more of the 395 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

5.0%10.0%15.0%20.0%25.0%30.0%35.0%5.0%10.0%15.0%20.0%25.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than WCNDFIV: +14.8% a year, volatility 16.4%AVLV: +14.0% a year, volatility 16.9%BUFR: +9.9% a year, volatility 10.5%XLP: +7.2% a year, volatility 13.8%JAVA: +11.5% a year, volatility 14.5%BKLC: +13.8% a year, volatility 17.3%QYLD: +8.4% a year, volatility 15.0%DBMF: +9.8% a year, volatility 12.4%FTLS: +10.2% a year, volatility 10.4%GSUS: +12.4% a year, volatility 17.2%ACIO: +9.3% a year, volatility 11.1%SCHY: +9.5% a year, volatility 13.3%BRK-B: +13.4% a year, volatility 17.1%INFL: +11.8% a year, volatility 17.8%TDVG: +9.6% a year, volatility 13.8%FTQI: +11.5% a year, volatility 14.8%FLSP: +8.4% a year, volatility 13.4%SIXH: +10.2% a year, volatility 10.2%JNJ: +12.7% a year, volatility 17.9%KO: +14.7% a year, volatility 16.8%VXUS: +8.2% a year, volatility 16.4%VEA: +9.3% a year, volatility 16.9%VIG: +10.4% a year, volatility 14.1%SCHD: +9.7% a year, volatility 14.3%VT: +10.3% a year, volatility 16.2%RSP: +8.2% a year, volatility 16.1%QUAL: +11.4% a year, volatility 17.3%SDCI: +20.6% a year, volatility 18.4%GLD: +17.7% a year, volatility 18.9%ED: +12.0% a year, volatility 18.8%XLV: +8.4% a year, volatility 15.3%IWR: +7.2% a year, volatility 18.2%FNDF: +13.6% a year, volatility 16.3%VOE: +9.4% a year, volatility 15.8%HDV: +12.9% a year, volatility 13.0%AVDV: +13.9% a year, volatility 17.4%RDVY: +11.3% a year, volatility 18.8%USMV: +7.6% a year, volatility 12.3%SPHQ: +12.0% a year, volatility 16.7%COWZ: +11.4% a year, volatility 17.7%EWJ: +9.2% a year, volatility 18.8%SDY: +7.6% a year, volatility 14.0%SCHV: +10.2% a year, volatility 14.4%FDVV: +13.2% a year, volatility 14.6%DBEF: +13.1% a year, volatility 13.8%IOO: +15.7% a year, volatility 17.2%ESGV: +11.3% a year, volatility 18.5%JQUA: +13.6% a year, volatility 15.7%VLUE: +15.9% a year, volatility 18.4%BBCA: +11.4% a year, volatility 16.7%DIVO: +11.1% a year, volatility 11.9%FNDE: +9.8% a year, volatility 17.0%MOAT: +9.1% a year, volatility 18.4%DFAE: +8.3% a year, volatility 18.8%GCOW: +14.1% a year, volatility 13.6%GUNR: +10.1% a year, volatility 18.8%IWX: +12.7% a year, volatility 13.8%TXNM: +7.2% a year, volatility 14.9%IDMO: +13.3% a year, volatility 18.2%FTGC: +12.9% a year, volatility 15.6%OMFL: +9.0% a year, volatility 16.4%EWU: +11.4% a year, volatility 16.4%PTLC: +9.5% a year, volatility 11.8%DEM: +9.6% a year, volatility 15.5%WTV: +13.4% a year, volatility 17.0%DIVI: +13.4% a year, volatility 15.5%XYLD: +7.4% a year, volatility 11.2%EQWL: +11.6% a year, volatility 15.0%AOA: +8.6% a year, volatility 13.1%DIVB: +13.9% a year, volatility 15.4%FHLC: +7.3% a year, volatility 15.4%DSTL: +11.3% a year, volatility 16.1%DDWM: +12.3% a year, volatility 13.4%DHS: +12.0% a year, volatility 13.9%RODM: +10.6% a year, volatility 13.5%SEAL-PB: +8.0% a year, volatility 14.3%FGD: +11.6% a year, volatility 14.8%RLY: +9.9% a year, volatility 13.3%RAAX: +11.7% a year, volatility 15.6%FDLO: +9.8% a year, volatility 13.0%DBA: +10.7% a year, volatility 13.8%RDIV: +12.2% a year, volatility 17.3%VFMF: +14.3% a year, volatility 17.6%PPH: +11.6% a year, volatility 15.8%PTNQ: +9.7% a year, volatility 14.1%FTXH: +11.9% a year, volatility 16.9%HLAL: +14.0% a year, volatility 18.0%EQL: +13.5% a year, volatility 14.5%JVAL: +12.0% a year, volatility 17.2%FLQM: +7.4% a year, volatility 16.4%ROUS: +12.3% a year, volatility 14.4%WCN: +6.1% a year, volatility 20.0%SPY (S&P 500): +12.7% a year, volatility 17.1%RSG: +13.9% a year, volatility 18.5%CLH: +23.1% a year, volatility 28.6%ECL: +6.7% a year, volatility 24.1%WM: +9.3% a year, volatility 19.2%WAB: +25.6% a year, volatility 26.2%DE: +14.4% a year, volatility 29.9%EMR: +12.7% a year, volatility 27.7%ITW: +6.7% a year, volatility 21.4%ITT: +17.1% a year, volatility 29.8%LECO: +14.1% a year, volatility 27.5%DFAC: +11.4% a year, volatility 17.0%PJUL: +10.5% a year, volatility 8.6%FJAN: +11.1% a year, volatility 10.5%JEPI: +7.5% a year, volatility 11.0%CHT: +7.7% a year, volatility 13.3%RY: +17.3% a year, volatility 18.2%AOR: +6.4% a year, volatility 10.7%DXJ: +26.6% a year, volatility 19.1%MPLX: +23.5% a year, volatility 18.8%LVHI: +17.0% a year, volatility 11.1%WCNSPY (S&P 500)RSGCLHECLWMWABDEEMRITWITTLECODFACPJULFJANJEPICHTRYAORDXJMPLXLVHI5.0%10.0%15.0%20.0%25.0%30.0%35.0%5.0%10.0%15.0%20.0%25.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than WCNDFIV: +14.8% a year, volatility 16.4%AVLV: +14.0% a year, volatility 16.9%BUFR: +9.9% a year, volatility 10.5%XLP: +7.2% a year, volatility 13.8%JAVA: +11.5% a year, volatility 14.5%BKLC: +13.8% a year, volatility 17.3%QYLD: +8.4% a year, volatility 15.0%DBMF: +9.8% a year, volatility 12.4%FTLS: +10.2% a year, volatility 10.4%GSUS: +12.4% a year, volatility 17.2%ACIO: +9.3% a year, volatility 11.1%SCHY: +9.5% a year, volatility 13.3%BRK-B: +13.4% a year, volatility 17.1%INFL: +11.8% a year, volatility 17.8%TDVG: +9.6% a year, volatility 13.8%FTQI: +11.5% a year, volatility 14.8%FLSP: +8.4% a year, volatility 13.4%SIXH: +10.2% a year, volatility 10.2%JNJ: +12.7% a year, volatility 17.9%KO: +14.7% a year, volatility 16.8%VXUS: +8.2% a year, volatility 16.4%VEA: +9.3% a year, volatility 16.9%VIG: +10.4% a year, volatility 14.1%SCHD: +9.7% a year, volatility 14.3%VT: +10.3% a year, volatility 16.2%RSP: +8.2% a year, volatility 16.1%QUAL: +11.4% a year, volatility 17.3%SDCI: +20.6% a year, volatility 18.4%GLD: +17.7% a year, volatility 18.9%ED: +12.0% a year, volatility 18.8%XLV: +8.4% a year, volatility 15.3%IWR: +7.2% a year, volatility 18.2%FNDF: +13.6% a year, volatility 16.3%VOE: +9.4% a year, volatility 15.8%HDV: +12.9% a year, volatility 13.0%AVDV: +13.9% a year, volatility 17.4%RDVY: +11.3% a year, volatility 18.8%USMV: +7.6% a year, volatility 12.3%SPHQ: +12.0% a year, volatility 16.7%COWZ: +11.4% a year, volatility 17.7%EWJ: +9.2% a year, volatility 18.8%SDY: +7.6% a year, volatility 14.0%SCHV: +10.2% a year, volatility 14.4%FDVV: +13.2% a year, volatility 14.6%DBEF: +13.1% a year, volatility 13.8%IOO: +15.7% a year, volatility 17.2%ESGV: +11.3% a year, volatility 18.5%JQUA: +13.6% a year, volatility 15.7%VLUE: +15.9% a year, volatility 18.4%BBCA: +11.4% a year, volatility 16.7%DIVO: +11.1% a year, volatility 11.9%FNDE: +9.8% a year, volatility 17.0%MOAT: +9.1% a year, volatility 18.4%DFAE: +8.3% a year, volatility 18.8%GCOW: +14.1% a year, volatility 13.6%GUNR: +10.1% a year, volatility 18.8%IWX: +12.7% a year, volatility 13.8%TXNM: +7.2% a year, volatility 14.9%IDMO: +13.3% a year, volatility 18.2%FTGC: +12.9% a year, volatility 15.6%OMFL: +9.0% a year, volatility 16.4%EWU: +11.4% a year, volatility 16.4%PTLC: +9.5% a year, volatility 11.8%DEM: +9.6% a year, volatility 15.5%WTV: +13.4% a year, volatility 17.0%DIVI: +13.4% a year, volatility 15.5%XYLD: +7.4% a year, volatility 11.2%EQWL: +11.6% a year, volatility 15.0%AOA: +8.6% a year, volatility 13.1%DIVB: +13.9% a year, volatility 15.4%FHLC: +7.3% a year, volatility 15.4%DSTL: +11.3% a year, volatility 16.1%DDWM: +12.3% a year, volatility 13.4%DHS: +12.0% a year, volatility 13.9%RODM: +10.6% a year, volatility 13.5%SEAL-PB: +8.0% a year, volatility 14.3%FGD: +11.6% a year, volatility 14.8%RLY: +9.9% a year, volatility 13.3%RAAX: +11.7% a year, volatility 15.6%FDLO: +9.8% a year, volatility 13.0%DBA: +10.7% a year, volatility 13.8%RDIV: +12.2% a year, volatility 17.3%VFMF: +14.3% a year, volatility 17.6%PPH: +11.6% a year, volatility 15.8%PTNQ: +9.7% a year, volatility 14.1%FTXH: +11.9% a year, volatility 16.9%HLAL: +14.0% a year, volatility 18.0%EQL: +13.5% a year, volatility 14.5%JVAL: +12.0% a year, volatility 17.2%FLQM: +7.4% a year, volatility 16.4%ROUS: +12.3% a year, volatility 14.4%WCN: +6.1% a year, volatility 20.0%SPY (S&P 500): +12.7% a year, volatility 17.1%RSG: +13.9% a year, volatility 18.5%CLH: +23.1% a year, volatility 28.6%ECL: +6.7% a year, volatility 24.1%WM: +9.3% a year, volatility 19.2%WAB: +25.6% a year, volatility 26.2%DE: +14.4% a year, volatility 29.9%EMR: +12.7% a year, volatility 27.7%ITW: +6.7% a year, volatility 21.4%ITT: +17.1% a year, volatility 29.8%LECO: +14.1% a year, volatility 27.5%DFAC: +11.4% a year, volatility 17.0%PJUL: +10.5% a year, volatility 8.6%FJAN: +11.1% a year, volatility 10.5%JEPI: +7.5% a year, volatility 11.0%CHT: +7.7% a year, volatility 13.3%RY: +17.3% a year, volatility 18.2%AOR: +6.4% a year, volatility 10.7%DXJ: +26.6% a year, volatility 19.1%MPLX: +23.5% a year, volatility 18.8%LVHI: +17.0% a year, volatility 11.1%WCNSPY (S&P 500)RSGCLHECLWMWABDEEMRITWITTLECODFACPJULJEPIRYAORDXJMPLXLVHI
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region
  • 1 with more than 1.6× WCN's volatility is in the table only

Is there a better investment than WCN?

Investments that beat WCN over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat WCN over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks WCN's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than WCN follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than WCN's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× WCN's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than WCN's.

Screen the whole market against WCN for any period in BetterThanSPYOpen these 20 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with WCN?lower diversifies moreExpenseper year
WCNWaste Connections, Inc. · this page
+6.1%20.0%0.40−31.6%+270%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.400.09%
Popular alternativesbest 5 shownThe investments people most often weigh against WCN. 5 of 15 passed at least one test.
RSGRepublic Services, Inc. · Environmental Services
Higher return, lower volatilityHigher return in most periods+13.9%18.5%0.80−34.0%+446%0.78—
CLHClean Harbors, Inc. · Environmental Services
Higher return in most periods+23.1%28.6%0.88−64.5%+588%0.61—
ECLEcolab Inc. · Specialty Chemicals
Higher return in most periods+6.7%24.1%0.39−43.7%+176%0.53—
LQDTLiquidity Services, Inc. · Specialty Retail
Higher return in most periods+15.8%43.5%0.55−70.7%+354%0.18—
WMWaste Management, Inc. · Environmental Services
Higher return, similar volatility+9.3%19.2%0.56−30.1%+344%0.81—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Environmental Services and the categories next to it (Infrastructure, Water Utilities, Industrial Machinery, Engineering & Construction), plus WCN's specific themes. 8 of 66 passed at least one test.
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Higher return in most periods+25.6%26.2%1.00−64.1%+264%0.31—
DEDeere & Company · Industrial Machinery
Higher return in most periods+14.4%29.9%0.60−37.9%+755%0.48—
EMREmerson Electric Co. · Industrial Machinery
Higher return in most periods+12.7%27.7%0.57−50.8%+309%0.29—
ITWIllinois Tool Works Inc. · Industrial Machinery
Higher return in most periods+6.7%21.4%0.41−37.9%+208%0.47—
ITTITT Inc. · Industrial Machinery
Higher return in most periods+17.1%29.8%0.68−49.5%+539%0.30—
LECOLincoln Electric Holdings, Inc. · Industrial Machinery
Higher return in most periods+14.1%27.5%0.62−38.9%+389%0.50—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 772 of 3,553 passed at least one test.
DFACDimensional - US Core Equity 2 ETF · US Total Market
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+11.4%17.0%0.72−23.1%—0.440.21%
PJULInnovator U.S. Equity Power Buffer ETF · Broad Market
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+10.5%8.6%1.20−18.2%—0.370.79%
FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+11.1%10.5%1.05−13.6%—0.280.85%
JEPIJPMorgan Equity Premium Income ETF · Equity Income
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+7.5%11.0%0.71−13.7%—0.560.35%
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+7.7%13.3%0.63−23.8%+101%0.14—
RYRoyal Bank of Canada · Banks
On the frontierHigher return, lower volatilityHigher return in most periods+17.3%18.2%0.97−40.0%+352%0.30—
AORiShares Core 60/40 Balanced Allocation ETF · Multi-Asset
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+6.4%10.7%0.64−23.0%+118%0.410.20%
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, similar volatilityHigher return in most periods+26.6%19.1%1.34−39.1%+428%0.200.48%
What these numbers mean for WCN
Annual return
WCN returned 6.1% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $13,400. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
WCN's volatility over the past 5 years was 20.0%, 1.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, WCN's return lands within 20.0% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
WCN's Sharpe ratio over the past 5 years was 0.40, against 0.79 for the S&P 500, so WCN earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
WCN's worst fall from a peak to a low over the past 10 years was 31.6%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 31.6% fall takes a 46.2% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, WCN's monthly returns had a correlation of 0.40 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against WCN instead: the lower it is, the more that option would diversify a WCN holding. Guide: Correlation and diversification →
Show all 395 stocks and funds worth at least $500 million that earned more than WCN with less volatility

Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with WCNExpense
1
DFACDimensional - US Core Equity 2 ETF · US Total Market
Whole market+11.4%17.0%0.72−23.1%—0.440.21%
2
PJULInnovator U.S. Equity Power Buffer ETF · Broad Market
Whole market+10.5%8.6%1.20−18.2%—0.370.79%
3
FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset
Whole market+11.1%10.5%1.05−13.6%—0.280.85%
4
JEPIJPMorgan Equity Premium Income ETF · Equity Income
Whole market+7.5%11.0%0.71−13.7%—0.560.35%
5
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications
Whole market+7.7%13.3%0.63−23.8%+101%0.14—
6
DFIVDimensional - International Value ETF · International Equity
Whole market+14.8%16.4%0.93−25.4%—0.280.27%
7
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+14.0%16.9%0.86−19.5%—0.430.15%
8
BUFRFT Vest Laddered Buffer ETF · Buffered Equity
Whole market+9.9%10.5%0.96−13.7%—0.380.10%
9
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.30—
10
XLPState Street Consumer Staples Select Sector SPDR ETF · Consumer Staples
Whole market+7.2%13.8%0.57−24.5%+121%0.520.08%
11
JAVAJPMorgan Active Value ETF · US Large-Cap Value
Whole market+11.5%14.5%0.82−16.5%——0.44%
12
BKLCBNY Mellon US Large Cap Core Equity ETF · US Large-Cap Equity
Whole market+13.8%17.3%0.84−26.2%—0.400.00%
13
QYLDGlobal X - Nasdaq 100 Covered Call ETF · Equity Income
Whole market+8.4%15.0%0.62−24.7%+156%0.350.60%
14
DBMFiMGP DBi Managed Futures Strategy ETF · Alternatives
Whole market+9.8%12.4%0.82−20.4%—-0.140.85%
15
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.40—
16
FTLSFirst Trust Long/Short Equity ETF · Broad Market
Whole market+10.2%10.4%0.99−20.6%+158%0.420.95%
17
GSUSGoldman Sachs MarketBeta U.S. Equity ETF · Broad Market
Whole market+12.4%17.2%0.77−25.6%—0.400.09%
18
ACIOAptus Collared Income Opportunity ETF · Dividend & Income
Whole market+9.3%11.1%0.86−14.2%—0.390.79%
19
SCHYSchwab International Dividend Equity ETF · International
Whole market+9.5%13.3%0.75−24.0%—0.350.08%
20
BRK-BBerkshire Hathaway Inc. · Insurance
Whole market+13.4%17.1%0.82−29.6%+274%0.56—
21
INFLHorizon Kinetics Inflation Beneficiaries ETF · Broad Market
Whole market+11.8%17.8%0.72−21.3%—0.420.85%
22
TDVGT. Rowe Price Dividend Growth ETF · Dividend & Income
Whole market+9.6%13.8%0.73−19.2%—0.570.50%
23
FTQIFirst Trust Nasdaq BuyWrite Income ETF · Dividend & Income
Whole market+11.5%14.8%0.82−19.4%+121%0.270.75%
24
FLSPFranklin Systematic Style Premia ETF · Alternatives
Whole market+8.4%13.4%0.68−22.9%—0.010.65%
25
SIXHETC 6 Meridian Hedged Equity Index Option ETF · Broad Market
Whole market+10.2%10.2%1.00−11.7%—0.360.31%
26
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+196%0.36—
27
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.350.40%
28
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.34—
29
VXUSVanguard Total International Stock ETF · International Equity
Whole market+8.2%16.4%0.57−36.0%+140%0.330.05%
30
VEAVanguard FTSE Developed Markets ETF · Developed International Equity
Whole market+9.3%16.9%0.61−35.8%+153%0.360.03%
31
VIGVanguard Dividend Appreciation ETF · US Dividend Equity
Whole market+10.4%14.1%0.78−31.7%+258%0.510.04%
32
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Whole market+9.7%14.3%0.72−33.4%+252%0.400.06%
33
VTVanguard Total World Stock ETF · Global Equity
Whole market+10.3%16.2%0.69−34.2%+223%0.400.06%
34
RSPInvesco S&P 500 Equal Weight ETF · US Large-Cap Equity
Whole market+8.2%16.1%0.57−39.0%+211%0.510.20%
35
QUALiShares MSCI USA Quality Factor ETF · US Quality Equity
Whole market+11.4%17.3%0.71−34.1%+293%0.490.15%
36
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—-0.030.80%
37
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.040.40%
38
EDConsolidated Edison, Inc. · Electric Utilities
Whole market+12.0%18.8%0.70−30.9%+114%0.41—
39
XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity
Whole market+8.4%15.3%0.60−28.4%+202%0.520.08%
40
IWRiShares Russell Mid-Cap ETF · US Mid-Cap Equity
Whole market+7.2%18.2%0.48−40.6%+198%0.530.18%
41
FNDFSchwab Fundamental International Large Company Index ETF · International Equity
Whole market+13.6%16.3%0.87−40.2%+194%0.260.25%
42
VOEVanguard Morningstar Mid-Cap Value ETF · US Mid-Cap Equity
Whole market+9.4%15.8%0.65−43.2%+182%0.500.05%
43
HDViShares Core High Dividend ETF · US Dividend Equity
Whole market+12.9%13.0%1.00−37.0%+172%0.390.08%
44
AVDVAvantis International Small Cap Value ETF · International Equity
Whole market+13.9%17.4%0.84−43.0%—0.250.36%
45
RDVYFirst Trust Rising Dividend Achievers ETF · US Dividend Equity
Whole market+11.3%18.8%0.67−40.6%+322%0.460.47%
46
USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity
Whole market+7.6%12.3%0.66−33.1%+176%0.610.15%
47
SPHQInvesco S&P 500 Quality ETF · US Quality Equity
Whole market+12.0%16.7%0.76−31.6%+300%0.470.20%
48
COWZPacer US Cash Cows 100 ETF · US Large-Cap Value
Whole market+11.4%17.7%0.70−38.7%—0.330.49%
49
EWJiShares MSCI Japan ETF · International Equity
Whole market+9.2%18.8%0.57−33.1%+132%0.310.49%
50
SDYState Street SPDR S&P Dividend ETF · US Dividend Equity
Whole market+7.6%14.0%0.59−36.7%+157%0.510.35%
51
SCHVSchwab U.S. Large-Cap Value ETF · US Large-Cap Value
Whole market+10.2%14.4%0.75−37.1%+195%0.480.04%
52
FDVVFidelity High Dividend ETF · US Dividend Equity
Whole market+13.2%14.6%0.92−40.2%+253%0.390.15%
53
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity
Whole market+13.1%13.8%0.96−32.5%+206%0.430.35%
54
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.280.40%
55
ESGVVanguard ESG U.S. Stock ETF · US ESG Equity
Whole market+11.3%18.5%0.67−33.7%—0.390.09%
56
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.6%15.7%0.89−32.9%—0.500.12%
57
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+15.9%18.4%0.90−39.5%+286%0.200.15%
58
BBCAJPMorgan BetaBuilders Canada ETF · International Equity
Whole market+11.4%16.7%0.73−42.8%—0.470.19%
59
DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income
Whole market+11.1%11.9%0.95−30.0%—0.470.56%
60
FNDESchwab Fundamental Emerging Markets Large Company Index ETF · Emerging Markets Equity
Whole market+9.8%17.0%0.64−39.9%+151%0.130.39%
61
MOATVanEck Morningstar Wide Moat ETF · US Large-Cap Equity
Whole market+9.1%18.4%0.57−33.3%+276%0.450.46%
62
DFAEDimensional - Emerging Core Equity Market ETF · Emerging Markets Equity
Whole market+8.3%18.8%0.52−32.2%—0.170.29%
63
GCOWPacer Global Cash Cows Dividend ETF · International
Whole market+14.1%13.6%1.04−37.6%+168%0.250.60%
64
GUNRNorthern Trust Morningstar Global Upstream Natural Resources ETF · Natural Resources Equity
Whole market+10.1%18.8%0.60−43.0%+173%0.200.47%
65
RSGRepublic Services, Inc. · Environmental Services
Popular alternative+13.9%18.5%0.80−34.0%+446%0.78—
66
IWXiShares Russell Top 200 Value ETF · Broad Market
Whole market+12.7%13.8%0.94−35.8%+221%0.450.20%
67
TXNMTXNM Energy, Inc. · Electric Utilities
Whole market+7.2%14.9%0.54−46.4%+150%0.11—
68
IDMOInvesco S&P International Developed Momentum ETF · International Equity
Whole market+13.3%18.2%0.78−31.3%+229%0.460.25%
69
FTGCFirst Trust Global Tactical Commodity Strategy Fund · Alternatives
Whole market+12.9%15.6%0.86−35.9%+139%-0.070.98%
70
OMFLInvesco Russell 1000 Dynamic Multifactor ETF · US Multifactor Equity
Whole market+9.0%16.4%0.61−33.2%—0.410.29%
71
EWUiShares MSCI United Kingdom ETF · International
Whole market+11.4%16.4%0.74−43.3%+130%0.340.50%
72
PTLCPacer Trendpilot US Large Cap ETF · Broad Market
Whole market+9.5%11.8%0.83−26.6%+188%0.340.60%
73
DEMWisdomTree Emerging Markets High Dividend Fund · International Equity
Whole market+9.6%15.5%0.67−37.8%+133%0.200.63%
74
WTVWisdomTree U.S. Value Fund · Broad Market
Whole market+13.4%17.0%0.83−42.2%+303%0.430.12%
75
DIVIFranklin International Core Dividend Tilt Index ETF · International
Whole market+13.4%15.5%0.89−27.7%+184%0.400.09%
76
XYLDGlobal X - S&P 500 Covered Call ETF · International
Whole market+7.4%11.2%0.70−33.4%+128%0.360.60%
77
EQWLInvesco S&P 100 Equal Weight ETF · Broad Market
Whole market+11.6%15.0%0.81−34.3%+291%0.440.30%
78
AOAiShares Core 80/20 Aggressive Allocation ETF · Multi-Asset
Whole market+8.6%13.1%0.69−28.4%+165%0.400.19%
79
DIVBiShares Core Dividend ETF · Dividend & Income
Whole market+13.9%15.4%0.93−36.9%—0.420.05%
80
FHLCFidelity MSCI Health Care Index ETF · Healthcare
Whole market+7.3%15.4%0.53−28.8%+199%0.550.08%
81
DSTLDistillate U.S. Fundamental Stability & Value ETF · Broad Market
Whole market+11.3%16.1%0.75−33.1%—0.490.39%
82
DDWMWisdomTree Dynamic International Equity Fund · International
Whole market+12.3%13.4%0.94−35.0%+149%0.380.40%
83
DHSWisdomTree U.S. High Dividend Fund · Dividend & Income
Whole market+12.0%13.9%0.89−37.4%+156%0.380.38%
84
RODMHartford Multifactor Developed Markets (ex-US) ETF · International
Whole market+10.6%13.5%0.82−36.0%+141%0.390.29%
85
SEAL-PBSeapeak LLC · Oil & Gas Midstream
Whole market+8.0%14.3%0.62−47.8%—-0.04—
86
FGDFirst Trust Dow Jones Global Select Dividend Index Fund · International
Whole market+11.6%14.8%0.82−44.8%+155%0.270.55%
87
RLYState Street Multi-Asset Real Return ETF · Multi-Asset
Whole market+9.9%13.3%0.78−34.2%+128%0.260.50%
88
RAAXVanEck Real Assets ETF · Commodities
Whole market+11.7%15.6%0.79−33.9%—0.330.55%
89
FDLOFidelity Low Volatility Factor ETF · Broad Market
Whole market+9.8%13.0%0.79−34.4%+249%0.470.15%
90
DBAInvesco DB Agriculture Fund · Alternatives
Whole market+10.7%13.8%0.81−35.3%+62.2%0.150.90%
91
RDIVInvesco S&P Ultra Dividend Revenue ETF · Dividend & Income
Whole market+12.2%17.3%0.75−50.0%+184%0.380.39%
92
VFMFVanguard U.S. Multifactor ETF · Broad Market
Whole market+14.3%17.6%0.85−41.3%—0.450.18%
93
PPHVanEck Pharmaceutical ETF · Healthcare
Whole market+11.6%15.8%0.78−29.7%+153%0.410.36%
94
PTNQPacer Trendpilot 100 ETF · Technology
Whole market+9.7%14.1%0.73−28.1%+305%0.080.65%
95
FTXHFirst Trust Nasdaq Pharmaceuticals ETF · Healthcare
Whole market+11.9%16.9%0.75−32.1%+153%0.430.60%
96
HLALWahed FTSE USA Shariah ETF · Broad Market
Whole market+14.0%18.0%0.82−33.6%—0.300.50%
97
EQLALPS Equal Sector Weight ETF · Broad Market
Whole market+13.5%14.5%0.94−34.2%+387%0.530.19%
98
JVALJPMorgan U.S. Value Factor ETF · Broad Market
Whole market+12.0%17.2%0.75−40.4%—0.370.12%
99
FLQMFranklin U.S. Mid Cap Multifactor Index ETF · Broad Market
Whole market+7.4%16.4%0.52−37.2%—0.590.30%
100
ROUSHartford Multifactor US Equity ETF · Broad Market
Whole market+12.3%14.4%0.88−35.5%+238%0.480.19%

WCN against its popular alternatives

The investments people most often weigh against WCN, compared period by period and year by year.

How do WCN's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at WCN, which divides the map into what did better or worse on each measure.

Green points earned more than WCN with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

10.0%20.0%30.0%40.0%50.0%60.0%70.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityWCN: 6.1% a year, volatility 20.0%SPY (S&P 500): 12.7% a year, volatility 17.1%RSG: 13.9% a year, volatility 18.5%WM: 9.3% a year, volatility 19.2%TTEK: 2.2% a year, volatility 32.3%RNG: −19.4% a year, volatility 64.8%WTRG: 0.2% a year, volatility 22.4%GFL: 2.1% a year, volatility 30.2%CWST: 2.8% a year, volatility 28.1%ES: −1.4% a year, volatility 23.9%AWK: −2.8% a year, volatility 23.1%XYL: −2.5% a year, volatility 26.5%LQDT: 15.8% a year, volatility 43.5%CLH: 23.1% a year, volatility 28.6%ECL: 6.7% a year, volatility 24.1%CECO: 52.5% a year, volatility 53.9%PESI: 11.9% a year, volatility 61.5%WCNSPY (S&P 500)RSGWMTTEKRNGWTRGGFLAWKXYLLQDTCLHECLCECOPESI10.0%20.0%30.0%40.0%50.0%60.0%70.0%−20.0%0.0%20.0%40.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityWCN: 6.1% a year, volatility 20.0%SPY (S&P 500): 12.7% a year, volatility 17.1%RSG: 13.9% a year, volatility 18.5%WM: 9.3% a year, volatility 19.2%TTEK: 2.2% a year, volatility 32.3%RNG: −19.4% a year, volatility 64.8%WTRG: 0.2% a year, volatility 22.4%GFL: 2.1% a year, volatility 30.2%CWST: 2.8% a year, volatility 28.1%ES: −1.4% a year, volatility 23.9%AWK: −2.8% a year, volatility 23.1%XYL: −2.5% a year, volatility 26.5%LQDT: 15.8% a year, volatility 43.5%CLH: 23.1% a year, volatility 28.6%ECL: 6.7% a year, volatility 24.1%CECO: 52.5% a year, volatility 53.9%PESI: 11.9% a year, volatility 61.5%WCNSPY (S&P 500)RSGWMTTEKRNGWTRGESLQDTCLHCECOPESI
All figures
InvestmentAnnual returnVolatility
CECO CECO Environmental Corp.+52.5%53.9%
CLH Clean Harbors, Inc.+23.1%28.6%
LQDT Liquidity Services, Inc.+15.8%43.5%
RSG Republic Services, Inc.+13.9%18.5%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
PESI Perma-Fix Environmental Services, Inc.+11.9%61.5%
WM Waste Management, Inc.+9.3%19.2%
ECL Ecolab Inc.+6.7%24.1%
WCN This pageWaste Connections, Inc.+6.1%20.0%
CWST Casella Waste Systems, Inc.+2.8%28.1%
TTEK Tetra Tech, Inc.+2.2%32.3%
GFL GFL Environmental Inc.+2.1%30.2%
WTRG Essential Utilities, Inc.+0.2%22.4%
ES Eversource Energy−1.4%23.9%
XYL Xylem Inc.−2.5%26.5%
AWK American Water Works Company, Inc.−2.8%23.1%
RNG RingCentral, Inc.−19.4%64.8%
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Has WCN consistently beaten its popular alternatives?

This section compares WCN with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than WCN helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than WCN over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
WCN Waste Connections, Inc. (this page)—+9.0%−0.6%+6.5%−2.0%−1.8%+27.0%+34.2%+270%20.0%0.40−31.6%—$43B—
RSG QualifiedRepublic Services, Inc.4/5 short3/3 longAll-weather+9.3%+6.0%+12.5%+11.8%+7.1%+66.1%+91.5%+446%18.5%0.80−34.0%—$71B—
LQDT QualifiedLiquidity Services, Inc.4/5 short3/3 longAll-weather+1.3%+11.9%+27.7%+46.7%+82.2%+124%+108%+354%43.5%0.55−70.7%—$1.4B—
CLH QualifiedClean Harbors, Inc.3/5 short3/3 long+1.6%+2.0%+4.2%+29.9%+30.0%+102%+183%+588%28.6%0.88−64.5%—$17B—
WM QualifiedWaste Management, Inc.3/5 short3/3 long+11.9%−2.6%+4.3%+7.5%+9.4%+54.9%+56.2%+344%19.2%0.56−30.1%—$93B—
ECL QualifiedEcolab Inc.3/5 short2/3 long+6.7%+7.5%+5.1%+10.6%+4.0%+85.8%+38.1%+176%24.1%0.39−43.7%—$81B—
CECO Industrial - Pollution & Treatment ControlsCECO Environmental Corp.1/5 short3/3 long−19.6%−27.1%−11.6%−3.8%+14.5%+264%+725%+460%53.9%1.05−74.1%—$3.4B—
PESI Waste ManagementPerma-Fix Environmental Services, Inc.1/5 short2/3 long−28.6%−24.8%−3.7%+1.1%−8.4%+36.0%+75.9%+156%61.5%0.49−65.6%—$263M—
TTEK Engineering & ConstructionTetra Tech, Inc.4/5 short1/3 long−2.8%+12.0%+10.7%+4.6%+5.6%+13.7%+11.6%+388%32.3%0.23−47.5%—$9.0B—
RNG Software - ApplicationRingCentral, Inc.4/5 short1/3 long+5.6%+101%+104%+197%+197%+197%−66.0%+270%64.8%-0.02−95.2%—$6.0B—
WTRG Regulated WaterEssential Utilities, Inc.3/5 short1/3 long+1.2%+5.0%+4.9%+8.9%+1.3%+38.2%+1.1%+81.4%22.4%0.12−39.6%—$12B—
GFL Waste ManagementGFL Environmental Inc.3/5 short1/3 long+4.0%+13.7%+12.9%+3.9%−2.2%+48.6%+11.1%—30.2%0.22−42.6%—$16B—
CWST Waste ManagementCasella Waste Systems, Inc.2/5 short1/3 long+6.9%−0.5%+17.0%−5.7%+8.3%+22.6%+14.7%+740%28.1%0.24−37.7%—$5.8B—
ES Regulated ElectricEversource Energy1/5 short1/3 long−2.2%−10.6%−2.2%−0.5%−6.0%+40.5%−7.0%+72.0%23.9%0.06−41.7%—$25B—
AWK Regulated WaterAmerican Water Works Company, Inc.2/5 short0/3 long+1.4%+2.3%+3.3%+6.4%−4.1%+26.2%−13.1%+131%23.1%-0.01−37.1%—$27B—
XYL Industrial - MachineryXylem Inc.0/5 short0/3 long−2.1%−12.6%−12.1%−22.5%−27.4%+18.7%−11.7%+143%26.5%0.04−46.7%—$25B—
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How did WCN do year by year?

This table shows each investment's total return in every full calendar year since 2002, along with where WCN ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with WCN and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of WCN; gray means the two finished within a fraction of a point. The rank row places WCN among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of WCN202520242023202220212020201920182017201620152014201320122011201020092008200720062005200420032002
WCN This pageWaste Connections, Inc.—+2.9%+15.7%+13.5%−2.0%+33.8%+13.9%+23.2%+5.5%+36.2%+41.5%+30.7%+3.1%+32.3%+5.1%+23.6%+26.0%+8.9%+7.6%+17.6%+25.1%+4.9%+41.0%+1.8%+27.5%
Rank among alternativesTop quarter in 8 of 2410 of 1610 of 1610 of 163 of 166 of 167 of 1512 of 159 of 154 of 155 of 153 of 158 of 155 of 1411 of 144 of 137 of 139 of 133 of 123 of 126 of 116 of 113 of 119 of 112 of 11
SPY S&P 500State Street SPDR S&P 500 ETF9 of 24+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%
RSG Republic Services, Inc.11 of 24+6.5%+23.0%+29.6%−6.2%+47.0%+9.5%+26.6%+8.8%+21.0%+32.9%+12.4%+24.8%+16.6%+10.0%−5.1%+8.3%+18.0%−18.9%+17.6%+9.9%+13.6%+32.4%+22.8%+5.1%
LQDT Liquidity Services, Inc.10 of 19−6.1%+87.6%+22.4%−36.3%+38.8%+167%−3.4%+27.2%−50.3%+50.0%−20.4%−63.9%−44.5%+10.7%+163%+39.5%+20.9%−35.4%−25.0%—————
CLH Clean Harbors, Inc.11 of 24+1.9%+31.9%+52.9%+14.4%+31.1%−11.3%+73.8%−8.9%−2.6%+33.6%−13.3%−19.9%+9.0%−13.7%+51.6%+41.0%−6.0%+22.7%+6.8%+68.0%+90.9%+69.3%−42.7%+360%
WM Waste Management, Inc.8 of 24+10.5%+14.3%+16.2%−4.5%+43.8%+5.5%+30.4%+5.3%+24.5%+36.4%+7.1%+18.2%+37.8%+7.6%−7.7%+13.3%+6.3%+4.8%−8.7%+24.3%+4.3%+3.7%+29.2%−28.1%
ECL Ecolab Inc.10 of 24+13.2%+19.3%+37.9%−37.1%+9.4%+13.2%+32.3%+11.1%+15.8%+3.7%+10.7%+1.3%+46.6%+25.9%+16.3%+14.6%+28.7%−30.5%+14.5%+25.9%+4.4%+29.7%+11.9%+24.4%
CECO CECO Environmental Corp.14 of 24+98.0%+49.1%+73.6%+87.5%−10.5%−9.1%+13.5%+31.6%−62.3%+87.2%−49.2%−2.3%+64.9%+82.7%−6.2%+51.0%+63.3%−78.0%+22.3%+56.3%+66.9%+109%−11.2%−43.9%
PESI Perma-Fix Environmental Services, Inc.8 of 24+13.7%+40.8%+123%−44.2%+6.0%−34.4%+287%−35.6%−6.4%+4.8%−14.5%+39.9%−8.5%−56.1%−4.9%−28.2%+81.6%−49.4%+6.5%+38.9%−7.7%−41.8%+24.4%−3.9%
TTEK Tetra Tech, Inc.12 of 24−15.2%+20.0%+15.7%−14.0%+47.4%+35.4%+67.8%+8.3%+12.5%+67.6%−1.4%−3.9%+5.8%+22.4%−13.9%−7.7%+12.6%+12.3%+18.5%+15.8%−6.6%−32.6%+104%−38.8%
RNG RingCentral, Inc.5 of 12−17.5%+3.1%−4.1%−81.1%−50.6%+125%+105%+70.3%+135%−12.7%+58.1%−18.8%————————————
WTRG Essential Utilities, Inc.7 of 24+9.4%+0.5%−19.4%−8.9%+16.1%+2.9%+40.5%−10.7%+33.8%+3.2%+14.5%+16.1%+18.8%+18.6%+0.9%+32.5%−12.3%−0.1%−4.9%−15.0%+50.7%+14.0%+37.5%−6.3%
GFL GFL Environmental Inc.2 of 5−3.5%+29.3%+18.2%−22.4%+29.9%———————————————————
CWST Casella Waste Systems, Inc.10 of 24−7.4%+23.8%+7.8%−7.1%+37.9%+34.6%+61.6%+23.8%+85.5%+108%+48.0%−30.3%+32.4%−31.6%−9.7%+76.4%−1.5%−68.7%+6.6%−4.4%−12.6%+6.9%+54.0%−40.0%
ES Eversource Energy10 of 24+22.9%−2.5%−23.4%−5.1%+8.2%+4.5%+34.5%+6.4%+18.0%+11.8%−1.3%+30.6%+12.5%+12.3%+16.8%+28.2%+11.8%−20.6%+14.2%+47.9%+8.1%−3.4%+37.6%−11.3%
AWK American Water Works Company, Inc.7 of 17+7.4%−3.5%−11.7%−17.9%+24.8%+26.9%+37.8%+1.3%+29.0%+23.6%+14.9%+29.4%+16.1%+20.5%+30.1%+17.2%+11.9%———————
XYL Xylem Inc.5 of 14+18.8%+2.6%+4.8%−6.6%+18.9%+30.9%+19.6%−1.0%+39.5%+37.6%−2.6%+11.6%+29.8%+7.1%——————————
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Risk and diversification

How WCN has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were WCN's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents WCN's five deepest drawdowns since it began trading in 2001, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means WCN fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringWCN fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−45.0%−44.7%Sep 2008Mar 20096 monthsJul 201016 months
Covid crash−31.6%−26.3%Feb 2020Mar 20201 monthSep 20206 months
Dot-com bust−31.1%−20.0%Aug 2001Sep 20011 monthApr 20027 months
Dot-com bust−26.5%−24.1%May 2002Jul 20022 monthsOct 20023 months
No named crash−24.7%+42.6%Apr 2025May 202613 monthsNot yet—

How did WCN do in stock market crashes?

This section measures how far WCN, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: WCN began trading on May 18, 2001, so its row reads "Not yet trading" for the dot-com bust. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than WCN.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
WCN This pageWaste Connections, Inc.—−1.6%−20.6%−29.6%−11.6%−6.7%−11.1%−12.7%−1.7%−45.0%Not yet trading
SPY S&P 500State Street SPDR S&P 500 ETF0 of 9−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
RSG Republic Services, Inc.5 of 9−1.0%−15.1%−33.8%−10.6%−9.2%−8.8%−18.2%−0.4%−53.4%−34.4%
LQDT Liquidity Services, Inc.2 of 9−4.5%−47.8%−23.8%−18.9%−7.9%−51.1%−27.9%0.0%−67.3%—
CLH Clean Harbors, Inc.1 of 9−5.8%−26.6%−64.5%−34.9%−8.7%−26.9%−18.4%0.0%−48.7%−56.8%
WM Waste Management, Inc.6 of 9−0.9%−16.8%−29.5%−10.7%−8.6%−6.7%−21.7%−0.7%−41.5%−32.9%
ECL Ecolab Inc.2 of 9−1.3%−39.2%−40.3%−13.8%−6.8%−16.3%−16.1%0.0%−41.9%−30.0%
CECO CECO Environmental Corp.1 of 9−9.0%−34.6%−52.1%−22.0%−8.1%−41.4%−29.7%−0.4%−89.0%−58.5%
PESI Perma-Fix Environmental Services, Inc.1 of 90.0%−40.5%−47.4%−49.8%−8.2%−15.7%−33.5%−2.5%−75.7%−44.8%
TTEK Tetra Tech, Inc.0 of 9−3.6%−30.5%−31.8%−32.0%−10.4%−17.2%−24.1%−2.4%−49.8%−77.6%
RNG RingCentral, Inc.1 of 6−9.6%−82.5%−44.1%−26.8%−4.5%−37.3%————
WTRG Essential Utilities, Inc.3 of 9−1.8%−24.8%−39.1%−14.6%−6.2%−8.6%−13.3%−2.1%−36.8%−34.6%
GFL GFL Environmental Inc.0 of 2−3.0%−34.4%————————
CWST Casella Waste Systems, Inc.1 of 9−3.5%−28.1%−34.5%−26.6%−4.2%−27.9%−29.2%−4.1%−96.2%−71.7%
ES Eversource Energy3 of 9−2.7%−23.1%−36.8%−9.1%−5.4%−11.5%−13.8%−1.8%−40.3%−43.1%
AWK American Water Works Company, Inc.2 of 8−3.3%−28.9%−31.1%−11.8%−5.9%−6.8%−13.4%−3.2%——
XYL Xylem Inc.0 of 6−3.8%−37.9%−35.9%−24.2%−7.2%−12.9%————
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How closely does WCN move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares WCN with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than WCN's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
WCN This pageWaste Connections, Inc.65%47%1.370.60
RSG Republic Services, Inc.71%34%2.110.55
CWST Casella Waste Systems, Inc.106%68%1.550.85
WM Waste Management, Inc.68%44%1.540.62
TTEK Tetra Tech, Inc.94%76%1.240.88
LQDT Liquidity Services, Inc.81%69%1.171.10
AWK American Water Works Company, Inc.48%45%1.070.44
CLH Clean Harbors, Inc.126%118%1.061.27
CECO CECO Environmental Corp.125%118%1.061.40
PESI Perma-Fix Environmental Services, Inc.82%85%0.970.83
ECL Ecolab Inc.75%86%0.870.94
RNG RingCentral, Inc.114%144%0.790.93
ES Eversource Energy49%61%0.790.52
WTRG Essential Utilities, Inc.55%74%0.750.61
XYL Xylem Inc.90%123%0.731.03
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What diversifies WCN?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with WCN's. Because such investments tend not to fall at the same time, pairing WCN with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which WCN lost money. The last two columns show a portfolio that is 80% WCN and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe202280/20 mix volatility80/20 mix annual return
WCN Waste Connections, Inc. (this page)1.00+34.2%0.40−2.0%18.8%+4.9%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.35+119%1.48+3.8%15.8%+7.4%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.20+225%1.34+6.0%15.8%+9.3%
HDV Dividend & IncomeiShares Core High Dividend ETF0.39+83.3%1.00+7.1%16.4%+6.6%
MLPX EnergyGlobal X - MLP & Energy Infrastructure ETF0.41+135%0.97+21.5%17.0%+8.1%
SMH TechnologyVanEck Semiconductor ETF0.18+323%0.97−33.5%17.7%+11.9%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.43+85.0%0.96−5.1%16.1%+6.8%
GLD CommoditiesSPDR Gold Shares0.04+126%0.96−0.8%15.6%+8.0%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.33+136%0.93−10.4%16.9%+8.5%

Stocks

InvestmentCorrelation5Y returnSharpe202280/20 mix volatility80/20 mix annual return
WCN Waste Connections, Inc. (this page)1.00+34.2%0.40−2.0%18.8%+4.9%
CAH Medical - DistributionCardinal Health, Inc.0.39+479%1.55+54.1%17.8%+11.4%
CLS Hardware, Equipment & PartsCelestica Inc.-0.01+3,143%1.47+1.3%19.0%+24.1%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.26+1,636%1.46+17.0%19.4%+19.8%
MCK Medical - DistributionMcKesson Corporation0.35+413%1.44+51.8%17.5%+10.8%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.13+690%1.41+86.6%17.2%+13.5%
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Common questions

What was WCN's worst drawdown?

WCN's deepest decline since it began trading in 2001 was 45.0%, from September 2008 to March 2009. It took 16 months from the low to climb back to its old high.

What were WCN's best and worst years?

Over 24 full calendar years, WCN's best year was 2016, when it returned 41.5%. Its worst was 2022, with a return of -2.0%.

Is there a better investment than WCN?

Among WCN's popular alternatives, RSG earned more than WCN with less volatility over the past 5 years: 13.9% a year at 18.5% volatility, against 6.1% a year at 20.0%. Looking beyond its popular alternatives, WAB (industrial machinery) and DE (industrial machinery) were ahead of WCN in most short and long periods, though with much bigger swings (26.2% and 29.9% volatility against 20.0%).

Is WCN more volatile than the S&P 500?

Yes. WCN's volatility over the past 5 years was 20.0%, 1.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, WCN's return lands within 20.0% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is WCN's Sharpe ratio?

WCN's Sharpe ratio over the past 5 years was 0.40, against 0.79 for the S&P 500, so WCN earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is WCN with the S&P 500?

Over the past 5 years, WCN's monthly returns had a correlation of 0.40 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against WCN instead: the lower it is, the more that option would diversify a WCN holding.

What are the best alternatives to WCN?

Of the 15 popular alternatives we compared, five outperformed WCN in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: RSG, LQDT and CLH.

Did WCN outperform the S&P 500?

WCN finished ahead of the S&P 500 (SPY) in 13 of 24 full calendar years. In 2025, it returned +2.9%, against +17.7% for the index.

How did WCN do in stock market crashes?

WCN fell less than the S&P 500 (SPY) in seven of the nine major crashes it has traded through, and further in no. The clearest case was the 2008 financial crisis, when WCN fell 45.0% and the S&P 500 fell 55.2%.

What diversifies WCN?

These had a low correlation with WCN over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.35), DXJ (correlation 0.20) and HDV (correlation 0.39); among large stocks, CAH (correlation 0.39), CLS (correlation -0.01) and FIX (correlation 0.26). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to WCN

Other stocks and ETFs