Waste Management Correlations

WAST Stock

22.01 0.25 1.12%

The current 90-days correlation between Waste Management CDR and Canaf Investments is 0.08 (i.e., Significant 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 CDR moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Waste Management Correlation With Market

Poor diversification

The correlation between Waste Management CDR and DJI is 0.71 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Waste Management CDR and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Waste Management could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Waste Management when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Waste Management - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Waste Management CDR to buy it.

Moving together with Waste Stock

0.81	BQE	BQE Water	Pair Corr
0.84	CU	Canadian Utilities Earnings Call This Week	Pair Corr
0.67	AZS	Arizona Gold Silver	Pair Corr
0.76	AGI	Alamos Gold	Pair Corr
0.77	IPO	InPlay Oil Corp	Pair Corr
0.74	EXE	Extendicare Earnings Call This Week	Pair Corr
0.63	LOVE	Cannara Biotech	Pair Corr
0.83	FTT	Finning International	Pair Corr
0.78	TMG	Thermal Energy Inter	Pair Corr
0.76	PPL-PFE	Pembina Pipeline Corp Earnings Call This Week	Pair Corr
0.68	BBB	Brixton Metals Earnings Call This Week	Pair Corr
0.85	TVE	Tamarack Valley Energy Earnings Call This Week	Pair Corr
0.86	CWEB	Charlottes Web Holdings	Pair Corr
0.77	COLA	Coca Cola	Pair Corr
0.63	PSLV	Sprott Physical Silver	Pair Corr
0.64	PDV	Prime Dividend Corp	Pair Corr

Moving against Waste Stock

0.83	ROOF	Northstar Clean Tech	Pair Corr
0.75	MSFT	Microsoft Corp CDR	Pair Corr
0.75	MSFT	Microsoft CDR	Pair Corr
0.68	CMC	Cielo Waste Solutions	Pair Corr
0.61	WCN	Waste Connections	Pair Corr
0.55	GFL	Gfl Environmental	Pair Corr
0.47	AAPL	Apple CDR	Pair Corr
0.47	AAPL	Apple Inc CDR	Pair Corr
0.41	BRK	Berkshire Hathaway CDR	Pair Corr
0.31	ECM	Ecolomondo Corp	Pair Corr
0.41	BRK	Berkshire Hathaway CDR	Pair Corr
0.41	AMZN	Amazon CDR	Pair Corr
0.41	AMZN	Amazon CDR	Pair Corr
0.35	EBM	Eastwood Bio Medical Earnings Call This Week	Pair Corr

Related Correlations Analysis

	FINV-P	CNJ-P	EVMT	SOLI-P	RGSI	WTE	PRN	CAF
FINV-P		0.0	0.0	0.64	0.11	0.56	-0.02	0.35	FINV-P
CNJ-P	0.0		1.0	0.0	0.0	0.0	0.0	0.0	CNJ-P
EVMT	0.0	1.0		0.0	0.0	0.0	0.0	0.0	EVMT
SOLI-P	0.64	0.0	0.0		0.39	0.73	0.18	0.69	SOLI-P
RGSI	0.11	0.0	0.0	0.39		0.53	-0.24	0.3	RGSI
WTE	0.56	0.0	0.0	0.73	0.53		0.0	0.73	WTE
PRN	-0.02	0.0	0.0	0.18	-0.24	0.0		0.32	PRN
CAF	0.35	0.0	0.0	0.69	0.3	0.73	0.32		CAF
	FINV-P	CNJ-P	EVMT	SOLI-P	RGSI	WTE	PRN	CAF

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

EVMT	+ 1.0	CNJ-P
WTE	+ 0.73	SOLI-P
CAF	+ 0.73	WTE
CAF	+ 0.69	SOLI-P
SOLI-P	+ 0.64	FINV-P
WTE	+ 0.56	FINV-P

High negative correlations

PRN	- 0.24	RGSI
PRN	- 0.02	FINV-P
PRN	- 0.0	WTE
CAF	- 0.0	EVMT
PRN	- 0.0	EVMT
WTE	- 0.0	EVMT

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
FINV-P	0.55	(0.23)	0.00	(0.28)	0.00	0.00	0.00	0.00	12.50
CNJ-P	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EVMT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SOLI-P	0.86	0.07	0.00	0.44	0.00	0.00	0.00	0.00	50.79
RGSI	1.39	0.06	0.00	0.44	1.69	(1.52)	3.08	(2.52)	12.93
WTE	0.86	0.31	0.22	1.48	0.85	(0.97)	2.29	(1.53)	6.24
PRN	3.00	0.00	0.01	0.07	3.40	(3.31)	6.44	(5.30)	22.10
CAF	1.78	0.28	0.05	0.75	1.85	(4.22)	6.25	(5.41)	14.23

Be your own money manager

Our tools can tell you how much better you can do entering a position in Waste Management without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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Waste Management Corporate Management

Elected by the shareholders, the Waste Management's board of directors comprises two types of representatives: Waste Management inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Waste. The board's role is to monitor Waste Management's management team and ensure that shareholders' interests are well served. Waste Management's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Waste Management's outside directors are responsible for providing unbiased perspectives on the board's policies.

John Carroll	VP Officer	Profile
Charles Schwager	VP Officer	Profile
Rafael Carrasco	Senior Strategy	Profile
Johnson Varkey	Senior Officer	Profile

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