BetterThanSPY

Relative Intelligence · Waste Management

How Waste Management (WM) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on WM alone. It places WM (Waste Management, Inc.) against 11 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 WM stands in the market, and of the alternatives worth a closer look.

Period covered: WM's full trading record, from June 1988 through September 2026. All returns include reinvested dividends. Data as of October 22, 2026.

Data as of October 22, 2026. Full tables and charts read best on a larger screen.

Rank the market against WM →Chart WM vs. 11 alternatives →

This page answers the following questions about WM

Key findings

Not AI-generated

These key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.

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

This chart tracks a hypothetical $10,000 investment in WM over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of WM over the same span and WM'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 1997 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. 558 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of WM; the chart shows 5, closest alternatives first. The other 2 lines are popular alternatives, shown for context.

$1,000$10,000$100,000$1M199720022007201220172022$1,000$10,000$100,000$1M19972004201120182025
  • CLH$3M+31,922% total · +22.0% a year
  • RY$442,765+4,328% total · +14.0% a year
  • WTS$181,273+1,713% total · +10.5% a year
  • TTEK$181,043+1,710% total · +10.5% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • EMR$115,655+1,057% total · +8.8% a year
  • WM$93,069+831% total · +8.0% a year
  • DAR$63,368+534% total · +6.6% a year
  • PESI$15,648+56.5% total · +1.6% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,604 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of WM; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$15,000$20,000$25,000$30,000$35,000202120222023202420252026$0$10,000$20,000$30,000$40,000202120222023202420252026
  • CLH$29,868+199% total · +24.5% a year
  • PESI$23,533+135% total · +18.7% a year
  • WTS$21,898+119% total · +17.0% a year
  • AVLV$19,653+96.5% total · +14.5% 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
  • EMR$18,174+81.7% total · +12.7% a year
  • WM$14,773+47.7% total · +8.1% a year
  • TTEK$11,397+14.0% total · +2.6% a year
  • CWST$10,581+5.8% total · +1.1% a year
Change the dates or add tickers to this chart in EasyCompare

WM 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
$96B
Industry
Waste Management
Price history from
June 1988

Returns

Past 1 year
+12.3%total return
Past 3 years
+60.5%+17.1% a year
Past 5 years
+57.4%+9.5% a year
Past 10 years
+357%+16.4% a year
Best calendar year
+61.5%2000
Worst calendar year
−63.1%1999
Losing years
5 of 29full calendar years

Risk

Volatility
19.3%typical yearly swing, 5 years
Sharpe ratio
0.57return per unit of risk, 5 years
Worst decline ever
−77.8%May 1999 to Mar 2000
From its all-time high
−1.8%below the peak

WM against the whole market

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

How does WM rank among all stocks?

This section ranks WM 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 WM 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.

MeasureWMRankStanding
1-year return+12.3%1,543 of 3,282top 47%
3-year return+60.5%1,424 of 3,016top 47%
5-year return+57.4%1,034 of 2,897top 36%
10-year return+357%472 of 2,201top 21%
Volatility, 5 years19.3%73 of 2,897top 3%
Sharpe ratio, 5 years0.57757 of 2,897top 26%
Worst decline, past 10 years−30.1%18 of 2,184top 1%

What has beaten WM 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). WM sits where the dashed lines cross. Anything in the green box above and to the left earned more than WM 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 WM; faint dots are 78 more of the 189 in the green region (the strongest, one per fund family). 3,641 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%12.5%15.0%17.5%20.0%22.5%25.0%27.5%30.0%8.0%10.0%12.0%14.0%16.0%18.0%20.0%22.0%24.0%26.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than WMJNJ: +13.5% a year, volatility 18.0%SIXA: +12.9% a year, volatility 12.7%QSPT: +11.9% a year, volatility 14.9%KO: +15.2% a year, volatility 16.8%VSLU: +13.7% a year, volatility 16.2%QUAL: +11.2% a year, volatility 17.3%HDV: +13.3% a year, volatility 13.0%ESGU: +11.4% a year, volatility 17.4%RWL: +13.7% a year, volatility 14.4%IOO: +15.6% a year, volatility 17.2%FDL: +14.6% a year, volatility 14.5%JQUA: +13.5% a year, volatility 15.7%BBCA: +11.5% a year, volatility 16.7%DIVO: +10.9% a year, volatility 11.9%DLN: +12.3% a year, volatility 13.2%GCOW: +14.4% a year, volatility 13.6%WTV: +13.6% a year, volatility 17.0%HDEF: +12.9% a year, volatility 14.2%PWV: +13.7% a year, volatility 14.2%DSTL: +11.7% a year, volatility 16.2%DHS: +12.4% a year, volatility 13.9%FNDB: +13.1% a year, volatility 15.1%RODM: +10.6% a year, volatility 13.5%QUS: +11.1% a year, volatility 14.2%IHE: +12.9% a year, volatility 16.8%ICOW: +10.8% a year, volatility 16.8%PKW: +10.7% a year, volatility 17.3%RDIV: +12.7% a year, volatility 17.4%FVAL: +12.6% a year, volatility 16.4%AUSF: +13.6% a year, volatility 13.6%FTA: +10.8% a year, volatility 16.2%VFMF: +14.5% a year, volatility 17.6%FTXH: +12.3% a year, volatility 16.9%HLAL: +13.6% a year, volatility 18.0%EWS: +10.5% a year, volatility 17.4%EWJV: +15.1% a year, volatility 18.2%FYLD: +13.1% a year, volatility 16.0%PFM: +10.5% a year, volatility 13.4%IXG: +12.3% a year, volatility 17.2%DJD: +12.5% a year, volatility 13.3%PJP: +11.3% a year, volatility 16.6%BRK-A: +13.5% a year, volatility 17.2%FFLC: +15.5% a year, volatility 16.8%INFL: +11.6% a year, volatility 17.8%EPD: +16.3% a year, volatility 17.1%DYNF: +14.4% a year, volatility 17.5%EFV: +13.6% a year, volatility 15.9%TPYP: +17.2% a year, volatility 17.3%FNDF: +13.6% a year, volatility 16.3%XLI: +11.4% a year, volatility 17.6%AVDV: +13.6% a year, volatility 17.4%SPHQ: +11.7% a year, volatility 16.7%COWZ: +11.6% a year, volatility 17.7%FDVV: +13.4% a year, volatility 14.6%DBEF: +12.9% a year, volatility 13.8%IDV: +12.7% a year, volatility 15.5%EMLP: +15.2% a year, volatility 14.5%IDMO: +12.8% a year, volatility 18.3%FTGC: +13.1% a year, volatility 15.6%IFRA: +11.7% a year, volatility 17.8%MLPA: +15.4% a year, volatility 17.2%HFXI: +11.2% a year, volatility 15.3%QDF: +11.5% a year, volatility 15.6%DDWM: +12.2% a year, volatility 13.4%FGD: +11.7% a year, volatility 14.8%SPGM: +10.6% a year, volatility 16.2%RAAX: +11.5% a year, volatility 15.7%DBA: +10.8% a year, volatility 13.8%EDIV: +11.1% a year, volatility 13.8%BKIE: +11.4% a year, volatility 16.4%PPH: +11.6% a year, volatility 15.8%IQDF: +10.6% a year, volatility 15.8%FLGB: +11.8% a year, volatility 16.6%DBEU: +11.0% a year, volatility 14.4%FXU: +11.6% a year, volatility 16.7%FIVA: +13.1% a year, volatility 16.4%IGLD: +11.9% a year, volatility 16.1%VUSE: +11.1% a year, volatility 17.2%WM: +9.5% a year, volatility 19.3%SPY (S&P 500): +12.5% a year, volatility 17.2%RSG: +14.1% a year, volatility 18.6%CLH: +22.8% a year, volatility 28.6%EMR: +12.9% a year, volatility 27.7%WTS: +14.8% a year, volatility 28.4%AVLV: +13.9% a year, volatility 16.9%RY: +17.5% a year, volatility 18.2%JAVA: +11.4% a year, volatility 14.5%VOO: +12.6% a year, volatility 16.9%FFEB: +10.7% a year, volatility 10.8%FTQI: +11.4% a year, volatility 14.8%MPLX: +24.0% a year, volatility 18.8%VIG: +10.4% a year, volatility 14.1%LVHI: +16.9% a year, volatility 11.1%WMSPY (S&P 500)RSGCLHEMRWTSAVLVRYJAVAVOOFFEBFTQIMPLXVIGLVHI10.0%15.0%20.0%25.0%30.0%5.0%10.0%15.0%20.0%25.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than WMJNJ: +13.5% a year, volatility 18.0%SIXA: +12.9% a year, volatility 12.7%QSPT: +11.9% a year, volatility 14.9%KO: +15.2% a year, volatility 16.8%VSLU: +13.7% a year, volatility 16.2%QUAL: +11.2% a year, volatility 17.3%HDV: +13.3% a year, volatility 13.0%ESGU: +11.4% a year, volatility 17.4%RWL: +13.7% a year, volatility 14.4%IOO: +15.6% a year, volatility 17.2%FDL: +14.6% a year, volatility 14.5%JQUA: +13.5% a year, volatility 15.7%BBCA: +11.5% a year, volatility 16.7%DIVO: +10.9% a year, volatility 11.9%DLN: +12.3% a year, volatility 13.2%GCOW: +14.4% a year, volatility 13.6%WTV: +13.6% a year, volatility 17.0%HDEF: +12.9% a year, volatility 14.2%PWV: +13.7% a year, volatility 14.2%DSTL: +11.7% a year, volatility 16.2%DHS: +12.4% a year, volatility 13.9%FNDB: +13.1% a year, volatility 15.1%RODM: +10.6% a year, volatility 13.5%QUS: +11.1% a year, volatility 14.2%IHE: +12.9% a year, volatility 16.8%ICOW: +10.8% a year, volatility 16.8%PKW: +10.7% a year, volatility 17.3%RDIV: +12.7% a year, volatility 17.4%FVAL: +12.6% a year, volatility 16.4%AUSF: +13.6% a year, volatility 13.6%FTA: +10.8% a year, volatility 16.2%VFMF: +14.5% a year, volatility 17.6%FTXH: +12.3% a year, volatility 16.9%HLAL: +13.6% a year, volatility 18.0%EWS: +10.5% a year, volatility 17.4%EWJV: +15.1% a year, volatility 18.2%FYLD: +13.1% a year, volatility 16.0%PFM: +10.5% a year, volatility 13.4%IXG: +12.3% a year, volatility 17.2%DJD: +12.5% a year, volatility 13.3%PJP: +11.3% a year, volatility 16.6%BRK-A: +13.5% a year, volatility 17.2%FFLC: +15.5% a year, volatility 16.8%INFL: +11.6% a year, volatility 17.8%EPD: +16.3% a year, volatility 17.1%DYNF: +14.4% a year, volatility 17.5%EFV: +13.6% a year, volatility 15.9%TPYP: +17.2% a year, volatility 17.3%FNDF: +13.6% a year, volatility 16.3%XLI: +11.4% a year, volatility 17.6%AVDV: +13.6% a year, volatility 17.4%SPHQ: +11.7% a year, volatility 16.7%COWZ: +11.6% a year, volatility 17.7%FDVV: +13.4% a year, volatility 14.6%DBEF: +12.9% a year, volatility 13.8%IDV: +12.7% a year, volatility 15.5%EMLP: +15.2% a year, volatility 14.5%IDMO: +12.8% a year, volatility 18.3%FTGC: +13.1% a year, volatility 15.6%IFRA: +11.7% a year, volatility 17.8%MLPA: +15.4% a year, volatility 17.2%HFXI: +11.2% a year, volatility 15.3%QDF: +11.5% a year, volatility 15.6%DDWM: +12.2% a year, volatility 13.4%FGD: +11.7% a year, volatility 14.8%SPGM: +10.6% a year, volatility 16.2%RAAX: +11.5% a year, volatility 15.7%DBA: +10.8% a year, volatility 13.8%EDIV: +11.1% a year, volatility 13.8%BKIE: +11.4% a year, volatility 16.4%PPH: +11.6% a year, volatility 15.8%IQDF: +10.6% a year, volatility 15.8%FLGB: +11.8% a year, volatility 16.6%DBEU: +11.0% a year, volatility 14.4%FXU: +11.6% a year, volatility 16.7%FIVA: +13.1% a year, volatility 16.4%IGLD: +11.9% a year, volatility 16.1%VUSE: +11.1% a year, volatility 17.2%WM: +9.5% a year, volatility 19.3%SPY (S&P 500): +12.5% a year, volatility 17.2%RSG: +14.1% a year, volatility 18.6%CLH: +22.8% a year, volatility 28.6%EMR: +12.9% a year, volatility 27.7%WTS: +14.8% a year, volatility 28.4%AVLV: +13.9% a year, volatility 16.9%RY: +17.5% a year, volatility 18.2%JAVA: +11.4% a year, volatility 14.5%VOO: +12.6% a year, volatility 16.9%FFEB: +10.7% a year, volatility 10.8%FTQI: +11.4% a year, volatility 14.8%MPLX: +24.0% a year, volatility 18.8%VIG: +10.4% a year, volatility 14.1%LVHI: +16.9% a year, volatility 11.1%WMSPY (S&P 500)RSGCLHEMRWTSAVLVRYJAVAVOOFFEBMPLXVIGLVHI
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than WM?

Investments that beat WM 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 WM 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 WM'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 WM 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 WM'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× WM's volatility counts as better.

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

Screen the whole market against WM for any period in BetterThanSPYOpen these 13 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 WM?lower diversifies moreExpenseper year
WMWaste Management, Inc. · this page
+9.5%19.3%0.57−30.1%+357%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.5%17.2%0.78−33.7%+316%0.350.09%
Popular alternativesbest 2 shownThe investments people most often weigh against WM. 2 of 11 passed at least one test.
RSGRepublic Services, Inc. · Waste Management
Higher return, similar volatilityHigher return in most periods+14.1%18.6%0.80−34.0%+461%0.82—
CLHClean Harbors, Inc. · Waste Management
Higher return in most periods+22.8%28.6%0.87−64.5%+603%0.53—
Same and neighboring categories, and shared themesbest 2 shownEverything else in Waste Management and Environmental Services and the categories next to it (Water Infrastructure, Water Utilities, Engineering & Construction, Steel, Industrial Machinery), plus WM's specific themes. 2 of 133 passed at least one test.
EMREmerson Electric Co. · Industrial Machinery
Higher return in most periods+12.9%27.7%0.58−50.8%+307%0.26—
WTSWatts Water Technologies, Inc. · Industrial Machinery
Higher return in most periods+14.8%28.4%0.63−44.1%+533%0.36—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 437 of 3,522 passed at least one test.
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+13.9%16.9%0.86−19.5%—0.400.15%
RYRoyal Bank of Canada · Banks
On the frontierHigher return, lower volatilityHigher return in most periods+17.5%18.2%0.98−40.0%+361%0.15—
JAVAJPMorgan Active Value ETF · US Large-Cap Value
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+11.4%14.5%0.82−16.5%——0.44%
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Higher return, lower volatilityHigher return in most periods+12.6%16.9%0.79−34.0%+319%0.350.03%
FFEBFT Vest U.S. Equity Buffer ETF - February · US Equity Buffer
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+10.7%10.8%1.00−22.8%—0.330.85%
FTQIFirst Trust Nasdaq BuyWrite Income ETF · Nasdaq Options Income
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+11.4%14.8%0.81−19.5%+118%0.220.75%
MPLXMPLX Lp · Oil & Gas Midstream
On the frontierHigher return, similar volatilityHigher return in most periods+24.0%18.8%1.25−75.2%+337%0.38—
VIGVanguard Dividend Appreciation ETF · Dividend Growth
Similar return, lower volatilityHigher return in most periods+10.4%14.1%0.77−31.7%+258%0.480.04%
What these numbers mean for WM
Annual return
WM returned 9.5% a year over the past 5 years with dividends reinvested, against 12.5% a year for the S&P 500. At that pace, $10,000 became about $15,700. 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
WM's volatility over the past 5 years was 19.2%, 1.1 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, WM's return lands within 19.2% 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
WM's Sharpe ratio over the past 5 years was 0.57, against 0.78 for the S&P 500, so WM 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
WM's worst fall from a peak to a low over the past 10 years was 30.1%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 30.1% fall takes a 43.0% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, WM's monthly returns had a correlation of 0.35 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against WM instead: the lower it is, the more that option would diversify a WM holding. Guide: Correlation and diversification →
Show all 189 stocks and funds worth at least $500 million that earned more than WM with less volatility

Out of 3,641 tested over 5 years. The strongest 85 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with WMExpense
1
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+13.9%16.9%0.86−19.5%—0.400.15%
2
RYRoyal Bank of Canada · Banks
Whole market+17.5%18.2%0.98−40.0%+361%0.15—
3
JAVAJPMorgan Active Value ETF · US Large-Cap Value
Whole market+11.4%14.5%0.82−16.5%——0.44%
4
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.6%16.9%0.79−34.0%+319%0.350.03%
5
FFEBFT Vest U.S. Equity Buffer ETF - February · US Equity Buffer
Whole market+10.7%10.8%1.00−22.8%—0.330.85%
6
FTQIFirst Trust Nasdaq BuyWrite Income ETF · Nasdaq Options Income
Whole market+11.4%14.8%0.81−19.5%+118%0.220.75%
7
JNJJohnson & Johnson · Pharmaceuticals
Whole market+13.5%18.0%0.80−27.4%+209%0.37—
8
SIXAETC 6 Meridian Mega Cap Equity ETF · US Large-Cap Equity
Whole market+12.9%12.7%1.02−18.4%—0.470.31%
9
QSPTFT Vest Nasdaq-100 Buffer ETF - September · Nasdaq-100 Buffer
Whole market+11.9%14.9%0.83−22.6%—0.280.90%
10
KOThe Coca-Cola Company · Nonalcoholic Beverages
Whole market+15.2%16.8%0.93−37.0%+205%0.37—
11
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity
Whole market+16.9%11.1%1.48−32.4%+194%0.390.40%
12
VSLUApplied Finance Valuation Large Cap ETF · US Large-Cap Value
Whole market+13.7%16.2%0.88−23.8%—0.370.49%
13
QUALiShares MSCI USA Quality Factor ETF · US Quality Equity
Whole market+11.2%17.3%0.70−34.1%+290%0.450.15%
14
HDViShares Core High Dividend ETF · High Dividend Yield
Whole market+13.3%13.0%1.03−37.0%+177%0.420.08%
15
ESGUiShares ESG Aware MSCI USA ETF · Large-Cap ESG
Whole market+11.4%17.4%0.71−33.9%—0.340.15%
16
RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity
Whole market+13.7%14.4%0.97−36.1%+287%0.450.39%
17
IOOiShares Global 100 ETF · Global Equity
Whole market+15.6%17.2%0.94−31.4%+357%0.270.40%
18
FDLFirst Trust Morningstar Dividend Leaders Index Fund · High Dividend Yield
Whole market+14.6%14.5%1.02−41.4%+207%0.360.43%
19
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.5%15.7%0.89−32.9%—0.440.12%
20
BBCAJPMorgan BetaBuilders Canada ETF · International Equity
Whole market+11.5%16.7%0.74−42.8%—0.400.19%
21
DIVOAmplify CWP Enhanced Dividend Income ETF · Covered Call Income
Whole market+10.9%11.9%0.94−30.0%—0.460.56%
22
DLNWisdomTree U.S. LargeCap Dividend Fund · US Dividend Equity
Whole market+12.3%13.2%0.95−35.8%+231%0.450.28%
23
GCOWPacer Global Cash Cows Dividend ETF · Global Equity
Whole market+14.4%13.6%1.06−37.6%+170%0.280.60%
24
WTVWisdomTree U.S. Value Fund · US Value Equity
Whole market+13.6%17.0%0.84−42.2%+306%0.370.12%
25
HDEFXtrackers MSCI EAFE High Dividend Yield Equity ETF · International Dividend Equity
Whole market+12.9%14.2%0.93−36.4%+135%0.350.09%
26
PWVInvesco Large Cap Value ETF · US Large-Cap Value
Whole market+13.7%14.2%0.98−37.6%+226%0.450.55%
27
DSTLDistillate U.S. Fundamental Stability & Value ETF · US Large-Cap Value
Whole market+11.7%16.2%0.77−33.1%—0.440.39%
28
DHSWisdomTree U.S. High Dividend Fund · High Dividend Yield
Whole market+12.4%13.9%0.91−37.4%+159%0.350.38%
29
FNDBSchwab Fundamental U.S. Broad Market Index ETF · US Total Market
Whole market+13.1%15.1%0.90−38.1%+285%0.380.25%
30
RODMHartford Multifactor Developed Markets (ex-US) ETF · Developed International Equity
Whole market+10.6%13.5%0.82−36.0%+142%0.370.29%
31
QUSState Street SPDR MSCI USA StrategicFactors ETF · US Multifactor Equity
Whole market+11.1%14.2%0.81−33.8%+276%0.490.15%
32
IHEiShares U.S. Pharmaceuticals ETF · Pharmaceuticals
Whole market+12.9%16.8%0.81−29.6%+157%0.390.37%
33
ICOWPacer Developed Markets International Cash Cows 100 ETF · International Large-Cap Value
Whole market+10.8%16.8%0.70−43.5%—0.210.65%
34
PKWInvesco BuyBack Achievers ETF · US Buyback Equity
Whole market+10.7%17.3%0.68−40.9%+261%0.390.63%
35
RDIVInvesco S&P Ultra Dividend Revenue ETF · US Dividend Equity
Whole market+12.7%17.4%0.78−50.0%+187%0.300.39%
36
FVALFidelity Value Factor ETF · US Large-Cap Value
Whole market+12.6%16.4%0.81−37.3%+290%0.300.15%
37
AUSFGlobal X - Adaptive U.S. Factor ETF · US Multifactor Equity
Whole market+13.6%13.6%1.01−44.2%—0.510.27%
38
FTAFirst Trust Large Cap Value AlphaDEX Fund · US Large-Cap Value
Whole market+10.8%16.2%0.72−45.0%+195%0.390.58%
39
VFMFVanguard U.S. Multifactor ETF · US Multifactor Equity
Whole market+14.5%17.6%0.86−41.3%—0.370.18%
40
FTXHFirst Trust Nasdaq Pharmaceuticals ETF · Pharmaceuticals
Whole market+12.3%16.9%0.77−32.1%+155%0.290.60%
41
HLALWahed FTSE USA Shariah ETF · Faith-Based Equity
Whole market+13.6%18.0%0.80−33.6%—0.260.50%
42
EWSiShares MSCI Singapore ETF · International Equity
Whole market+10.5%17.4%0.67−40.8%+129%0.220.50%
43
EWJViShares MSCI Japan Value ETF · Japan Equity
Whole market+15.1%18.2%0.87−30.1%—0.190.15%
44
FYLDCambria Foreign Shareholder Yield ETF · International Dividend Equity
Whole market+13.1%16.0%0.86−44.6%+203%0.270.59%
45
PFMInvesco Dividend Achievers ETF · Dividend Growth
Whole market+10.5%13.4%0.82−32.2%+215%0.470.52%
46
IXGiShares Global Financials ETF · Financial Sector Equity
Whole market+12.3%17.2%0.77−43.5%+221%0.330.38%
47
DJDInvesco Dow Jones Industrial Average Dividend ETF · High Dividend Yield
Whole market+12.5%13.3%0.95−34.7%+233%0.380.07%
48
PJPInvesco Pharmaceuticals ETF · Pharmaceuticals
Whole market+11.3%16.6%0.73−34.0%+139%0.290.58%
49
BRK-ABerkshire Hathaway Inc. · Insurance
Whole market+13.5%17.2%0.83−30.4%+281%0.47—
50
FFLCFidelity Fundamental Large Cap Core ETF · Active Core Equity
Whole market+15.5%16.8%0.94−19.7%—0.310.38%
51
INFLHorizon Kinetics Inflation Beneficiaries ETF · Global Equity
Whole market+11.6%17.8%0.71−21.3%—0.440.85%
52
EPDEnterprise Products Partners L.P. · Oil & Gas Midstream
Whole market+16.3%17.1%0.98−58.1%+178%0.38—
53
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Whole market+14.4%17.5%0.86−34.7%—0.350.26%
54
EFViShares MSCI EAFE Value ETF · International Large-Cap Value
Whole market+13.6%15.9%0.89−43.2%+156%0.270.31%
55
TPYPTortoise North American Pipeline ETF · Energy Infrastructure
Whole market+17.2%17.3%1.01−51.9%+188%0.480.40%
56
FNDFSchwab Fundamental International Large Company Index ETF · International Large-Cap Equity
Whole market+13.6%16.3%0.87−40.2%+193%0.260.25%
57
XLIState Street Industrial Select Sector SPDR ETF · US Industrials
Whole market+11.4%17.6%0.70−42.3%+246%0.500.08%
58
AVDVAvantis International Small Cap Value ETF · International Equity
Whole market+13.6%17.4%0.82−43.0%—0.240.36%
59
SPHQInvesco S&P 500 Quality ETF · US Quality Equity
Whole market+11.7%16.7%0.75−31.6%+295%0.430.20%
60
COWZPacer US Cash Cows 100 ETF · US Large-Cap Value
Whole market+11.6%17.7%0.71−38.7%—0.300.49%
61
FDVVFidelity High Dividend ETF · High Dividend Yield
Whole market+13.4%14.6%0.94−40.2%+255%0.340.15%
62
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity
Whole market+12.9%13.8%0.95−32.5%+204%0.420.35%
63
IDViShares International Select Dividend ETF · International Dividend Equity
Whole market+12.7%15.5%0.85−42.5%+159%0.230.50%
64
EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure
Whole market+15.2%14.5%1.06−43.6%+155%0.520.95%
65
IDMOInvesco S&P International Developed Momentum ETF · International Equity
Whole market+12.8%18.3%0.76−31.3%+224%0.440.25%
66
FTGCFirst Trust Global Tactical Commodity Strategy Fund · Broad Commodities
Whole market+13.1%15.6%0.87−35.9%+135%-0.010.98%
67
IFRAiShares U.S. Infrastructure ETF · Infrastructure Equity
Whole market+11.7%17.8%0.71−41.0%—0.450.30%
68
MLPAGlobal X - MLP ETF · Energy Equity
Whole market+15.4%17.2%0.92−74.3%+79.2%0.320.77%
69
HFXINYLI FTSE International Equity Currency Neutral ETF · International Large-Cap Equity
Whole market+11.2%15.3%0.78−32.4%+178%0.340.19%
70
QDFNorthern Trust Quality Dividend ETF · US Dividend Equity
Whole market+11.5%15.6%0.78−36.7%+213%0.370.40%
71
DDWMWisdomTree Dynamic International Equity Fund · International Dividend Equity
Whole market+12.2%13.4%0.93−35.0%+148%0.380.40%
72
FGDFirst Trust Dow Jones Global Select Dividend Index Fund · Global Equity
Whole market+11.7%14.8%0.82−44.8%+155%0.250.55%
73
SPGMState Street SPDR Portfolio MSCI Global Stock Market ETF · Global Equity
Whole market+10.6%16.2%0.71−34.0%+223%0.340.09%
74
RAAXVanEck Real Assets ETF · Real Assets
Whole market+11.5%15.7%0.78−33.9%—0.380.55%
75
DBAInvesco DB Agriculture Fund · Agricultural Commodities
Whole market+10.8%13.8%0.81−35.3%+58.9%0.190.90%
76
EDIVState Street SPDR S&P Emerging Markets Dividend ETF · International Equity
Whole market+11.1%13.8%0.83−40.7%+117%0.190.49%
77
BKIEBNY Mellon International Equity ETF · Developed International Equity
Whole market+11.4%16.4%0.74−28.2%—0.360.04%
78
PPHVanEck Pharmaceutical ETF · Pharmaceuticals
Whole market+11.6%15.8%0.78−29.7%+158%0.370.36%
79
IQDFNorthern Trust International Quality Dividend ETF · International Dividend Equity
Whole market+10.6%15.8%0.72−39.8%+138%0.290.49%
80
FLGBFranklin FTSE United Kingdom ETF · International Equity
Whole market+11.8%16.6%0.76−42.6%—0.310.09%
81
DBEUXtrackers MSCI Europe Hedged Equity ETF · European Equity
Whole market+11.0%14.4%0.80−34.5%+177%0.420.46%
82
FXUFirst Trust Utilities AlphaDEX Fund · Utilities Equity
Whole market+11.6%16.7%0.75−34.8%+143%0.550.61%
83
FIVAFidelity International Value Factor ETF · International Large-Cap Value
Whole market+13.1%16.4%0.83−39.7%—0.300.18%
84
IGLDFT Vest Gold Strategy Target Income ETF · Gold
Whole market+11.9%16.1%0.78−99.1%−97.1%0.190.85%
85
VUSEVident U.S. Equity Strategy ETF · US Equity
Whole market+11.1%17.2%0.70−43.9%+211%0.340.50%

WM against its popular alternatives

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

How do WM'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 WM, which divides the map into what did better or worse on each measure.

Green points earned more than WM 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%−15.0%−10.0%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityWM: 9.5% a year, volatility 19.3%SPY (S&P 500): 12.5% a year, volatility 17.2%RSG: 14.1% a year, volatility 18.6%CWST: 3.0% a year, volatility 28.3%TTEK: 2.7% a year, volatility 32.3%WCN: 7.4% a year, volatility 20.4%AWK: −1.9% a year, volatility 23.2%DAR: −6.7% a year, volatility 40.3%CLW: −15.2% a year, volatility 47.5%GFL: 1.5% a year, volatility 30.2%XYL: −2.0% a year, volatility 26.5%CLH: 22.8% a year, volatility 28.6%PESI: 11.7% a year, volatility 61.5%WMSPY (S&P 500)RSGCWSTTTEKWCNAWKDARCLWXYLCLHPESI10.0%20.0%30.0%40.0%50.0%60.0%70.0%−20.0%−10.0%0.0%10.0%20.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityWM: 9.5% a year, volatility 19.3%SPY (S&P 500): 12.5% a year, volatility 17.2%RSG: 14.1% a year, volatility 18.6%CWST: 3.0% a year, volatility 28.3%TTEK: 2.7% a year, volatility 32.3%WCN: 7.4% a year, volatility 20.4%AWK: −1.9% a year, volatility 23.2%DAR: −6.7% a year, volatility 40.3%CLW: −15.2% a year, volatility 47.5%GFL: 1.5% a year, volatility 30.2%XYL: −2.0% a year, volatility 26.5%CLH: 22.8% a year, volatility 28.6%PESI: 11.7% a year, volatility 61.5%WMSPY (S&P 500)RSGCWSTWCNAWKDARCLWGFLCLHPESI
All figures
InvestmentAnnual returnVolatility
CLH Clean Harbors, Inc.+22.8%28.6%
RSG Republic Services, Inc.+14.1%18.6%
SPY S&P 500State Street SPDR S&P 500 ETF+12.5%17.2%
PESI Perma-Fix Environmental Services, Inc.+11.7%61.5%
WM This pageWaste Management, Inc.+9.5%19.3%
WCN Waste Connections, Inc.+7.4%20.4%
CWST Casella Waste Systems, Inc.+3.0%28.3%
TTEK Tetra Tech, Inc.+2.7%32.3%
GFL GFL Environmental Inc.+1.5%30.2%
AWK American Water Works Company, Inc.−1.9%23.2%
XYL Xylem Inc.−2.0%26.5%
DAR Darling Ingredients Inc.−6.7%40.3%
CLW Clearwater Paper Corporation−15.2%47.5%
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Has WM consistently beaten its popular alternatives?

This section compares WM 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 WM helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than WM 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
WM Waste Management, Inc. (this page)—+15.1%+1.6%+7.7%+10.9%+12.3%+60.5%+57.4%+357%19.3%0.57−30.1%—$96B—
CLH QualifiedClean Harbors, Inc.3/5 short3/3 long+2.6%+4.8%+5.4%+31.8%+35.7%+107%+180%+603%28.6%0.87−64.5%—$17B—
RSG QualifiedRepublic Services, Inc.3/5 short3/3 long+13.5%+12.1%+18.6%+16.1%+9.6%+73.3%+93.2%+461%18.6%0.80−34.0%—$74B—
CWST Waste ManagementCasella Waste Systems, Inc.2/5 short1/3 long+13.0%+7.1%+19.9%−1.8%+7.7%+27.7%+15.9%+762%28.3%0.25−37.7%—$6.1B—
TTEK Engineering & ConstructionTetra Tech, Inc.2/5 short1/3 long+3.8%+19.0%+17.5%+10.1%+12.3%+23.9%+14.4%+406%32.3%0.24−47.5%—$9.4B—
PESI Waste ManagementPerma-Fix Environmental Services, Inc.0/5 short1/3 long−25.5%−26.3%−3.2%+0.5%−11.9%+38.2%+73.9%+152%61.5%0.49−65.6%—$261M—
WCN Waste ManagementWaste Connections, Inc.3/5 short0/3 long+19.0%+10.3%+18.6%+6.9%+4.5%+39.5%+42.9%+299%20.4%0.45−31.6%—$47B—
AWK Regulated WaterAmerican Water Works Company, Inc.3/5 short0/3 long+7.0%+7.7%+10.7%+12.2%+2.4%+33.4%−9.3%+142%23.2%0.03−37.1%—$28B—
DAR Packaged FoodsDarling Ingredients Inc.2/5 short0/3 long−9.7%−14.1%−7.7%+47.8%+78.8%+36.0%−29.1%+307%40.3%0.03−68.3%—$8.8B—
CLW Paper, Lumber & Forest ProductsClearwater Paper Corporation2/5 short0/3 long−13.1%+14.5%+30.3%+7.6%−2.7%−45.3%−56.1%−66.0%47.5%-0.11−81.6%—$307M—
GFL Waste ManagementGFL Environmental Inc.2/5 short0/3 long+4.3%+12.9%+11.6%+3.1%−4.2%+48.7%+7.9%—30.2%0.20−42.6%—$15B—
XYL Industrial - MachineryXylem Inc.0/5 short0/3 long+1.3%−5.6%−9.3%−19.4%−24.1%+26.5%−9.7%+154%26.5%0.06−46.7%—$26B—
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How did WM do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where WM ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with WM 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 WM; gray means the two finished within a fraction of a point. The rank row places WM among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of WM20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
WM This pageWaste Management, Inc.—+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%+15.0%+61.5%−63.1%+18.8%+23.1%
Rank among alternativesTop quarter in 4 of 293 of 128 of 125 of 124 of 123 of 129 of 117 of 116 of 116 of 116 of 115 of 115 of 111 of 116 of 117 of 107 of 108 of 104 of 88 of 85 of 84 of 86 of 84 of 86 of 86 of 72 of 77 of 73 of 63 of 5
SPY S&P 500State Street SPDR S&P 500 ETF15 of 29+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%−11.7%−9.8%+20.4%+28.7%+33.5%
CLH Clean Harbors, Inc.14 of 29+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%+89.8%+42.5%−16.7%−4.0%−30.9%
RSG Republic Services, Inc.16 of 27+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%+16.3%+20.6%−22.7%——
CWST Casella Waste Systems, Inc.14 of 28−7.4%+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%+70.4%−54.0%−49.1%+40.8%—
TTEK Tetra Tech, Inc.15 of 29−15.2%+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%−22.0%+108%−29.0%+68.8%+26.5%
PESI Perma-Fix Environmental Services, Inc.13 of 29+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%+82.8%+19.7%−20.8%−36.0%+50.1%
WCN Waste Connections, Inc.15 of 24+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%—————
AWK American Water Works Company, Inc.9 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%————————————
DAR Darling Ingredients Inc.15 of 29+6.9%−32.4%−20.4%−9.7%+20.1%+105%+45.9%+6.1%+40.4%+22.7%−42.1%−13.0%+30.2%+20.7%+0.1%+58.5%+52.6%−52.5%+110%+38.8%−8.9%+58.0%+54.2%+156%+86.7%−82.4%−30.4%−64.0%−13.5%
CLW Clearwater Paper Corporation7 of 17−41.5%−17.6%−4.5%+3.1%−2.9%+76.7%−12.3%−46.3%−30.7%+44.0%−33.6%+30.6%+34.1%+10.0%−9.0%+42.4%+555%————————————
GFL GFL Environmental Inc.2 of 5−3.5%+29.3%+18.2%−22.4%+29.9%————————————————————————
XYL Xylem Inc.4 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 WM 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 WM's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents WM's five deepest drawdowns since it began trading in 1988, 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 WM fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringWM fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−77.8%+14.2%May 1999Mar 200010 monthsAug 201313.4 years
No named crash−73.1%—Jun 1988Jan 199019 monthsJul 19906 months
No named crash−45.8%—Jan 1992Nov 199322 monthsJul 199520 months
No named crash−33.1%−18.1%Jul 1998Oct 19983 monthsMay 19997 months
No named crash−31.2%—Jul 1990Aug 19901 monthFeb 19916 months

How did WM do in stock market crashes?

This section measures how far WM, 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.

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

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
WM This pageWaste Management, Inc.—−0.9%−16.8%−29.5%−10.7%−8.6%−6.7%−21.7%−0.7%−41.5%−32.9%
SPY S&P 500State Street SPDR S&P 500 ETF2 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
CLH Clean Harbors, Inc.2 of 10−5.8%−26.6%−64.5%−34.9%−8.7%−26.9%−18.4%0.0%−48.7%−56.8%
RSG Republic Services, Inc.2 of 10−1.0%−15.1%−33.8%−10.6%−9.2%−8.8%−18.2%−0.4%−53.4%−34.4%
CWST Casella Waste Systems, Inc.1 of 10−3.5%−28.1%−34.5%−26.6%−4.2%−27.9%−29.2%−4.1%−96.2%−71.7%
TTEK Tetra Tech, Inc.0 of 10−3.6%−30.5%−31.8%−32.0%−10.4%−17.2%−24.1%−2.4%−49.8%−77.6%
PESI Perma-Fix Environmental Services, Inc.1 of 100.0%−40.5%−47.4%−49.8%−8.2%−15.7%−33.5%−2.5%−75.7%−44.8%
WCN Waste Connections, Inc.2 of 9−1.6%−20.6%−29.6%−11.6%−6.7%−11.1%−12.7%−1.7%−45.0%—
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%——
DAR Darling Ingredients Inc.1 of 10−7.6%−34.8%−51.0%−18.8%−5.6%−43.0%−36.4%−4.9%−83.0%−85.7%
CLW Clearwater Paper Corporation2 of 8−7.7%−32.7%−53.7%−27.7%−25.1%−39.1%−15.6%0.0%——
GFL GFL Environmental Inc.0 of 2−3.0%−34.4%————————
XYL Xylem Inc.1 of 6−3.8%−37.9%−35.9%−24.2%−7.2%−12.9%————
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How closely does WM 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 WM 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 WM's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
WM This pageWaste Management, Inc.68%44%1.540.62
RSG Republic Services, Inc.71%34%2.110.55
CWST Casella Waste Systems, Inc.106%68%1.550.85
WCN Waste Connections, Inc.65%47%1.370.60
TTEK Tetra Tech, Inc.94%76%1.240.88
AWK American Water Works Company, Inc.48%45%1.070.44
CLH Clean Harbors, Inc.126%118%1.061.27
PESI Perma-Fix Environmental Services, Inc.82%85%0.970.83
DAR Darling Ingredients Inc.118%127%0.921.05
XYL Xylem Inc.90%123%0.731.03
CLW Clearwater Paper Corporation9%101%0.090.78
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What diversifies WM?

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 WM's. Because such investments tend not to fall at the same time, pairing WM 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 WM lost money. The last two columns show a portfolio that is 80% WM and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe2022201120072002199980/20 mix volatility80/20 mix annual return
WM Waste Management, Inc. (this page)1.00+57.4%0.57−4.5%−7.7%−8.7%−28.1%−63.1%18.9%+8.1%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.39+119%1.48+3.8%————15.9%+10.1%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.26+225%1.34+6.0%−16.1%−7.4%——15.9%+12.0%
HDV Dividend & IncomeiShares Core High Dividend ETF0.42+86.8%1.03+7.0%————16.5%+9.2%
MLPX EnergyGlobal X - MLP & Energy Infrastructure ETF0.44+138%0.98+21.5%————17.1%+10.8%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.42+83.6%0.95−5.1%————16.1%+9.5%
SMH TechnologyVanEck Semiconductor ETF0.12+304%0.94−33.5%+6.8%+6.0%−47.0%—17.4%+14.7%
XLE EnergyState Street Energy Select Sector SPDR ETF0.14+178%0.94+64.4%+2.8%+36.8%−14.8%+18.1%16.6%+11.7%
GLD CommoditiesSPDR Gold Shares0.19+120%0.93−0.8%+9.6%+30.4%——16.1%+10.5%

Stocks

InvestmentCorrelation5Y returnSharpe2022201120072002199980/20 mix volatility80/20 mix annual return
WM Waste Management, Inc. (this page)1.00+57.4%0.57−4.5%−7.7%−8.7%−28.1%−63.1%18.9%+8.1%
CAH Medical - DistributionCardinal Health, Inc.0.34+471%1.54+54.1%+8.1%−9.8%−8.3%−36.8%17.6%+14.1%
CLS Hardware, Equipment & PartsCelestica Inc.-0.03+2,780%1.43+1.3%−24.4%−25.7%−65.1%+350%18.8%+27.1%
MCK Medical - DistributionMcKesson Corporation0.40+397%1.41+51.8%+11.8%+29.7%−27.2%−71.3%17.7%+13.5%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.30+1,452%1.41+17.0%−17.0%+2.1%−9.4%−58.7%19.7%+22.6%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.13+660%1.39+86.6%————17.2%+16.4%
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Common questions

What was WM's worst drawdown?

WM's deepest decline since it began trading in 1988 was 77.8%, from May 1999 to March 2000. It took about 13 years from the low to climb back to its old high.

What were WM's best and worst years?

Over 29 full calendar years, WM's best year was 2000, when it returned 61.5%. Its worst was 1999, with a return of -63.1%.

Is there a better investment than WM?

Among WM's popular alternatives, RSG earned more than WM over the past 5 years with similar volatility: 14.1% a year at 18.6% volatility, against 9.5% a year at 19.2%. Looking beyond its popular alternatives, EMR (industrial machinery) and WTS (industrial machinery) were ahead of WM in most short and long periods, though with much bigger swings (27.7% and 28.4% volatility against 19.2%).

Is WM more volatile than the S&P 500?

Yes. WM's volatility over the past 5 years was 19.2%, 1.1 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, WM's return lands within 19.2% 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 WM's Sharpe ratio?

WM's Sharpe ratio over the past 5 years was 0.57, against 0.78 for the S&P 500, so WM 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 WM with the S&P 500?

Over the past 5 years, WM's monthly returns had a correlation of 0.35 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against WM instead: the lower it is, the more that option would diversify a WM holding.

What are the best alternatives to WM?

Of the 11 popular alternatives we compared, two outperformed WM in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: CLH and RSG.

Did WM outperform the S&P 500?

WM finished ahead of the S&P 500 (SPY) in 13 of 29 full calendar years. In 2025, it returned +10.5%, against +17.7% for the index.

How did WM do in stock market crashes?

WM fell less than the S&P 500 (SPY) in eight of the ten major crashes it has traded through, and further in two. The clearest case was the dot-com bust, when WM fell 32.9% and the S&P 500 fell 47.5%.

What diversifies WM?

These had a low correlation with WM over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.39), DXJ (correlation 0.26) and HDV (correlation 0.42); among large stocks, CAH (correlation 0.34), CLS (correlation -0.03) and MCK (correlation 0.40). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to WM

Other stocks and ETFs