Shares of North America's largest garbage and recycling collection company, Waste Management (WM -3.61%), were down 4% as of 2 p.m. ET on Monday, according to data provided by S&P Global Market Intelligence.

While this is not a dramatic drop in and of itself, it stands in stark contrast to the S&P 500 soaring 3% higher today on news of a potential trade deal between the United States and China.

What's going on with Waste Management?

In simplest terms, nothing actually changed with Waste Management or its operations as a whole today.

Image source: Getty Images.

However, the excitement tied to optimism surrounding a trade deal between the U.S. and China has the market taking a "risk-on" stance toward their investments.

Consider the following chart that compares the high-beta stocks (higher-risk and growth-focused) of the S&P 500 to the low volatility stocks (safer companies like Waste Management) in the index.

SPHB and SPLV ETF data by YCharts

Said another way, the market is feeling more bullish following this news, and stodgy investments like Waste Management aren't typically the most intriguing stocks for people looking to capitalize on a potential bull run.

In reality, though, this could be a short-sighted view.

Over the last decade, Waste Management has doubled the total returns of the S&P 500, more than quadrupling in value.

Furthermore, the company is a successful serial acquirer, making around 100 acquisitions since 2018. These tuck-in purchases keep Waste Management's sales inching higher, adding new pages to its growth story.

Continuing to build out a larger presence in the renewable natural gas industry and diversifying into healthcare waste disposal after acquiring Stericycle, Waste Management may be closer to a growth stock than the market is giving it credit for today.