A method and system for analyzing Vertical-Cavity Surface-Emitting Lasers (VCSELs) on a wafer are provided. An illustrative method of is provided that includes: applying a stimulus to each of the plurality of VCSELs on the wafer; measuring, for each of the plurality of VCSELs, two or more VCSEL parameters responsive to the stimulus; correlating the measured two or more VCSEL parameters to define a value of a common performance characteristic; and identifying clusters of VCSELs having similar values of the common performance characteristic. The clusters of VCSELs may be determined to collectively meet or not meet an optical performance requirement defined for the VCSELs on the wafer.