BNC vs FDX: Correlation
CEA Industries Inc. (BNC) and FedEx (FDX) show a negative relationship: their 3-year correlation of weekly returns is -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BNC and FDX?
On 3 years of weekly data the BNC/FDX correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.25) sits close to the 3-year figure. The 5-year figure is -0.07, and annualized covariance runs at -762.0 %².
By 3-year correlation, FDX places #20 of the 37 assets tracked against BNC. Their recent paths diverged sharply: over the last 12 months FDX outperformed by 166.7 percentage points (-86.1% for BNC against +80.6% for FDX). Risk is not evenly split, since BNC carries 3.9 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
BNC vs FDX: side by side
| BNC (CEA Industries Inc.) | FDX (FedEx) | |
|---|---|---|
| 1-year return | -86.1% | +80.6% |
| 5-year return | -97.4% | +71.0% |
| Volatility (ann.) | 120.4% | 30.7% |
| Beta vs S&P 500 | -0.47 | 0.89 |
| Max drawdown (3Y) | -96.5% | -35.9% |
| Market cap | $0.1B | $78.4B |
| P/E (trailing) | 0.0 | 18.1 |
| Dividend yield | 0.00% | 1.66% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | BNC | FDX |
|---|---|---|
| 2022 | -82.5% | -31.6% |
| 2023 | -34.9% | +49.1% |
| 2024 | +23.7% | +13.5% |
| 2025 | -20.9% | +5.1% |
| 2026 | -53.1% | +43.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BNC and FDX good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BNC and FDX?
The BNC/FDX correlation stands at -0.21 on a 3-year window (1 year: -0.25, 5 years: -0.07), computed from weekly returns as of 2026-08-27.
Is FDX a good diversifier for BNC?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 mean?
A reading of -0.21 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bnc-vs-fdx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bnc-vs-fdx/)
Free with attribution; caching and terms are described in the API documentation.
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Hubs: BNC correlations · FDX correlations
