BNC vs GWW: Correlation
How closely do CEA Industries Inc. (BNC) and W. W. Grainger (GWW) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BNC and GWW?
Over the past 3 years, BNC and GWW moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.05) runs above the 3-year figure (-0.23). Over 5 years the correlation is -0.10, and the annualized covariance of weekly returns is -640.6 %².
By 3-year correlation, GWW places #24 of the 37 assets tracked against BNC. The last year tells two different stories: GWW led by 117.1 percentage points, -86.1% for BNC against +31.0% for GWW. One caveat on sizing: BNC is 5.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 GWW: side by side
| BNC (CEA Industries Inc.) | GWW (W. W. Grainger) | |
|---|---|---|
| 1-year return | -86.1% | +31.0% |
| 5-year return | -97.4% | +219.4% |
| Volatility (ann.) | 120.4% | 23.3% |
| Beta vs S&P 500 | -0.47 | 0.74 |
| Max drawdown (3Y) | -96.5% | -24.5% |
| Market cap | $0.1B | $62.2B |
| P/E (trailing) | 0.0 | 34.0 |
| Dividend yield | 0.00% | 0.69% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | BNC | GWW |
|---|---|---|
| 2022 | -82.5% | +8.7% |
| 2023 | -34.9% | +50.5% |
| 2024 | +23.7% | +28.2% |
| 2025 | -20.9% | -3.4% |
| 2026 | -53.1% | +31.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BNC and GWW good diversifiers for each other?
Yes. With a correlation of -0.23, BNC and GWW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BNC and GWW?
The BNC/GWW correlation stands at -0.23 on a 3-year window (1 year: 0.05, 5 years: -0.10), computed from weekly returns as of 2026-08-27.
Is GWW a good diversifier for BNC?
Yes. With a correlation of -0.23, BNC and GWW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
A reading of -0.23 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-gww.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bnc-vs-gww/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BNC correlations · GWW correlations
