BNC vs IEX: Correlation
How closely do CEA Industries Inc. (BNC) and IDEX Corporation (IEX) 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 IEX?
On 3 years of weekly data the BNC/IEX correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.14) than the 3-year average (-0.23). The 5-year figure is -0.10, and annualized covariance runs at -640.3 %².
Among the 37 assets we track against BNC, IEX ranks #25 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months IEX outperformed by 129.1 percentage points (-86.1% for BNC against +43.0% for IEX). Note the risk asymmetry: BNC runs 5.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 IEX: side by side
| BNC (CEA Industries Inc.) | IEX (IDEX Corporation) | |
|---|---|---|
| 1-year return | -86.1% | +43.0% |
| 5-year return | -97.4% | +10.5% |
| Volatility (ann.) | 120.4% | 23.3% |
| Beta vs S&P 500 | -0.47 | 0.89 |
| Max drawdown (3Y) | -96.5% | -34.6% |
| Market cap | $0.1B | $17.2B |
| P/E (trailing) | 0.0 | 33.8 |
| Dividend yield | 0.00% | 1.23% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | BNC | IEX |
|---|---|---|
| 2022 | -82.5% | -2.2% |
| 2023 | -34.9% | -3.8% |
| 2024 | +23.7% | -2.4% |
| 2025 | -20.9% | -13.7% |
| 2026 | -53.1% | +32.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BNC and IEX good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between BNC and IEX?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with 0.14 over the last year and -0.10 over 5 years.
Is IEX a good diversifier for BNC?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: BNC correlations · IEX correlations
