BNC vs TROX: Correlation
CEA Industries Inc. (BNC) and Tronox Holdings plc (TROX) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BNC and TROX?
Across a 3-year window, the weekly returns of BNC and TROX correlate at -0.24, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.02) runs above the 3-year figure (-0.24). Stretching to 5 years gives -0.13, with an annualized covariance of -2024.8 %².
Within BNC's tracked universe of 37 assets, TROX comes in at #28 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months TROX outperformed by 123.2 percentage points (-86.1% for BNC against +37.1% for TROX). One caveat on sizing: BNC is 1.7 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 TROX: side by side
| BNC (CEA Industries Inc.) | TROX (Tronox Holdings plc) | |
|---|---|---|
| 1-year return | -86.1% | +37.1% |
| 5-year return | -97.4% | -67.8% |
| Volatility (ann.) | 120.4% | 69.1% |
| Beta vs S&P 500 | -0.47 | 1.88 |
| Max drawdown (3Y) | -96.5% | -84.5% |
| Market cap | $0.1B | $0.9B |
| P/E (trailing) | 0.0 | – |
| Dividend yield | 0.00% | 3.66% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BNC | TROX |
|---|---|---|
| 2022 | -82.5% | -41.1% |
| 2023 | -34.9% | +7.4% |
| 2024 | +23.7% | -26.4% |
| 2025 | -20.9% | -55.6% |
| 2026 | -53.1% | +34.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BNC and TROX good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BNC and TROX?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.02 over the last year and -0.13 over 5 years.
Is TROX a good diversifier for BNC?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bnc-vs-trox.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bnc-vs-trox/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BNC correlations · TROX correlations
