CNBC Pro screened for stocks that are inversely correlated to Nvida's over a month and year period after the stock fell into correction territory this month.
Six stocks in the S & P 500 rise often whenever Nvidia shares fall, according to a
Pro analysis. The U.S.-listed stocks are Jack Daniel's distiller Brown-Forman , gaming company Electronic Arts , health products maker Henry Schein , software outsourcing giant Cognizant , pet care firm Zoetis , and securities exchange Cboe . Pro screened for stocks in the S & P 500 that are inversely correlated to Nvidia's over a month and year period after the stock fell into correction territory for the second time this month. Technical analysts have suggested it may be time for investors to sell Nvidia too.
Pro's analysis used the Pearson correlation coefficient, the most common way of measuring a linear correlation between two variables — or stock prices. 's calculations only measure the direction and size of daily price action. Long-term returns are not considered. Correlated returns also do not indicate causation or guarantee future returns or price action patterns. The below table highlights the 10 stocks in the S & P 500 with the strongest inverse correlation with Nvidia's share price.
NVIDIA Corp Brown-Forman Corp Electronic Arts Henry Schein Inc Cognizant Technology Solutions Corp Zoetis Inc Cboe Global Markets Inc SPDR S&P 500 ETF Trust Stock Markets Business News
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