CNBC Pro screened for stocks that were inversely correlated to Tesla's over recent weeks.
Six stocks in the S & P 500 tend to rise when Tesla shares fall, according to an analysis of recent data by
Pro . The U.S.-listed stocks are chemical giants Linde and FMC , online shopping firm eBay , consumer goods maker Church & Dwight , grocer Walmart and lender Wells Fargo . The share price performance of these S & P 500 stocks was inversely correlated to Tesla's last month. They have typically shot up this year, in contrast to a 40% plunge for Tesla.
Pro's analysis used the Pearson correlation coefficient, the most common way of measuring a linear correlation between two variables — in this case, stock prices. 's calculations only measure the direction and size of daily price action. Longer-term returns are not considered. — 's Fred Imbert contributed to this report.
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