Six
stocks
in
the
S
&
P
500
rise
often
whenever
Nvidia
shares
fall,
according
to
a
CNBC
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
.
CNBC
Pro
screened
for
stocks
in
the
S
&
P
500
that
are
inversely
correlated
to
Nvidia’s
over
a
month
(March)
and
year
(2023)
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.
Chart
patterns
indicate
that
deeper
pullback
may
be
due
“just
in
time
for
the
seasonal
adage
of
‘sell
in
May,
and
go
away’
to
manifest
itself
in
investor
behavior,”
according
to
Katie
Stockton
of
Fairlead
Strategies.
In
the
tables
below,
a
negative
1 value
in
the
correlation
columns
would
mean
that
as
Nvidia’s
stock
moves,
either
up
or
down,
the
share
price
of
the
companies
listed
below
move
in
lockstep
in
the
opposite
direction.
A
correlation
of
0
would
indicate
no
statistical
link
between
Nvidia’s
stock
and
the
share
price
of
the
six
companies.
CNBC
Pro’s
analysis
used
the
Pearson
correlation
coefficient,
the
most
common
way
of
measuring
a
linear
correlation
between
two
variables
—
or
stock
prices.
CNBC’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.
Trivariate
Research’s
Adam
Parker
also
named
eight
steady
growth
stocks
that
could
replace
Nvidia
if
investors
are
concerned
that
they
are
overexposed
to
it.
