When Tesla shares fall, these 6 stocks tend to rise, according to recent history

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.

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

These 10 oil stocks are the most — and least — sensitive to price swings amid Iran-Israel tensionsCNBC Pro screened for stocks that are highly correlated with Brent crude oil prices.
Source: CNBC - 🏆 12. / 72 Read more »

These 4 stocks can help investors play defense as inflation rattles the marketCNBC Pro screened for S&P 500 stocks that fit the bill as defensive options.
Source: CNBC - 🏆 12. / 72 Read more »

These are the cheapest stocks in the S&P 500 at the start of the second quarterCNBC Pro screened for names that may offer value.
Source: CNBC - 🏆 12. / 72 Read more »