A correlation of 0 would indicate no statistical relationship between Nvidia’s stock and the price of the six companies.
Six stocks in the S&P 500 tend to rise whenever Nvidia stock falls.
Some stocks in the S&P 500 are inversely correlated to Nvidia in March and into 2023 after shares entered correction territory for the second time this month.
A negative value of -1 in the correlation means that while Nvidia stock moves, up or down, the stock price of the companies listed below moves in parallel in the opposite direction.
A correlation of 0 would indicate no statistical relationship between Nvidia’s stock and the price of the six companies.
leggi anche
5 AI stocks to survive the next tech bubble
Stocks Inversely Correlated to Nvidia During March
- Brown-Forman: -0.7810
- Electronic Arts: -0.7577
- Henry Schein: -0.7554
- Cognizant Tech: -0.7244
- Zoetis: -0.7131
- Cboe Global Markets: -0.7108
The Pearson correlation coefficient, the most common way of measuring the linear correlation between two variables, or stock prices, was used.
Long-term returns are not considered. Correlated returns also do not indicate causality or guarantee future returns or price action patterns.
Highlighted below are the 10 stocks in the S&P 500 with the strongest inverse correlation to Nvidia’s stock price.
Stocks Inversely Related to Nvidia in 2023
- Estee Lauder: -0.9142
- Dollar General: -0.8972
- Amcor: -0.8895
- Incyte: -0.8833
- Campbell Soup: -0.8822
- Modern: -0.8804
- Pfizer: -0.8707
- AT&T: -0.8612
- Conagra Brands: -0.8604
- FMC: -0.8572
| Disclaimer The information and considerations contained in this article should not be used as the sole and principal basis on which to make investment decisions. The reader retains full freedom in his own investment choices and full responsibility in making them, since he alone knows his risk appetite and his time horizon. The information contained in the article is provided for informational purposes only and its disclosure does not constitute and should not be considered an offer or solicitation to public savings. |
Original article published on Money.it Italy 2024-05-08 06:59:00. Original title: Ecco i 6 titoli che salgono quando scendono le azioni di Nvidia
