Six stocks in the S & P 500 have been inversely correlated to Nvidia’s share price moves over the past month, according to analysis by CNBC Pro. The U.S.-listed stocks are Kraft Heinz , State Street , Walgreens Boots Alliance , MasterCard , health care distributor Henry Schein and automotive parts retailer O’Reilly Automotive . It comes as Nvidia fell into correction territory this week, meaning it’s fallen over 10% from its closing high of $148.88 reached last month. CNBC Pro screened for stocks in the S & P 500 that have moved in the opposite direction to the U.S. chip giant over the past month. In the table below, a negative 1 value in the correlation column means that as Nvidia’s stock moves, either up or down, the share price of the company listed moves in the opposite direction. A correlation of 0 would indicate no statistical link between Nvidia’s stock and the share price of the company. It should be noted that correlated returns do not indicate causation or predict future returns or price action patterns. The stocks could have moved higher (as Nvidia fell) for entirely idiosyncratic reasons. The calculations only measure the direction and size of daily price action. Over a longer period, the total returns of the above inversely correlated stocks diverge. For instance, over the past month, Kraft Heinz shares have also fallen 0.6%, alongside Nvidia’s decline over the same period. CNBC Pro’s analysis used the Pearson correlation coefficient, the most common way of measuring a linear correlation between two variables, or stock prices.
These 6 stocks rose as Nvidia fell into correction territory