Six stocks in the S & P 500 tend to rise when Tesla shares fall, according to an analysis of recent data by CNBC 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. Tough times are expected to continue for Tesla as the company potentially pivots from building a new low-cost entry vehicle to self-driving technology, according to Deutsche Bank analyst Emmanuel Rosner, who slashed his price target on the stock to $123 from $189 last week. The new forecast implies a downside of about 15% over the next 12 months. In the tables below, a negative 1 value in the correlation column means that as Tesla’s stock moved, either up or down, the share price of the companies listed moved in the opposite direction. A correlation of 0 would indicate no statistical link between the EV automaker’s stock and the share price of the six companies. Correlated returns do not indicate causation or guarantee future returns or price action patterns. The table below highlights the ten stocks in the S & P 500 that had the strongest inverse correlation with Tesla’s share price last week (between Apr. 14 and Apr. 20): Consumer products maker Church & Dwight is the only stock that was inversely correlated to Tesla both in March and last week. CNBC 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. CNBC’s calculations only measure the direction and size of daily price action. Longer-term returns are not considered. — CNBC’s Fred Imbert contributed to this report.
Read More: When Tesla shares fall — these 6 stocks tend to rise, according to recent