2023-11-23 07:00:00 ET
The 10-year Treasury yield ( US10Y ) has tumbled since topping 5% last month.
Jefferies screened for stocks with strong negative correlation to the 10-year "especially" over the last three years.
They screened U.S. companies with market caps of more than $4B for strong recent negative correlation to US bond yields and monthly stock outperformance vs MSCI USA ( PBUS ).
- Microsoft ( MSFT ), correlation with 10-year last 3 years (0.22)
- Adobe ( ADBE ) (0.30)
- S&P Global ( SPGI ) (0.41)
- Blackstone ( BX ) (0.25)
- Prologis ( PLD ) (0.26)
- Intuitive Surgical ( ISRG ) (0.28)
- American Tower ( AMT ) (0.28)
- Synopsys ( SNPS ) (0.35)
- Equinix ( EQIX ) (0.28)
- Cadence Design Systems ( CDNS ) (0.25)
- Moody's ( MCO ) (0.43)
- MSCI ( MSCI ) (0.30)
- DR Horton ( DHI ) (0.39)
- Lennar ( LEN ) (0.34)
- US West Pharmaceutical ( WST ) (0.23)
- ANSYS ( ANSS ) (0.28)
- SBA Communications ( SBAC ) (0.29)
- Fair Isaac ( FICO ) (0.34)
- STERIS ( STE ) (0.21)
- VeriSign ( VRSN ) (0.26)
- NVR ( NVR ) (0.30)
- FactSet ( FDS ) (0.23)
- Pulte Home ( PHM ) (0.31)
- Cooper Companies ( COO ) (0.31)
- Ball ( BALL ) (0.22)
- Lennox ( LII ) (0.23)
- EastGroup Properties ( EGP ) (0.20)
- SiteOne Landscape Supply ( SITE ) (0.32)
- Trex ( TREX ) (0.23)
- First Industrial Realty ( FR ) (0.26)
- Bright Horizons Family ( BFAM ) (0.25)
- Meritage Homes ( MTH ) (0.33)
For further details see:
Best stocks for when the 10-year Treasury is falling