Online stock screener to find stocks that are negatively correlated to another stock/index?
Is there a free online resource that I can use to find pairs of stocks that are always negatively correlated? For example, I want to find stocks that are negatively correlated w.r.t SPY.
On Google Finance, I can draw the chart for SPY for the last 5 years, and then individually I can compare other stock charts against the SPY chart to find which ones are negatively correlated. But this is manual process and I need to select each stock to know if it is negatively correlated with SPY.
Is there an automatic tool that would let me choose one ETF like SPY, then find all other stocks that have a correlation coefficient of less than 0 with SPY?
An alternative obviously is to download historical prices and calculate the coefficient in Excel.
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You may want to have a look at DiversifyPortfolio which will give you the info you want plus quite a bit more. They offer various tools all related to stock correlation and diversification.
You'll be able to create heatmaps and various other charts showing stock correlations. It also has several scans which allow you to search for stocks that meet your requirements in terms of correlation to existing positions in your portfolio or to specific stocks / ETF's.
SeekingAlpha has a section dedicated to Short ETFs as well as others. In there you will find SH, and SDS. Both of which are inverse to the S&P 500.
Edit: I linked to charts that compare SH and SDS to SPY.
Finviz can be screened by beta which is an index of correlation.
Finviz covers all major North American exchanges and some others.
There are lists with Top 1,000 Most and Less correlated stocks for different markets, I think you'll find the solution here: unicornbay.com/tools/most-less-correlated-assets
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