What is the dollar doing, and who benefits?
A stronger dollar makes American goods dearer abroad and shrinks the value of profits earned overseas, which hits exporters and multinationals; a weaker one does the reverse and tends to lift commodities and foreign stocks. About 40% of S&P 500 sales come from outside the US.
Updated Oct 2, 2026
Dollar steady
The dollar is +0.5% over three months and +1.0% over a year against a broad basket of currencies, stronger than its typical level of the past ten years. 8 stocks have tended to gain when the dollar falls, led by DG, NEM, FCX; none has clearly tended to gain when it rises.
The dollar and the stocks that move with it
Select the dollar, a currency or any stock below. Currencies are shown as the dollar’s value, so a rising line is a stronger dollar; stocks are shown with the S&P 500.
Stocks with a clear link to the dollar
Only stocks with a correlation of 0.3 or more with the dollar’s own moves, either way, ranked by sensitivity. A sensitivity of −2 means a 1% fall in the dollar beyond the market has gone with about a 2% rise in the stock. Select a column to sort.
| Stock | Link | Sensitivity | Correlation | 3M | 1Y | Sector | Past year |
|---|---|---|---|---|---|---|---|
| DG Dollar General | 0Gains with a weak dollar | -4.01 | -0.46 | +3% | +30% | Consumer Staples | |
| NEM Newmont | 0Gains with a weak dollar | -3.63 | -0.38 | +27% | +33% | Materials | |
| FCX Freeport-McMoRan | 1Gains with a weak dollar | -2.59 | -0.30 | +23% | +72% | Materials | |
| SBAC SBA Communications | 1Gains with a weak dollar | -2.24 | -0.32 | −2% | −3% | Real Estate | |
| AMT American Tower | 1Gains with a weak dollar | -2.24 | -0.36 | +8% | −2% | Real Estate | |
| MDLZ Mondelez International | 3Gains with a weak dollar | -1.69 | -0.35 | +1% | −2% | Consumer Staples | |
| PPG PPG Industries | 4Gains with a weak dollar | -1.58 | -0.31 | −9% | +2% | Materials | |
| O Realty Income | 7Gains with a weak dollar | -1.21 | -0.31 | −16% | −8% | Real Estate |
How to read this page
How it’s measured. The Fed’s broad trade-weighted dollar and exchange rates from FRED. Weekly returns over the past three years for S&P 500 and Nasdaq-100 stocks are regressed on the S&P 500 and on the dollar’s own move after taking the stock market out of it. Sensitivity is the dollar coefficient; scores for the dollar compare its level with the last ten years.
Sources. Daily prices from Financial Modeling Prep; economic data from FRED, the Federal Reserve Bank of St. Louis.
The dollar is measured by the Fed’s broad trade-weighted index, against the currencies of the US’s main trading partners. A negative sensitivity means the stock has tended to rise when the dollar fell, beyond what the stock market explains.
Many large companies hedge their currency exposure, which can mute or delay the effect. Three years of weekly data is a guide to the recent relationship.
This page is information, not investment advice. About our data and methods ›