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The Trade: As bond yields drop these stocks win

Traders at the Chicago Board Options Exchange (CBOE).
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Traders at the Chicago Board Options Exchange (CBOE).

Much to the Federal Reserve's dismay, the benchmark 10-year Treasury yield is headed back toward the key 2 percent level as investors flee the stock market roller coaster for the safety of bonds.

The yield hit a low of 2.042 percent Wednesday, its lowest level since Oct. 27.

10-year Treasury yield six-month chart

Using Kensho, a quantitative tool used by hedge funds, CNBC Pro found the best and worst performing stocks in the S&P 500 when the 10-year Treasury yield fell by at least 10 percent over a month — such a move occurred in 29 instances in the last decade.

Here is what we found...

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