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Kensho Trade: Fed, investors have dollar problem

A trader on the floor of the New York Stock Exchange.
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A trader on the floor of the New York Stock Exchange.

If the Federal Reserve's announcement Wednesday reinforces the notion that the central bank has the most restrictive monetary policy in the world, the U.S. dollar is likely to resume its rally, putting pressure on the stock market and some of its largest companies.

Using Kensho, a hedge fund analytics tool, we looked at all the times when the dollar index rose by 4 percent or more in one month. This kind of move has happened 21 times since 2005.

Here are the top and bottom performers among stocks in the Dow Jones industrial average during those periods of dollar strength.