Scared of the profit impact of a strong U.S. dollar? Relax a bit.

With the U.S. dollar hovering around a 2018 high, the mood on Wall Street is that dollar strength will mean less bumper sales and profits for multinational companies later this year. S&P 500 I:GSPC companies derive about 30% of their revenues from overseas -- when the dollar is weak sales and profits tend to get a boost due to conversion considerations. The contrary happens when the dollar trade reverses.

But according to new research from S&P Dow Jones Indices, stocks across a variety of assets classes have performed well since 2008 when the dollar has risen.

Here are some takeaways from S&P's research. 

Since 2008, for Every Rise in the Dollar

  • Large-caps gain 71 basis points.
  • Mid-caps gain 82 basis points.
  • Small-caps gain 95 basis points.

Sector Performance When the Dollar Gains

  • Materials, Financials and Energy are all driven more by a falling dollar than a rising one.
  • A rising dollar helps Consumer Staples, Health Care and Utilities.
  • Small-cap Financials have outperformed their larger counterparts. 

That said, don't be so quick to jump into Campbell Soup (CPB) - Get Report as a play on dollar strength. It needs to find a new CEO, as of today. 

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