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In a similar vein, Germany's Siemens ( SI) has been tarred and feathered, seeing $50 billion in market value simply vanish over the past 12 months. Meanwhile, Siemen's key global rival, GE ( GE), is trading near its highest levels in more than three years. Make no mistake, these companies are equally exposed to the vagaries of the global economy and tend to prosper and slump in tandem.

That's why some investors think a paired trade with these two stocks makes sense, going long with Siemens and shorting GE. Consider that GE trades for 1.5 times trailing sales, which is roughly twice as high as Siemen's price-to-sales ratio. Looked at another way, Siemens trades for nine times projected 2013 earnings while GE's forward multiple is 11. Both companies are expected to see sales grow around 4% to 5% next year, with more robust growth anticipated by mid-decade as the global economy mends.

Siemens also shows up on a list of 8 High-Quality, Dividend-Paying European Stocks Trading Cheaply.

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