ALGN vs DOV: Correlation
Measured on weekly returns over the past three years, Align Technology (ALGN) and Dover Corporation (DOV) carry a correlation of 0.58, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALGN and DOV?
On 3 years of weekly data the ALGN/DOV correlation comes out at 0.58, moderate. Little has changed lately, as the 1-year reading of 0.66 lands near the 3-year figure. The 5-year figure is 0.57, and annualized covariance runs at 587.0 %².
DOV is one of the assets that tracks ALGN most closely: it ranks #2 out of the 37 assets we track against ALGN. Their 12-month results are close: +11.9% for ALGN against +11.6% for DOV. On a rolling one-year basis the correlation drifted between 0.42 and 0.70, a moderate band. One caveat on sizing: ALGN is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
ALGN vs DOV: side by side
| ALGN (Align Technology) | DOV (Dover Corporation) | |
|---|---|---|
| 1-year return | +11.9% | +11.6% |
| 5-year return | -77.4% | +21.8% |
| Volatility (ann.) | 44.3% | 22.8% |
| Beta vs S&P 500 | 1.51 | 0.99 |
| Max drawdown (3Y) | -66.7% | -26.6% |
| Market cap | $11.3B | $27.2B |
| P/E (trailing) | 27.6 | 24.8 |
| Dividend yield | 0.00% | 1.02% |
| Sector / category | Health Care | Industrials |
Year-by-year returns
| Year | ALGN | DOV |
|---|---|---|
| 2022 | -67.9% | -24.3% |
| 2023 | +29.9% | +15.2% |
| 2024 | -23.9% | +23.3% |
| 2025 | -25.1% | +5.2% |
| 2026 | +1.7% | +3.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALGN and DOV good diversifiers for each other?
Only partially. A correlation of 0.58 means ALGN and DOV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ALGN and DOV?
The ALGN/DOV correlation stands at 0.58 on a 3-year window (1 year: 0.66, 5 years: 0.57), computed from weekly returns as of 2026-08-27.
Is DOV a good diversifier for ALGN?
Only partially. A correlation of 0.58 means ALGN and DOV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.58 mean?
On the −1 to +1 scale, 0.58 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/algn-vs-dov.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/algn-vs-dov/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ALGN correlations · DOV correlations
