CARR vs DOV: Correlation
Measured on weekly returns over the past three years, Carrier Global (CARR) and Dover Corporation (DOV) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CARR and DOV?
Across a 3-year window, the weekly returns of CARR and DOV correlate at 0.60, strong. The relationship has been stable: the 1-year correlation (0.53) sits close to the 3-year figure. Stretching to 5 years gives 0.65, with an annualized covariance of 443.4 %².
Within CARR's tracked universe of 29 assets, DOV comes in at #7 by 3-year correlation. The last year tells two different stories: DOV led by 23.2 percentage points, -11.6% for CARR against +11.6% for DOV. The rolling one-year correlation moved between 0.36 and 0.75 over the past three years, a moderate range.
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.
CARR vs DOV: side by side
| CARR (Carrier Global) | DOV (Dover Corporation) | |
|---|---|---|
| 1-year return | -11.6% | +11.6% |
| 5-year return | +8.8% | +21.8% |
| Volatility (ann.) | 32.6% | 22.8% |
| Beta vs S&P 500 | 1.21 | 0.99 |
| Max drawdown (3Y) | -38.1% | -26.6% |
| Market cap | $48.5B | $27.2B |
| P/E (trailing) | 42.0 | 24.8 |
| Dividend yield | 1.61% | 1.02% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | CARR | DOV |
|---|---|---|
| 2022 | -22.7% | -24.3% |
| 2023 | +41.5% | +15.2% |
| 2024 | +20.3% | +23.3% |
| 2025 | -21.8% | +5.2% |
| 2026 | +12.6% | +3.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CARR and DOV good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CARR and DOV?
Using weekly returns as of 2026-08-27: 0.60 over 3 years, with 0.53 over the last year and 0.65 over 5 years.
Is DOV a good diversifier for CARR?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.60 mean?
A reading of 0.60 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/carr-vs-dov.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/carr-vs-dov/)
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Related comparisons
Hubs: CARR correlations · DOV correlations
