CAT vs DOV: Correlation
Measured on weekly returns over the past three years, Caterpillar Inc. (CAT) and Dover Corporation (DOV) carry a correlation of 0.61, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAT and DOV?
Over the past 3 years, CAT and DOV moved with a correlation of 0.61, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.49 versus 0.61 over 3 years. Over 5 years the correlation is 0.59, and the annualized covariance of weekly returns is 407.2 %².
By 3-year correlation, DOV places #9 of the 36 assets tracked against CAT. Their recent paths diverged sharply: over the last 12 months CAT outperformed by 78.9 percentage points (+90.5% for CAT against +11.6% for DOV). The rolling one-year correlation moved between 0.50 and 0.79 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.
CAT vs DOV: side by side
| CAT (Caterpillar Inc.) | DOV (Dover Corporation) | |
|---|---|---|
| 1-year return | +90.5% | +11.6% |
| 5-year return | +321.1% | +21.8% |
| Volatility (ann.) | 29.4% | 22.8% |
| Beta vs S&P 500 | 1.03 | 0.99 |
| Max drawdown (3Y) | -34.0% | -26.6% |
| Market cap | $375.6B | $27.2B |
| P/E (trailing) | 35.3 | 24.8 |
| Dividend yield | 0.75% | 1.02% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | CAT | DOV |
|---|---|---|
| 2022 | +18.6% | -24.3% |
| 2023 | +25.9% | +15.2% |
| 2024 | +24.7% | +23.3% |
| 2025 | +60.3% | +5.2% |
| 2026 | +43.5% | +3.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAT and DOV good diversifiers for each other?
Only partially. A correlation of 0.61 means CAT 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 CAT and DOV?
The CAT/DOV correlation stands at 0.61 on a 3-year window (1 year: 0.49, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is DOV a good diversifier for CAT?
Only partially. A correlation of 0.61 means CAT 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 0.61 mean?
A reading of 0.61 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/cat-vs-dov.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cat-vs-dov/)
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Related comparisons
Hubs: CAT correlations · DOV correlations
