CMI vs DOV: Correlation
Measured on weekly returns over the past three years, Cummins (CMI) and Dover Corporation (DOV) carry a correlation of 0.59, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMI and DOV?
Across a 3-year window, the weekly returns of CMI and DOV correlate at 0.59, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.38 versus 0.59 over 3 years. Stretching to 5 years gives 0.64, with an annualized covariance of 348.4 %².
By 3-year correlation, DOV places #16 of the 36 assets tracked against CMI. The last year tells two different stories: CMI led by 33.5 percentage points, +45.1% for CMI against +11.6% for DOV. The rolling one-year correlation moved between 0.36 and 0.83 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.
CMI vs DOV: side by side
| CMI (Cummins) | DOV (Dover Corporation) | |
|---|---|---|
| 1-year return | +45.1% | +11.6% |
| 5-year return | +169.6% | +21.8% |
| Volatility (ann.) | 25.9% | 22.8% |
| Beta vs S&P 500 | 1.05 | 0.99 |
| Max drawdown (3Y) | -30.5% | -26.6% |
| Market cap | $79.0B | $27.2B |
| P/E (trailing) | 29.6 | 24.8 |
| Dividend yield | 1.38% | 1.02% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | CMI | DOV |
|---|---|---|
| 2022 | +14.1% | -24.3% |
| 2023 | +1.7% | +15.2% |
| 2024 | +48.9% | +23.3% |
| 2025 | +49.4% | +5.2% |
| 2026 | +13.6% | +3.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMI and DOV good diversifiers for each other?
To a limited degree. At 0.59 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CMI and DOV?
The CMI/DOV correlation stands at 0.59 on a 3-year window (1 year: 0.38, 5 years: 0.64), computed from weekly returns as of 2026-08-27.
Is DOV a good diversifier for CMI?
To a limited degree. At 0.59 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.59 mean?
On the −1 to +1 scale, 0.59 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/cmi-vs-dov.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cmi-vs-dov/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CMI correlations · DOV correlations
