DIA vs DOV: Correlation
How closely do SPDR Dow Jones Industrial Average ETF (DIA) and Dover Corporation (DOV) trade together? Their weekly returns over three years give a correlation of 0.72, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DIA and DOV?
Across a 3-year window, the weekly returns of DIA and DOV correlate at 0.72, strong. Lately the two have drifted apart, with the 1-year correlation at 0.49 versus 0.72 over 3 years. Stretching to 5 years gives 0.72, with an annualized covariance of 214.9 %².
Among the 116 assets we track against DIA, DOV ranks #35 by 3-year correlation. The trailing year gives DIA the advantage: +19.2% versus +11.6%, a 7.6-point spread. The rolling one-year correlation moved between 0.49 and 0.90 over the past three years, a moderate range. Risk is not evenly split, since DOV carries 1.8 times the volatility of the other side.
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.
DIA vs DOV: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | DOV (Dover Corporation) | |
|---|---|---|
| 1-year return | +19.2% | +11.6% |
| 5-year return | +64.8% | +21.8% |
| Volatility (ann.) | 13.0% | 22.8% |
| Beta vs S&P 500 | 0.79 | 0.99 |
| Max drawdown (3Y) | -16.0% | -26.6% |
| Market cap | – | $27.2B |
| P/E (trailing) | – | 24.8 |
| Dividend yield | 1.37% | 1.02% |
| Expense ratio | 0.16% | – |
| Assets under management | $45.2B | – |
| Sector / category | ETF · US Large Cap | Industrials |
On the fund side, DIA sits in the Large Value category at State Street Investment Management, with $45.2B under management, 30 holdings, a 0.16% expense ratio, a 1.37% trailing dividend yield.
Year-by-year returns
| Year | DIA | DOV |
|---|---|---|
| 2022 | -7.0% | -24.3% |
| 2023 | +16.0% | +15.2% |
| 2024 | +14.8% | +23.3% |
| 2025 | +14.7% | +5.2% |
| 2026 | +12.3% | +3.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and DOV good diversifiers for each other?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between DIA and DOV?
Using weekly returns as of 2026-08-27: 0.72 over 3 years, with 0.49 over the last year and 0.72 over 5 years.
Is DOV a good diversifier for DIA?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.72 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dia-vs-dov.json
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[](https://www.pairbook.io/pair/dia-vs-dov/)
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Related comparisons
Hubs: DIA correlations · DOV correlations
