DOV vs FDX: Correlation
Measured on weekly returns over the past three years, Dover Corporation (DOV) and FedEx (FDX) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOV and FDX?
Over the past 3 years, DOV and FDX moved with a correlation of 0.47, which is moderate. The relationship has been stable: the 1-year correlation (0.55) sits close to the 3-year figure. Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 328.1 %².
By 3-year correlation, FDX places #61 of the 78 assets tracked against DOV. Correlation aside, the last 12 months split them widely, with FDX ahead by 69.0 points (+11.6% versus +80.6%). The rolling one-year correlation moved between 0.22 and 0.69 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.
DOV vs FDX: side by side
| DOV (Dover Corporation) | FDX (FedEx) | |
|---|---|---|
| 1-year return | +11.6% | +80.6% |
| 5-year return | +21.8% | +71.0% |
| Volatility (ann.) | 22.8% | 30.7% |
| Beta vs S&P 500 | 0.99 | 0.89 |
| Max drawdown (3Y) | -26.6% | -35.9% |
| Market cap | $27.2B | $78.4B |
| P/E (trailing) | 24.8 | 18.1 |
| Dividend yield | 1.02% | 1.66% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | DOV | FDX |
|---|---|---|
| 2022 | -24.3% | -31.6% |
| 2023 | +15.2% | +49.1% |
| 2024 | +23.3% | +13.5% |
| 2025 | +5.2% | +5.1% |
| 2026 | +3.9% | +43.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOV and FDX good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DOV and FDX?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.55 over the last year and 0.46 over 5 years.
Is FDX a good diversifier for DOV?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 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/dov-vs-fdx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dov-vs-fdx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DOV correlations · FDX correlations
