DOV vs FWDI: Correlation
Measured on weekly returns over the past three years, Dover Corporation (DOV) and Forward Industries, Inc. (FWDI) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOV and FWDI?
Over the past 3 years, DOV and FWDI moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.24 over 1 year against -0.23 over 3. Over 5 years the correlation is -0.12, and the annualized covariance of weekly returns is -637.9 %².
Out of 78 assets tracked against DOV, FWDI lands near the bottom at #75. Their recent paths diverged sharply: over the last 12 months DOV outperformed by 61.7 percentage points (+11.6% for DOV against -50.1% for FWDI). Note the risk asymmetry: FWDI runs 5.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 FWDI: side by side
| DOV (Dover Corporation) | FWDI (Forward Industries, Inc.) | |
|---|---|---|
| 1-year return | +11.6% | -50.1% |
| 5-year return | +21.8% | -73.8% |
| Volatility (ann.) | 22.8% | 123.1% |
| Beta vs S&P 500 | 0.99 | -0.00 |
| Max drawdown (3Y) | -26.6% | -90.9% |
| Market cap | $27.2B | $0.5B |
| P/E (trailing) | 24.8 | – |
| Dividend yield | 1.02% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | DOV | FWDI |
|---|---|---|
| 2022 | -24.3% | -31.4% |
| 2023 | +15.2% | -31.8% |
| 2024 | +23.3% | -32.2% |
| 2025 | +5.2% | +33.5% |
| 2026 | +3.9% | +0.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOV and FWDI good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DOV and FWDI?
The DOV/FWDI correlation stands at -0.23 on a 3-year window (1 year: -0.24, 5 years: -0.12), computed from weekly returns as of 2026-08-27.
Is FWDI a good diversifier for DOV?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 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-fwdi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dov-vs-fwdi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DOV correlations · FWDI correlations
