DOV vs GTES: Correlation
Dover Corporation (DOV) and Gates Industrial Corporation Ltd. (GTES) show a strong relationship: their 3-year correlation of weekly returns is 0.67.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOV and GTES?
On 3 years of weekly data the DOV/GTES correlation comes out at 0.67, strong. The past 12 months show a weaker link (0.55) than the 3-year average (0.67). The 5-year figure is 0.65, and annualized covariance runs at 534.4 %².
By 3-year correlation, GTES places #17 of the 78 assets tracked against DOV. On 12-month performance DOV holds a 10.1-point edge, +11.6% against +1.5%. Note the risk asymmetry: GTES runs 1.5 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 GTES: side by side
| DOV (Dover Corporation) | GTES (Gates Industrial Corporation Ltd.) | |
|---|---|---|
| 1-year return | +11.6% | +1.5% |
| 5-year return | +21.8% | +56.6% |
| Volatility (ann.) | 22.8% | 35.0% |
| Beta vs S&P 500 | 0.99 | 1.27 |
| Max drawdown (3Y) | -26.6% | -33.8% |
| Market cap | $27.2B | $6.7B |
| P/E (trailing) | 24.8 | 18.8 |
| Dividend yield | 1.02% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | DOV | GTES |
|---|---|---|
| 2022 | -24.3% | -28.3% |
| 2023 | +15.2% | +17.6% |
| 2024 | +23.3% | +53.3% |
| 2025 | +5.2% | +4.4% |
| 2026 | +3.9% | +22.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOV and GTES good diversifiers for each other?
Only partially. A correlation of 0.67 means DOV and GTES 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 DOV and GTES?
The DOV/GTES correlation stands at 0.67 on a 3-year window (1 year: 0.55, 5 years: 0.65), computed from weekly returns as of 2026-08-27.
Is GTES a good diversifier for DOV?
Only partially. A correlation of 0.67 means DOV and GTES share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.67 mean?
A reading of 0.67 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/dov-vs-gtes.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dov-vs-gtes/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DOV correlations · GTES correlations
