DOV vs IEX: Correlation
How closely do Dover Corporation (DOV) and IDEX Corporation (IEX) 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 DOV and IEX?
On 3 years of weekly data the DOV/IEX correlation comes out at 0.72, strong. Lately the two have drifted apart, with the 1-year correlation at 0.61 versus 0.72 over 3 years. The 5-year figure is 0.68, and annualized covariance runs at 380.3 %².
By 3-year correlation, IEX places #7 of the 78 assets tracked against DOV. Their recent paths diverged sharply: over the last 12 months IEX outperformed by 31.4 percentage points (+11.6% for DOV against +43.0% for IEX). Stability stands out here, with the rolling one-year correlation confined to 0.59 through 0.81.
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 IEX: side by side
| DOV (Dover Corporation) | IEX (IDEX Corporation) | |
|---|---|---|
| 1-year return | +11.6% | +43.0% |
| 5-year return | +21.8% | +10.5% |
| Volatility (ann.) | 22.8% | 23.3% |
| Beta vs S&P 500 | 0.99 | 0.89 |
| Max drawdown (3Y) | -26.6% | -34.6% |
| Market cap | $27.2B | $17.2B |
| P/E (trailing) | 24.8 | 33.8 |
| Dividend yield | 1.02% | 1.23% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | DOV | IEX |
|---|---|---|
| 2022 | -24.3% | -2.2% |
| 2023 | +15.2% | -3.8% |
| 2024 | +23.3% | -2.4% |
| 2025 | +5.2% | -13.7% |
| 2026 | +3.9% | +32.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOV and IEX good diversifiers for each other?
Only partially. A correlation of 0.72 means DOV and IEX 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 IEX?
The DOV/IEX correlation stands at 0.72 on a 3-year window (1 year: 0.61, 5 years: 0.68), computed from weekly returns as of 2026-08-27.
Is IEX a good diversifier for DOV?
Only partially. A correlation of 0.72 means DOV and IEX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.72 mean?
On the −1 to +1 scale, 0.72 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/dov-vs-iex.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dov-vs-iex/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DOV correlations · IEX correlations
