DOV vs ITW: Correlation
Dover Corporation (DOV) and Illinois Tool Works (ITW) show a strong relationship: their 3-year correlation of weekly returns is 0.65.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOV and ITW?
Across a 3-year window, the weekly returns of DOV and ITW correlate at 0.65, strong. Recent behaviour matches the longer record: 0.57 over 1 year against 0.65 over 3. Stretching to 5 years gives 0.73, with an annualized covariance of 283.8 %².
Within DOV's tracked universe of 78 assets, ITW comes in at #22 by 3-year correlation. Their 12-month results are close: +11.6% for DOV against +8.2% for ITW. On a rolling one-year basis the correlation drifted between 0.57 and 0.84, a moderate band.
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 ITW: side by side
| DOV (Dover Corporation) | ITW (Illinois Tool Works) | |
|---|---|---|
| 1-year return | +11.6% | +8.2% |
| 5-year return | +21.8% | +36.1% |
| Volatility (ann.) | 22.8% | 19.0% |
| Beta vs S&P 500 | 0.99 | 0.64 |
| Max drawdown (3Y) | -26.6% | -20.6% |
| Market cap | $27.2B | $80.2B |
| P/E (trailing) | 24.8 | 25.8 |
| Dividend yield | 1.02% | 2.26% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | DOV | ITW |
|---|---|---|
| 2022 | -24.3% | -8.5% |
| 2023 | +15.2% | +21.6% |
| 2024 | +23.3% | -1.0% |
| 2025 | +5.2% | -0.4% |
| 2026 | +3.9% | +15.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOV and ITW good diversifiers for each other?
Only partially. A correlation of 0.65 means DOV and ITW 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 ITW?
As of 2026-08-27, the correlation of weekly returns between DOV and ITW is 0.65 over 3 years, 0.57 over 1 year and 0.73 over 5 years.
Is ITW a good diversifier for DOV?
Only partially. A correlation of 0.65 means DOV and ITW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.65 mean?
On the −1 to +1 scale, 0.65 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-itw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dov-vs-itw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DOV correlations · ITW correlations
