DOV vs IWM: Correlation
Dover Corporation (DOV) and iShares Russell 2000 ETF (IWM) show a strong relationship: their 3-year correlation of weekly returns is 0.72.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOV and IWM?
Over the past 3 years, DOV and IWM moved with a correlation of 0.72, which is strong. The past 12 months show a weaker link (0.49) than the 3-year average (0.72). Over 5 years the correlation is 0.73, and the annualized covariance of weekly returns is 326.9 %².
Among the 78 assets we track against DOV, IWM ranks #10 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months IWM outperformed by 16.8 percentage points (+11.6% for DOV against +28.4% for IWM). On a rolling one-year basis the correlation drifted between 0.50 and 0.88, 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 IWM: side by side
| DOV (Dover Corporation) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | +11.6% | +28.4% |
| 5-year return | +21.8% | +41.5% |
| Volatility (ann.) | 22.8% | 19.8% |
| Beta vs S&P 500 | 0.99 | 1.06 |
| Max drawdown (3Y) | -26.6% | -27.5% |
| Market cap | $27.2B | – |
| P/E (trailing) | 24.8 | – |
| Dividend yield | 1.02% | 0.91% |
| Expense ratio | – | 0.19% |
| Assets under management | – | $80.1B |
| Sector / category | Industrials | ETF · US Small & Mid Cap |
IWM, iShares's Small Blend fund, carries $80.1B under management, 1757 holdings, a 0.19% expense ratio, a 0.91% trailing dividend yield.
Year-by-year returns
| Year | DOV | IWM |
|---|---|---|
| 2022 | -24.3% | -20.5% |
| 2023 | +15.2% | +16.8% |
| 2024 | +23.3% | +11.4% |
| 2025 | +5.2% | +12.7% |
| 2026 | +3.9% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOV and IWM good diversifiers for each other?
To a limited degree. At 0.72 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between DOV and IWM?
As of 2026-08-27, the correlation of weekly returns between DOV and IWM is 0.72 over 3 years, 0.49 over 1 year and 0.73 over 5 years.
Is IWM a good diversifier for DOV?
To a limited degree. At 0.72 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
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-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dov-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DOV correlations · IWM correlations
