DOV vs LUV: Correlation
How closely do Dover Corporation (DOV) and Southwest Airlines (LUV) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOV and LUV?
Over the past 3 years, DOV and LUV moved with a correlation of 0.45, which is moderate. Recent behaviour matches the longer record: 0.49 over 1 year against 0.45 over 3. Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 412.3 %².
By 3-year correlation, LUV places #63 of the 78 assets tracked against DOV. The trailing year gives LUV the advantage: +11.6% versus +22.0%, a 10.4-point spread. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.04 to 0.69. One caveat on sizing: LUV is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 LUV: side by side
| DOV (Dover Corporation) | LUV (Southwest Airlines) | |
|---|---|---|
| 1-year return | +11.6% | +22.0% |
| 5-year return | +21.8% | -12.3% |
| Volatility (ann.) | 22.8% | 40.5% |
| Beta vs S&P 500 | 0.99 | 1.11 |
| Max drawdown (3Y) | -26.6% | -33.5% |
| Market cap | $27.2B | $19.5B |
| P/E (trailing) | 24.8 | 25.5 |
| Dividend yield | 1.02% | 1.77% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | DOV | LUV |
|---|---|---|
| 2022 | -24.3% | -21.4% |
| 2023 | +15.2% | -11.8% |
| 2024 | +23.3% | +19.1% |
| 2025 | +5.2% | +25.6% |
| 2026 | +3.9% | -3.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOV and LUV good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between DOV and LUV?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.49 over the last year and 0.45 over 5 years.
Is LUV a good diversifier for DOV?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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-luv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dov-vs-luv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DOV correlations · LUV correlations
