DOV vs MDY: Correlation
Measured on weekly returns over the past three years, Dover Corporation (DOV) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.79, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOV and MDY?
Across a 3-year window, the weekly returns of DOV and MDY correlate at 0.79, strong. The past 12 months show a weaker link (0.58) than the 3-year average (0.79). Stretching to 5 years gives 0.80, with an annualized covariance of 297.3 %².
In DOV's tracked universe of 78 assets, MDY sits right near the top at #1. On 12-month performance MDY holds a 6.7-point edge, +11.6% against +18.3%. Across three years, the rolling one-year figure varied moderately, from 0.60 to 0.92.
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 MDY: side by side
| DOV (Dover Corporation) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +11.6% | +18.3% |
| 5-year return | +21.8% | +47.5% |
| Volatility (ann.) | 22.8% | 16.5% |
| Beta vs S&P 500 | 0.99 | 0.91 |
| Max drawdown (3Y) | -26.6% | -24.0% |
| Market cap | $27.2B | – |
| P/E (trailing) | 24.8 | – |
| Dividend yield | 1.02% | 1.02% |
| Expense ratio | – | 0.23% |
| Assets under management | – | $26.5B |
| Sector / category | Industrials | ETF · US Small & Mid Cap |
MDY, State Street Investment Management's Mid-Cap Blend fund, carries $26.5B under management, 400 holdings, a 0.23% expense ratio, a 1.02% trailing dividend yield.
Year-by-year returns
| Year | DOV | MDY |
|---|---|---|
| 2022 | -24.3% | -13.3% |
| 2023 | +15.2% | +16.1% |
| 2024 | +23.3% | +13.6% |
| 2025 | +5.2% | +7.2% |
| 2026 | +3.9% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOV and MDY good diversifiers for each other?
Only partially. A correlation of 0.79 means DOV and MDY 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 MDY?
The DOV/MDY correlation stands at 0.79 on a 3-year window (1 year: 0.58, 5 years: 0.80), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for DOV?
Only partially. A correlation of 0.79 means DOV and MDY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.79 mean?
On the −1 to +1 scale, 0.79 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
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Related comparisons
Hubs: DOV correlations · MDY correlations
