DOV vs MMM: Correlation
How closely do Dover Corporation (DOV) and 3M (MMM) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOV and MMM?
Over the past 3 years, DOV and MMM moved with a correlation of 0.51, which is moderate. The relationship has been stable: the 1-year correlation (0.48) sits close to the 3-year figure. Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 345.8 %².
Within DOV's tracked universe of 78 assets, MMM comes in at #53 by 3-year correlation. Their 12-month results are close: +11.6% for DOV against +16.4% for MMM. This link changes with the market regime, having swung between 0.26 and 0.80 on a rolling one-year basis.
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 MMM: side by side
| DOV (Dover Corporation) | MMM (3M) | |
|---|---|---|
| 1-year return | +11.6% | +16.4% |
| 5-year return | +21.8% | +29.9% |
| Volatility (ann.) | 22.8% | 29.8% |
| Beta vs S&P 500 | 0.99 | 0.89 |
| Max drawdown (3Y) | -26.6% | -20.7% |
| Market cap | $27.2B | $92.2B |
| P/E (trailing) | 24.8 | 31.9 |
| Dividend yield | 1.02% | 1.68% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | DOV | MMM |
|---|---|---|
| 2022 | -24.3% | -29.6% |
| 2023 | +15.2% | -3.3% |
| 2024 | +23.3% | +46.1% |
| 2025 | +5.2% | +26.4% |
| 2026 | +3.9% | +13.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOV and MMM good diversifiers for each other?
To a limited degree. At 0.51 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 MMM?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.48 over the last year and 0.56 over 5 years.
Is MMM a good diversifier for DOV?
To a limited degree. At 0.51 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 0.51 mean?
A reading of 0.51 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dov-vs-mmm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dov-vs-mmm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DOV correlations · MMM correlations
