DOV vs OTIS: Correlation
Measured on weekly returns over the past three years, Dover Corporation (DOV) and Otis Worldwide (OTIS) carry a correlation of 0.50, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOV and OTIS?
Over the past 3 years, DOV and OTIS moved with a correlation of 0.50, 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 0.62, and the annualized covariance of weekly returns is 218.9 %².
Within DOV's tracked universe of 78 assets, OTIS comes in at #56 by 3-year correlation. Correlation aside, the last 12 months split them widely, with DOV ahead by 28.4 points (+11.6% versus -16.8%). The rolling one-year correlation moved between 0.37 and 0.81 over the past three years, a moderate range.
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 OTIS: side by side
| DOV (Dover Corporation) | OTIS (Otis Worldwide) | |
|---|---|---|
| 1-year return | +11.6% | -16.8% |
| 5-year return | +21.8% | -15.9% |
| Volatility (ann.) | 22.8% | 19.1% |
| Beta vs S&P 500 | 0.99 | 0.59 |
| Max drawdown (3Y) | -26.6% | -32.4% |
| Market cap | $27.2B | $27.2B |
| P/E (trailing) | 24.8 | 18.4 |
| Dividend yield | 1.02% | 2.35% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | DOV | OTIS |
|---|---|---|
| 2022 | -24.3% | -8.8% |
| 2023 | +15.2% | +16.0% |
| 2024 | +23.3% | +5.2% |
| 2025 | +5.2% | -4.0% |
| 2026 | +3.9% | -16.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOV and OTIS good diversifiers for each other?
Only partially. A correlation of 0.50 means DOV and OTIS 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 OTIS?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.48 over the last year and 0.62 over 5 years.
Is OTIS a good diversifier for DOV?
Only partially. A correlation of 0.50 means DOV and OTIS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.50 mean?
A reading of 0.50 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: DOV correlations · OTIS correlations
