DOV vs SPY: Correlation
Dover Corporation (DOV) and SPDR S&P 500 ETF Trust (SPY) show a strong relationship: their 3-year correlation of weekly returns is 0.63.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOV and SPY?
On 3 years of weekly data the DOV/SPY correlation comes out at 0.63, strong. The link has loosened recently: the 1-year correlation (0.23) runs below the 3-year figure (0.63). The 5-year figure is 0.67, and annualized covariance runs at 207.4 %².
Among the 78 assets we track against DOV, SPY ranks #29 by 3-year correlation. Over the last 12 months SPY came out ahead by 9.0 percentage points (+11.6% against +20.6%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.21 to 0.89. One caveat on sizing: DOV is 1.6 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 SPY: side by side
| DOV (Dover Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +11.6% | +20.6% |
| 5-year return | +21.8% | +82.4% |
| Volatility (ann.) | 22.8% | 14.5% |
| Beta vs S&P 500 | 0.99 | 1.00 |
| Max drawdown (3Y) | -26.6% | -18.8% |
| Market cap | $27.2B | – |
| P/E (trailing) | 24.8 | – |
| Dividend yield | 1.02% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | DOV | SPY |
|---|---|---|
| 2022 | -24.3% | -18.2% |
| 2023 | +15.2% | +26.2% |
| 2024 | +23.3% | +24.9% |
| 2025 | +5.2% | +17.7% |
| 2026 | +3.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOV and SPY good diversifiers for each other?
Only partially. A correlation of 0.63 means DOV and SPY 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 SPY?
The DOV/SPY correlation stands at 0.63 on a 3-year window (1 year: 0.23, 5 years: 0.67), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for DOV?
Only partially. A correlation of 0.63 means DOV and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.63 mean?
A reading of 0.63 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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Hubs: DOV correlations · SPY correlations
