DOV vs STLD: Correlation
Measured on weekly returns over the past three years, Dover Corporation (DOV) and Steel Dynamics (STLD) carry a correlation of 0.59, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOV and STLD?
Over the past 3 years, DOV and STLD moved with a correlation of 0.59, which is moderate. The link has loosened recently: the 1-year correlation (0.43) runs below the 3-year figure (0.59). Over 5 years the correlation is 0.53, and the annualized covariance of weekly returns is 460.0 %².
Within DOV's tracked universe of 78 assets, STLD comes in at #38 by 3-year correlation. The last year tells two different stories: STLD led by 68.2 percentage points, +11.6% for DOV against +79.8% for STLD. The rolling one-year correlation moved between 0.37 and 0.76 over the past three years, a moderate range. Risk is not evenly split, since STLD carries 1.5 times the volatility of the other side.
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 STLD: side by side
| DOV (Dover Corporation) | STLD (Steel Dynamics) | |
|---|---|---|
| 1-year return | +11.6% | +79.8% |
| 5-year return | +21.8% | +262.0% |
| Volatility (ann.) | 22.8% | 34.5% |
| Beta vs S&P 500 | 0.99 | 1.13 |
| Max drawdown (3Y) | -26.6% | -28.7% |
| Market cap | $27.2B | $33.8B |
| P/E (trailing) | 24.8 | 21.4 |
| Dividend yield | 1.02% | 0.87% |
| Sector / category | Industrials | Materials |
Year-by-year returns
| Year | DOV | STLD |
|---|---|---|
| 2022 | -24.3% | +60.1% |
| 2023 | +15.2% | +22.8% |
| 2024 | +23.3% | -2.0% |
| 2025 | +5.2% | +50.7% |
| 2026 | +3.9% | +39.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOV and STLD good diversifiers for each other?
Only partially. A correlation of 0.59 means DOV and STLD 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 STLD?
The DOV/STLD correlation stands at 0.59 on a 3-year window (1 year: 0.43, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is STLD a good diversifier for DOV?
Only partially. A correlation of 0.59 means DOV and STLD share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.59 mean?
A reading of 0.59 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-stld.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dov-vs-stld/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DOV correlations · STLD correlations
