DOV vs UAL: Correlation
Measured on weekly returns over the past three years, Dover Corporation (DOV) and United Airlines Holdings (UAL) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOV and UAL?
Across a 3-year window, the weekly returns of DOV and UAL correlate at 0.44, moderate. Little has changed lately, as the 1-year reading of 0.40 lands near the 3-year figure. Stretching to 5 years gives 0.45, with an annualized covariance of 463.0 %².
Within DOV's tracked universe of 78 assets, UAL comes in at #65 by 3-year correlation. Their 12-month results are close: +11.6% for DOV against +7.8% for UAL. This link changes with the market regime, having swung between 0.13 and 0.66 on a rolling one-year basis. Note the risk asymmetry: UAL runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 UAL: side by side
| DOV (Dover Corporation) | UAL (United Airlines Holdings) | |
|---|---|---|
| 1-year return | +11.6% | +7.8% |
| 5-year return | +21.8% | +144.8% |
| Volatility (ann.) | 22.8% | 46.6% |
| Beta vs S&P 500 | 0.99 | 1.33 |
| Max drawdown (3Y) | -26.6% | -49.2% |
| Market cap | $27.2B | $36.5B |
| P/E (trailing) | 24.8 | 10.8 |
| Dividend yield | 1.02% | 0.00% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | DOV | UAL |
|---|---|---|
| 2022 | -24.3% | -13.9% |
| 2023 | +15.2% | +9.4% |
| 2024 | +23.3% | +135.3% |
| 2025 | +5.2% | +15.2% |
| 2026 | +3.9% | +0.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOV and UAL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between DOV and UAL?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.40 over the last year and 0.45 over 5 years.
Is UAL a good diversifier for DOV?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dov-vs-ual.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dov-vs-ual/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DOV correlations · UAL correlations
