DOV vs VXZ: Correlation
Dover Corporation (DOV) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOV and VXZ?
Over the past 3 years, DOV and VXZ moved with a correlation of -0.56, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.32) than the 3-year average (-0.56). Over 5 years the correlation is -0.59, and the annualized covariance of weekly returns is -325.6 %².
Out of 78 assets tracked against DOV, VXZ lands near the bottom at #77. Correlation aside, the last 12 months split them widely, with DOV ahead by 27.7 points (+11.6% versus -16.1%).
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 VXZ: side by side
| DOV (Dover Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +11.6% | -16.1% |
| 5-year return | +21.8% | -53.1% |
| Volatility (ann.) | 22.8% | 25.6% |
| Beta vs S&P 500 | 0.99 | -1.31 |
| Max drawdown (3Y) | -26.6% | -36.4% |
| Market cap | $27.2B | – |
| P/E (trailing) | 24.8 | – |
| Dividend yield | 1.02% | – |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | DOV | VXZ |
|---|---|---|
| 2022 | -24.3% | +0.5% |
| 2023 | +15.2% | -44.0% |
| 2024 | +23.3% | -12.7% |
| 2025 | +5.2% | +5.7% |
| 2026 | +3.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOV and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.56 means the two rarely move for the same reasons.
FAQ
What is the correlation between DOV and VXZ?
Using weekly returns as of 2026-08-27: -0.56 over 3 years, with -0.32 over the last year and -0.59 over 5 years.
Is VXZ a good diversifier for DOV?
By historical standards, yes. A correlation of -0.56 means the two rarely move for the same reasons.
What does a correlation of -0.56 mean?
A reading of -0.56 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dov-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DOV correlations · VXZ correlations
