DOV vs XLI: Correlation
Measured on weekly returns over the past three years, Dover Corporation (DOV) and Industrial Select Sector SPDR Fund (XLI) carry a correlation of 0.77, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOV and XLI?
On 3 years of weekly data the DOV/XLI correlation comes out at 0.77, strong. The past 12 months show a weaker link (0.56) than the 3-year average (0.77). The 5-year figure is 0.79, and annualized covariance runs at 276.9 %².
Few assets follow DOV as closely as XLI, which ranks #2 of 78 tracked partners. The trailing year gives XLI the advantage: +11.6% versus +18.3%, a 6.7-point spread. The rolling one-year correlation moved between 0.56 and 0.90 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 XLI: side by side
| DOV (Dover Corporation) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +11.6% | +18.3% |
| 5-year return | +21.8% | +84.0% |
| Volatility (ann.) | 22.8% | 15.7% |
| Beta vs S&P 500 | 0.99 | 0.89 |
| Max drawdown (3Y) | -26.6% | -18.5% |
| Market cap | $27.2B | – |
| P/E (trailing) | 24.8 | – |
| Dividend yield | 1.02% | 1.15% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $32.9B |
| Sector / category | Industrials | Sector ETF |
XLI is an Industrials fund from State Street Investment Management: $32.9B under management, 83 holdings, a 0.08% expense ratio, a 1.15% trailing dividend yield.
Year-by-year returns
| Year | DOV | XLI |
|---|---|---|
| 2022 | -24.3% | -5.6% |
| 2023 | +15.2% | +18.1% |
| 2024 | +23.3% | +17.3% |
| 2025 | +5.2% | +19.3% |
| 2026 | +3.9% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that XLI holds DOV at a 0.49% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are DOV and XLI good diversifiers for each other?
To a limited degree. At 0.77 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between DOV and XLI?
Using weekly returns as of 2026-08-27: 0.77 over 3 years, with 0.56 over the last year and 0.79 over 5 years.
Is XLI a good diversifier for DOV?
To a limited degree. At 0.77 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.77 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-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dov-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DOV correlations · XLI correlations
