DOV vs XYL: Correlation
How closely do Dover Corporation (DOV) and Xylem Inc. (XYL) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOV and XYL?
Over the past 3 years, DOV and XYL moved with a correlation of 0.55, which is moderate. The past 12 months show a weaker link (0.33) than the 3-year average (0.55). Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 300.2 %².
Within DOV's tracked universe of 78 assets, XYL comes in at #47 by 3-year correlation. The last year tells two different stories: DOV led by 32.7 percentage points, +11.6% for DOV against -21.1% for XYL. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.17 to 0.75.
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 XYL: side by side
| DOV (Dover Corporation) | XYL (Xylem Inc.) | |
|---|---|---|
| 1-year return | +11.6% | -21.1% |
| 5-year return | +21.8% | -12.5% |
| Volatility (ann.) | 22.8% | 23.9% |
| Beta vs S&P 500 | 0.99 | 0.96 |
| Max drawdown (3Y) | -26.6% | -30.0% |
| Market cap | $27.2B | $26.3B |
| P/E (trailing) | 24.8 | 26.8 |
| Dividend yield | 1.02% | 1.47% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | DOV | XYL |
|---|---|---|
| 2022 | -24.3% | -6.6% |
| 2023 | +15.2% | +4.8% |
| 2024 | +23.3% | +2.6% |
| 2025 | +5.2% | +18.8% |
| 2026 | +3.9% | -16.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOV and XYL good diversifiers for each other?
Only partially. A correlation of 0.55 means DOV and XYL 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 XYL?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.33 over the last year and 0.63 over 5 years.
Is XYL a good diversifier for DOV?
Only partially. A correlation of 0.55 means DOV and XYL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.55 mean?
On the −1 to +1 scale, 0.55 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dov-vs-xyl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dov-vs-xyl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DOV correlations · XYL correlations
