Dover Correlations

DOV Stock

USD 197.36 0.72 0.36%

The current 90-days correlation between Dover and Emerson Electric is 0.71 (i.e., Poor diversification). The correlation of Dover is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Dover Correlation With Market

Weak diversification

The correlation between Dover and DJI is 0.32 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dover and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Dover. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in persons.

For more information on how to buy Dover Stock please use our How to Invest in Dover guide.

Moving together with Dover Stock

0.91	CR	Crane Company	Pair Corr
0.64	HI	Hillenbrand Earnings Call This Week	Pair Corr
0.85	IR	Ingersoll Rand	Pair Corr
0.94	PH	Parker Hannifin Earnings Call Today	Pair Corr
0.74	ENOV	Enovis Corp	Pair Corr
0.85	EPAC	Enerpac Tool Group	Pair Corr
0.88	FELE	Franklin Electric	Pair Corr
0.83	AME	Ametek Inc Earnings Call This Week	Pair Corr
0.68	CMI	Cummins Earnings Call This Week	Pair Corr
0.73	DCI	Donaldson	Pair Corr
0.74	EMR	Emerson Electric Earnings Call This Week	Pair Corr
0.77	ETN	Eaton PLC Earnings Call Today	Pair Corr
0.9	GGG	Graco Inc	Pair Corr
0.88	GRC	Gorman Rupp Earnings Call Tomorrow	Pair Corr
0.93	IEX	IDEX Earnings Call This Week	Pair Corr
0.95	ITT	ITT Inc Earnings Call This Week	Pair Corr
0.91	ITW	Illinois Tool Works Earnings Call Today	Pair Corr
0.89	KAI	Kadant Inc	Pair Corr
0.91	MWA	Mueller Water Products Earnings Call This Week	Pair Corr
0.9	PNR	Pentair PLC	Pair Corr
0.77	RRX	Regal Beloit Earnings Call This Week	Pair Corr
0.79	SMR	Nuscale Power Corp Buyout Trend	Pair Corr
0.88	SXI	Standex International Earnings Call Today	Pair Corr

Moving against Dover Stock

0.47	RR	Richtech Robotics Class	Pair Corr
0.45	CVV	CVD Equipment	Pair Corr
0.39	CYD	China Yuchai Interna	Pair Corr
0.33	B	Barnes Group	Pair Corr

Related Correlations Analysis

	EMR	PH	PNR	ETN	AOS	ITW	XYL	FELE	IR	CMI
EMR		0.82	0.83	0.56	-0.23	0.61	-0.01	0.59	0.45	0.88	EMR
PH	0.82		0.88	0.78	0.26	0.86	0.33	0.86	0.79	0.75	PH
PNR	0.83	0.88		0.74	0.23	0.88	0.4	0.82	0.77	0.81	PNR
ETN	0.56	0.78	0.74		0.39	0.71	0.48	0.77	0.79	0.66	ETN
AOS	-0.23	0.26	0.23	0.39		0.54	0.82	0.55	0.66	-0.16	AOS
ITW	0.61	0.86	0.88	0.71	0.54		0.57	0.92	0.92	0.54	ITW
XYL	-0.01	0.33	0.4	0.48	0.82	0.57		0.61	0.7	0.04	XYL
FELE	0.59	0.86	0.82	0.77	0.55	0.92	0.61		0.94	0.53	FELE
IR	0.45	0.79	0.77	0.79	0.66	0.92	0.7	0.94		0.41	IR
CMI	0.88	0.75	0.81	0.66	-0.16	0.54	0.04	0.53	0.41		CMI
	EMR	PH	PNR	ETN	AOS	ITW	XYL	FELE	IR	CMI

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

IR	+ 0.94	FELE
FELE	+ 0.92	ITW
IR	+ 0.92	ITW
CMI	+ 0.88	EMR
PNR	+ 0.88	PH
ITW	+ 0.88	PNR

High negative correlations

AOS	- 0.23	EMR
CMI	- 0.16	AOS
XYL	- 0.01	EMR

Risk-Adjusted Indicators

There is a big difference between Dover Stock performing well and Dover Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Dover's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
EMR	1.12	0.20	0.16	0.29	0.91	(1.33)	2.13	(1.62)	12.26
PH	1.02	0.05	0.01	0.16	1.14	(1.11)	1.77	(1.79)	11.90
PNR	0.85	0.01	(0.02)	0.09	1.06	(0.88)	1.81	(1.53)	6.74
ETN	1.35	(0.13)	0.00	(0.25)	0.00	0.00	3.20	(2.27)	21.99
AOS	0.89	(0.20)	0.00	(0.37)	0.00	0.00	1.76	(2.18)	6.18
ITW	0.80	(0.01)	(0.07)	0.02	0.90	(0.93)	1.95	(1.33)	5.88
XYL	0.93	(0.16)	0.00	(0.25)	0.00	0.00	1.89	(3.14)	6.76
FELE	1.15	(0.08)	0.00	(0.08)	0.00	0.00	2.20	(2.14)	13.66
IR	1.00	(0.14)	0.00	(0.11)	0.00	0.00	2.18	(2.30)	10.20
CMI	1.00	0.06	0.03	0.15	1.23	(1.06)	1.93	(1.69)	13.97

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