Dover Correlations

DOV Stock

USD 181.14 4.05 2.29%

The current 90-days correlation between Dover and Emerson Electric is 0.76 (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

Poor diversification

The correlation between Dover and DJI is 0.66 (i.e., Poor 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

0.89	CR	Crane Company	Pair Corr
0.75	HI	Hillenbrand	Pair Corr
0.97	PH	Parker Hannifin	Pair Corr
0.65	EPAC	Enerpac Tool Group Earnings Call Tomorrow	Pair Corr
0.72	AME	Ametek Inc	Pair Corr
0.82	CMI	Cummins	Pair Corr
0.65	DCI	Donaldson	Pair Corr
0.75	EMR	Emerson Electric	Pair Corr
0.7	FLS	Flowserve	Pair Corr
0.78	ITT	ITT Inc	Pair Corr
0.68	KAI	Kadant Inc	Pair Corr
0.82	NPO	Enpro Industries	Pair Corr
0.7	TNC	Tennant Company	Pair Corr

Moving against Dover Stock

0.47

HUHU

HUHUTECH International

Pair Corr

Related Correlations Analysis

	EMR	PH	PNR	ETN	AOS	ITW	XYL	FELE	IR	CMI
EMR		0.79	0.89	0.67	0.47	0.39	-0.01	0.31	0.83	0.65	EMR
PH	0.79		0.57	0.3	0.1	0.4	0.43	0.49	0.52	0.82	PH
PNR	0.89	0.57		0.87	0.66	0.23	-0.36	0.11	0.92	0.54	PNR
ETN	0.67	0.3	0.87		0.71	0.04	-0.56	-0.06	0.83	0.4	ETN
AOS	0.47	0.1	0.66	0.71		0.47	-0.38	0.22	0.68	0.21	AOS
ITW	0.39	0.4	0.23	0.04	0.47		0.49	0.87	0.37	0.39	ITW
XYL	-0.01	0.43	-0.36	-0.56	-0.38	0.49		0.65	-0.22	0.36	XYL
FELE	0.31	0.49	0.11	-0.06	0.22	0.87	0.65		0.26	0.49	FELE
IR	0.83	0.52	0.92	0.83	0.68	0.37	-0.22	0.26		0.46	IR
CMI	0.65	0.82	0.54	0.4	0.21	0.39	0.36	0.49	0.46		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	+ 0.92	PNR
PNR	+ 0.89	EMR
ETN	+ 0.87	PNR
FELE	+ 0.87	ITW
IR	+ 0.83	EMR
IR	+ 0.83	ETN

High negative correlations

XYL	- 0.56	ETN
XYL	- 0.38	AOS
XYL	- 0.36	PNR
IR	- 0.22	XYL
FELE	- 0.06	ETN
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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
EMR	1.23	(0.10)	(0.20)	2.13	(2.68)	9.68
PH	1.26	(0.06)	(0.16)	2.27	(3.50)	10.15
PNR	1.07	(0.24)	(0.35)	1.72	(2.61)	6.53
ETN	1.69	(0.22)	(0.35)	3.41	(3.54)	19.37
AOS	1.05	(0.05)	(0.20)	2.14	(2.36)	7.41
ITW	0.98	(0.02)	(0.13)	1.95	(2.48)	8.34
XYL	1.01	0.05	(0.05)	1.89	(1.90)	8.85
FELE	1.03	0.00	(0.11)	2.00	(1.71)	8.22
IR	1.25	(0.21)	(0.30)	2.34	(2.57)	10.46
CMI	1.26	(0.13)	(0.25)	1.83	(3.32)	9.77

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