Dover Correlations

DOV Stock

USD 161.45 0.85 0.52%

The current 90-days correlation between Dover and Emerson Electric is 0.55 (i.e., Very weak 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 0.65 (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.

Build AI portfolio with Dover Stock

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 metropolitan statistical area.

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

Moving together with Dover Stock

0.82	TRNR	Interactive Strength	Pair Corr
0.85	ADTX	Aditxt Inc	Pair Corr
0.78	APVO	Aptevo Therapeutics	Pair Corr

Moving against Dover Stock

0.79	UI	Ubiquiti Networks	Pair Corr
0.78	ACSAY	ACS Actividades De	Pair Corr
0.77	TR	Tootsie Roll Industries	Pair Corr
0.74	AMRX	Amneal Pharmaceuticals,	Pair Corr
0.74	ANGPY	Valterra Platinum	Pair Corr
0.68	DOMH	Dominari Holdings	Pair Corr
0.6	PBNAF	Pembina Pipeline	Pair Corr
0.58	MVST	Microvast Holdings	Pair Corr
0.52	BRK-A	Berkshire Hathaway	Pair Corr
0.46	SLDP	Solid Power Trending	Pair Corr
0.44	PH	Parker Hannifin	Pair Corr
0.41	PYTCF	Playtech plc	Pair Corr
0.86	KTOS	Kratos Defense Security	Pair Corr
0.85	DSVSF	Discovery Metals Corp	Pair Corr
0.8	WAFU	Wah Fu Education	Pair Corr
0.79	FARO	FARO Technologies	Pair Corr
0.79	RR	Richtech Robotics Class	Pair Corr
0.78	SCCO	Southern Copper	Pair Corr
0.73	94986RYP0	US94986RYP09	Pair Corr
0.67	FNMFO	Federal National Mortgage	Pair Corr
0.66	AGPYY	Agile Group Holdings	Pair Corr
0.65	SSVFF	Southern Silver Expl	Pair Corr
0.65	NTIP	Network 1 Technologies	Pair Corr
0.64	BMEZ	BlackRock Health Sciences	Pair Corr
0.62	EONR	EON Resources	Pair Corr
0.54	OXBRW	Oxbridge Re Holdings	Pair Corr
0.54	RCAT	Red Cat Holdings	Pair Corr

Related Correlations Analysis

	EMR	PH	PNR	ETN	AOS	ITW	XYL	FELE	IR	CMI
EMR		-0.47	-0.56	0.58	-0.32	-0.18	-0.68	-0.47	0.68	-0.73	EMR
PH	-0.47		0.77	-0.14	0.77	0.65	0.57	0.74	-0.19	0.79	PH
PNR	-0.56	0.77		-0.16	0.56	0.46	0.53	0.45	-0.06	0.75	PNR
ETN	0.58	-0.14	-0.16		-0.1	-0.45	-0.14	-0.49	0.47	-0.08	ETN
AOS	-0.32	0.77	0.56	-0.1		0.72	0.48	0.71	-0.19	0.65	AOS
ITW	-0.18	0.65	0.46	-0.45	0.72		0.11	0.7	0.05	0.28	ITW
XYL	-0.68	0.57	0.53	-0.14	0.48	0.11		0.56	-0.61	0.84	XYL
FELE	-0.47	0.74	0.45	-0.49	0.71	0.7	0.56		-0.4	0.58	FELE
IR	0.68	-0.19	-0.06	0.47	-0.19	0.05	-0.61	-0.4		-0.45	IR
CMI	-0.73	0.79	0.75	-0.08	0.65	0.28	0.84	0.58	-0.45		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

CMI	+ 0.84	XYL
CMI	+ 0.79	PH
PNR	+ 0.77	PH
AOS	+ 0.77	PH
CMI	+ 0.75	PNR
FELE	+ 0.74	PH

High negative correlations

CMI	- 0.73	EMR
XYL	- 0.68	EMR
IR	- 0.61	XYL
PNR	- 0.56	EMR
FELE	- 0.49	ETN
FELE	- 0.47	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	(0.19)	0.00	(0.10)	0.00	0.00	2.78	(2.57)	7.80
PH	0.97	(0.01)	(0.01)	0.01	1.35	(0.93)	2.33	(2.19)	6.24
PNR	1.06	(0.03)	(0.02)	0.00	1.16	(1.22)	3.01	(1.85)	5.73
ETN	1.20	0.05	0.02	0.10	1.78	(1.20)	2.18	(2.15)	12.27
AOS	1.10	(0.07)	0.00	(0.05)	0.00	0.00	2.94	(2.34)	6.62
ITW	0.78	(0.12)	0.00	(0.09)	0.00	0.00	1.82	(1.69)	4.99
XYL	0.89	0.13	0.14	0.20	0.68	(1.00)	2.47	(1.68)	12.51
FELE	1.07	(0.04)	0.00	(0.01)	0.00	0.00	2.75	(1.90)	7.02
IR	1.48	(0.26)	0.00	(0.09)	0.00	0.00	2.98	(2.75)	13.29
CMI	1.08	0.28	0.21	0.23	1.08	(1.18)	2.77	(1.65)	6.87

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