AGNC vs DX: Correlation
Measured on weekly returns over the past three years, AGNC Investment Corp. (AGNC) and Dynex Capital, Inc. (DX) carry a correlation of 0.88, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AGNC and DX?
Over the past 3 years, AGNC and DX moved with a correlation of 0.88, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.83) sits close to the 3-year figure. Over 5 years the correlation is 0.84, and the annualized covariance of weekly returns is 473.2 %².
In AGNC's tracked universe of 14 assets, DX sits right near the top at #2. On 12-month performance AGNC holds a 7.5-point edge, +28.0% against +20.5%.
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.
AGNC vs DX: side by side
| AGNC (AGNC Investment Corp.) | DX (Dynex Capital, Inc.) | |
|---|---|---|
| 1-year return | +28.0% | +20.5% |
| 5-year return | +33.5% | +40.2% |
| Volatility (ann.) | 25.1% | 21.5% |
| Beta vs S&P 500 | 0.87 | 0.70 |
| Max drawdown (3Y) | -30.5% | -25.8% |
| Market cap | $13.0B | $3.2B |
| P/E (trailing) | 5.4 | 4.1 |
| Dividend yield | 13.32% | 15.84% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AGNC | DX |
|---|---|---|
| 2022 | -21.7% | -15.4% |
| 2023 | +10.1% | +11.9% |
| 2024 | +8.9% | +13.6% |
| 2025 | +34.9% | +29.5% |
| 2026 | +10.3% | +3.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AGNC and DX good diversifiers for each other?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between AGNC and DX?
The AGNC/DX correlation stands at 0.88 on a 3-year window (1 year: 0.83, 5 years: 0.84), computed from weekly returns as of 2026-08-27.
Is DX a good diversifier for AGNC?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.88 mean?
A reading of 0.88 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/agnc-vs-dx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/agnc-vs-dx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AGNC correlations · DX correlations
