AGNC vs NLY: Correlation
How closely do AGNC Investment Corp. (AGNC) and Annaly Capital Management Inc. (NLY) trade together? Their weekly returns over three years give a correlation of 0.94, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AGNC and NLY?
Over the past 3 years, AGNC and NLY moved with a correlation of 0.94, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.92) sits close to the 3-year figure. Over 5 years the correlation is 0.93, and the annualized covariance of weekly returns is 538.9 %².
In AGNC's tracked universe of 14 assets, NLY sits right near the top at #1. Neither side won the trailing year by much: +28.0% against +25.4%.
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 NLY: side by side
| AGNC (AGNC Investment Corp.) | NLY (Annaly Capital Management Inc.) | |
|---|---|---|
| 1-year return | +28.0% | +25.4% |
| 5-year return | +33.5% | +30.4% |
| Volatility (ann.) | 25.1% | 22.9% |
| Beta vs S&P 500 | 0.87 | 0.81 |
| Max drawdown (3Y) | -30.5% | -26.3% |
| Market cap | $13.0B | $17.4B |
| P/E (trailing) | 5.4 | 5.6 |
| Dividend yield | 13.32% | 12.47% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AGNC | NLY |
|---|---|---|
| 2022 | -21.7% | -21.4% |
| 2023 | +10.1% | +4.9% |
| 2024 | +8.9% | +8.1% |
| 2025 | +34.9% | +40.0% |
| 2026 | +10.3% | +10.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AGNC and NLY good diversifiers for each other?
No. With a correlation of 0.94, AGNC and NLY move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between AGNC and NLY?
Using weekly returns as of 2026-08-27: 0.94 over 3 years, with 0.92 over the last year and 0.93 over 5 years.
Is NLY a good diversifier for AGNC?
No. With a correlation of 0.94, AGNC and NLY move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.94 mean?
On the −1 to +1 scale, 0.94 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/agnc-vs-nly.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/agnc-vs-nly/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AGNC correlations · NLY correlations
