DX vs EFC: Correlation
Measured on weekly returns over the past three years, Dynex Capital, Inc. (DX) and Ellington Financial Inc. (EFC) carry a correlation of 0.67, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DX and EFC?
Across a 3-year window, the weekly returns of DX and EFC correlate at 0.67, strong. Recent behaviour matches the longer record: 0.67 over 1 year against 0.67 over 3. Stretching to 5 years gives 0.74, with an annualized covariance of 271.1 %².
Within DX's tracked universe of 15 assets, EFC comes in at #7 by 3-year correlation. The trailing year gives DX the advantage: +20.5% versus +10.7%, a 9.8-point spread.
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.
DX vs EFC: side by side
| DX (Dynex Capital, Inc.) | EFC (Ellington Financial Inc.) | |
|---|---|---|
| 1-year return | +20.5% | +10.7% |
| 5-year return | +40.2% | +35.9% |
| Volatility (ann.) | 21.5% | 18.8% |
| Beta vs S&P 500 | 0.70 | 0.54 |
| Max drawdown (3Y) | -25.8% | -18.9% |
| Market cap | $3.2B | $1.8B |
| P/E (trailing) | 4.1 | 8.4 |
| Dividend yield | 15.84% | 11.59% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DX | EFC |
|---|---|---|
| 2022 | -15.4% | -18.3% |
| 2023 | +11.9% | +18.2% |
| 2024 | +13.6% | +8.7% |
| 2025 | +29.5% | +26.1% |
| 2026 | +3.3% | +7.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DX and EFC good diversifiers for each other?
To a limited degree. At 0.67 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between DX and EFC?
The DX/EFC correlation stands at 0.67 on a 3-year window (1 year: 0.67, 5 years: 0.74), computed from weekly returns as of 2026-08-27.
Is EFC a good diversifier for DX?
To a limited degree. At 0.67 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.67 mean?
On the −1 to +1 scale, 0.67 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/dx-vs-efc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dx-vs-efc/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DX correlations · EFC correlations
