DX vs IVR: Correlation
Measured on weekly returns over the past three years, Dynex Capital, Inc. (DX) and INVESCO MORTGAGE CAPITAL INC (IVR) carry a correlation of 0.86, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DX and IVR?
On 3 years of weekly data the DX/IVR correlation comes out at 0.86, very strong, meaning they move nearly in lockstep. Lately the two have drifted apart, with the 1-year correlation at 0.73 versus 0.86 over 3 years. The 5-year figure is 0.79, and annualized covariance runs at 554.3 %².
By 3-year correlation, IVR places #4 of the 15 assets tracked against DX. Their 12-month results are close: +20.5% for DX against +17.7% for IVR.
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 IVR: side by side
| DX (Dynex Capital, Inc.) | IVR (INVESCO MORTGAGE CAPITAL INC) | |
|---|---|---|
| 1-year return | +20.5% | +17.7% |
| 5-year return | +40.2% | -40.5% |
| Volatility (ann.) | 21.5% | 29.8% |
| Beta vs S&P 500 | 0.70 | 0.88 |
| Max drawdown (3Y) | -25.8% | -41.4% |
| Market cap | $3.2B | $0.8B |
| P/E (trailing) | 4.1 | 4.7 |
| Dividend yield | 15.84% | 19.27% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DX | IVR |
|---|---|---|
| 2022 | -15.4% | -44.6% |
| 2023 | +11.9% | -14.3% |
| 2024 | +13.6% | +9.0% |
| 2025 | +29.5% | +24.9% |
| 2026 | +3.3% | -0.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DX and IVR good diversifiers for each other?
Not really. At 0.86, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between DX and IVR?
As of 2026-08-27, the correlation of weekly returns between DX and IVR is 0.86 over 3 years, 0.73 over 1 year and 0.79 over 5 years.
Is IVR a good diversifier for DX?
Not really. At 0.86, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.86 mean?
On the −1 to +1 scale, 0.86 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-ivr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dx-vs-ivr/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DX correlations · IVR correlations
