DX vs MFA: Correlation
Dynex Capital, Inc. (DX) and MFA Financial, Inc. (MFA) show a strong relationship: their 3-year correlation of weekly returns is 0.71.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DX and MFA?
Over the past 3 years, DX and MFA moved with a correlation of 0.71, which is strong. The relationship has been stable: the 1-year correlation (0.70) sits close to the 3-year figure. Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 391.7 %².
Within DX's tracked universe of 15 assets, MFA comes in at #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with DX ahead by 17.7 points (+20.5% versus +2.8%).
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 MFA: side by side
| DX (Dynex Capital, Inc.) | MFA (MFA Financial, Inc.) | |
|---|---|---|
| 1-year return | +20.5% | +2.8% |
| 5-year return | +40.2% | -8.1% |
| Volatility (ann.) | 21.5% | 25.6% |
| Beta vs S&P 500 | 0.70 | 0.64 |
| Max drawdown (3Y) | -25.8% | -31.6% |
| Market cap | $3.2B | $0.9B |
| P/E (trailing) | 4.1 | 8.8 |
| Dividend yield | 15.84% | 16.36% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DX | MFA |
|---|---|---|
| 2022 | -15.4% | -37.2% |
| 2023 | +11.9% | +30.7% |
| 2024 | +13.6% | +2.6% |
| 2025 | +29.5% | +6.1% |
| 2026 | +3.3% | +2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DX and MFA good diversifiers for each other?
Only partially. A correlation of 0.71 means DX and MFA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between DX and MFA?
Using weekly returns as of 2026-08-27: 0.71 over 3 years, with 0.70 over the last year and 0.74 over 5 years.
Is MFA a good diversifier for DX?
Only partially. A correlation of 0.71 means DX and MFA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.71 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dx-vs-mfa.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dx-vs-mfa/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DX correlations · MFA correlations
