DX vs ORC: Correlation
Measured on weekly returns over the past three years, Dynex Capital, Inc. (DX) and Orchid Island Capital, Inc. (ORC) carry a correlation of 0.85, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DX and ORC?
Over the past 3 years, DX and ORC moved with a correlation of 0.85, which is very strong, meaning they move nearly in lockstep. The link has loosened recently: the 1-year correlation (0.71) runs below the 3-year figure (0.85). Over 5 years the correlation is 0.80, and the annualized covariance of weekly returns is 477.9 %².
By 3-year correlation, ORC places #5 of the 15 assets tracked against DX. Their 12-month results are close: +20.5% for DX against +15.7% for ORC.
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 ORC: side by side
| DX (Dynex Capital, Inc.) | ORC (Orchid Island Capital, Inc.) | |
|---|---|---|
| 1-year return | +20.5% | +15.7% |
| 5-year return | +40.2% | -33.9% |
| Volatility (ann.) | 21.5% | 26.1% |
| Beta vs S&P 500 | 0.70 | 0.84 |
| Max drawdown (3Y) | -25.8% | -36.6% |
| Market cap | $3.2B | $1.3B |
| P/E (trailing) | 4.1 | 3.8 |
| Dividend yield | 15.84% | 20.69% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DX | ORC |
|---|---|---|
| 2022 | -15.4% | -44.3% |
| 2023 | +11.9% | -3.1% |
| 2024 | +13.6% | +9.9% |
| 2025 | +29.5% | +12.7% |
| 2026 | +3.3% | +4.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DX and ORC good diversifiers for each other?
No. With a correlation of 0.85, DX and ORC move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between DX and ORC?
Using weekly returns as of 2026-08-27: 0.85 over 3 years, with 0.71 over the last year and 0.80 over 5 years.
Is ORC a good diversifier for DX?
No. With a correlation of 0.85, DX and ORC move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.85 mean?
A reading of 0.85 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/dx-vs-orc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dx-vs-orc/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DX correlations · ORC correlations
