DX vs PYT: Correlation
How closely do Dynex Capital, Inc. (DX) and PPlus Tr GSC-2 Tr Ctf Fltg Rate (PYT) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DX and PYT?
On 3 years of weekly data the DX/PYT correlation comes out at 0.32, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.19 versus 0.32 over 3 years. The 5-year figure is 0.17, and annualized covariance runs at 66.3 %².
PYT is close to the least connected end of DX's tracked universe, ranking #12 of 15. The last year tells two different stories: DX led by 15.4 percentage points, +20.5% for DX against +5.1% for PYT. Risk is not evenly split, since DX carries 2.2 times the volatility of the other side.
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 PYT: side by side
| DX (Dynex Capital, Inc.) | PYT (PPlus Tr GSC-2 Tr Ctf Fltg Rate) | |
|---|---|---|
| 1-year return | +20.5% | +5.1% |
| 5-year return | +40.2% | +19.5% |
| Volatility (ann.) | 21.5% | 9.7% |
| Beta vs S&P 500 | 0.70 | 0.15 |
| Max drawdown (3Y) | -25.8% | -6.1% |
| Market cap | $3.2B | – |
| P/E (trailing) | 4.1 | – |
| Dividend yield | 15.84% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DX | PYT |
|---|---|---|
| 2022 | -15.4% | -14.1% |
| 2023 | +11.9% | +10.8% |
| 2024 | +13.6% | +8.3% |
| 2025 | +29.5% | +8.2% |
| 2026 | +3.3% | +4.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DX and PYT good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between DX and PYT?
The DX/PYT correlation stands at 0.32 on a 3-year window (1 year: 0.19, 5 years: 0.17), computed from weekly returns as of 2026-08-27.
Is PYT a good diversifier for DX?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 mean?
On the −1 to +1 scale, 0.32 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-pyt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dx-vs-pyt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DX correlations · PYT correlations
