IVR vs NLY: Correlation
INVESCO MORTGAGE CAPITAL INC (IVR) and Annaly Capital Management Inc. (NLY) show a very strong relationship: their 3-year correlation of weekly returns is 0.88.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IVR and NLY?
On 3 years of weekly data the IVR/NLY correlation comes out at 0.88, very strong, meaning they move nearly in lockstep. The link has loosened recently: the 1-year correlation (0.72) runs below the 3-year figure (0.88). The 5-year figure is 0.81, and annualized covariance runs at 599.0 %².
NLY is one of the assets that tracks IVR most closely: it ranks #1 out of the 14 assets we track against IVR. Over the last 12 months NLY came out ahead by 7.7 percentage points (+17.7% against +25.4%).
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.
IVR vs NLY: side by side
| IVR (INVESCO MORTGAGE CAPITAL INC) | NLY (Annaly Capital Management Inc.) | |
|---|---|---|
| 1-year return | +17.7% | +25.4% |
| 5-year return | -40.5% | +30.4% |
| Volatility (ann.) | 29.8% | 22.9% |
| Beta vs S&P 500 | 0.88 | 0.81 |
| Max drawdown (3Y) | -41.4% | -26.3% |
| Market cap | $0.8B | $17.4B |
| P/E (trailing) | 4.7 | 5.6 |
| Dividend yield | 19.27% | 12.47% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IVR | NLY |
|---|---|---|
| 2022 | -44.6% | -21.4% |
| 2023 | -14.3% | +4.9% |
| 2024 | +9.0% | +8.1% |
| 2025 | +24.9% | +40.0% |
| 2026 | -0.5% | +10.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IVR and NLY good diversifiers for each other?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between IVR and NLY?
As of 2026-08-27, the correlation of weekly returns between IVR and NLY is 0.88 over 3 years, 0.72 over 1 year and 0.81 over 5 years.
Is NLY a good diversifier for IVR?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.88 mean?
On the −1 to +1 scale, 0.88 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/ivr-vs-nly.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ivr-vs-nly/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IVR correlations · NLY correlations
