IVR vs ORC: Correlation
How closely do INVESCO MORTGAGE CAPITAL INC (IVR) and Orchid Island Capital, Inc. (ORC) trade together? Their weekly returns over three years give a correlation of 0.85, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IVR and ORC?
Over the past 3 years, IVR and ORC moved with a correlation of 0.85, which is very strong, meaning they move nearly in lockstep. The past 12 months show a weaker link (0.74) than the 3-year average (0.85). Over 5 years the correlation is 0.81, and the annualized covariance of weekly returns is 665.2 %².
Within IVR's tracked universe of 14 assets, ORC comes in at #5 by 3-year correlation. Their 12-month results are close: +17.7% for IVR 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.
IVR vs ORC: side by side
| IVR (INVESCO MORTGAGE CAPITAL INC) | ORC (Orchid Island Capital, Inc.) | |
|---|---|---|
| 1-year return | +17.7% | +15.7% |
| 5-year return | -40.5% | -33.9% |
| Volatility (ann.) | 29.8% | 26.1% |
| Beta vs S&P 500 | 0.88 | 0.84 |
| Max drawdown (3Y) | -41.4% | -36.6% |
| Market cap | $0.8B | $1.3B |
| P/E (trailing) | 4.7 | 3.8 |
| Dividend yield | 19.27% | 20.69% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IVR | ORC |
|---|---|---|
| 2022 | -44.6% | -44.3% |
| 2023 | -14.3% | -3.1% |
| 2024 | +9.0% | +9.9% |
| 2025 | +24.9% | +12.7% |
| 2026 | -0.5% | +4.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IVR and ORC good diversifiers for each other?
No. With a correlation of 0.85, IVR and ORC move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between IVR and ORC?
Using weekly returns as of 2026-08-27: 0.85 over 3 years, with 0.74 over the last year and 0.81 over 5 years.
Is ORC a good diversifier for IVR?
No. With a correlation of 0.85, IVR and ORC move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.85 mean?
On the −1 to +1 scale, 0.85 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-orc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ivr-vs-orc/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IVR correlations · ORC correlations
