ARI vs. DX

Last updated Jun 20, 2026

ARI (Apollo Commercial Real Estate Finance, Inc.) and DX (Dynex Capital, Inc.) are both stocks. Both operate in the REIT - Mortgage industry within the Real Estate sector. Over the past 10 years, ARI returned 7.52%/yr vs 7.57%/yr for DX. A 0.57 correlation means they provide meaningful diversification when combined.

Performance

ARI vs. DX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Apollo Commercial Real Estate Finance, Inc. (ARI) and Dynex Capital, Inc. (DX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ARI achieves a 14.60% return, which is significantly higher than DX's 0.54% return. Both investments have delivered pretty close results over the past 10 years, with ARI having a 7.52% annualized return and DX not far ahead at 7.57%.

ARI

• 1D: 1.03%
• 1M: -1.37%
• YTD: 14.60%
• 6M: 13.46%
• 1Y: 22.16%
• 3Y*: 10.54%
• 5Y*: 4.00%
• 10Y*: 7.52%

DX

• 1D: 0.08%
• 1M: 2.83%
• YTD: 0.54%
• 6M: 1.85%
• 1Y: 25.07%
• 3Y*: 17.21%
• 5Y*: 5.09%
• 10Y*: 7.57%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ARI vs. DX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARI Apollo Commercial Real Estate Finance, Inc.	14.60%	23.83%	-16.51%	24.46%	-7.12%	29.66%	-29.03%	21.15%	-0.03%	22.51%
DX Dynex Capital, Inc.	0.54%	29.48%	13.64%	11.91%	-15.39%	2.25%	17.09%	11.12%	-8.46%	13.80%

Correlation

The correlation between ARI and DX is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Sep 24, 2009	0.57

The correlation between ARI and DX shifts across timeframes, from 0.53 (1 year) to 0.66 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap ARI : $1.51B DX : $2.61B
EPS ARI : $0.91 DX : $1.59
PE Ratio ARI : 11.89 DX : 8.20
PS Ratio ARI : 2.54 DX : 2.85
PB Ratio ARI : 0.84 DX : 1.00
Total Revenue (TTM) ARI : $595.26M DX : $695.85M
Gross Profit (TTM) ARI : $429.14M DX : $695.85M
EBITDA (TTM) ARI : $372.79M DX : $900.29M

Return for Risk

ARI vs. DX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ARI

ARI Risk / Return Rank: 74
ARI Sharpe Ratio Rank: 76
ARI Sortino Ratio Rank: 73
ARI Omega Ratio Rank: 68
ARI Calmar Ratio Rank: 78
ARI Martin Ratio Rank: 76

DX

DX Risk / Return Rank: 76
DX Sharpe Ratio Rank: 81
DX Sortino Ratio Rank: 77
DX Omega Ratio Rank: 75
DX Calmar Ratio Rank: 72
DX Martin Ratio Rank: 76

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ARI vs. DX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Apollo Commercial Real Estate Finance, Inc. (ARI) and Dynex Capital, Inc. (DX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ARI	DX	Difference
Sharpe ratio: Return per unit of total volatility	1.17	1.43	-0.26
Sortino ratio: Return per unit of downside risk	1.79	2.02	-0.22
Omega ratio: Gain probability vs. loss probability	1.21	1.25	-0.04
Calmar ratio: Return relative to maximum drawdown	2.22	1.65	+0.57
Martin ratio: Return relative to average drawdown	4.97	4.98	-0.02

ARI vs. DX - Sharpe Ratio Comparison

The current ARI Sharpe Ratio is 1.17, which is comparable to the DX Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of ARI and DX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ARI vs. DX - Drawdown Comparison

The maximum ARI drawdown since its inception was -77.39%, smaller than the maximum DX drawdown of -99.12%. Use the drawdown chart below to compare losses from any high point for ARI and DX.

Drawdown Indicators

	ARI	DX	Difference
Max Drawdown Largest peak-to-trough decline	-77.39%	-99.12%	+21.73%
Max Drawdown (1Y) Largest decline over 1 year	-10.04%	-15.27%	+5.23%
Max Drawdown (3Y) Largest decline over 3 years	-24.73%	-25.81%	+1.08%
Max Drawdown (5Y) Largest decline over 5 years	-40.95%	-35.98%	-4.97%
Max Drawdown (10Y) Largest decline over 10 years	-77.39%	-56.76%	-20.63%
Current Drawdown Current decline from peak	-3.48%	-31.19%	+27.71%
Average Drawdown Average peak-to-trough decline	-9.04%	-56.78%	+47.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.47%	5.04%	-0.57%

Volatility

ARI vs. DX - Volatility Comparison

The current volatility for Apollo Commercial Real Estate Finance, Inc. (ARI) is 4.36%, while Dynex Capital, Inc. (DX) has a volatility of 5.16%. This indicates that ARI experiences smaller price fluctuations and is considered to be less risky than DX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARI	DX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.36%	5.16%	-0.80%
Volatility (6M) Calculated over the trailing 6-month period	13.69%	13.78%	-0.09%
Volatility (1Y) Calculated over the trailing 1-year period	19.06%	17.67%	+1.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.73%	23.85%	+6.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.99%	29.88%	+14.11%

Dividends

ARI vs. DX - Dividend Comparison

ARI's dividend yield for the trailing twelve months is around 9.23%, less than DX's 15.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARI Apollo Commercial Real Estate Finance, Inc.	9.23%	10.33%	13.86%	11.93%	13.01%	10.64%	12.98%	10.06%	11.04%	9.97%	11.07%	10.33%
DX Dynex Capital, Inc.	15.62%	14.13%	11.46%	12.46%	12.26%	9.34%	9.33%	11.87%	12.59%	10.27%	12.32%	15.12%

Financials

ARI vs. DX - Profitability Comparison

The chart below illustrates the profitability comparison between Apollo Commercial Real Estate Finance, Inc. and Dynex Capital, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

ARI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Apollo Commercial Real Estate Finance, Inc. reported a gross profit of 0.00 and revenue of 58.63M. Therefore, the gross margin over that period was 0.0%.

DX - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Dynex Capital, Inc. reported a gross profit of 257.39M and revenue of 257.39M. Therefore, the gross margin over that period was 100.0%.

ARI - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Apollo Commercial Real Estate Finance, Inc. reported an operating income of 0.00 and revenue of 58.63M, resulting in an operating margin of 0.0%.

DX - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Dynex Capital, Inc. reported an operating income of 236.91M and revenue of 257.39M, resulting in an operating margin of 92.0%.

ARI - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Apollo Commercial Real Estate Finance, Inc. reported a net income of 26.23M and revenue of 58.63M, resulting in a net margin of 44.7%.

DX - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Dynex Capital, Inc. reported a net income of -80.36M and revenue of 257.39M, resulting in a net margin of -31.2%.

Frequently Asked Questions

Can I hold both ARI and DX in my portfolio?

ARI and DX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ARI or DX?

DX has higher volatility (5.16%) compared to ARI (4.36%). In terms of maximum drawdown, ARI dropped -77.39% vs DX's -99.12%.

Which has better risk-adjusted returns?

DX currently has the higher Sharpe Ratio (1.43 vs 1.17), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.