DX vs. AMLP

Last updated Jul 17, 2026

DX (Dynex Capital, Inc.) is a stock, while AMLP (Alerian MLP ETF) is MLPs fund tracking the Alerian MLP Infrastructure Index. Over the past 10 years, DX returned 8.13%/yr vs 6.80%/yr for AMLP. At a 0.32 correlation, their price movements are largely independent.

Performance

DX vs. AMLP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dynex Capital, Inc. (DX) and Alerian MLP ETF (AMLP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DX achieves a 5.53% return, which is significantly lower than AMLP's 19.32% return. Over the past 10 years, DX has outperformed AMLP with an annualized return of 8.13%, while AMLP has yielded a comparatively lower 6.80% annualized return.

DX

• 1D: 1.58%
• 1M: 3.77%
• 6M: 2.42%
• YTD: 5.53%
• 1Y: 24.94%
• 3Y*: 18.14%
• 5Y*: 7.38%
• 10Y*: 8.13%

AMLP

• 1D: 1.41%
• 1M: 5.83%
• 6M: 14.27%
• YTD: 19.32%
• 1Y: 20.19%
• 3Y*: 19.61%
• 5Y*: 19.03%
• 10Y*: 6.80%

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

DX vs. AMLP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DX Dynex Capital, Inc.	5.53%	29.48%	13.64%	11.91%	-15.39%	2.25%	17.09%	11.12%	-8.46%	13.80%
AMLP Alerian MLP ETF	19.32%	5.78%	22.76%	21.40%	25.47%	39.09%	-32.26%	5.99%	-12.67%	-7.89%

Correlation

The correlation between DX and AMLP is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Aug 25, 2010	0.32

The correlation between DX and AMLP shifts across timeframes, from -0.01 (1 year) to 0.34 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

DX vs. AMLP — Risk / Return Rank

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

DX

DX Risk / Return Rank: 78
DX Sharpe Ratio Rank: 83
DX Sortino Ratio Rank: 79
DX Omega Ratio Rank: 77
DX Calmar Ratio Rank: 74
DX Martin Ratio Rank: 78

AMLP

AMLP Risk / Return Rank: 56
AMLP Sharpe Ratio Rank: 60
AMLP Sortino Ratio Rank: 59
AMLP Omega Ratio Rank: 55
AMLP Calmar Ratio Rank: 56
AMLP Martin Ratio Rank: 47

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.

DX vs. AMLP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dynex Capital, Inc. (DX) and Alerian MLP ETF (AMLP). 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.

	DX	AMLP	Difference
Sharpe ratio: Return per unit of total volatility	1.43	1.61	-0.18
Sortino ratio: Return per unit of downside risk	2.00	2.26	-0.26
Omega ratio: Gain probability vs. loss probability	1.25	1.28	-0.03
Calmar ratio: Return relative to maximum drawdown	1.64	2.27	-0.63
Martin ratio: Return relative to average drawdown	4.79	6.33	-1.54

DX vs. AMLP - Sharpe Ratio Comparison

The current DX Sharpe Ratio is 1.43, which is comparable to the AMLP Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of DX and AMLP, 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

DX vs. AMLP - Drawdown Comparison

The maximum DX drawdown since its inception was -99.12%, which is greater than AMLP's maximum drawdown of -77.19%. Use the drawdown chart below to compare losses from any high point for DX and AMLP.

Drawdown Indicators

	DX	AMLP	Difference
Max Drawdown Largest peak-to-trough decline	-99.12%	-77.19%	-21.93%
Max Drawdown (1Y) Largest decline over 1 year	-15.27%	-8.94%	-6.33%
Max Drawdown (3Y) Largest decline over 3 years	-25.81%	-14.27%	-11.54%
Max Drawdown (5Y) Largest decline over 5 years	-33.44%	-20.92%	-12.52%
Max Drawdown (10Y) Largest decline over 10 years	-56.76%	-72.62%	+15.86%
Current Drawdown Current decline from peak	-27.77%	-1.62%	-26.15%
Average Drawdown Average peak-to-trough decline	-56.73%	-17.31%	-39.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.22%	3.20%	+2.02%

Volatility

DX vs. AMLP - Volatility Comparison

The current volatility for Dynex Capital, Inc. (DX) is 4.39%, while Alerian MLP ETF (AMLP) has a volatility of 5.08%. This indicates that DX experiences smaller price fluctuations and is considered to be less risky than AMLP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DX	AMLP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	5.08%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	14.12%	9.66%	+4.46%
Volatility (1Y) Calculated over the trailing 1-year period	17.59%	12.59%	+5.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.82%	19.68%	+4.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.89%	27.64%	+2.25%

Dividends

DX vs. AMLP - Dividend Comparison

DX's dividend yield for the trailing twelve months is around 15.08%, more than AMLP's 7.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMLP Alerian MLP ETF	7.45%	8.36%	7.70%	7.86%	7.70%	8.55%	12.31%	9.12%	9.29%	7.97%	8.09%	9.84%
DX Dynex Capital, Inc.	15.08%	14.13%	11.46%	12.46%	12.26%	9.34%	9.33%	11.87%	12.59%	10.27%	12.32%	15.12%

Frequently Asked Questions

Can I hold both DX and AMLP in my portfolio?

DX and AMLP have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DX or AMLP?

AMLP has higher volatility (5.08%) compared to DX (4.39%). In terms of maximum drawdown, DX dropped -99.12% vs AMLP's -77.19%.

Which has better risk-adjusted returns?

AMLP currently has the higher Sharpe Ratio (1.61 vs 1.43), 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.