DX vs. ARI

Last updated Jun 20, 2026

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

Performance

DX vs. ARI - Performance Comparison

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

Returns By Period

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

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%

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

DX vs. ARI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DX Dynex Capital, Inc.	0.54%	29.48%	13.64%	11.91%	-15.39%	2.25%	17.09%	11.12%	-8.46%	13.80%
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%

Correlation

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

Fundamentals

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

Return for Risk

DX vs. ARI — Risk / Return Rank

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

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

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

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. ARI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dynex Capital, Inc. (DX) and Apollo Commercial Real Estate Finance, Inc. (ARI). 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	ARI	Difference
Sharpe ratio: Return per unit of total volatility	1.43	1.17	+0.26
Sortino ratio: Return per unit of downside risk	2.02	1.79	+0.22
Omega ratio: Gain probability vs. loss probability	1.25	1.21	+0.04
Calmar ratio: Return relative to maximum drawdown	1.65	2.22	-0.57
Martin ratio: Return relative to average drawdown	4.98	4.97	+0.02

DX vs. ARI - Sharpe Ratio Comparison

The current DX Sharpe Ratio is 1.43, which is comparable to the ARI Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of DX and ARI, 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. ARI - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

DX vs. ARI - Volatility Comparison

Dynex Capital, Inc. (DX) has a higher volatility of 5.16% compared to Apollo Commercial Real Estate Finance, Inc. (ARI) at 4.36%. This indicates that DX's price experiences larger fluctuations and is considered to be riskier than ARI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

Dividends

DX vs. ARI - Dividend Comparison

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

DX vs. ARI - Profitability Comparison

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

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 - 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 - 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 - 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 - 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%.

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%.

Frequently Asked Questions

Can I hold both DX and ARI in my portfolio?

DX and ARI 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, DX or ARI?

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

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.