DX vs. KBWD

Last updated Aug 6, 2026

DX (Dynex Capital, Inc.) is a stock, while KBWD (Invesco KBW High Dividend Yield Financial ETF) is Financials Equities fund tracking the KBW Nasdaq Financial Sector Dividend Yield Index. Over the past 10 years, DX returned 6.74%/yr vs 4.39%/yr for KBWD. Their 0.68 correlation means they have sometimes moved together and sometimes differently.

Performance

DX vs. KBWD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dynex Capital, Inc. (DX) and Invesco KBW High Dividend Yield Financial ETF (KBWD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DX achieves a 1.56% return, which is significantly higher than KBWD's -2.92% return. Over the past 10 years, DX has outperformed KBWD with an annualized return of 6.74%, while KBWD has yielded a comparatively lower 4.39% annualized return.

DX

• 1D: 0.71%
• 1M: -1.65%
• 6M: -1.41%
• YTD: 1.56%
• 1Y: 19.77%
• 3Y*: 15.28%
• 5Y*: 7.10%
• 10Y*: 6.74%
• ALL TIME*: 8.23%

KBWD

• 1D: -1.13%
• 1M: 0.11%
• 6M: -6.11%
• YTD: -2.92%
• 1Y: 0.94%
• 3Y*: 3.34%
• 5Y*: 1.25%
• 10Y*: 4.39%
• ALL TIME*: 5.72%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DX Dynex Capital, Inc.	$71.00M	$77.96M	$67.54M
KBWD Invesco KBW High Dividend Yield Financial ETF	$5.73M	$4.99M	$4.71M

DX vs. KBWD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DX Dynex Capital, Inc.	1.56%	29.48%	13.64%	11.91%	-15.39%	2.25%	17.09%	11.12%	-8.46%	13.80%
KBWD Invesco KBW High Dividend Yield Financial ETF	-2.92%	5.59%	4.30%	20.21%	-19.14%	31.89%	-15.58%	20.72%	-8.70%	12.06%

Correlation

The correlation between DX and KBWD is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.67
Correlation (3Y) Balances recent behavior with more history.	0.74
Correlation (5Y) Shows whether the relationship held over a longer period.	0.77
Correlation (10Y) Provides a long-term view across more market conditions.	0.72
Correlation (All Time) Calculated using the full available price history since Dec 2, 2010	0.68

The correlation between DX and KBWD has been stable across timeframes, ranging from 0.67 to 0.77 - a consistent structural relationship.

Return for Risk

DX vs. KBWD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DX

DX Risk / Return Rank: 72
DX Sharpe Ratio Rank: 77
DX Sortino Ratio Rank: 71
DX Omega Ratio Rank: 70
DX Calmar Ratio Rank: 69
DX Martin Ratio Rank: 73

KBWD

KBWD Risk / Return Rank: 11
KBWD Sharpe Ratio Rank: 11
KBWD Sortino Ratio Rank: 11
KBWD Omega Ratio Rank: 11
KBWD Calmar Ratio Rank: 11
KBWD Martin Ratio Rank: 11

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DX vs. KBWD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dynex Capital, Inc. (DX) and Invesco KBW High Dividend Yield Financial ETF (KBWD). 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	KBWD	Difference
Sharpe ratio: Return per unit of total volatility	1.13	0.06	+1.07
Sortino ratio: Return per unit of downside risk	1.63	0.20	+1.43
Omega ratio: Gain probability vs. loss probability	1.20	1.02	+0.18
Calmar ratio: Return relative to maximum drawdown	1.30	0.06	+1.24
Martin ratio: Return relative to average drawdown	3.68	0.13	+3.55

DX vs. KBWD - Sharpe Ratio Comparison

The current DX Sharpe Ratio is 1.13, which is higher than the KBWD Sharpe Ratio of 0.06. The chart below compares the historical Sharpe Ratios of DX and KBWD, 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. KBWD - Drawdown Comparison

The maximum DX drawdown since its inception was -99.12%, which is greater than KBWD's maximum drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for DX and KBWD.

Drawdown Indicators

	DX	KBWD	Difference
Max Drawdown Largest peak-to-trough decline	-99.12%	-58.63%	-40.49%
Max Drawdown (1Y) Largest decline over 1 year	-15.27%	-15.05%	-0.22%
Max Drawdown (3Y) Largest decline over 3 years	-25.81%	-19.65%	-6.16%
Max Drawdown (5Y) Largest decline over 5 years	-33.44%	-30.74%	-2.70%
Max Drawdown (10Y) Largest decline over 10 years	-56.76%	-58.63%	+1.87%
Current Drawdown Current decline from peak	-30.49%	-9.82%	-20.67%
Average Drawdown Average peak-to-trough decline	-56.69%	-7.44%	-49.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.39%	7.26%	-1.87%

Volatility

DX vs. KBWD - Volatility Comparison

The current volatility for Dynex Capital, Inc. (DX) is 5.05%, while Invesco KBW High Dividend Yield Financial ETF (KBWD) has a volatility of 5.35%. This indicates that DX experiences smaller price fluctuations and is considered to be less risky than KBWD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DX	KBWD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.05%	5.35%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	13.19%	12.53%	+0.66%
Volatility (1Y) Calculated over the trailing 1-year period	17.62%	16.04%	+1.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.81%	19.82%	+3.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.89%	23.27%	+6.62%

Dividends

DX vs. KBWD - Dividend Comparison

DX's dividend yield for the trailing twelve months is around 15.88%, more than KBWD's 14.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DX Dynex Capital, Inc.	15.88%	14.13%	11.46%	12.46%	12.26%	9.34%	9.33%	11.87%	12.59%	10.27%	12.32%	15.12%
KBWD Invesco KBW High Dividend Yield Financial ETF	14.16%	12.83%	12.45%	11.45%	11.32%	7.26%	9.68%	8.63%	9.47%	8.77%	8.68%	8.89%

Frequently Asked Questions

Can I hold both DX and KBWD in my portfolio?

DX and KBWD have a correlation of 0.67, 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 KBWD?

KBWD has higher volatility (5.35%) compared to DX (5.05%). In terms of maximum drawdown, DX dropped -99.12% vs KBWD's -58.63%.

Which has better risk-adjusted returns?

DX currently has the higher Sharpe Ratio (1.13 vs 0.06), 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.