DX vs. MAIN

Last updated Jun 4, 2026

DX (Dynex Capital, Inc.) and MAIN (Main Street Capital Corporation) are both stocks. DX operates in REIT - Mortgage (Real Estate), while MAIN operates in Asset Management (Financial Services). Over the past 10 years, DX returned 7.73%/yr vs 12.73%/yr for MAIN. At a 0.35 correlation, their price movements are largely independent.

Performance

DX vs. MAIN - Performance Comparison

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

Returns By Period

In the year-to-date period, DX achieves a -1.54% return, which is significantly higher than MAIN's -13.65% return. Over the past 10 years, DX has underperformed MAIN with an annualized return of 7.73%, while MAIN has yielded a comparatively higher 12.73% annualized return.

DX

• 1D: -0.62%
• 1M: -2.25%
• YTD: -1.54%
• 6M: -0.69%
• 1Y: 24.52%
• 3Y*: 18.68%
• 5Y*: 3.95%
• 10Y*: 7.73%

MAIN

• 1D: -1.67%
• 1M: -8.64%
• YTD: -13.65%
• 6M: -11.32%
• 1Y: -3.49%
• 3Y*: 17.00%
• 5Y*: 12.47%
• 10Y*: 12.73%

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

DX vs. MAIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DX Dynex Capital, Inc.	-1.54%	29.48%	13.64%	11.91%	-15.39%	2.25%	17.09%	11.12%	-8.46%	13.80%
MAIN Main Street Capital Corporation	-13.65%	10.74%	47.30%	28.22%	-11.37%	48.31%	-19.54%	36.88%	-8.27%	16.62%

Correlation

The correlation between DX and MAIN is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Oct 10, 2007	0.35

Fundamentals

Market Cap DX : $2.56B MAIN : $4.60B
EPS DX : $1.59 MAIN : $5.22
PE Ratio DX : 8.03 MAIN : 9.72
PS Ratio DX : 2.79 MAIN : 6.46
PB Ratio DX : 0.98 MAIN : 1.49
Total Revenue (TTM) DX : $695.85M MAIN : $704.17M
Gross Profit (TTM) DX : $695.85M MAIN : $499.08M
EBITDA (TTM) DX : $900.29M MAIN : $396.90M

Return for Risk

DX vs. MAIN — Risk / Return Rank

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

DX

DX Risk / Return Rank: 74
DX Sharpe Ratio Rank: 80
DX Sortino Ratio Rank: 74
DX Omega Ratio Rank: 73
DX Calmar Ratio Rank: 69
DX Martin Ratio Rank: 75

MAIN

MAIN Risk / Return Rank: 32
MAIN Sharpe Ratio Rank: 35
MAIN Sortino Ratio Rank: 29
MAIN Omega Ratio Rank: 29
MAIN Calmar Ratio Rank: 35
MAIN Martin Ratio Rank: 35

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. MAIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dynex Capital, Inc. (DX) and Main Street Capital Corporation (MAIN). 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.

	DX	MAIN	Difference
Sharpe ratio: Return per unit of total volatility	1.42	-0.14	+1.56
Sortino ratio: Return per unit of downside risk	1.99	-0.03	+2.02
Omega ratio: Gain probability vs. loss probability	1.25	1.00	+0.25
Calmar ratio: Return relative to maximum drawdown	1.61	-0.16	+1.77
Martin ratio: Return relative to average drawdown	5.12	-0.33	+5.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DX vs. MAIN - Sharpe Ratio Comparison

The current DX Sharpe Ratio is 1.42, which is higher than the MAIN Sharpe Ratio of -0.14. The chart below compares the historical Sharpe Ratios of DX and MAIN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DX	MAIN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.42	-0.14	+1.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.58	-0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	0.47	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.55	-0.38

Drawdowns

DX vs. MAIN - Drawdown Comparison

The maximum DX drawdown since its inception was -99.12%, which is greater than MAIN's maximum drawdown of -64.53%. Use the drawdown chart below to compare losses from any high point for DX and MAIN.

Drawdown Indicators

	DX	MAIN	Difference
Max Drawdown Largest peak-to-trough decline	-99.12%	-64.53%	-34.59%
Max Drawdown (1Y) Largest decline over 1 year	-15.27%	-22.43%	+7.16%
Max Drawdown (3Y) Largest decline over 3 years	-25.81%	-22.43%	-3.38%
Max Drawdown (5Y) Largest decline over 5 years	-38.69%	-27.06%	-11.63%
Max Drawdown (10Y) Largest decline over 10 years	-56.76%	-64.53%	+7.77%
Current Drawdown Current decline from peak	-32.61%	-20.74%	-11.87%
Average Drawdown Average peak-to-trough decline	-56.81%	-7.29%	-49.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.80%	10.72%	-5.92%

Volatility

DX vs. MAIN - Volatility Comparison

The current volatility for Dynex Capital, Inc. (DX) is 4.07%, while Main Street Capital Corporation (MAIN) has a volatility of 8.82%. This indicates that DX experiences smaller price fluctuations and is considered to be less risky than MAIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DX	MAIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.07%	8.82%	-4.75%
Volatility (6M) Calculated over the trailing 6-month period	13.45%	20.33%	-6.88%
Volatility (1Y) Calculated over the trailing 1-year period	17.41%	24.81%	-7.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.85%	21.56%	+2.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.88%	27.29%	+2.59%

Dividends

DX vs. MAIN - Dividend Comparison

DX's dividend yield for the trailing twelve months is around 15.95%, more than MAIN's 8.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DX Dynex Capital, Inc.	15.95%	14.13%	11.46%	12.46%	12.26%	9.34%	9.33%	11.87%	12.59%	10.27%	12.32%	15.12%
MAIN Main Street Capital Corporation	8.44%	7.00%	7.02%	8.55%	7.97%	5.74%	6.99%	6.76%	8.43%	7.49%	7.42%	9.15%

Financials

DX vs. MAIN - Profitability Comparison

The chart below illustrates the profitability comparison between Dynex Capital, Inc. and Main Street Capital Corporation 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%.

MAIN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Main Street Capital Corporation reported a gross profit of 0.00 and revenue of 140.11M. 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%.

MAIN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Main Street Capital Corporation reported an operating income of 0.00 and revenue of 140.11M, 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%.

MAIN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Main Street Capital Corporation reported a net income of 90.82M and revenue of 140.11M, resulting in a net margin of 64.8%.

Frequently Asked Questions

Can I hold both DX and MAIN in my portfolio?

DX and MAIN have a correlation of 0.35, 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 MAIN?

MAIN has higher volatility (8.82%) compared to DX (4.07%). In terms of maximum drawdown, DX dropped -99.12% vs MAIN's -64.53%.

Which has better risk-adjusted returns?

DX currently has the higher Sharpe Ratio (1.42 vs -0.14), 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.