DX vs. MSTR

Last updated Jun 30, 2026

DX (Dynex Capital, Inc.) and MSTR (Strategy Inc) are both stocks. DX operates in REIT - Mortgage (Real Estate), while MSTR operates in Software - Application (Technology). Over the past 10 years, DX returned 7.88%/yr vs 18.32%/yr for MSTR. At a 0.16 correlation, their price movements are largely independent.

Performance

DX vs. MSTR - Performance Comparison

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

Returns By Period

In the year-to-date period, DX achieves a 2.80% return, which is significantly higher than MSTR's -39.01% return. Over the past 10 years, DX has underperformed MSTR with an annualized return of 7.88%, while MSTR has yielded a comparatively higher 18.32% annualized return.

DX

• 1D: 0.30%
• 1M: 2.02%
• YTD: 2.80%
• 6M: 3.91%
• 1Y: 27.03%
• 3Y*: 17.11%
• 5Y*: 6.05%
• 10Y*: 7.88%

MSTR

• 1D: 12.60%
• 1M: -41.74%
• YTD: -39.01%
• 6M: -40.36%
• 1Y: -75.86%
• 3Y*: 39.36%
• 5Y*: 6.88%
• 10Y*: 18.32%

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

DX vs. MSTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DX Dynex Capital, Inc.	2.80%	29.48%	13.64%	11.91%	-15.39%	2.25%	17.09%	11.12%	-8.46%	13.80%
MSTR Strategy Inc	-39.01%	-47.53%	358.54%	346.15%	-74.00%	40.13%	172.42%	11.65%	-2.70%	-33.49%

Correlation

The correlation between DX and MSTR is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jun 11, 1998	0.16

The correlation between DX and MSTR shifts across timeframes, from 0.16 (1 year) to 0.26 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap DX : $2.64B MSTR : $30.95B
EPS DX : $1.47 MSTR : -$39.78
PS Ratio DX : 3.12 MSTR : 58.70
PB Ratio DX : 1.01 MSTR : 0.84
Total Revenue (TTM) DX : $695.85M MSTR : $490.47M
Gross Profit (TTM) DX : $695.85M MSTR : $334.08M
EBITDA (TTM) DX : $900.29M MSTR : $466.93M

Return for Risk

DX vs. MSTR — Risk / Return Rank

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

DX

DX Risk / Return Rank: 79
DX Sharpe Ratio Rank: 84
DX Sortino Ratio Rank: 80
DX Omega Ratio Rank: 79
DX Calmar Ratio Rank: 74
DX Martin Ratio Rank: 79

MSTR

MSTR Risk / Return Rank: 6
MSTR Sharpe Ratio Rank: 5
MSTR Sortino Ratio Rank: 2
MSTR Omega Ratio Rank: 5
MSTR Calmar Ratio Rank: 6
MSTR Martin Ratio Rank: 10

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. MSTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dynex Capital, Inc. (DX) and Strategy Inc (MSTR). 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	MSTR	Difference
Sharpe ratio: Return per unit of total volatility	1.54	-1.02	+2.57
Sortino ratio: Return per unit of downside risk	2.15	-2.14	+4.29
Omega ratio: Gain probability vs. loss probability	1.27	0.78	+0.49
Calmar ratio: Return relative to maximum drawdown	1.78	-0.93	+2.71
Martin ratio: Return relative to average drawdown	5.29	-1.37	+6.67

DX vs. MSTR - Sharpe Ratio Comparison

The current DX Sharpe Ratio is 1.54, which is higher than the MSTR Sharpe Ratio of -1.02. The chart below compares the historical Sharpe Ratios of DX and MSTR, 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. MSTR - Drawdown Comparison

The maximum DX drawdown since its inception was -99.12%, roughly equal to the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for DX and MSTR.

Drawdown Indicators

	DX	MSTR	Difference
Max Drawdown Largest peak-to-trough decline	-99.12%	-99.86%	+0.74%
Max Drawdown (1Y) Largest decline over 1 year	-15.27%	-81.95%	+66.68%
Max Drawdown (3Y) Largest decline over 3 years	-25.81%	-82.63%	+56.82%
Max Drawdown (5Y) Largest decline over 5 years	-33.98%	-84.11%	+50.13%
Max Drawdown (10Y) Largest decline over 10 years	-56.76%	-89.27%	+32.51%
Current Drawdown Current decline from peak	-29.64%	-80.44%	+50.80%
Average Drawdown Average peak-to-trough decline	-56.76%	-86.44%	+29.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.12%	55.19%	-50.07%

Volatility

DX vs. MSTR - Volatility Comparison

The current volatility for Dynex Capital, Inc. (DX) is 4.52%, while Strategy Inc (MSTR) has a volatility of 28.41%. This indicates that DX experiences smaller price fluctuations and is considered to be less risky than MSTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DX	MSTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	28.41%	-23.89%
Volatility (6M) Calculated over the trailing 6-month period	13.74%	60.21%	-46.47%
Volatility (1Y) Calculated over the trailing 1-year period	17.62%	74.35%	-56.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.83%	90.65%	-66.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.88%	74.13%	-44.25%

Dividends

DX vs. MSTR - Dividend Comparison

DX's dividend yield for the trailing twelve months is around 15.48%, while MSTR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DX Dynex Capital, Inc.	15.48%	14.13%	11.46%	12.46%	12.26%	9.34%	9.33%	11.87%	12.59%	10.27%	12.32%	15.12%
MSTR Strategy Inc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

Frequently Asked Questions

Can I hold both DX and MSTR in my portfolio?

DX and MSTR have a correlation of 0.16, 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 MSTR?

MSTR has higher volatility (28.41%) compared to DX (4.52%). In terms of maximum drawdown, DX dropped -99.12% vs MSTR's -99.86%.

Which has better risk-adjusted returns?

DX currently has the higher Sharpe Ratio (1.54 vs -1.02), 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.