DX vs. REFI

Last updated Jun 4, 2026

DX (Dynex Capital, Inc.) and REFI (Chicago Atlantic Real Estate Finance, Inc.) are both stocks. Both operate in the REIT - Mortgage industry within the Real Estate sector. Over the past 3 years, DX returned 18.68%/yr vs 4.02%/yr for REFI. At a 0.37 correlation, their price movements are largely independent.

Performance

DX vs. REFI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dynex Capital, Inc. (DX) and Chicago Atlantic Real Estate Finance, Inc. (REFI). 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 REFI's -6.00% 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%

REFI

• 1D: -1.95%
• 1M: -7.53%
• YTD: -6.00%
• 6M: -6.37%
• 1Y: -11.23%
• 3Y*: 4.02%
• 5Y*: —
• 10Y*: —

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

DX vs. REFI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DX Dynex Capital, Inc.	-1.54%	29.48%	13.64%	11.91%	-15.39%	-2.87%
REFI Chicago Atlantic Real Estate Finance, Inc.	-6.00%	-8.70%	8.69%	23.70%	3.35%	0.97%

Correlation

The correlation between DX and REFI is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (All Time) Calculated using the full available price history since Dec 9, 2021	0.37

Fundamentals

Market Cap DX : $2.56B REFI : $237.61M
EPS DX : $1.59 REFI : $226.63
PE Ratio DX : 8.03 REFI : 0.05
PS Ratio DX : 2.79 REFI : 5.35
PB Ratio DX : 0.98 REFI : 0.00
Total Revenue (TTM) DX : $695.85M REFI : $44.35M
Gross Profit (TTM) DX : $695.85M REFI : $42.41M
EBITDA (TTM) DX : $900.29M REFI : $8.16M

Return for Risk

DX vs. REFI — 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

REFI

REFI Risk / Return Rank: 15
REFI Sharpe Ratio Rank: 20
REFI Sortino Ratio Rank: 19
REFI Omega Ratio Rank: 19
REFI Calmar Ratio Rank: 12
REFI Martin Ratio Rank: 7

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. REFI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dynex Capital, Inc. (DX) and Chicago Atlantic Real Estate Finance, Inc. (REFI). 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	REFI	Difference
Sharpe ratio: Return per unit of total volatility	1.42	-0.48	+1.90
Sortino ratio: Return per unit of downside risk	1.99	-0.53	+2.52
Omega ratio: Gain probability vs. loss probability	1.25	0.94	+0.32
Calmar ratio: Return relative to maximum drawdown	1.61	-0.77	+2.38
Martin ratio: Return relative to average drawdown	5.12	-1.43	+6.54
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. REFI - Sharpe Ratio Comparison

The current DX Sharpe Ratio is 1.42, which is higher than the REFI Sharpe Ratio of -0.48. The chart below compares the historical Sharpe Ratios of DX and REFI, 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	REFI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.42	-0.48	+1.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.18	0.00

Drawdowns

DX vs. REFI - Drawdown Comparison

The maximum DX drawdown since its inception was -99.12%, which is greater than REFI's maximum drawdown of -26.55%. Use the drawdown chart below to compare losses from any high point for DX and REFI.

Drawdown Indicators

	DX	REFI	Difference
Max Drawdown Largest peak-to-trough decline	-99.12%	-26.55%	-72.57%
Max Drawdown (1Y) Largest decline over 1 year	-15.27%	-14.71%	-0.56%
Max Drawdown (3Y) Largest decline over 3 years	-25.81%	-19.25%	-6.56%
Max Drawdown (5Y) Largest decline over 5 years	-38.69%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-56.76%	—	—
Current Drawdown Current decline from peak	-32.61%	-18.51%	-14.10%
Average Drawdown Average peak-to-trough decline	-56.81%	-9.87%	-46.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.80%	7.88%	-3.08%

Volatility

DX vs. REFI - Volatility Comparison

The current volatility for Dynex Capital, Inc. (DX) is 4.07%, while Chicago Atlantic Real Estate Finance, Inc. (REFI) has a volatility of 8.18%. This indicates that DX experiences smaller price fluctuations and is considered to be less risky than REFI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DX	REFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.07%	8.18%	-4.11%
Volatility (6M) Calculated over the trailing 6-month period	13.45%	16.85%	-3.40%
Volatility (1Y) Calculated over the trailing 1-year period	17.41%	23.42%	-6.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.85%	24.32%	-0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.88%	24.32%	+5.56%

Dividends

DX vs. REFI - Dividend Comparison

DX's dividend yield for the trailing twelve months is around 15.95%, less than REFI's 17.00% 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%
REFI Chicago Atlantic Real Estate Finance, Inc.	17.00%	15.33%	13.36%	13.41%	13.93%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

Frequently Asked Questions

Can I hold both DX and REFI in my portfolio?

DX and REFI have a correlation of 0.41, 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 REFI?

REFI has higher volatility (8.18%) compared to DX (4.07%). In terms of maximum drawdown, DX dropped -99.12% vs REFI's -26.55%.

Which has better risk-adjusted returns?

DX currently has the higher Sharpe Ratio (1.42 vs -0.48), 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.