KMI vs. DX

Last updated Jun 9, 2026

KMI (Kinder Morgan, Inc.) and DX (Dynex Capital, Inc.) are both stocks. KMI operates in Oil & Gas Midstream (Energy), while DX operates in REIT - Mortgage (Real Estate). Over the past 10 years, KMI returned 11.49%/yr vs 7.34%/yr for DX. At a 0.31 correlation, their price movements are largely independent.

Performance

KMI vs. DX - Performance Comparison

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

Returns By Period

In the year-to-date period, KMI achieves a 15.99% return, which is significantly higher than DX's -2.00% return. Over the past 10 years, KMI has outperformed DX with an annualized return of 11.49%, while DX has yielded a comparatively lower 7.34% annualized return.

KMI

• 1D: -1.23%
• 1M: -0.38%
• YTD: 15.99%
• 6M: 16.84%
• 1Y: 15.80%
• 3Y*: 28.85%
• 5Y*: 16.97%
• 10Y*: 11.49%

DX

• 1D: -1.09%
• 1M: -3.80%
• YTD: -2.00%
• 6M: -1.37%
• 1Y: 22.41%
• 3Y*: 17.30%
• 5Y*: 3.34%
• 10Y*: 7.34%

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

KMI vs. DX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KMI Kinder Morgan, Inc.	15.99%	4.74%	64.42%	4.10%	21.23%	23.75%	-30.77%	44.43%	-11.18%	-10.56%
DX Dynex Capital, Inc.	-2.00%	29.48%	13.64%	11.91%	-15.39%	2.25%	17.09%	11.12%	-8.46%	13.80%

Correlation

The correlation between KMI and DX is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Feb 14, 2011	0.31

Over the past year, the correlation between KMI and DX has dropped to 0.03 - well below their long-term average of 0.31, suggesting their price drivers have been diverging.

Fundamentals

Market Cap KMI : $69.62B DX : $2.55B
EPS KMI : $1.53 DX : $1.59
PE Ratio KMI : 20.46 DX : 8.00
PS Ratio KMI : 3.97 DX : 2.78
PB Ratio KMI : 2.22 DX : 0.97
Total Revenue (TTM) KMI : $17.52B DX : $695.85M
Gross Profit (TTM) KMI : $5.86B DX : $695.85M
EBITDA (TTM) KMI : $6.90B DX : $900.29M

Return for Risk

KMI vs. DX — Risk / Return Rank

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

KMI

KMI Risk / Return Rank: 64
KMI Sharpe Ratio Rank: 67
KMI Sortino Ratio Rank: 59
KMI Omega Ratio Rank: 59
KMI Calmar Ratio Rank: 69
KMI Martin Ratio Rank: 67

DX

DX Risk / Return Rank: 73
DX Sharpe Ratio Rank: 79
DX Sortino Ratio Rank: 73
DX Omega Ratio Rank: 71
DX Calmar Ratio Rank: 70
DX Martin Ratio Rank: 75

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.

KMI vs. DX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kinder Morgan, Inc. (KMI) and Dynex Capital, Inc. (DX). 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.

	KMI	DX	Difference
Sharpe ratio: Return per unit of total volatility	0.78	1.28	-0.50
Sortino ratio: Return per unit of downside risk	1.16	1.83	-0.68
Omega ratio: Gain probability vs. loss probability	1.15	1.23	-0.08
Calmar ratio: Return relative to maximum drawdown	1.43	1.47	-0.05
Martin ratio: Return relative to average drawdown	2.87	4.60	-1.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KMI vs. DX - Sharpe Ratio Comparison

The current KMI Sharpe Ratio is 0.78, which is lower than the DX Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of KMI and DX, 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

	KMI	DX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.78	1.28	-0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.14	+0.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.25	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.17	0.00

Drawdowns

KMI vs. DX - Drawdown Comparison

The maximum KMI drawdown since its inception was -72.70%, smaller than the maximum DX drawdown of -99.12%. Use the drawdown chart below to compare losses from any high point for KMI and DX.

Drawdown Indicators

	KMI	DX	Difference
Max Drawdown Largest peak-to-trough decline	-72.70%	-99.12%	+26.42%
Max Drawdown (1Y) Largest decline over 1 year	-11.11%	-15.27%	+4.16%
Max Drawdown (3Y) Largest decline over 3 years	-18.40%	-25.81%	+7.41%
Max Drawdown (5Y) Largest decline over 5 years	-20.31%	-38.63%	+18.32%
Max Drawdown (10Y) Largest decline over 10 years	-55.13%	-56.76%	+1.63%
Current Drawdown Current decline from peak	-8.80%	-32.93%	+24.13%
Average Drawdown Average peak-to-trough decline	-32.04%	-56.81%	+24.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.53%	4.89%	+0.64%

Volatility

KMI vs. DX - Volatility Comparison

Kinder Morgan, Inc. (KMI) has a higher volatility of 6.99% compared to Dynex Capital, Inc. (DX) at 4.62%. This indicates that KMI's price experiences larger fluctuations and is considered to be riskier than DX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KMI	DX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.99%	4.62%	+2.37%
Volatility (6M) Calculated over the trailing 6-month period	14.80%	13.63%	+1.17%
Volatility (1Y) Calculated over the trailing 1-year period	20.32%	17.57%	+2.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.59%	23.87%	-1.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.73%	29.89%	-2.16%

Dividends

KMI vs. DX - Dividend Comparison

KMI's dividend yield for the trailing twelve months is around 3.76%, less than DX's 16.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DX Dynex Capital, Inc.	16.03%	14.13%	11.46%	12.46%	12.26%	9.34%	9.33%	11.87%	12.59%	10.27%	12.32%	15.12%
KMI Kinder Morgan, Inc.	3.76%	4.24%	4.18%	6.38%	6.10%	6.76%	7.59%	4.49%	4.71%	2.77%	2.41%	12.94%

Financials

KMI vs. DX - Profitability Comparison

The chart below illustrates the profitability comparison between Kinder Morgan, Inc. and Dynex Capital, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

KMI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Kinder Morgan, Inc. reported a gross profit of 0.00 and revenue of 4.83B. Therefore, the gross margin over that period was 0.0%.

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%.

KMI - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Kinder Morgan, Inc. reported an operating income of 1.44B and revenue of 4.83B, resulting in an operating margin of 29.9%.

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%.

KMI - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Kinder Morgan, Inc. reported a net income of 1.06B and revenue of 4.83B, resulting in a net margin of 22.0%.

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%.

Frequently Asked Questions

Can I hold both KMI and DX in my portfolio?

KMI and DX have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KMI or DX?

KMI has higher volatility (6.99%) compared to DX (4.62%). In terms of maximum drawdown, KMI dropped -72.70% vs DX's -99.12%.

Which has better risk-adjusted returns?

DX currently has the higher Sharpe Ratio (1.28 vs 0.78), 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.