MFA vs. DX

Last updated Apr 1, 2026

Compare and contrast key facts about MFA Financial, Inc. (MFA) and Dynex Capital, Inc. (DX).

Performance

MFA vs. DX - Performance Comparison

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

MFA vs. DX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MFA MFA Financial, Inc.	6.89%	6.07%	2.63%	30.66%	-37.20%	27.71%	-40.87%	27.54%	-5.85%	14.30%
DX Dynex Capital, Inc.	-4.27%	29.48%	13.64%	11.91%	-15.39%	2.25%	17.09%	11.12%	-8.46%	13.80%

Fundamentals

EPS MFA : $2.52 DX : $2.35
PE Ratio MFA : 3.81 DX : 5.43
PS Ratio MFA : 2.04 DX : 11.81
Total Revenue (TTM) MFA : $330.13M DX : $146.71M
Gross Profit (TTM) MFA : $407.45M DX : $404.00K
EBITDA (TTM) MFA : $341.51M DX : $150.39M

Returns By Period

In the year-to-date period, MFA achieves a 6.89% return, which is significantly higher than DX's -4.27% return. Over the past 10 years, MFA has underperformed DX with an annualized return of 1.81%, while DX has yielded a comparatively higher 7.52% annualized return.

MFA

• 1D: 3.23%
• 1M: -1.57%
• YTD: 6.89%
• 6M: 12.49%
• 1Y: 8.77%
• 3Y*: 13.37%
• 5Y*: 1.98%
• 10Y*: 1.81%

DX

• 1D: 2.41%
• 1M: -7.79%
• YTD: -4.27%
• 6M: 11.96%
• 1Y: 14.94%
• 3Y*: 17.11%
• 5Y*: 4.56%
• 10Y*: 7.52%

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

Return for Risk

MFA vs. DX — Risk / Return Rank

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

MFA

MFA Risk / Return Rank: 51
MFA Sharpe Ratio Rank: 54
MFA Sortino Ratio Rank: 45
MFA Omega Ratio Rank: 47
MFA Calmar Ratio Rank: 53
MFA Martin Ratio Rank: 57

DX

DX Risk / Return Rank: 64
DX Sharpe Ratio Rank: 68
DX Sortino Ratio Rank: 58
DX Omega Ratio Rank: 59
DX Calmar Ratio Rank: 64
DX Martin Ratio Rank: 69

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.

MFA vs. DX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFA Financial, Inc. (MFA) 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.

	MFA	DX	Difference
Sharpe ratio Return per unit of total volatility	0.31	0.74	-0.44
Sortino ratio Return per unit of downside risk	0.59	1.07	-0.48
Omega ratio Gain probability vs. loss probability	1.09	1.15	-0.06
Calmar ratio Return relative to maximum drawdown	0.45	0.96	-0.51
Martin ratio Return relative to average drawdown	1.39	3.09	-1.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MFA vs. DX - Sharpe Ratio Comparison

The current MFA Sharpe Ratio is 0.31, which is lower than the DX Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of MFA and DX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MFA	DX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.31	0.74	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.19	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.02	0.25	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	0.17	-0.06

Correlation

The correlation between MFA and DX is 0.35, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MFA vs. DX - Dividend Comparison

MFA's dividend yield for the trailing twelve months is around 15.03%, less than DX's 15.99% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MFA MFA Financial, Inc.	15.03%	15.47%	13.74%	12.42%	16.95%	8.44%	8.35%	10.46%	11.98%	10.10%	10.48%	12.12%
DX Dynex Capital, Inc.	15.99%	14.13%	11.46%	12.46%	12.26%	9.34%	9.33%	11.87%	12.59%	10.27%	12.32%	15.12%

Drawdowns

MFA vs. DX - Drawdown Comparison

The maximum MFA drawdown since its inception was -95.52%, roughly equal to the maximum DX drawdown of -99.12%. Use the drawdown chart below to compare losses from any high point for MFA and DX.

Drawdown Indicators

	MFA	DX	Difference
Max Drawdown Largest peak-to-trough decline	-95.52%	-99.12%	+3.60%
Max Drawdown (1Y) Largest decline over 1 year	-21.06%	-15.27%	-5.79%
Max Drawdown (5Y) Largest decline over 5 years	-56.54%	-38.69%	-17.85%
Max Drawdown (10Y) Largest decline over 10 years	-95.52%	-56.76%	-38.76%
Current Drawdown Current decline from peak	-31.31%	-34.48%	+3.17%
Average Drawdown Average peak-to-trough decline	-21.48%	-56.93%	+35.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.75%	4.75%	+2.00%

Volatility

MFA vs. DX - Volatility Comparison

MFA Financial, Inc. (MFA) and Dynex Capital, Inc. (DX) have volatilities of 8.45% and 8.06%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MFA	DX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.45%	8.06%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	15.75%	13.14%	+2.61%
Volatility (1Y) Calculated over the trailing 1-year period	28.80%	20.18%	+8.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.72%	23.81%	+7.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	84.72%	29.86%	+54.86%

Financials