PAX vs. DX

Last updated Apr 1, 2026

Compare and contrast key facts about Patria Investments Limited (PAX) and Dynex Capital, Inc. (DX).

Performance

PAX vs. DX - Performance Comparison

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

PAX vs. DX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PAX Patria Investments Limited	-19.85%	43.06%	-20.01%	18.86%	-9.94%	-15.01%
DX Dynex Capital, Inc.	-4.27%	29.48%	13.64%	11.91%	-15.39%	-1.94%

Fundamentals

Market Cap PAX : $1.99B DX : $2.01B
EPS PAX : $0.55 DX : $2.35
PE Ratio PAX : 23.06 DX : 5.43
PS Ratio PAX : 5.15 DX : 11.81
PB Ratio PAX : 3.22 DX : 0.85
Total Revenue (TTM) PAX : $382.99M DX : $146.71M
Gross Profit (TTM) PAX : $369.20M DX : $404.00K
EBITDA (TTM) PAX : $169.04M DX : $150.39M

Returns By Period

In the year-to-date period, PAX achieves a -19.85% return, which is significantly lower than DX's -4.27% return.

PAX

• 1D: 4.83%
• 1M: -3.96%
• YTD: -19.85%
• 6M: -11.88%
• 1Y: 16.61%
• 3Y*: 0.21%
• 5Y*: -0.66%
• 10Y*: —

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

PAX vs. DX — Risk / Return Rank

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

PAX

PAX Risk / Return Rank: 55
PAX Sharpe Ratio Rank: 62
PAX Sortino Ratio Rank: 54
PAX Omega Ratio Rank: 53
PAX Calmar Ratio Rank: 53
PAX Martin Ratio Rank: 55

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.

PAX vs. DX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Patria Investments Limited (PAX) 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.

	PAX	DX	Difference
Sharpe ratio Return per unit of total volatility	0.54	0.74	-0.20
Sortino ratio Return per unit of downside risk	0.92	1.07	-0.15
Omega ratio Gain probability vs. loss probability	1.12	1.15	-0.03
Calmar ratio Return relative to maximum drawdown	0.44	0.96	-0.52
Martin ratio Return relative to average drawdown	1.28	3.09	-1.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAX vs. DX - Sharpe Ratio Comparison

The current PAX Sharpe Ratio is 0.54, which is comparable to the DX Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of PAX 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

	PAX	DX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.54	0.74	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.02	0.19	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.25	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.11	0.17	-0.28

Correlation

The correlation between PAX 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

PAX vs. DX - Dividend Comparison

PAX's dividend yield for the trailing twelve months is around 4.76%, less than DX's 15.99% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAX Patria Investments Limited	4.76%	3.78%	7.52%	6.34%	5.04%	4.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

PAX vs. DX - Drawdown Comparison

The maximum PAX drawdown since its inception was -46.17%, smaller than the maximum DX drawdown of -99.12%. Use the drawdown chart below to compare losses from any high point for PAX and DX.

Drawdown Indicators

	PAX	DX	Difference
Max Drawdown Largest peak-to-trough decline	-46.17%	-99.12%	+52.95%
Max Drawdown (1Y) Largest decline over 1 year	-35.64%	-15.27%	-20.37%
Max Drawdown (5Y) Largest decline over 5 years	-38.88%	-38.69%	-0.19%
Max Drawdown (10Y) Largest decline over 10 years	—	-56.76%	—
Current Drawdown Current decline from peak	-27.59%	-34.48%	+6.89%
Average Drawdown Average peak-to-trough decline	-27.01%	-56.93%	+29.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.20%	4.75%	+7.45%

Volatility

PAX vs. DX - Volatility Comparison

Patria Investments Limited (PAX) has a higher volatility of 11.09% compared to Dynex Capital, Inc. (DX) at 8.06%. This indicates that PAX'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

	PAX	DX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.09%	8.06%	+3.03%
Volatility (6M) Calculated over the trailing 6-month period	21.40%	13.14%	+8.26%
Volatility (1Y) Calculated over the trailing 1-year period	30.71%	20.18%	+10.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.42%	23.81%	+7.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.58%	29.86%	+2.72%

Financials