Invesco Mortgage Capital (IVR)


Market Price (11/12/2026): $5.19 | Market Cap: $566.2 MilSector: Financials | Industry: Mortgage REITs

Invesco Mortgage Capital (IVR)


Market Price (11/12/2026): $5.19
Market Cap: $566.2 Mil
Sector: Financials
Industry: Mortgage REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 22%, Dividend Yield is 28%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 17%, FCF Yield is 32%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -39%

Low stock price volatility
Vol 12M is 24%

Megatrend and thematic drivers
Megatrends include Financial Markets & Real Estate. Themes include Mortgage-Backed Securities Investment, Interest Rate & Duration Risk Management, and Real Estate Debt Capital Markets.

Weak multi-year price returns
2Y Excs Rtn is -32%, 3Y Excs Rtn is -57%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13%

Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is -8.9 Mil

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -112%, Rev Chg QQuarterly Revenue Change % is -256%

Key risks
IVR key risks include [1] heightened vulnerability to margin calls due to its elevated leverage, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 22%, Dividend Yield is 28%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 17%, FCF Yield is 32%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -39%
2 Low stock price volatility
Vol 12M is 24%
3 Megatrend and thematic drivers
Megatrends include Financial Markets & Real Estate. Themes include Mortgage-Backed Securities Investment, Interest Rate & Duration Risk Management, and Real Estate Debt Capital Markets.
4 Weak multi-year price returns
2Y Excs Rtn is -32%, 3Y Excs Rtn is -57%
5 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13%
6 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is -8.9 Mil
7 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -112%, Rev Chg QQuarterly Revenue Change % is -256%
8 Key risks
IVR key risks include [1] heightened vulnerability to margin calls due to its elevated leverage, Show more.

IVR in ETFs

Weight = IVR's share of each fund

VTI0.00%
ITOT0.00%
IWM0.02%
IWN0.04%
VTWO0.02%
SCHA0.01%
SCHB0.00%
IWV0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Prices as of 11/11/2026

Oct 19: down 5.2% in one day (S&P 500 up 0.4%)
The stock moved down without company news, as the broader market moved in the opposite direction that day.

Down 32.7% from its Jul 16 high to Oct 19 (S&P 500 up 2.1%)
The stock's decline occurred without specific company news during this period. The largest daily drops on Sep 30 and Oct 1, and also Oct 19, had no company headlines.

Oct 30: down 2.4% the day after its Oct 29 earnings report (S&P 500 down 1.8%)
The stock fell after its 2026 Q3 earnings reported significant declines in revenue, net income, and diluted EPS. The broader market also decreased, with headlines discussing a tech bubble and tech earnings misses.

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Prices as of 11/11/2026

Oct 19: down 5.2% in one day (S&P 500 up 0.4%)
The stock moved down without company news, as the broader market moved in the opposite direction that day.

Down 32.7% from its Jul 16 high to Oct 19 (S&P 500 up 2.1%)
The stock's decline occurred without specific company news during this period. The largest daily drops on Sep 30 and Oct 1, and also Oct 19, had no company headlines.

Oct 30: down 2.4% the day after its Oct 29 earnings report (S&P 500 down 1.8%)
The stock fell after its 2026 Q3 earnings reported significant declines in revenue, net income, and diluted EPS. The broader market also decreased, with headlines discussing a tech bubble and tech earnings misses.

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Stock Movement Drivers

Fundamental Drivers

The -26.3% change in IVR stock from 7/31/2026 to 11/11/2026 was primarily driven by a -972.2% change in the company's P/S Multiple.
(LTM values as of)731202611112026Change
Stock Price ($)7.005.16-26.3%
Change Contribution By: 
Total Revenues ($ Mil)81-9-111.1%
P/S Multiple7.1-62.1-972.2%
Shares Outstanding (Mil)82108-24.0%
Cumulative Contribution-26.3%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/11/2026
ReturnCorrelation
IVR-26.3% 
Market (SPY)1.7%25.0%
Sector (XLF)3.0%32.4%

Fundamental Drivers

The -29.6% change in IVR stock from 4/30/2026 to 11/11/2026 was primarily driven by a -1528.4% change in the company's P/S Multiple.
(LTM values as of)430202611112026Change
Stock Price ($)7.335.16-29.6%
Change Contribution By: 
Total Revenues ($ Mil)120-9-107.5%
P/S Multiple4.3-62.1-1528.4%
Shares Outstanding (Mil)71108-34.0%
Cumulative Contribution-29.6%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/11/2026
ReturnCorrelation
IVR-29.6% 
Market (SPY)6.0%29.9%
Sector (XLF)12.9%32.3%

Fundamental Drivers

The -16.0% change in IVR stock from 10/31/2025 to 11/11/2026 was primarily driven by a -1014.0% change in the company's P/S Multiple.
(LTM values as of)1031202511112026Change
Stock Price ($)6.145.16-16.0%
Change Contribution By: 
Total Revenues ($ Mil)60-9-115.0%
P/S Multiple6.8-62.1-1014.0%
Shares Outstanding (Mil)66108-38.7%
Cumulative Contribution-16.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/11/2026
ReturnCorrelation
IVR-16.0% 
Market (SPY)12.3%35.2%
Sector (XLF)13.3%29.6%

Fundamental Drivers

The 32.8% change in IVR stock from 10/31/2023 to 11/11/2026 was primarily driven by a 580.2% change in the company's P/S Multiple.
(LTM values as of)1031202311112026Change
Stock Price ($)3.885.1632.8%
Change Contribution By: 
Total Revenues ($ Mil)-18-9-50.4%
P/S Multiple-9.1-62.1580.2%
Shares Outstanding (Mil)42108-60.6%
Cumulative Contribution32.8%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/11/2026
ReturnCorrelation
IVR32.8% 
Market (SPY)87.9%46.6%
Sector (XLF)89.1%42.5%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
IVR Return-9%-45%-14%9%25%-28%-58%
Peers Return9%-22%8%9%24%-17%4%
S&P 500 Return27%-19%24%23%16%10%100%

Monthly Win Rates [3]
IVR Win Rate42%42%42%67%75%36% 
Peers Win Rate53%48%48%65%63%36% 
S&P 500 Win Rate75%42%67%75%67%36% 

Max Drawdowns [4]
IVR Max Drawdown-34%-65%-53%-15%-26%-36% 
Peers Max Drawdown-17%-40%-35%-11%-20%-25% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: NLY, AGNC, STWD, ARR, DX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/11/2026 (YTD)

How Low Can It Go

EventIVRS&P 500
2025 US Tariff Shock
  % Loss-25.4%-18.8%
  % Gain to Breakeven34.0%23.1%
  Time to Breakeven215 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-44.5%-9.5%
  % Gain to Breakeven80.2%10.5%
  Time to Breakeven763 days24 days
2023 SVB Regional Banking Crisis
  % Loss-27.3%-6.7%
  % Gain to Breakeven37.6%7.1%
  Time to Breakeven961 days31 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-25.3%-12.2%
  % Gain to Breakeven33.8%13.9%
  Time to Breakeven76 days62 days
2014-2016 Oil Price Collapse
  % Loss-33.6%-6.8%
  % Gain to Breakeven50.6%7.3%
  Time to Breakeven105 days15 days
2013 Taper Tantrum
  % Loss-29.0%-0.2%
  % Gain to Breakeven40.8%0.2%
  Time to Breakeven1019 days1 days

Compare to NLY, AGNC, STWD, ARR, DX

In The Past

Invesco Mortgage Capital's stock fell -25.4% during the 2025 US Tariff Shock. Such a loss loss requires a 34.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventIVRS&P 500
2025 US Tariff Shock
  % Loss-25.4%-18.8%
  % Gain to Breakeven34.0%23.1%
  Time to Breakeven215 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-44.5%-9.5%
  % Gain to Breakeven80.2%10.5%
  Time to Breakeven763 days24 days
2023 SVB Regional Banking Crisis
  % Loss-27.3%-6.7%
  % Gain to Breakeven37.6%7.1%
  Time to Breakeven961 days31 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-25.3%-12.2%
  % Gain to Breakeven33.8%13.9%
  Time to Breakeven76 days62 days
2014-2016 Oil Price Collapse
  % Loss-33.6%-6.8%
  % Gain to Breakeven50.6%7.3%
  Time to Breakeven105 days15 days
2013 Taper Tantrum
  % Loss-29.0%-0.2%
  % Gain to Breakeven40.8%0.2%
  Time to Breakeven1019 days1 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-34.1%-17.9%
  % Gain to Breakeven51.7%21.8%
  Time to Breakeven218 days123 days

Compare to NLY, AGNC, STWD, ARR, DX

In The Past

Invesco Mortgage Capital's stock fell -25.4% during the 2025 US Tariff Shock. Such a loss loss requires a 34.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Invesco Mortgage Capital (IVR)

Invesco Mortgage Capital Inc. (IVR) operates as a real estate investment trust (REIT) that specializes in the mortgage market. The company's core business involves investing in, financing, and actively managing a portfolio of mortgage-backed securities and other assets related to mortgages. As a REIT, IVR is structured to distribute at least 90% of its taxable income to its shareholders, a requirement that allows it to avoid federal corporate income tax at the company level, thereby passing the majority of its earnings directly to investors.

The company's primary products and services are essentially the various mortgage-related assets it invests in. These include both residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS), which can be either guaranteed by U.S. government agencies or federally chartered corporations, or be non-agency securities. IVR also invests in credit risk transfer securities issued by government-sponsored enterprises, as well as directly in residential and commercial mortgage loans and other real estate-related financing arrangements. Ultimately, Invesco Mortgage Capital serves its shareholders by generating income from these diversified mortgage investments, acting as a key player in the broader mortgage finance market.

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Here are 1-3 brief analogies for Invesco Mortgage Capital (IVR):

  • It's like a Fidelity or Vanguard mutual fund that exclusively invests in mortgage-backed securities, rather than a broad portfolio of stocks or bonds.
  • It's a Real Estate Investment Trust (REIT), but instead of owning physical buildings like Simon Property Group (malls) or Prologis (warehouses), it owns the mortgage debt on those buildings.
  • Think of it as a specialized finance arm of a big bank like JPMorgan Chase, but entirely focused on buying and managing large pools of mortgage loans rather than originating them or offering consumer banking services.

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  • Agency Mortgage-Backed Securities (MBS): Investments in residential and commercial mortgage-backed securities guaranteed by a U.S. government agency or federally chartered corporation.
  • Non-Agency Mortgage-Backed Securities (MBS): Investments in residential and commercial mortgage-backed securities that are not guaranteed by a U.S. government agency or federally chartered corporation.
  • Credit Risk Transfer Securities (CRT Securities): Investments in unsecured obligations issued by government-sponsored enterprises.
  • Mortgage Loans: Investments in both residential and commercial mortgage loans.
  • Real Estate-Related Financing Arrangements: Engagement in other financing activities tied to real estate.

AI Analysis | Feedback

Invesco Mortgage Capital (IVR) operates as a real estate investment trust (REIT) that primarily focuses on investing in, financing, and managing mortgage-backed securities and other mortgage-related assets. Based on the company's description, its business model involves generating income from the interest and returns on its portfolio. While IVR is an investor in mortgage-backed securities, it also explicitly engages in the financing of residential and commercial mortgage loans, as well as other real estate-related financing arrangements.

Therefore, the major customers of Invesco Mortgage Capital are the entities that receive these financing arrangements. Since specific names of customer companies or individuals are not provided in the description, these customers can be categorized as follows:

  • Individuals: These customers are typically homeowners who receive or are the underlying borrowers of residential mortgage loans financed or held by Invesco Mortgage Capital.
  • Commercial Entities: This category includes businesses, real estate developers, and other organizations that receive commercial mortgage loans and other real estate-related financing arrangements from Invesco Mortgage Capital for various property acquisition, development, or refinancing needs.

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  • Fannie Mae (FNMA)
  • Freddie Mac (FMCC)
  • JPMorgan Chase & Co. (JPM)
  • Bank of America Corporation (BAC)
  • Citigroup Inc. (C)
  • Goldman Sachs Group, Inc. (GS)
  • Wells Fargo & Company (WFC)

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John Anzalone, Chief Executive Officer

Mr. Anzalone has served as Chief Executive Officer of Invesco Mortgage Capital Inc. since March 2017. Prior to this, he was the Chief Investment Officer since the company's inception in June 2009. He joined Invesco's Fixed Income Division in 2002, where he serves as a Senior Portfolio Manager and Head of Structured Securities Management. His investment career began in 1992 at Union Trust, and he subsequently worked at AgriBank, FCB, and Advantus Capital Management as a Senior Trader.

Mark Gregson, Chief Financial Officer

Mr. Gregson was appointed Interim Chief Financial Officer, effective October 7 or 8, 2024. He has been with Invesco since 1995 and has served as the Global Controller for Invesco Ltd. since 2018. In this role, he oversees the company's corporate public financial reporting, Sarbanes-Oxley compliance and related controls, and accounting policy teams. He also acts as the Chief Financial Officer for Invesco's broker-dealers.

Kevin Collins, President

Mr. Collins has served as President of Invesco Mortgage Capital Inc. since October 2017. He joined Invesco in 2007 as a senior analyst on the structured securities team. Before his tenure at Invesco, he structured various capital funding strategies, including bond securitizations and secured lending facilities, for banks, Real Estate Investment Trusts (REITs), and other specialty finance companies during his time at Credit Suisse First Boston. He began his career in the structured finance advisory services practice at Ernst & Young.

Brian P. Norris, Chief Investment Officer

Mr. Norris has served as Chief Investment Officer since September 2018. He has been a member of the investment team since Invesco Mortgage Capital Inc.'s inception in 2009 and was appointed Director of Portfolio Management in February 2013. Mr. Norris joined Invesco Advisors Inc. in 2001, and his investment management career began in 1999 as a securities trader with Todd Investment Advisors.

David Lyle, Chief Operating Officer

Mr. Lyle has served as Chief Operating Officer since October 2017. Previously, he held positions as Executive Vice President of Residential Credit from March 2017 to October 2017 and Managing Director and Head of Residential Mortgage Credit from March 2011 to March 2017. Before joining Invesco in 2006, he was a Vice President in the Investment Banking ABS group at Friedman Billings Ramsey for three years.

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Here are the key risks to Invesco Mortgage Capital (symbol: IVR):

  1. Interest Rate Volatility: Invesco Mortgage Capital, as a mortgage REIT, is highly susceptible to fluctuations in interest rates. Changes in interest rates directly impact the cost of borrowing for the company, which can reduce the spread between the interest earned on its mortgage assets and the interest paid on its liabilities, thereby diminishing earnings and potentially dividend payouts. Rising rates can also decrease the value of existing mortgage-backed assets.

  2. Credit Risk: The company faces credit risk, which is the possibility that borrowers may default on their mortgage loans. This risk is particularly pronounced for non-agency mortgage-backed securities and commercial mortgage-backed securities, which are not guaranteed by a U.S. government agency. Economic downturns or poor asset selection can exacerbate credit risk, directly affecting the income generated by the REIT.

  3. Leverage and Liquidity Risk: Invesco Mortgage Capital utilizes significant leverage by borrowing capital, often at lower short-term rates, to invest in higher-yielding, longer-term mortgage assets. While leverage can amplify returns, it also magnifies risks. Market volatility, especially unexpected increases in interest rates, can lead to margin calls from lenders, which can strain the company's liquidity and potentially force it to sell assets at unfavorable times.

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Invesco Mortgage Capital Inc. (IVR) primarily focuses on investing in, financing, and managing mortgage-backed securities (MBS) and other mortgage-related assets, including residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS). The addressable markets for Invesco Mortgage Capital's main products and services in the U.S. are as follows: * U.S. Commercial Mortgage-Backed Securities (CMBS) Market: The U.S. CMBS market had a market capitalization of around $1.8 trillion as of December 31, 2025. * U.S. Non-Agency Residential Mortgage-Backed Securities (RMBS) Market: The non-agency RMBS market in the U.S. had over $1.7 trillion in outstanding securities as of December 31, 2025. * Broader U.S. Mortgage-Backed Securities (MBS) Market: The overall U.S. mortgage-backed securities market, which encompasses both agency and non-agency RMBS, has more than $11 trillion in outstanding securities. This market size includes agency-guaranteed MBS, which represent the largest securitized market in the U.S.

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Following are 3-5 expected drivers of future revenue growth for Invesco Mortgage Capital (IVR) over the next 2-3 years:
  1. Strategic Focus on Agency RMBS and CMBS and Broadening Investor Demand: Invesco Mortgage Capital is maintaining a constructive stance on Agency Residential Mortgage-Backed Securities (RMBS) and Commercial Mortgage-Backed Securities (CMBS). This is attributed to favorable supply and demand technicals, reduced interest rate volatility, and attractive valuations within these markets. This strategic focus, combined with broadening investor demand and anticipated supportive regulatory changes, is expected to fuel the growth of the company's investment portfolio and enhance its net interest margin.

  2. Favorable Interest Rate Environment and Steeper Yield Curve: A significant decline in interest rate volatility, alongside a steepening yield curve, is creating a more normalized and beneficial investment landscape. This environment is projected to generate attractive levered returns for the company's longer-term investments, particularly in Agency RMBS and CMBS. The Federal Reserve's rate cuts in late 2025 and the conclusion of its quantitative tightening program have further contributed to improved financial conditions, which are expected to lead to wider net interest margins and increased profitability.

  3. Optimized Capital Structure and Increased Strategic Leverage: The company is strategically increasing its leverage, with its debt-to-equity ratio rising, to capitalize on the improved investment environment. Invesco Mortgage Capital is also actively managing its capital structure, including raising capital through common stock issuance via an At-The-Market (ATM) program. This approach allows for the expansion of its investment portfolio and positions the company to further benefit from positive Agency RMBS performance, thereby driving future revenue growth.

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Capital Allocation Decisions for Invesco Mortgage Capital (IVR)

Share Repurchases

  • In May 2022, Invesco Mortgage Capital's Board of Directors authorized a preferred stock repurchase program to repurchase up to three million shares of its Series B and five million shares of its Series C Cumulative Redeemable Preferred Stock.
  • As of December 29, 2024, the company redeemed all outstanding shares of its 7.75% Fixed-to-Floating Series B Cumulative Redeemable Preferred Stock at $25.00 per share plus accrued dividends, funded through available company funds.
  • During the fourth quarter of 2025, Invesco Mortgage Capital repurchased and retired 76,356 shares of Series C Preferred Stock, with a carrying value of $1.8 million.

Share Issuance

  • On February 23, 2026, Invesco Mortgage Capital Inc. established a new equity distribution agreement to sell up to 40,000,000 shares of its common stock over time through various placement agents.
  • During the fourth quarter of 2025, the company issued 849,987 shares of common stock, generating net cash proceeds of $7.2 million through its at-the-market (ATM) program.
  • A shelf registration was filed on February 23, 2026, enabling the company to offer common stock, preferred stock, depositary shares, warrants, stockholder rights, debt securities, and units from time to time.

Inbound Investments

  • On December 31, 2024, BlackRock, Inc. acquired an additional 280,556 shares of Invesco Mortgage Capital Inc. at a price of $8.05 per share, increasing its total holdings to 5,563,736 shares.

Outbound Investments

  • Invesco Mortgage Capital primarily invests in, finances, and manages mortgage-backed securities (MBS) and other mortgage-related assets, including Agency Residential Mortgage-Backed Securities (RMBS) and Agency Commercial Mortgage-Backed Securities (CMBS).
  • As of December 31, 2025, the company's total investment portfolio amounted to $6.3 billion, comprising $5.4 billion in Agency RMBS and $0.9 billion in Agency CMBS.
  • The total investment portfolio, including TBAs (To-Be-Announced securities), was reported at $7.1 billion as of January 31, 2026, and $7.3 billion as of February 28, 2026.

Capital Expenditures

  • As a mortgage real estate investment trust (REIT), Invesco Mortgage Capital's primary investments are in mortgage-backed securities and other financial assets, rather than traditional capital expenditures on physical property, plant, and equipment.
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Peer Outperformance in Mortgage REITs

IVR has trailed 73% of its 33 Mortgage REITs peers over 5Y. Mortgage REITs ranks 17th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Mortgage REITs constituents that IVR has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
57%
of 35 industry peers · -19.5% return
3Y
74%
of 34 industry peers · 20.0% return
5Y
27%
of 33 industry peers · -59.7% return
No Mortgage REITs peer with a comparable growth profile has beaten IVR by more than 20pp over 5Y.
Median price return by industry across the Financials sector, ranked by 5Y. Mortgage REITs is IVR's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Reinsurance 6 33.6%69.0%118.3% SPNT 191% · RGA 170% · RNR 135%
Diversified Banks 12 31.0%143.6%92.5% CM 148% · JPM 132% · RY 130%
Investment Banking & Brokerage 13 -3.3%95.3%89.6% IBKR 363% · SNEX 173% · GS 160%
Life & Health Insurance 20 11.8%56.7%84.2% JXN 438% · UNM 259% · FG 230%
Multi-Sector Holdings 3 10.7%60.4%72.2% BRK-B 107% · VOYA 72% · JEF 36%
Property & Casualty Insurance 42 14.3%73.2%66.0% TRV 178% · ACGL 177% · PGR 172%
Multi-line Insurance 9 9.8%75.3%61.9% AIZ 119% · GNW 101% · L 97%
Regional Banks 262 29.9%93.8%48.9% CBC 278% · FCNCA 179% · NIC 140%
Insurance Brokers 15 3.8%9.1%27.2% LIFE 336% · ARX 89% · WTW 55%
Financial Exchanges & Data 15 17.7%33.3%17.9% CBOE 205% · VIRT 156% · CME 75%
Asset Management & Custody Banks 84 -6.1%20.5%11.1% VCTR 268% · WT 242% · AAMI 221%
Diversified Financial Services 4 -6.9%19.3%9.0% FRHC 137% · EQH 83%
Commercial & Residential Mortgage Finance 14 -44.9%15.6%0.9% FNMA 343% · FMCC 296% · ACT 164%
Consumer Finance 30 -0.5%79.8%0.1% ENVA 314% · FCFS 127% · AXP 90%
Specialized Finance 3 16.8%27.8%-19.0% HASI -19% · CACC -24%
Transaction & Payment Processing Services 17 19.1%9.8%-25.8% V 110% · CPAY 93% · MA 92%
Mortgage REITs ← 34 -20.2%-11.1%-41.0% RITM 34% · DX 14% · AGNC 7%
Diversified Capital Markets 19 -40.7%-3.9%-60.4% LPLA 87% · TW 40% · RIOT -54%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

IVRNLYAGNCSTWDARRDXMedian
NameInvesco .Annaly C.AGNC Inv.Starwood.ARMOUR R.Dynex Ca. 
Mkt Price5.2018.348.5011.8612.2010.4811.17
Mkt Cap0.614.010.24.31.82.63.5
Rev LTM-91,355236701-3917126
Op Inc LTM-------
FCF LTM1752,6591,137367456250412
FCF 3Y Avg1621,597572473289129381
CFO LTM1753,7181,137984456250720
CFO 3Y Avg1622,485572711289129431

Growth & Margins

IVRNLYAGNCSTWDARRDXMedian
NameInvesco .Annaly C.AGNC Inv.Starwood.ARMOUR R.Dynex Ca. 
Rev Chg LTM-112.4%-20.4%-75.3%-8.6%-153.1%-92.6%-84.0%
Rev Chg 3Y Avg169.3%189.5%42.3%-9.0%3.8%55.5%48.9%
Rev Chg Q-256.1%-205.1%-259.0%-54.5%-299.1%-298.9%-257.5%
QoQ Delta Rev Chg LTM-106.4%-57.3%-90.2%-13.6%-108.8%-96.6%-93.4%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM-274.3%481.8%140.4%-1,473.1%378.0%
CFO/Rev 3Y Avg-246.2%181.0%92.3%-512.9%213.6%
FCF/Rev LTM-196.2%481.8%52.4%-1,473.1%339.0%
FCF/Rev 3Y Avg-123.7%181.0%59.1%-512.9%152.4%

Valuation

IVRNLYAGNCSTWDARRDXMedian
NameInvesco .Annaly C.AGNC Inv.Starwood.ARMOUR R.Dynex Ca. 
Mkt Cap0.614.010.24.31.82.63.5
P/S-10.343.26.2-155.726.8
P/Op Inc-------
P/EBIT-------
P/E-19.312.599.1-18.4-33.9-53.1-18.8
P/CFO3.23.89.04.43.910.64.1
Total Yield22.4%23.8%18.8%11.2%17.8%14.2%18.3%
Dividend Yield27.6%15.8%17.8%16.6%20.8%16.1%17.2%
FCF Yield 3Y Avg29.0%11.6%5.3%7.6%18.8%5.9%9.6%
D/E0.03.00.03.00.00.00.0
Net D/E-0.42.9-0.02.9-0.1-0.4-0.1

Returns

IVRNLYAGNCSTWDARRDXMedian
NameInvesco .Annaly C.AGNC Inv.Starwood.ARMOUR R.Dynex Ca. 
1M Rtn-5.8%0.3%-0.7%-5.3%-9.7%-2.4%-3.8%
3M Rtn-26.1%-17.6%-18.9%-25.5%-23.1%-15.7%-21.0%
6M Rtn-29.5%-11.2%-14.2%-26.2%-23.2%-13.7%-18.7%
12M Rtn-18.9%-4.6%-5.4%-26.2%-14.8%-10.7%-12.7%
3Y Rtn20.9%61.9%56.6%-15.7%24.3%51.0%37.6%
1M Excs Rtn-1.4%4.6%3.7%-1.3%-5.0%1.8%0.2%
3M Excs Rtn-22.8%-15.0%-15.9%-21.4%-19.9%-12.4%-17.9%
6M Excs Rtn-30.5%-12.2%-15.2%-27.2%-24.3%-14.8%-19.7%
12M Excs Rtn-27.6%-13.4%-15.0%-35.6%-23.6%-19.9%-21.8%
3Y Excs Rtn-56.2%-10.8%-14.8%-86.1%-46.9%-24.7%-35.8%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment120804-377-63
Total120804-377-63


Price Behavior

Price Behavior
Market Price$5.16 
Market Cap ($ Bil)0.6 
First Trading Date06/26/2009 
Distance from 52W High-35.6% 
   50 Days200 Days
DMA Price$5.83$6.91
DMA Trenddowndown
Distance from DMA-11.4%-25.3%
 3M1YR
Volatility25.5%23.7%
Downside Capture125.3287.77
Upside Capture-7.2158.21
Correlation (S&P 500)28.3%38.8%
IVR Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta0.280.570.540.530.670.80
Up Beta3.131.470.520.400.440.57
Down Beta0.400.450.510.400.600.92
Up Capture-90%-47%-13%13%55%64%
Bmk +ve Days12182862130427
Stock +ve Days9152447111378
Down Capture82%163%144%113%92%99%
Bmk -ve Days10253664121325
Stock -ve Days13283873132350

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with IVR
IVR-18.1%23.7%-0.91-
Sector ETF (XLF)12.1%15.3%0.5329.5%
Equity (SPY)12.5%13.7%0.6036.9%
Gold (GLD)-3.5%28.8%-0.1326.7%
Commodities (DBC)33.0%21.3%1.24-24.0%
Real Estate (VNQ)11.7%14.2%0.5337.8%
Bitcoin (BTCUSD)-30.9%43.5%-0.7314.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with IVR
IVR-16.8%35.1%-0.46-
Sector ETF (XLF)9.5%18.4%0.3748.9%
Equity (SPY)11.8%17.3%0.5151.4%
Gold (GLD)17.1%19.2%0.7212.9%
Commodities (DBC)7.9%19.6%0.296.7%
Real Estate (VNQ)1.3%18.9%-0.0457.2%
Bitcoin (BTCUSD)3.1%51.5%0.2423.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with IVR
IVR-14.9%56.3%-0.06-
Sector ETF (XLF)13.6%22.1%0.5536.0%
Equity (SPY)15.5%18.0%0.7333.6%
Gold (GLD)11.5%16.6%0.574.2%
Commodities (DBC)7.4%18.2%0.3310.5%
Real Estate (VNQ)6.1%20.7%0.2543.4%
Bitcoin (BTCUSD)58.6%66.3%0.9910.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10302026
Short Interest: Shares Quantity13.8 Mil
Short Interest: % Change Since 10152026-4.8%
Average Daily Volume4.0 Mil
Days-to-Cover Short Interest3.5 days
Basic Shares Quantity107.7 Mil
Short % of Basic Shares12.8%

Earnings Returns History

Updated 11/9/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/29/2026-2.4%0.4% 
7/30/20260.0%-0.1%0.9%
4/30/20262.5%-1.2%-1.7%
1/29/2026-3.5%-1.3%-4.7%
10/30/20255.0%7.5%13.5%
7/24/20250.9%-1.0%2.2%
5/7/20251.4%3.1%3.0%
2/20/2025-0.9%-1.6%-3.1%
...
SUMMARY STATS   
# Positive141112
# Negative111412
Median Positive1.3%4.7%3.3%
Median Negative-2.4%-1.5%-5.6%
Max Positive8.7%11.8%19.2%
Max Negative-9.1%-12.3%-17.8%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/29/2026-2.4%0.4% 
7/30/20260.0%-0.1%0.9%
4/30/20262.5%-1.2%-1.7%
1/29/2026-3.5%-1.3%-4.7%
10/30/20255.0%7.5%13.5%
7/24/20250.9%-1.0%2.2%
5/7/20251.4%3.1%3.0%
2/20/2025-0.9%-1.6%-3.1%
11/5/2024-1.8%1.6%2.8%
8/8/20240.9%-0.7%-0.8%
5/8/20241.2%2.2%0.2%
2/22/20240.0%4.8%9.3%
11/6/2023-2.7%-4.2%3.7%
8/3/20231.1%-0.4%-0.2%
5/9/20238.7%5.7%5.8%
2/21/2023-0.2%-4.5%-17.8%
11/2/20221.7%6.2%18.8%
8/4/20226.3%4.7%-4.0%
5/4/2022-9.1%-12.3%-6.4%
2/17/2022-1.6%-9.9%-11.1%
11/3/20210.6%-0.9%-8.9%
8/4/2021-5.6%-6.8%-7.1%
5/5/2021-4.5%-11.3%-11.6%
2/22/2021-1.8%0.8%0.8%
11/9/20208.0%11.8%19.2%
SUMMARY STATS   
# Positive141112
# Negative111412
Median Positive1.3%4.7%3.3%
Median Negative-2.4%-1.5%-5.6%
Max Positive8.7%11.8%19.2%
Max Negative-9.1%-12.3%-17.8%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202611/06/202610-Q
06/30/202608/05/202610-Q
03/31/202605/06/202610-Q
12/31/202502/23/202610-K
09/30/202511/05/202510-Q
06/30/202508/08/202510-Q
03/31/202505/07/202510-Q
12/31/202402/20/202510-K
09/30/202411/05/202410-Q
06/30/202408/08/202410-Q
03/31/202405/08/202410-Q
12/31/202302/22/202410-K
09/30/202311/06/202310-Q
06/30/202308/03/202310-Q
03/31/202305/09/202310-Q
12/31/202202/21/202310-K
Collapse to Preview
Report DateFiling DateFiling
09/30/202611/06/202610-Q
06/30/202608/05/202610-Q
03/31/202605/06/202610-Q
12/31/202502/23/202610-K
09/30/202511/05/202510-Q
06/30/202508/08/202510-Q
03/31/202505/07/202510-Q
12/31/202402/20/202510-K
09/30/202411/05/202410-Q
06/30/202408/08/202410-Q
03/31/202405/08/202410-Q
12/31/202302/22/202410-K
09/30/202311/06/202310-Q
06/30/202308/03/202310-Q
03/31/202305/09/202310-Q
12/31/202202/21/202310-K
09/30/202211/02/202210-Q
06/30/202208/04/202210-Q
03/31/202205/04/202210-Q
12/31/202102/17/202210-K
09/30/202111/03/202110-Q
06/30/202108/04/202110-Q
03/31/202105/05/202110-Q
12/31/202002/22/202110-K
09/30/202011/09/202010-Q
06/30/202008/06/202010-Q
03/31/202006/22/202010-Q
12/31/201902/19/202010-K

Insider Activity

Updated 8/18/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Gregson, Mark WilliamChief Financial OfficerDirectBuy50720268.031,75014,04414,044Form
2Waldner, Robert DirectBuy30320268.451,0008,4468,446Form
3Fleshman, Robert L DirectSell1112202524.722,000  Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Gregson, Mark WilliamChief Financial OfficerDirectBuy50720268.031,75014,04414,044Form
2Waldner, Robert DirectBuy30320268.451,0008,4468,446Form
3Fleshman, Robert L DirectSell1112202524.722,000  Form
Core Cache Last Updated: 11/11/2026