In the "good old days" this stock used to move by a few pennies on any given day except ex day. That is why the options buyers could play if because the volatilities were miniscule and thus the options were cheap. Now it can move by more than half the dividend payout in any given day. So I don't see how anyone can define an investment which is intended to hold for the yield only as low risk with such a high volatility.
It used to be the historical volatility of this stock was 10 to 15, now it is 60. And the implied volatility is 65. Normally you don't see this high of volatility except on rocket stocks or their counterparts. These are crazy high volatilities. If the stock is rocketing up one could justify this but it isn't. It pretty much makes the 90 cent dividend irrelevant because it is buried in the noise.
Why anyone would hold a stock for yield only under such conditions is a complete mystery to me. I can only guess that they are unaware of the volatility risk. This is why many people should not be investing and one reason I am glad that Bush was not able to get his social security concept passed because it assumed you would understand how to assess risk when investing your money but clearly this is not the case.
The market moved way up today in anticipation of a deal. Tomorrow will be what deal? Prehaps a sell off and we will see if AGNC moves up as the market goes down because it sure did not move up with it:(