Need to remember that RMBS are securitised, tradable assets, the loans from MXT team are not (although they are technically tradable). As such, unless you are holding to maturity, RMBS values are impacted by movements in spreads, prepayment rates, credit ratings, prevailing LVR, credit support etc. Direct lending will just be the value of loans in the book which won't really move unless they become impaired.
At the end of the day, we are not talking about equity type volatility obviously, but there will be incremental differences between the two. Knowing about the type of lending MXT are doing and their processes, I'd say that all thing being equal, the asset value of the MXT book will exhibit lower volatility than the asset book of Gryphon.
