ACHV vs NCDL: Correlation
How closely do Achieve Life Sciences, Inc. (ACHV) and Nuveen Churchill Direct Lending Corp. (NCDL) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACHV and NCDL?
Over the past 3 years, ACHV and NCDL moved with a correlation of 0.42, which is moderate. Little has changed lately, as the 1-year reading of 0.44 lands near the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 670.0 %².
Within ACHV's tracked universe of 13 assets, NCDL comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ACHV ahead by 186.1 points (+174.5% versus -11.6%). Note the risk asymmetry: ACHV runs 4.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
ACHV vs NCDL: side by side
| ACHV (Achieve Life Sciences, Inc.) | NCDL (Nuveen Churchill Direct Lending Corp.) | |
|---|---|---|
| 1-year return | +174.5% | -11.6% |
| 5-year return | +3.2% | n/a |
| Volatility (ann.) | 81.5% | 20.2% |
| Beta vs S&P 500 | 2.08 | 0.48 |
| Max drawdown (3Y) | -66.2% | -22.3% |
| Market cap | $0.8B | $0.6B |
| P/E (trailing) | – | 13.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ACHV | NCDL |
|---|---|---|
| 2022 | -68.5% | – |
| 2023 | +68.2% | – |
| 2024 | -14.6% | – |
| 2025 | +41.2% | -9.9% |
| 2026 | +64.6% | -1.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACHV and NCDL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ACHV and NCDL?
As of 2026-08-27, the correlation of weekly returns between ACHV and NCDL is 0.42 over 3 years, 0.44 over 1 year and n/a over 5 years.
Is NCDL a good diversifier for ACHV?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/achv-vs-ncdl.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/achv-vs-ncdl/)
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Related comparisons
Hubs: ACHV correlations · NCDL correlations
