BDCZ vs NCDL: Correlation
How closely do ETRACS MarketVector Business Development Companies Liquid (BDCZ) and Nuveen Churchill Direct Lending Corp. (NCDL) trade together? Their weekly returns over three years give a correlation of 0.73, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDCZ and NCDL?
Over the past 3 years, BDCZ and NCDL moved with a correlation of 0.73, which is strong. Little has changed lately, as the 1-year reading of 0.80 lands near the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 244.4 %².
By 3-year correlation, NCDL places #21 of the 49 assets tracked against BDCZ. The trailing year gives BDCZ the advantage: -4.0% versus -11.6%, a 7.6-point spread.
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.
BDCZ vs NCDL: side by side
| BDCZ (ETRACS MarketVector Business Development Companies Liquid) | NCDL (Nuveen Churchill Direct Lending Corp.) | |
|---|---|---|
| 1-year return | -4.0% | -11.6% |
| 5-year return | +29.0% | n/a |
| Volatility (ann.) | 16.0% | 20.2% |
| Beta vs S&P 500 | 0.58 | 0.48 |
| Max drawdown (3Y) | -20.8% | -22.3% |
| Market cap | – | $0.6B |
| P/E (trailing) | – | 13.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BDCZ | NCDL |
|---|---|---|
| 2022 | -9.1% | – |
| 2023 | +25.3% | – |
| 2024 | +12.2% | – |
| 2025 | -3.7% | -9.9% |
| 2026 | +0.4% | -1.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BDCZ and NCDL good diversifiers for each other?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BDCZ and NCDL?
The BDCZ/NCDL correlation stands at 0.73 on a 3-year window (1 year: 0.80, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is NCDL a good diversifier for BDCZ?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.73 mean?
A reading of 0.73 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/bdcz-vs-ncdl.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bdcz-vs-ncdl/)
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Related comparisons
Hubs: BDCZ correlations · NCDL correlations
