CCEC vs NCDL: Correlation
Measured on weekly returns over the past three years, Capital Clean Energy Carriers Corp. - Common Share (CCEC) and Nuveen Churchill Direct Lending Corp. (NCDL) carry a correlation of 0.34, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCEC and NCDL?
Across a 3-year window, the weekly returns of CCEC and NCDL correlate at 0.34, moderate. Recent behaviour matches the longer record: 0.27 over 1 year against 0.34 over 3. Stretching to 5 years gives n/a, with an annualized covariance of 215.3 %².
In CCEC's tracked universe of 10 assets, NCDL sits right near the top at #1. The last year tells two different stories: CCEC led by 20.2 percentage points, +8.6% for CCEC against -11.6% for NCDL. Risk is not evenly split, since CCEC carries 1.5 times the volatility of the other side.
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.
CCEC vs NCDL: side by side
| CCEC (Capital Clean Energy Carriers Corp. - Common Share) | NCDL (Nuveen Churchill Direct Lending Corp.) | |
|---|---|---|
| 1-year return | +8.6% | -11.6% |
| 5-year return | +118.1% | n/a |
| Volatility (ann.) | 31.2% | 20.2% |
| Beta vs S&P 500 | 0.35 | 0.48 |
| Max drawdown (3Y) | -28.6% | -22.3% |
| Market cap | $1.4B | $0.6B |
| P/E (trailing) | 13.6 | 13.1 |
| Dividend yield | 2.67% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CCEC | NCDL |
|---|---|---|
| 2022 | -11.8% | – |
| 2023 | +8.7% | – |
| 2024 | +33.9% | – |
| 2025 | +17.0% | -9.9% |
| 2026 | +11.5% | -1.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCEC and NCDL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CCEC and NCDL?
The CCEC/NCDL correlation stands at 0.34 on a 3-year window (1 year: 0.27, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is NCDL a good diversifier for CCEC?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.34 mean?
A reading of 0.34 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
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Related comparisons
Hubs: CCEC correlations · NCDL correlations
