CCIF vs NCI: Correlation
How closely do Carlyle Credit Income Fund Shares of Beneficial Interest (CCIF) and Neo-Concept International Group Holdings Limited - Class A (NCI) trade together? Their weekly returns over three years give a correlation of -0.33, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCIF and NCI?
Over the past 3 years, CCIF and NCI moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.43 lands near the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -1369.4 %².
NCI is close to the least connected end of CCIF's tracked universe, ranking #10 of 10. The last year tells two different stories: NCI led by 34.1 percentage points, -39.9% for CCIF against -5.8% for NCI. Risk is not evenly split, since NCI carries 8.8 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.
CCIF vs NCI: side by side
| CCIF (Carlyle Credit Income Fund Shares of Beneficial Interest) | NCI (Neo-Concept International Group Holdings Limited - Class A) | |
|---|---|---|
| 1-year return | -39.9% | -5.8% |
| 5-year return | -39.0% | n/a |
| Volatility (ann.) | 20.9% | 184.4% |
| Beta vs S&P 500 | 0.43 | -0.24 |
| Max drawdown (3Y) | -55.6% | -99.0% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | 154.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CCIF | NCI |
|---|---|---|
| 2022 | -6.4% | – |
| 2023 | +14.5% | – |
| 2024 | +16.4% | – |
| 2025 | -27.6% | -65.8% |
| 2026 | -32.1% | +36.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCIF and NCI good diversifiers for each other?
Yes. With a correlation of -0.33, CCIF and NCI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CCIF and NCI?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with -0.43 over the last year and n/a over 5 years.
Is NCI a good diversifier for CCIF?
Yes. With a correlation of -0.33, CCIF and NCI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.33 mean?
A reading of -0.33 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/ccif-vs-nci.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ccif-vs-nci/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CCIF correlations · NCI correlations
