FSK vs MSDL: Correlation
Measured on weekly returns over the past three years, FS KKR Capital Corp. (FSK) and Morgan Stanley Direct Lending Fund (MSDL) carry a correlation of 0.56, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSK and MSDL?
On 3 years of weekly data the FSK/MSDL correlation comes out at 0.56, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.79 versus 0.56 over 3 years. The 5-year figure is n/a, and annualized covariance runs at 333.0 %².
By 3-year correlation, MSDL places #9 of the 17 assets tracked against FSK. Their recent paths diverged sharply: over the last 12 months MSDL outperformed by 16.4 percentage points (-19.1% for FSK against -2.7% for MSDL).
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.
FSK vs MSDL: side by side
| FSK (FS KKR Capital Corp.) | MSDL (Morgan Stanley Direct Lending Fund) | |
|---|---|---|
| 1-year return | -19.1% | -2.7% |
| 5-year return | +10.8% | n/a |
| Volatility (ann.) | 26.7% | 21.2% |
| Beta vs S&P 500 | 0.63 | 0.57 |
| Max drawdown (3Y) | -51.0% | -29.7% |
| Market cap | $3.4B | $1.3B |
| P/E (trailing) | – | 22.2 |
| Dividend yield | 17.68% | 12.45% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FSK | MSDL |
|---|---|---|
| 2022 | -4.7% | – |
| 2023 | +33.0% | – |
| 2024 | +25.7% | – |
| 2025 | -20.4% | -10.9% |
| 2026 | -9.9% | -1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSK and MSDL good diversifiers for each other?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FSK and MSDL?
The FSK/MSDL correlation stands at 0.56 on a 3-year window (1 year: 0.79, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is MSDL a good diversifier for FSK?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.56 mean?
A reading of 0.56 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/fsk-vs-msdl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fsk-vs-msdl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FSK correlations · MSDL correlations
