FSK vs NCDL: Correlation
Measured on weekly returns over the past three years, FS KKR Capital Corp. (FSK) and Nuveen Churchill Direct Lending Corp. (NCDL) carry a correlation of 0.66, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSK and NCDL?
On 3 years of weekly data the FSK/NCDL correlation comes out at 0.66, strong. The relationship has been stable: the 1-year correlation (0.75) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 376.7 %².
Within FSK's tracked universe of 17 assets, NCDL comes in at #6 by 3-year correlation. The trailing year gives NCDL the advantage: -19.1% versus -11.6%, a 7.5-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.
FSK vs NCDL: side by side
| FSK (FS KKR Capital Corp.) | NCDL (Nuveen Churchill Direct Lending Corp.) | |
|---|---|---|
| 1-year return | -19.1% | -11.6% |
| 5-year return | +10.8% | n/a |
| Volatility (ann.) | 26.7% | 20.2% |
| Beta vs S&P 500 | 0.63 | 0.48 |
| Max drawdown (3Y) | -51.0% | -22.3% |
| Market cap | $3.4B | $0.6B |
| P/E (trailing) | – | 13.1 |
| Dividend yield | 17.68% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FSK | NCDL |
|---|---|---|
| 2022 | -4.7% | – |
| 2023 | +33.0% | – |
| 2024 | +25.7% | – |
| 2025 | -20.4% | -9.9% |
| 2026 | -9.9% | -1.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSK and NCDL good diversifiers for each other?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between FSK and NCDL?
The FSK/NCDL correlation stands at 0.66 on a 3-year window (1 year: 0.75, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is NCDL a good diversifier for FSK?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.66 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fsk-vs-ncdl.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fsk-vs-ncdl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FSK correlations · NCDL correlations
