GHRS vs NCDL: Correlation
GH Research PLC (GHRS) and Nuveen Churchill Direct Lending Corp. (NCDL) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GHRS and NCDL?
On 3 years of weekly data the GHRS/NCDL correlation comes out at 0.38, moderate. Little has changed lately, as the 1-year reading of 0.43 lands near the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 523.1 %².
NCDL is one of the assets that tracks GHRS most closely: it ranks #3 out of the 10 assets we track against GHRS. Correlation aside, the last 12 months split them widely, with GHRS ahead by 121.8 points (+110.2% versus -11.6%). Risk is not evenly split, since GHRS carries 3.5 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.
GHRS vs NCDL: side by side
| GHRS (GH Research PLC) | NCDL (Nuveen Churchill Direct Lending Corp.) | |
|---|---|---|
| 1-year return | +110.2% | -11.6% |
| 5-year return | +34.4% | n/a |
| Volatility (ann.) | 70.0% | 20.2% |
| Beta vs S&P 500 | 1.07 | 0.48 |
| Max drawdown (3Y) | -57.5% | -22.3% |
| Market cap | $2.0B | $0.6B |
| P/E (trailing) | – | 13.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GHRS | NCDL |
|---|---|---|
| 2022 | -58.3% | – |
| 2023 | -40.3% | – |
| 2024 | +20.7% | – |
| 2025 | +81.4% | -9.9% |
| 2026 | +125.6% | -1.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GHRS and NCDL good diversifiers for each other?
Reasonably. At 0.38, GHRS and NCDL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GHRS and NCDL?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.43 over the last year and n/a over 5 years.
Is NCDL a good diversifier for GHRS?
Reasonably. At 0.38, GHRS and NCDL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: GHRS correlations · NCDL correlations
