KBDC vs NCDL: Correlation
Measured on weekly returns over the past three years, Kayne Anderson BDC, Inc. (KBDC) and Nuveen Churchill Direct Lending Corp. (NCDL) carry a correlation of 0.72, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KBDC and NCDL?
On 3 years of weekly data the KBDC/NCDL correlation comes out at 0.72, strong. Little has changed lately, as the 1-year reading of 0.75 lands near the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 233.4 %².
NCDL is one of the assets that tracks KBDC most closely: it ranks #1 out of the 13 assets we track against KBDC. On 12-month performance KBDC holds a 12.5-point edge, +0.9% against -11.6%.
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.
KBDC vs NCDL: side by side
| KBDC (Kayne Anderson BDC, Inc.) | NCDL (Nuveen Churchill Direct Lending Corp.) | |
|---|---|---|
| 1-year return | +0.9% | -11.6% |
| 5-year return | n/a | n/a |
| Volatility (ann.) | 15.7% | 20.2% |
| Beta vs S&P 500 | 0.39 | 0.48 |
| Max drawdown (3Y) | -19.6% | -22.3% |
| Market cap | $0.9B | $0.6B |
| P/E (trailing) | 12.4 | 13.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Are KBDC and NCDL good diversifiers for each other?
To a limited degree. At 0.72 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 KBDC and NCDL?
Using weekly returns as of 2026-08-27: 0.72 over 3 years, with 0.75 over the last year and n/a over 5 years.
Is NCDL a good diversifier for KBDC?
To a limited degree. At 0.72 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 0.72 mean?
A reading of 0.72 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/kbdc-vs-ncdl.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/kbdc-vs-ncdl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: KBDC correlations · NCDL correlations
