MSDL vs PVLA: Correlation
Morgan Stanley Direct Lending Fund (MSDL) and Palvella Therapeutics, Inc. (PVLA) show a negative relationship: their 3-year correlation of weekly returns is -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSDL and PVLA?
On 3 years of weekly data the MSDL/PVLA correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.04) than the 3-year average (-0.30). The 5-year figure is n/a, and annualized covariance runs at -692.6 %².
Out of 13 assets tracked against MSDL, PVLA lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months PVLA outperformed by 169.0 percentage points (-2.7% for MSDL against +166.3% for PVLA). Note the risk asymmetry: PVLA runs 5.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
MSDL vs PVLA: side by side
| MSDL (Morgan Stanley Direct Lending Fund) | PVLA (Palvella Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | -2.7% | +166.3% |
| 5-year return | n/a | -62.3% |
| Volatility (ann.) | 21.2% | 105.3% |
| Beta vs S&P 500 | 0.57 | 0.24 |
| Max drawdown (3Y) | -29.7% | -77.6% |
| Market cap | $1.3B | $2.2B |
| P/E (trailing) | 22.2 | – |
| Dividend yield | 12.45% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MSDL | PVLA |
|---|---|---|
| 2022 | – | -72.5% |
| 2023 | – | -82.5% |
| 2024 | – | -17.6% |
| 2025 | -10.9% | +772.2% |
| 2026 | -1.1% | +43.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSDL and PVLA good diversifiers for each other?
Yes. With a correlation of -0.30, MSDL and PVLA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MSDL and PVLA?
The MSDL/PVLA correlation stands at -0.30 on a 3-year window (1 year: -0.04, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is PVLA a good diversifier for MSDL?
Yes. With a correlation of -0.30, MSDL and PVLA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
A reading of -0.30 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/msdl-vs-pvla.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/msdl-vs-pvla/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MSDL correlations · PVLA correlations
