MSDL vs QNBC: Correlation
Measured on weekly returns over the past three years, Morgan Stanley Direct Lending Fund (MSDL) and QNB Corp. (QNBC) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSDL and QNBC?
On 3 years of weekly data the MSDL/QNBC correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.12) than the 3-year average (-0.30). The 5-year figure is n/a, and annualized covariance runs at -100.9 %².
QNBC is close to the least connected end of MSDL's tracked universe, ranking #11 of 13. Their recent paths diverged sharply: over the last 12 months QNBC outperformed by 34.0 percentage points (-2.7% for MSDL against +31.3% for QNBC).
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 QNBC: side by side
| MSDL (Morgan Stanley Direct Lending Fund) | QNBC (QNB Corp.) | |
|---|---|---|
| 1-year return | -2.7% | +31.3% |
| 5-year return | n/a | +50.2% |
| Volatility (ann.) | 21.2% | 17.1% |
| Beta vs S&P 500 | 0.57 | -0.03 |
| Max drawdown (3Y) | -29.7% | -12.1% |
| Market cap | $1.3B | $0.3B |
| P/E (trailing) | 22.2 | 13.4 |
| Dividend yield | 12.45% | 3.43% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MSDL | QNBC |
|---|---|---|
| 2022 | – | -23.3% |
| 2023 | – | +4.7% |
| 2024 | – | +37.9% |
| 2025 | -10.9% | +7.7% |
| 2026 | -1.1% | +31.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSDL and QNBC good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MSDL and QNBC?
As of 2026-08-27, the correlation of weekly returns between MSDL and QNBC is -0.30 over 3 years, 0.12 over 1 year and n/a over 5 years.
Is QNBC a good diversifier for MSDL?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
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-qnbc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/msdl-vs-qnbc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MSDL correlations · QNBC correlations
