MSDL vs TKNO: Correlation
Morgan Stanley Direct Lending Fund (MSDL) and Alpha Teknova, Inc. (TKNO) show a negative relationship: their 3-year correlation of weekly returns is -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSDL and TKNO?
Across a 3-year window, the weekly returns of MSDL and TKNO correlate at -0.21, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.11) runs above the 3-year figure (-0.21). Stretching to 5 years gives n/a, with an annualized covariance of -477.5 %².
Among the 13 assets we track against MSDL, TKNO sits near the bottom by co-movement, at rank #9. Their recent paths diverged sharply: over the last 12 months TKNO outperformed by 67.0 percentage points (-2.7% for MSDL against +64.3% for TKNO). Risk is not evenly split, since TKNO carries 5.1 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.
MSDL vs TKNO: side by side
| MSDL (Morgan Stanley Direct Lending Fund) | TKNO (Alpha Teknova, Inc.) | |
|---|---|---|
| 1-year return | -2.7% | +64.3% |
| 5-year return | n/a | -61.5% |
| Volatility (ann.) | 21.2% | 107.9% |
| Beta vs S&P 500 | 0.57 | 1.10 |
| Max drawdown (3Y) | -29.7% | -79.6% |
| Market cap | $1.3B | $0.4B |
| P/E (trailing) | 22.2 | – |
| Dividend yield | 12.45% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MSDL | TKNO |
|---|---|---|
| 2022 | – | -72.5% |
| 2023 | – | -33.9% |
| 2024 | – | +123.9% |
| 2025 | -10.9% | -54.5% |
| 2026 | -1.1% | +92.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSDL and TKNO good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between MSDL and TKNO?
The MSDL/TKNO correlation stands at -0.21 on a 3-year window (1 year: 0.11, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is TKNO a good diversifier for MSDL?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 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.
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Related comparisons
Hubs: MSDL correlations · TKNO correlations
