NCDL vs NLOP: Correlation
How closely do Nuveen Churchill Direct Lending Corp. (NCDL) and Net Lease Office Properties (NLOP) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCDL and NLOP?
Across a 3-year window, the weekly returns of NCDL and NLOP correlate at 0.38, moderate. Little has changed lately, as the 1-year reading of 0.36 lands near the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of 193.7 %².
Among the 16 assets we track against NCDL, NLOP ranks #10 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NLOP ahead by 19.6 points (-11.6% versus +8.0%). Risk is not evenly split, since NLOP carries 1.9 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.
NCDL vs NLOP: side by side
| NCDL (Nuveen Churchill Direct Lending Corp.) | NLOP (Net Lease Office Properties) | |
|---|---|---|
| 1-year return | -11.6% | +8.0% |
| 5-year return | n/a | n/a |
| Volatility (ann.) | 20.2% | 39.2% |
| Beta vs S&P 500 | 0.48 | 0.18 |
| Max drawdown (3Y) | -22.3% | -46.0% |
| Market cap | $0.6B | $0.2B |
| P/E (trailing) | 13.1 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NCDL | NLOP |
|---|---|---|
| 2024 | – | +68.9% |
| 2025 | -9.9% | +5.9% |
| 2026 | -1.2% | +8.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCDL and NLOP good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NCDL and NLOP?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.36 over the last year and n/a over 5 years.
Is NLOP a good diversifier for NCDL?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 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: NCDL correlations · NLOP correlations
