NCDL vs NMFC: Correlation
Nuveen Churchill Direct Lending Corp. (NCDL) and New Mountain Finance Corporation (NMFC) show a strong relationship: their 3-year correlation of weekly returns is 0.67.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCDL and NMFC?
Across a 3-year window, the weekly returns of NCDL and NMFC correlate at 0.67, strong. Recent behaviour matches the longer record: 0.76 over 1 year against 0.67 over 3. Stretching to 5 years gives n/a, with an annualized covariance of 279.6 %².
In NCDL's tracked universe of 16 assets, NMFC sits right near the top at #3. Twelve-month performance is nearly a tie, at -11.6% for NCDL and -16.1% for NMFC.
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 NMFC: side by side
| NCDL (Nuveen Churchill Direct Lending Corp.) | NMFC (New Mountain Finance Corporation) | |
|---|---|---|
| 1-year return | -11.6% | -16.1% |
| 5-year return | n/a | +1.4% |
| Volatility (ann.) | 20.2% | 19.7% |
| Beta vs S&P 500 | 0.48 | 0.53 |
| Max drawdown (3Y) | -22.3% | -30.6% |
| Market cap | $0.6B | $0.7B |
| P/E (trailing) | 13.1 | – |
| Dividend yield | 0.00% | 15.98% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NCDL | NMFC |
|---|---|---|
| 2022 | – | -0.6% |
| 2023 | – | +15.8% |
| 2024 | – | -0.9% |
| 2025 | -9.9% | -7.2% |
| 2026 | -1.2% | -10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCDL and NMFC good diversifiers for each other?
Only partially. A correlation of 0.67 means NCDL and NMFC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between NCDL and NMFC?
The NCDL/NMFC correlation stands at 0.67 on a 3-year window (1 year: 0.76, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is NMFC a good diversifier for NCDL?
Only partially. A correlation of 0.67 means NCDL and NMFC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.67 mean?
On the −1 to +1 scale, 0.67 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ncdl-vs-nmfc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ncdl-vs-nmfc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NCDL correlations · NMFC correlations
