NCDL vs OBDC: Correlation
How closely do Nuveen Churchill Direct Lending Corp. (NCDL) and Blue Owl Capital Corporation (OBDC) trade together? Their weekly returns over three years give a correlation of 0.65, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCDL and OBDC?
Across a 3-year window, the weekly returns of NCDL and OBDC correlate at 0.65, strong. Recent behaviour matches the longer record: 0.72 over 1 year against 0.65 over 3. Stretching to 5 years gives n/a, with an annualized covariance of 258.1 %².
Within NCDL's tracked universe of 16 assets, OBDC comes in at #5 by 3-year correlation. Their 12-month results are close: -11.6% for NCDL against -10.3% for OBDC.
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 OBDC: side by side
| NCDL (Nuveen Churchill Direct Lending Corp.) | OBDC (Blue Owl Capital Corporation) | |
|---|---|---|
| 1-year return | -11.6% | -10.3% |
| 5-year return | n/a | +34.0% |
| Volatility (ann.) | 20.2% | 19.2% |
| Beta vs S&P 500 | 0.48 | 0.71 |
| Max drawdown (3Y) | -22.3% | -23.9% |
| Market cap | $0.6B | $5.6B |
| P/E (trailing) | 13.1 | 20.1 |
| Dividend yield | 0.00% | 12.62% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NCDL | OBDC |
|---|---|---|
| 2022 | – | -9.5% |
| 2023 | – | +43.5% |
| 2024 | – | +14.7% |
| 2025 | -9.9% | -7.9% |
| 2026 | -1.2% | -3.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCDL and OBDC good diversifiers for each other?
Only partially. A correlation of 0.65 means NCDL and OBDC 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 OBDC?
The NCDL/OBDC correlation stands at 0.65 on a 3-year window (1 year: 0.72, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is OBDC a good diversifier for NCDL?
Only partially. A correlation of 0.65 means NCDL and OBDC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.65 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ncdl-vs-obdc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ncdl-vs-obdc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NCDL correlations · OBDC correlations
