NCDL vs QQQ: Correlation
Nuveen Churchill Direct Lending Corp. (NCDL) and Invesco QQQ Trust (QQQ) show a weak relationship: their 3-year correlation of weekly returns is 0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCDL and QQQ?
Across a 3-year window, the weekly returns of NCDL and QQQ correlate at 0.27, weak. Little has changed lately, as the 1-year reading of 0.29 lands near the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of 108.3 %².
Among the 16 assets we track against NCDL, QQQ sits near the bottom by co-movement, at rank #13. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 37.9 percentage points (-11.6% for NCDL against +26.3% for QQQ).
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 QQQ: side by side
| NCDL (Nuveen Churchill Direct Lending Corp.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -11.6% | +26.3% |
| 5-year return | n/a | +95.4% |
| Volatility (ann.) | 20.2% | 19.6% |
| Beta vs S&P 500 | 0.48 | 1.28 |
| Max drawdown (3Y) | -22.3% | -22.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | 13.1 | – |
| Dividend yield | 0.00% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | NCDL | QQQ |
|---|---|---|
| 2022 | – | -32.6% |
| 2023 | – | +54.9% |
| 2024 | – | +25.6% |
| 2025 | -9.9% | +20.8% |
| 2026 | -1.2% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCDL and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NCDL and QQQ?
As of 2026-08-27, the correlation of weekly returns between NCDL and QQQ is 0.27 over 3 years, 0.29 over 1 year and n/a over 5 years.
Is QQQ a good diversifier for NCDL?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.27 mean?
A reading of 0.27 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/ncdl-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ncdl-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NCDL correlations · QQQ correlations
