NCDL vs VXX: Correlation
How closely do Nuveen Churchill Direct Lending Corp. (NCDL) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCDL and VXX?
On 3 years of weekly data the NCDL/VXX correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.26 versus -0.38 over 3 years. The 5-year figure is n/a, and annualized covariance runs at -483.7 %².
Out of 16 assets tracked against NCDL, VXX lands near the bottom at #15. The last year tells two different stories: NCDL led by 38.1 percentage points, -11.6% for NCDL against -49.7% for VXX. One caveat on sizing: VXX is 3.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 VXX: side by side
| NCDL (Nuveen Churchill Direct Lending Corp.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -11.6% | -49.7% |
| 5-year return | n/a | -95.6% |
| Volatility (ann.) | 20.2% | 60.9% |
| Beta vs S&P 500 | 0.48 | -3.31 |
| Max drawdown (3Y) | -22.3% | -83.3% |
| Market cap | $0.6B | – |
| P/E (trailing) | 13.1 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NCDL | VXX |
|---|---|---|
| 2022 | – | -23.8% |
| 2023 | – | -72.5% |
| 2024 | – | -26.2% |
| 2025 | -9.9% | -42.2% |
| 2026 | -1.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCDL and VXX good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NCDL and VXX?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.26 over the last year and n/a over 5 years.
Is VXX a good diversifier for NCDL?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 mean?
A reading of -0.38 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-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ncdl-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NCDL correlations · VXX correlations
