NCDL vs VXZ: Correlation
Nuveen Churchill Direct Lending Corp. (NCDL) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCDL and VXZ?
On 3 years of weekly data the NCDL/VXZ correlation comes out at -0.39, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.36 over 1 year against -0.39 over 3. The 5-year figure is n/a, and annualized covariance runs at -196.8 %².
VXZ is close to the least connected end of NCDL's tracked universe, ranking #16 of 16. Twelve-month performance is nearly a tie, at -11.6% for NCDL and -16.1% for VXZ.
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 VXZ: side by side
| NCDL (Nuveen Churchill Direct Lending Corp.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -11.6% | -16.1% |
| 5-year return | n/a | -53.1% |
| Volatility (ann.) | 20.2% | 25.6% |
| Beta vs S&P 500 | 0.48 | -1.31 |
| Max drawdown (3Y) | -22.3% | -36.4% |
| Market cap | $0.6B | – |
| P/E (trailing) | 13.1 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NCDL | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | – | -44.0% |
| 2024 | – | -12.7% |
| 2025 | -9.9% | +5.7% |
| 2026 | -1.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCDL and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
FAQ
What is the correlation between NCDL and VXZ?
The NCDL/VXZ correlation stands at -0.39 on a 3-year window (1 year: -0.36, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for NCDL?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
What does a correlation of -0.39 mean?
On the −1 to +1 scale, -0.39 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ncdl-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NCDL correlations · VXZ correlations
