NCDL vs. BBDC
NCDL (Nuveen Churchill Direct Lending Corp.) and BBDC (Barings BDC, Inc.) are both stocks. Both are in the Financial Services sector — NCDL in Asset Management, BBDC in Credit Services. Over the past year, NCDL returned -17.89% vs 0.92% for BBDC. A 0.54 correlation means they provide meaningful diversification when combined.
Performance
NCDL vs. BBDC - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both investments are quite close, with NCDL having a -6.55% return and BBDC slightly higher at -6.34%.
NCDL
- 1D
- -1.23%
- 1M
- -6.21%
- YTD
- -6.55%
- 6M
- -6.89%
- 1Y
- -17.89%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BBDC
- 1D
- -2.41%
- 1M
- -2.03%
- YTD
- -6.34%
- 6M
- -2.62%
- 1Y
- 0.92%
- 3Y*
- 14.62%
- 5Y*
- 6.04%
- 10Y*
- —
NCDL vs. BBDC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
NCDL Nuveen Churchill Direct Lending Corp. | -6.55% | -9.92% | 6.15% |
BBDC Barings BDC, Inc. | -6.34% | 8.84% | 17.95% |
Correlation
The correlation between NCDL and BBDC is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Jan 25, 2024 | 0.54 |
Over the past year, NCDL and BBDC have become more correlated (0.76) than their long-term average of 0.54, meaning their price movements have been converging.
Fundamentals
NCDL:
$596.60M
BBDC:
$847.08M
NCDL:
$1.02
BBDC:
$0.66
NCDL:
11.84
BBDC:
12.26
NCDL:
0.49
BBDC:
0.02
NCDL:
3.39
BBDC:
4.88
NCDL:
0.69
BBDC:
0.73
NCDL:
$176.51M
BBDC:
$174.30M
NCDL:
$138.36M
BBDC:
$149.47M
NCDL:
$95.57M
BBDC:
$90.27M
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
NCDL vs. BBDC — Risk / Return Rank
NCDL
BBDC
NCDL vs. BBDC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Churchill Direct Lending Corp. (NCDL) and Barings BDC, Inc. (BBDC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| NCDL | BBDC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.85 | ||
| Sortino ratioReturn per unit of downside risk | -1.24 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.02 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 0.08 | -0.88 |
| Martin ratioReturn relative to average drawdown | -1.33 | 0.16 | -1.49 |
Loading charts...
Drawdowns
NCDL vs. BBDC - Drawdown Comparison
The maximum NCDL drawdown since its inception was -22.29%, smaller than the maximum BBDC drawdown of -48.45%. Use the drawdown chart below to compare losses from any high point for NCDL and BBDC.
Loading charts...
Drawdown Indicators
| NCDL | BBDC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.29% | -48.45% | +26.16% |
Max Drawdown (1Y)Largest decline over 1 year | -22.29% | -12.28% | -10.01% |
Max Drawdown (3Y)Largest decline over 3 years | — | -24.51% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.55% | — |
Current DrawdownCurrent decline from peak | -22.29% | -9.77% | -12.52% |
Average DrawdownAverage peak-to-trough decline | -7.08% | -7.98% | +0.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.45% | 5.69% | +7.76% |
Volatility
NCDL vs. BBDC - Volatility Comparison
Nuveen Churchill Direct Lending Corp. (NCDL) has a higher volatility of 8.04% compared to Barings BDC, Inc. (BBDC) at 6.62%. This indicates that NCDL's price experiences larger fluctuations and is considered to be riskier than BBDC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| NCDL | BBDC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.04% | 6.62% | +1.42% |
Volatility (6M)Calculated over the trailing 6-month period | 18.45% | 15.45% | +3.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.50% | 18.91% | +3.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.38% | 19.45% | +0.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.38% | 24.21% | -3.83% |
Dividends
NCDL vs. BBDC - Dividend Comparison
NCDL's dividend yield for the trailing twelve months is around 14.49%, more than BBDC's 13.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BBDC Barings BDC, Inc. | 13.47% | 12.96% | 10.87% | 11.89% | 11.66% | 7.44% | 7.07% | 5.25% | 21.24% |
NCDL Nuveen Churchill Direct Lending Corp. | 14.49% | 14.24% | 12.51% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Financials
NCDL vs. BBDC - Financials Comparison
This section allows you to compare key financial metrics between Nuveen Churchill Direct Lending Corp. and Barings BDC, Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
Frequently Asked Questions
NCDL and BBDC have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NCDL has higher volatility (8.04%) compared to BBDC (6.62%). In terms of maximum drawdown, NCDL dropped -22.29% vs BBDC's -48.45%.
BBDC currently has the higher Sharpe Ratio (0.05 vs -0.80), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
Find the right allocation for NCDL and BBDC
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer