NCDL vs. CCAP
NCDL (Nuveen Churchill Direct Lending Corp.) and CCAP (Crescent Capital BDC, Inc.) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past year, NCDL returned -17.89% vs -11.82% for CCAP. A 0.52 correlation means they provide meaningful diversification when combined.
Performance
NCDL vs. CCAP - Performance Comparison
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Returns By Period
In the year-to-date period, NCDL achieves a -6.55% return, which is significantly higher than CCAP's -17.39% return.
NCDL
- 1D
- -1.23%
- 1M
- -6.21%
- YTD
- -6.55%
- 6M
- -6.89%
- 1Y
- -17.89%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CCAP
- 1D
- 0.04%
- 1M
- -1.37%
- YTD
- -17.39%
- 6M
- -17.91%
- 1Y
- -11.82%
- 3Y*
- 3.25%
- 5Y*
- 0.56%
- 10Y*
- —
NCDL vs. CCAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
NCDL Nuveen Churchill Direct Lending Corp. | -6.55% | -9.92% | 6.15% |
CCAP Crescent Capital BDC, Inc. | -17.39% | -17.51% | 30.81% |
Correlation
The correlation between NCDL and CCAP is 0.66, 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 | 0.66 |
Correlation (All Time) Calculated using the full available price history since Jan 25, 2024 | 0.52 |
The correlation between NCDL and CCAP shifts across timeframes, from 0.52 (all time) to 0.66 (1 year), reflecting how their relationship changes across market environments.
Fundamentals
NCDL:
$596.60M
CCAP:
$412.99M
NCDL:
$1.02
CCAP:
$1.25
NCDL:
11.84
CCAP:
8.98
NCDL:
0.49
CCAP:
0.17
NCDL:
3.39
CCAP:
2.57
NCDL:
0.69
CCAP:
0.61
NCDL:
$176.51M
CCAP:
$161.27M
NCDL:
$138.36M
CCAP:
$64.37M
NCDL:
$95.57M
CCAP:
$52.24M
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Return for Risk
NCDL vs. CCAP — Risk / Return Rank
NCDL
CCAP
NCDL vs. CCAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Churchill Direct Lending Corp. (NCDL) and Crescent Capital BDC, Inc. (CCAP). 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 | CCAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.33 | ||
| Sortino ratioReturn per unit of downside risk | -0.55 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 0.94 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | -0.50 | -0.31 |
| Martin ratioReturn relative to average drawdown | -1.33 | -1.14 | -0.20 |
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Drawdowns
NCDL vs. CCAP - Drawdown Comparison
The maximum NCDL drawdown since its inception was -22.29%, smaller than the maximum CCAP drawdown of -63.68%. Use the drawdown chart below to compare losses from any high point for NCDL and CCAP.
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Drawdown Indicators
| NCDL | CCAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.29% | -63.68% | +41.39% |
Max Drawdown (1Y)Largest decline over 1 year | -22.29% | -23.77% | +1.48% |
Max Drawdown (3Y)Largest decline over 3 years | — | -35.30% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -35.30% | — |
Current DrawdownCurrent decline from peak | -22.29% | -34.51% | +12.22% |
Average DrawdownAverage peak-to-trough decline | -7.08% | -12.93% | +5.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.45% | 10.43% | +3.02% |
Volatility
NCDL vs. CCAP - Volatility Comparison
Nuveen Churchill Direct Lending Corp. (NCDL) has a higher volatility of 8.04% compared to Crescent Capital BDC, Inc. (CCAP) at 7.50%. This indicates that NCDL's price experiences larger fluctuations and is considered to be riskier than CCAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NCDL | CCAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.04% | 7.50% | +0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 18.45% | 20.70% | -2.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.50% | 25.51% | -3.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.38% | 22.26% | -1.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.38% | 33.86% | -13.48% |
Dividends
NCDL vs. CCAP - Dividend Comparison
NCDL's dividend yield for the trailing twelve months is around 14.49%, less than CCAP's 15.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
CCAP Crescent Capital BDC, Inc. | 15.74% | 13.02% | 10.61% | 10.41% | 14.83% | 9.63% | 11.26% |
NCDL Nuveen Churchill Direct Lending Corp. | 14.49% | 14.24% | 12.51% | 0.00% | 0.00% | 0.00% | 0.00% |
Financials
NCDL vs. CCAP - Financials Comparison
This section allows you to compare key financial metrics between Nuveen Churchill Direct Lending Corp. and Crescent Capital 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
NCDL vs. CCAP - Profitability Comparison
NCDL - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Nuveen Churchill Direct Lending Corp. reported a gross profit of 0.00 and revenue of 46.26M. Therefore, the gross margin over that period was 0.0%.
CCAP - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Crescent Capital BDC, Inc. reported a gross profit of 0.00 and revenue of 37.91M. Therefore, the gross margin over that period was 0.0%.
NCDL - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Nuveen Churchill Direct Lending Corp. reported an operating income of 0.00 and revenue of 46.26M, resulting in an operating margin of 0.0%.
CCAP - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Crescent Capital BDC, Inc. reported an operating income of 0.00 and revenue of 37.91M, resulting in an operating margin of 0.0%.
NCDL - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Nuveen Churchill Direct Lending Corp. reported a net income of 0.00 and revenue of 46.26M, resulting in a net margin of 0.0%.
CCAP - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Crescent Capital BDC, Inc. reported a net income of 15.49M and revenue of 37.91M, resulting in a net margin of 40.9%.
Frequently Asked Questions
NCDL and CCAP have a correlation of 0.66, 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 CCAP (7.50%). In terms of maximum drawdown, NCDL dropped -22.29% vs CCAP's -63.68%.
CCAP currently has the higher Sharpe Ratio (-0.47 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.
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