NCDL vs. ICMB

Last updated Jun 23, 2026

NCDL (Nuveen Churchill Direct Lending Corp.) and ICMB (Investcorp Credit Management 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 -54.55% for ICMB. At a 0.07 correlation, their price movements are largely independent.

Performance

NCDL vs. ICMB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Churchill Direct Lending Corp. (NCDL) and Investcorp Credit Management BDC, Inc. (ICMB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NCDL achieves a -6.55% return, which is significantly higher than ICMB's -55.56% return.

NCDL

• 1D: -1.23%
• 1M: -6.21%
• YTD: -6.55%
• 6M: -6.89%
• 1Y: -17.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICMB

• 1D: 1.69%
• 1M: -13.67%
• YTD: -55.56%
• 6M: -57.60%
• 1Y: -54.55%
• 3Y*: -20.79%
• 5Y*: -15.75%
• 10Y*: -5.82%

*Multi-year figures are annualized to reflect compound growth (CAGR)

NCDL vs. ICMB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NCDL Nuveen Churchill Direct Lending Corp.	-6.55%	-9.92%	6.15%
ICMB Investcorp Credit Management BDC, Inc.	-55.56%	5.92%	2.03%

Correlation

The correlation between NCDL and ICMB is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (All Time) Calculated using the full available price history since Jan 25, 2024	0.07

Fundamentals

EPS NCDL : $1.02 ICMB : -$0.74
PS Ratio NCDL : 3.39 ICMB : 1.77
Total Revenue (TTM) NCDL : $176.51M ICMB : $6.51M
Gross Profit (TTM) NCDL : $138.36M ICMB : $729.57K
EBITDA (TTM) NCDL : $95.57M ICMB : -$9.28M

Return for Risk

NCDL vs. ICMB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NCDL

NCDL Risk / Return Rank: 11
NCDL Sharpe Ratio Rank: 9
NCDL Sortino Ratio Rank: 11
NCDL Omega Ratio Rank: 13
NCDL Calmar Ratio Rank: 11
NCDL Martin Ratio Rank: 10

ICMB

ICMB Risk / Return Rank: 4
ICMB Sharpe Ratio Rank: 3
ICMB Sortino Ratio Rank: 5
ICMB Omega Ratio Rank: 4
ICMB Calmar Ratio Rank: 8
ICMB Martin Ratio Rank: 1

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NCDL vs. ICMB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Churchill Direct Lending Corp. (NCDL) and Investcorp Credit Management BDC, Inc. (ICMB). 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	ICMB	Difference
Sharpe ratio: Return per unit of total volatility	-0.80	-1.10	+0.30
Sortino ratio: Return per unit of downside risk	-1.03	-1.60	+0.57
Omega ratio: Gain probability vs. loss probability	0.88	0.76	+0.13
Calmar ratio: Return relative to maximum drawdown	-0.81	-0.88	+0.07
Martin ratio: Return relative to average drawdown	-1.33	-2.07	+0.73

NCDL vs. ICMB - Sharpe Ratio Comparison

The current NCDL Sharpe Ratio is -0.80, which is comparable to the ICMB Sharpe Ratio of -1.10. The chart below compares the historical Sharpe Ratios of NCDL and ICMB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NCDL vs. ICMB - Drawdown Comparison

The maximum NCDL drawdown since its inception was -22.29%, smaller than the maximum ICMB drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for NCDL and ICMB.

Drawdown Indicators

	NCDL	ICMB	Difference
Max Drawdown Largest peak-to-trough decline	-22.29%	-80.34%	+58.05%
Max Drawdown (1Y) Largest decline over 1 year	-22.29%	-62.14%	+39.85%
Max Drawdown (3Y) Largest decline over 3 years	—	-62.14%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-63.71%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-80.34%	—
Current Drawdown Current decline from peak	-22.29%	-62.78%	+40.49%
Average Drawdown Average peak-to-trough decline	-7.08%	-19.48%	+12.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.45%	26.41%	-12.96%

Volatility

NCDL vs. ICMB - Volatility Comparison

The current volatility for Nuveen Churchill Direct Lending Corp. (NCDL) is 8.04%, while Investcorp Credit Management BDC, Inc. (ICMB) has a volatility of 12.22%. This indicates that NCDL experiences smaller price fluctuations and is considered to be less risky than ICMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCDL	ICMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.04%	12.22%	-4.18%
Volatility (6M) Calculated over the trailing 6-month period	18.45%	46.85%	-28.40%
Volatility (1Y) Calculated over the trailing 1-year period	22.50%	49.64%	-27.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.38%	39.13%	-18.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.38%	44.40%	-24.02%

Dividends

NCDL vs. ICMB - Dividend Comparison

NCDL's dividend yield for the trailing twelve months is around 14.49%, less than ICMB's 23.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICMB Investcorp Credit Management BDC, Inc.	23.33%	19.26%	17.82%	17.72%	17.02%	12.73%	15.93%	14.93%	16.00%	12.27%	15.12%	18.14%
NCDL Nuveen Churchill Direct Lending Corp.	14.49%	14.24%	12.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

Frequently Asked Questions

Can I hold both NCDL and ICMB in my portfolio?

NCDL and ICMB have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NCDL or ICMB?

ICMB has higher volatility (12.22%) compared to NCDL (8.04%). In terms of maximum drawdown, NCDL dropped -22.29% vs ICMB's -80.34%.

Which has better risk-adjusted returns?

NCDL currently has the higher Sharpe Ratio (-0.80 vs -1.10), 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.