NCDL vs. MSDL

Last updated Apr 1, 2026

Compare and contrast key facts about Nuveen Churchill Direct Lending Corp. (NCDL) and Morgan Stanley Direct Lending Fund (MSDL).

Performance

NCDL vs. MSDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Churchill Direct Lending Corp. (NCDL) and Morgan Stanley Direct Lending Fund (MSDL). The values are adjusted to include any dividend payments, if applicable.

NCDL vs. MSDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NCDL Nuveen Churchill Direct Lending Corp.	-1.60%	-9.92%	6.15%
MSDL Morgan Stanley Direct Lending Fund	-12.50%	-10.85%	10.89%

Fundamentals

Market Cap NCDL : $628.20M MSDL : $1.22B
EPS NCDL : $1.89 MSDL : $1.58
PE Ratio NCDL : 6.74 MSDL : 8.85
PEG Ratio NCDL : 0.22 MSDL : 0.12
PS Ratio NCDL : 3.47 MSDL : 4.06
PB Ratio NCDL : 0.72 MSDL : 0.70
Total Revenue (TTM) NCDL : $181.78M MSDL : $299.77M
Gross Profit (TTM) NCDL : $73.41M MSDL : $100.38M
EBITDA (TTM) NCDL : $82.68M MSDL : $94.60M

Returns By Period

In the year-to-date period, NCDL achieves a -1.60% return, which is significantly higher than MSDL's -12.50% return.

NCDL

• 1D: 1.76%
• 1M: 2.00%
• YTD: -1.60%
• 6M: -1.68%
• 1Y: -15.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSDL

• 1D: 2.20%
• 1M: -2.57%
• YTD: -12.50%
• 6M: -7.60%
• 1Y: -21.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

Return for Risk

NCDL vs. MSDL — Risk / Return Rank

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

NCDL

NCDL Risk / Return Rank: 15
NCDL Sharpe Ratio Rank: 13
NCDL Sortino Ratio Rank: 14
NCDL Omega Ratio Rank: 15
NCDL Calmar Ratio Rank: 16
NCDL Martin Ratio Rank: 19

MSDL

MSDL Risk / Return Rank: 7
MSDL Sharpe Ratio Rank: 6
MSDL Sortino Ratio Rank: 7
MSDL Omega Ratio Rank: 9
MSDL Calmar Ratio Rank: 9
MSDL Martin Ratio Rank: 3

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. MSDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Churchill Direct Lending Corp. (NCDL) and Morgan Stanley Direct Lending Fund (MSDL). 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.

	NCDL	MSDL	Difference
Sharpe ratio Return per unit of total volatility	-0.67	-0.94	+0.28
Sortino ratio Return per unit of downside risk	-0.79	-1.31	+0.51
Omega ratio Gain probability vs. loss probability	0.90	0.84	+0.06
Calmar ratio Return relative to maximum drawdown	-0.70	-0.88	+0.18
Martin ratio Return relative to average drawdown	-1.18	-1.84	+0.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NCDL vs. MSDL - Sharpe Ratio Comparison

The current NCDL Sharpe Ratio is -0.67, which is comparable to the MSDL Sharpe Ratio of -0.94. The chart below compares the historical Sharpe Ratios of NCDL and MSDL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NCDL	MSDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.67	-0.94	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	-0.14	-0.28	+0.13

Correlation

The correlation between NCDL and MSDL is 0.39, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

NCDL vs. MSDL - Dividend Comparison

NCDL's dividend yield for the trailing twelve months is around 13.76%, less than MSDL's 13.97% yield.

	TTM	2025	2024
NCDL Nuveen Churchill Direct Lending Corp.	13.76%	14.24%	12.51%
MSDL Morgan Stanley Direct Lending Fund	13.97%	12.14%	10.65%

Drawdowns

NCDL vs. MSDL - Drawdown Comparison

The maximum NCDL drawdown since its inception was -20.71%, smaller than the maximum MSDL drawdown of -29.68%. Use the drawdown chart below to compare losses from any high point for NCDL and MSDL.

Drawdown Indicators

	NCDL	MSDL	Difference
Max Drawdown Largest peak-to-trough decline	-20.71%	-29.68%	+8.97%
Max Drawdown (1Y) Largest decline over 1 year	-20.71%	-25.03%	+4.32%
Current Drawdown Current decline from peak	-18.17%	-27.62%	+9.45%
Average Drawdown Average peak-to-trough decline	-6.41%	-11.26%	+4.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.25%	11.98%	+0.27%

Volatility

NCDL vs. MSDL - Volatility Comparison

Nuveen Churchill Direct Lending Corp. (NCDL) and Morgan Stanley Direct Lending Fund (MSDL) have volatilities of 6.49% and 6.72%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCDL	MSDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.49%	6.72%	-0.23%
Volatility (6M) Calculated over the trailing 6-month period	16.10%	16.39%	-0.29%
Volatility (1Y) Calculated over the trailing 1-year period	22.86%	22.58%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.44%	23.36%	-3.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.44%	23.36%	-3.92%

Financials

NCDL vs. MSDL - Profitability Comparison

The chart below illustrates the profitability comparison between Nuveen Churchill Direct Lending Corp. and Morgan Stanley Direct Lending Fund over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

NCDL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Nuveen Churchill Direct Lending Corp. reported a gross profit of 0.00 and revenue of 50.04M. Therefore, the gross margin over that period was 0.0%.

MSDL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Morgan Stanley Direct Lending Fund reported a gross profit of 0.00 and revenue of 96.60M. 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 Apr 2026, Nuveen Churchill Direct Lending Corp. reported an operating income of 0.00 and revenue of 50.04M, resulting in an operating margin of 0.0%.

MSDL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Morgan Stanley Direct Lending Fund reported an operating income of 0.00 and revenue of 96.60M, 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 Apr 2026, Nuveen Churchill Direct Lending Corp. reported a net income of 31.59M and revenue of 50.04M, resulting in a net margin of 63.1%.

MSDL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Morgan Stanley Direct Lending Fund reported a net income of 44.00M and revenue of 96.60M, resulting in a net margin of 45.5%.