NCDL vs. XYLD
NCDL (Nuveen Churchill Direct Lending Corp.) is a stock, while XYLD (Global X S&P 500 Covered Call ETF) is Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index. Over the past year, NCDL returned -15.36% vs 17.07% for XYLD. At a 0.27 correlation, their price movements are largely independent.
Performance
NCDL vs. XYLD - Performance Comparison
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Returns By Period
In the year-to-date period, NCDL achieves a 1.61% return, which is significantly lower than XYLD's 6.88% return.
NCDL
- 1D
- -1.01%
- 1M
- 2.85%
- 6M
- 0.55%
- YTD
- 1.61%
- 1Y
- -15.36%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
XYLD
- 1D
- -0.22%
- 1M
- 1.95%
- 6M
- 5.94%
- YTD
- 6.88%
- 1Y
- 17.07%
- 3Y*
- 11.32%
- 5Y*
- 7.68%
- 10Y*
- 8.15%
NCDL vs. XYLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
NCDL Nuveen Churchill Direct Lending Corp. | 1.61% | -9.92% | 6.15% |
XYLD Global X S&P 500 Covered Call ETF | 6.88% | 8.02% | 17.42% |
Correlation
The correlation between NCDL and XYLD is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Jan 25, 2024 | 0.27 |
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Return for Risk
NCDL vs. XYLD — Risk / Return Rank
NCDL
XYLD
NCDL vs. XYLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Churchill Direct Lending Corp. (NCDL) and Global X S&P 500 Covered Call ETF (XYLD). 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 | XYLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.16 | ||
| Sortino ratioReturn per unit of downside risk | -4.38 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.56 | -0.66 |
| Calmar ratioReturn relative to maximum drawdown | -0.69 | 3.24 | -3.93 |
| Martin ratioReturn relative to average drawdown | -1.09 | 16.88 | -17.97 |
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Drawdowns
NCDL vs. XYLD - Drawdown Comparison
The maximum NCDL drawdown since its inception was -22.29%, smaller than the maximum XYLD drawdown of -33.46%. Use the drawdown chart below to compare losses from any high point for NCDL and XYLD.
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Drawdown Indicators
| NCDL | XYLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.29% | -33.46% | +11.17% |
Max Drawdown (1Y)Largest decline over 1 year | -22.29% | -5.29% | -17.00% |
Max Drawdown (3Y)Largest decline over 3 years | — | -15.53% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.66% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.46% | — |
Current DrawdownCurrent decline from peak | -15.51% | -0.22% | -15.29% |
Average DrawdownAverage peak-to-trough decline | -7.31% | -3.69% | -3.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.06% | 1.01% | +13.05% |
Volatility
NCDL vs. XYLD - Volatility Comparison
Nuveen Churchill Direct Lending Corp. (NCDL) has a higher volatility of 7.09% compared to Global X S&P 500 Covered Call ETF (XYLD) at 2.10%. This indicates that NCDL's price experiences larger fluctuations and is considered to be riskier than XYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NCDL | XYLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.09% | 2.10% | +4.99% |
Volatility (6M)Calculated over the trailing 6-month period | 18.22% | 5.91% | +12.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.56% | 6.95% | +15.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.42% | 11.27% | +9.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.42% | 14.15% | +6.27% |
Dividends
NCDL vs. XYLD - Dividend Comparison
NCDL's dividend yield for the trailing twelve months is around 13.18%, more than XYLD's 10.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NCDL Nuveen Churchill Direct Lending Corp. | 13.18% | 14.24% | 12.51% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XYLD Global X S&P 500 Covered Call ETF | 10.30% | 10.51% | 11.54% | 10.51% | 13.43% | 9.07% | 7.93% | 5.76% | 7.12% | 5.18% | 3.23% | 4.65% |
Frequently Asked Questions
NCDL and XYLD have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NCDL has higher volatility (7.09%) compared to XYLD (2.10%). In terms of maximum drawdown, NCDL dropped -22.29% vs XYLD's -33.46%.
XYLD currently has the higher Sharpe Ratio (2.47 vs -0.68), 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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