IF function calculates result correctly, then evaluates to #N/A

I have the following function:
=IF($C3="I_sc",CORREL(INDIRECT(J2&ROW($C4)&":"&J2&ROW()+MATCH("I_sc",INDIRECT("c"&ROW($C4)&":c2300"),0)),INDIRECT(J1&ROW($C4)&":"&J1&ROW()+MATCH("I_sc",INDIRECT("c"&ROW($C4)&":c"&"2300"),0))),"")

It gives #N/A as a result. However, when I go through it step-by-step with the ‘Evaluate formula’, at the last step it gives:

Then:

What could go wrong here?

Thank you!