Yes is inversely proportional to the distance between the conductors.
A capacitor consists of two conductors separated by an insulator. The capacitance is the charge stored divided by the voltage. If the conductors are further apart, the amount of done to move a charge from one to the other increases, so the voltage increases, so the capacitance decreases. Distance and capacitance are inversely proportional.
Capacitance is also directly proportional to the area of the conductors.
Gives all the factors that affect capacitance here: http://www.learnabout-electronics.org/ac_theory/capacitors03.php
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