ASB vs NCLH: Correlation
Measured on weekly returns over the past three years, Associated Banc-Corp (ASB) and Norwegian Cruise Line Holdings (NCLH) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASB and NCLH?
On 3 years of weekly data the ASB/NCLH correlation comes out at 0.57, moderate. The past 12 months show a weaker link (0.44) than the 3-year average (0.57). The 5-year figure is 0.52, and annualized covariance runs at 827.8 %².
By 3-year correlation, NCLH places #36 of the 47 assets tracked against ASB. Correlation aside, the last 12 months split them widely, with ASB ahead by 51.6 points (+18.5% versus -33.1%). Note the risk asymmetry: NCLH runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
ASB vs NCLH: side by side
| ASB (Associated Banc-Corp) | NCLH (Norwegian Cruise Line Holdings) | |
|---|---|---|
| 1-year return | +18.5% | -33.1% |
| 5-year return | +82.7% | -34.4% |
| Volatility (ann.) | 29.0% | 49.9% |
| Beta vs S&P 500 | 1.03 | 1.52 |
| Max drawdown (3Y) | -31.6% | -49.1% |
| Market cap | $5.8B | $7.6B |
| P/E (trailing) | 10.8 | 10.1 |
| Dividend yield | 3.08% | 0.00% |
| Sector / category | US Listed | Consumer Discretionary |
Year-by-year returns
| Year | ASB | NCLH |
|---|---|---|
| 2022 | +6.0% | -41.0% |
| 2023 | -2.9% | +63.7% |
| 2024 | +16.2% | +28.4% |
| 2025 | +11.8% | -13.3% |
| 2026 | +21.7% | -25.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASB and NCLH good diversifiers for each other?
Only partially. A correlation of 0.57 means ASB and NCLH share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ASB and NCLH?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.44 over the last year and 0.52 over 5 years.
Is NCLH a good diversifier for ASB?
Only partially. A correlation of 0.57 means ASB and NCLH share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.57 mean?
A reading of 0.57 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/asb-vs-nclh.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/asb-vs-nclh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ASB correlations · NCLH correlations
