CBOE vs NCLH: Correlation
Cboe Global Markets (CBOE) and Norwegian Cruise Line Holdings (NCLH) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBOE and NCLH?
On 3 years of weekly data the CBOE/NCLH correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.26) sits close to the 3-year figure. The 5-year figure is -0.09, and annualized covariance runs at -317.1 %².
By 3-year correlation, NCLH places #30 of the 39 assets tracked against CBOE. Their recent paths diverged sharply: over the last 12 months CBOE outperformed by 65.6 percentage points (+32.5% for CBOE against -33.1% for NCLH). Across three years, the rolling one-year figure varied moderately, from -0.31 to 0.03. Risk is not evenly split, since NCLH carries 1.9 times the volatility of the other side.
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.
CBOE vs NCLH: side by side
| CBOE (Cboe Global Markets) | NCLH (Norwegian Cruise Line Holdings) | |
|---|---|---|
| 1-year return | +32.5% | -33.1% |
| 5-year return | +168.0% | -34.4% |
| Volatility (ann.) | 26.1% | 49.9% |
| Beta vs S&P 500 | 0.09 | 1.52 |
| Max drawdown (3Y) | -36.7% | -49.1% |
| Market cap | $32.8B | $7.6B |
| P/E (trailing) | 24.5 | 10.1 |
| Dividend yield | 0.92% | 0.00% |
| Sector / category | Financials | Consumer Discretionary |
Year-by-year returns
| Year | CBOE | NCLH |
|---|---|---|
| 2022 | -2.2% | -41.0% |
| 2023 | +44.4% | +63.7% |
| 2024 | +10.7% | +28.4% |
| 2025 | +29.2% | -13.3% |
| 2026 | +25.7% | -25.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBOE and NCLH good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CBOE and NCLH?
The CBOE/NCLH correlation stands at -0.24 on a 3-year window (1 year: -0.26, 5 years: -0.09), computed from weekly returns as of 2026-08-27.
Is NCLH a good diversifier for CBOE?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
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Related comparisons
Hubs: CBOE correlations · NCLH correlations
