CCL vs DJP: Correlation
Carnival Corporation (CCL) and iPath Bloomberg Commodity Index Total Return ETN (DJP) show a negative relationship: their 3-year correlation of weekly returns is -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCL and DJP?
Over the past 3 years, CCL and DJP moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.55 versus -0.29 over 3 years. Over 5 years the correlation is -0.10, and the annualized covariance of weekly returns is -218.0 %².
DJP is close to the least connected end of CCL's tracked universe, ranking #37 of 40. Correlation aside, the last 12 months split them widely, with DJP ahead by 70.8 points (-21.6% versus +49.2%). One caveat on sizing: CCL is 2.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CCL vs DJP: side by side
| CCL (Carnival Corporation) | DJP (iPath Bloomberg Commodity Index Total Return ETN) | |
|---|---|---|
| 1-year return | -21.6% | +49.2% |
| 5-year return | +7.3% | +82.1% |
| Volatility (ann.) | 46.5% | 16.3% |
| Beta vs S&P 500 | 1.72 | 0.11 |
| Max drawdown (3Y) | -42.3% | -16.4% |
| Market cap | $34.2B | – |
| P/E (trailing) | 11.5 | – |
| Dividend yield | 1.17% | – |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | CCL | DJP |
|---|---|---|
| 2022 | -59.9% | +17.5% |
| 2023 | +130.0% | -9.8% |
| 2024 | +34.4% | +5.6% |
| 2025 | +22.6% | +17.2% |
| 2026 | -17.0% | +34.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCL and DJP good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CCL and DJP?
As of 2026-08-27, the correlation of weekly returns between CCL and DJP is -0.29 over 3 years, -0.55 over 1 year and -0.10 over 5 years.
Is DJP a good diversifier for CCL?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 mean?
A reading of -0.29 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/ccl-vs-djp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ccl-vs-djp/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CCL correlations · DJP correlations
