CCL vs FHN: Correlation
How closely do Carnival Corporation (CCL) and First Horizon Corporation (FHN) trade together? Their weekly returns over three years give a correlation of 0.64, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCL and FHN?
Over the past 3 years, CCL and FHN moved with a correlation of 0.64, which is strong. Recent behaviour matches the longer record: 0.54 over 1 year against 0.64 over 3. Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 911.1 %².
By 3-year correlation, FHN places #6 of the 40 assets tracked against CCL. Correlation aside, the last 12 months split them widely, with FHN ahead by 31.5 points (-21.6% versus +9.9%). Note the risk asymmetry: CCL runs 1.5 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.
CCL vs FHN: side by side
| CCL (Carnival Corporation) | FHN (First Horizon Corporation) | |
|---|---|---|
| 1-year return | -21.6% | +9.9% |
| 5-year return | +7.3% | +77.9% |
| Volatility (ann.) | 46.5% | 30.5% |
| Beta vs S&P 500 | 1.72 | 1.08 |
| Max drawdown (3Y) | -42.3% | -27.1% |
| Market cap | $34.2B | $11.6B |
| P/E (trailing) | 11.5 | 11.8 |
| Dividend yield | 1.17% | 2.60% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | CCL | FHN |
|---|---|---|
| 2022 | -59.9% | +53.9% |
| 2023 | +130.0% | -39.4% |
| 2024 | +34.4% | +47.7% |
| 2025 | +22.6% | +22.1% |
| 2026 | -17.0% | +3.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCL and FHN good diversifiers for each other?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CCL and FHN?
The CCL/FHN correlation stands at 0.64 on a 3-year window (1 year: 0.54, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is FHN a good diversifier for CCL?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.64 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
$ curl https://www.pairbook.io/api/v1/pairs/ccl-vs-fhn.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ccl-vs-fhn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CCL correlations · FHN correlations
