CCL vs NCLH: Correlation
Measured on weekly returns over the past three years, Carnival Corporation (CCL) and Norwegian Cruise Line Holdings (NCLH) carry a correlation of 0.83, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCL and NCLH?
Across a 3-year window, the weekly returns of CCL and NCLH correlate at 0.83, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.80 over 1 year against 0.83 over 3. Stretching to 5 years gives 0.86, with an annualized covariance of 1922.5 %².
Few assets follow CCL as closely as NCLH, which ranks #1 of 40 tracked partners. Over the last 12 months CCL came out ahead by 11.5 percentage points (-21.6% against -33.1%). The link looks structural: the rolling one-year correlation barely moved, holding between 0.79 and 0.92.
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 NCLH: side by side
| CCL (Carnival Corporation) | NCLH (Norwegian Cruise Line Holdings) | |
|---|---|---|
| 1-year return | -21.6% | -33.1% |
| 5-year return | +7.3% | -34.4% |
| Volatility (ann.) | 46.5% | 49.9% |
| Beta vs S&P 500 | 1.72 | 1.52 |
| Max drawdown (3Y) | -42.3% | -49.1% |
| Market cap | $34.2B | $7.6B |
| P/E (trailing) | 11.5 | 10.1 |
| Dividend yield | 1.17% | 0.00% |
| Sector / category | Consumer Discretionary | Consumer Discretionary |
Year-by-year returns
| Year | CCL | NCLH |
|---|---|---|
| 2022 | -59.9% | -41.0% |
| 2023 | +130.0% | +63.7% |
| 2024 | +34.4% | +28.4% |
| 2025 | +22.6% | -13.3% |
| 2026 | -17.0% | -25.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCL and NCLH good diversifiers for each other?
No: a correlation of 0.83 means CCL and NCLH tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between CCL and NCLH?
As of 2026-08-27, the correlation of weekly returns between CCL and NCLH is 0.83 over 3 years, 0.80 over 1 year and 0.86 over 5 years.
Is NCLH a good diversifier for CCL?
No: a correlation of 0.83 means CCL and NCLH tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.83 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-nclh.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ccl-vs-nclh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CCL correlations · NCLH correlations
