CCL vs RJET: Correlation
Carnival Corporation (CCL) and Republic Airways Holdings Inc. (RJET) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCL and RJET?
Across a 3-year window, the weekly returns of CCL and RJET correlate at 0.37, moderate. Little has changed lately, as the 1-year reading of 0.44 lands near the 3-year figure. Stretching to 5 years gives 0.46, with an annualized covariance of 1521.1 %².
Within CCL's tracked universe of 40 assets, RJET comes in at #30 by 3-year correlation. The last year tells two different stories: RJET led by 22.1 percentage points, -21.6% for CCL against +0.5% for RJET. Risk is not evenly split, since RJET 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.
CCL vs RJET: side by side
| CCL (Carnival Corporation) | RJET (Republic Airways Holdings Inc.) | |
|---|---|---|
| 1-year return | -21.6% | +0.5% |
| 5-year return | +7.3% | -84.5% |
| Volatility (ann.) | 46.5% | 89.1% |
| Beta vs S&P 500 | 1.72 | 1.76 |
| Max drawdown (3Y) | -42.3% | -70.7% |
| Market cap | $34.2B | $0.9B |
| P/E (trailing) | 11.5 | 12.2 |
| Dividend yield | 1.17% | 0.00% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | CCL | RJET |
|---|---|---|
| 2022 | -59.9% | -72.7% |
| 2023 | +130.0% | -34.0% |
| 2024 | +34.4% | +14.9% |
| 2025 | +22.6% | +5.6% |
| 2026 | -17.0% | +0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCL and RJET good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CCL and RJET?
The CCL/RJET correlation stands at 0.37 on a 3-year window (1 year: 0.44, 5 years: 0.46), computed from weekly returns as of 2026-08-27.
Is RJET a good diversifier for CCL?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 mean?
A reading of 0.37 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-rjet.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ccl-vs-rjet/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CCL correlations · RJET correlations
