CCL vs SKYW: Correlation
How closely do Carnival Corporation (CCL) and SkyWest, Inc. (SKYW) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCL and SKYW?
Across a 3-year window, the weekly returns of CCL and SKYW correlate at 0.62, strong. Little has changed lately, as the 1-year reading of 0.55 lands near the 3-year figure. Stretching to 5 years gives 0.60, with an annualized covariance of 952.4 %².
Among the 40 assets we track against CCL, SKYW ranks #15 by 3-year correlation. Twelve-month performance is nearly a tie, at -21.6% for CCL and -19.3% for SKYW.
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 SKYW: side by side
| CCL (Carnival Corporation) | SKYW (SkyWest, Inc.) | |
|---|---|---|
| 1-year return | -21.6% | -19.3% |
| 5-year return | +7.3% | +114.2% |
| Volatility (ann.) | 46.5% | 33.3% |
| Beta vs S&P 500 | 1.72 | 0.95 |
| Max drawdown (3Y) | -42.3% | -36.6% |
| Market cap | $34.2B | $3.8B |
| P/E (trailing) | 11.5 | 9.8 |
| Dividend yield | 1.17% | 0.00% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | CCL | SKYW |
|---|---|---|
| 2022 | -59.9% | -58.0% |
| 2023 | +130.0% | +216.2% |
| 2024 | +34.4% | +91.8% |
| 2025 | +22.6% | +0.3% |
| 2026 | -17.0% | -1.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCL and SKYW good diversifiers for each other?
Only partially. A correlation of 0.62 means CCL and SKYW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CCL and SKYW?
As of 2026-08-27, the correlation of weekly returns between CCL and SKYW is 0.62 over 3 years, 0.55 over 1 year and 0.60 over 5 years.
Is SKYW a good diversifier for CCL?
Only partially. A correlation of 0.62 means CCL and SKYW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 mean?
On the −1 to +1 scale, 0.62 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ccl-vs-skyw.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ccl-vs-skyw/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CCL correlations · SKYW correlations
