CCL vs XLY: Correlation
How closely do Carnival Corporation (CCL) and Consumer Discretionary Select Sector SPDR Fund (XLY) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCL and XLY?
Across a 3-year window, the weekly returns of CCL and XLY correlate at 0.57, moderate. The link has loosened recently: the 1-year correlation (0.41) runs below the 3-year figure (0.57). Stretching to 5 years gives 0.61, with an annualized covariance of 524.4 %².
Among the 40 assets we track against CCL, XLY ranks #18 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months XLY outperformed by 21.5 percentage points (-21.6% for CCL against -0.1% for XLY). Across three years, the rolling one-year figure varied moderately, from 0.39 to 0.72. Note the risk asymmetry: CCL runs 2.4 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 XLY: side by side
| CCL (Carnival Corporation) | XLY (Consumer Discretionary Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -21.6% | -0.1% |
| 5-year return | +7.3% | +31.8% |
| Volatility (ann.) | 46.5% | 19.7% |
| Beta vs S&P 500 | 1.72 | 1.15 |
| Max drawdown (3Y) | -42.3% | -26.0% |
| Market cap | $34.2B | – |
| P/E (trailing) | 11.5 | – |
| Dividend yield | 1.17% | 0.78% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $22.5B |
| Sector / category | Consumer Discretionary | Sector ETF |
XLY is a Consumer Cyclical fund from State Street Investment Management: $22.5B under management, 47 holdings, a 0.08% expense ratio, a 0.78% trailing dividend yield.
Year-by-year returns
| Year | CCL | XLY |
|---|---|---|
| 2022 | -59.9% | -36.3% |
| 2023 | +130.0% | +39.6% |
| 2024 | +34.4% | +26.5% |
| 2025 | +22.6% | +7.4% |
| 2026 | -17.0% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that XLY holds CCL at a 0.82% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are CCL and XLY good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CCL and XLY?
As of 2026-08-27, the correlation of weekly returns between CCL and XLY is 0.57 over 3 years, 0.41 over 1 year and 0.61 over 5 years.
Is XLY a good diversifier for CCL?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 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-xly.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ccl-vs-xly/)
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Related comparisons
Hubs: CCL correlations · XLY correlations
