EQNR vs NCLH: Correlation
Measured on weekly returns over the past three years, Equinor ASA (EQNR) and Norwegian Cruise Line Holdings (NCLH) carry a correlation of -0.20, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQNR and NCLH?
On 3 years of weekly data the EQNR/NCLH correlation comes out at -0.20, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.36 versus -0.20 over 3 years. The 5-year figure is -0.02, and annualized covariance runs at -335.7 %².
Among the 79 assets we track against EQNR, NCLH ranks #31 by 3-year correlation. The last year tells two different stories: EQNR led by 110.3 percentage points, +77.2% for EQNR against -33.1% for NCLH. Risk is not evenly split, since NCLH carries 1.5 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.
EQNR vs NCLH: side by side
| EQNR (Equinor ASA) | NCLH (Norwegian Cruise Line Holdings) | |
|---|---|---|
| 1-year return | +77.2% | -33.1% |
| 5-year return | +180.6% | -34.4% |
| Volatility (ann.) | 33.2% | 49.9% |
| Beta vs S&P 500 | -0.25 | 1.52 |
| Max drawdown (3Y) | -27.6% | -49.1% |
| Market cap | $98.6B | $7.6B |
| P/E (trailing) | 11.2 | 10.1 |
| Dividend yield | 3.73% | 0.00% |
| Sector / category | US Listed | Consumer Discretionary |
Year-by-year returns
| Year | EQNR | NCLH |
|---|---|---|
| 2022 | +42.8% | -41.0% |
| 2023 | -0.8% | +63.7% |
| 2024 | -16.0% | +28.4% |
| 2025 | +6.1% | -13.3% |
| 2026 | +81.8% | -25.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQNR and NCLH good diversifiers for each other?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
FAQ
What is the correlation between EQNR and NCLH?
Using weekly returns as of 2026-08-27: -0.20 over 3 years, with -0.36 over the last year and -0.02 over 5 years.
Is NCLH a good diversifier for EQNR?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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/eqnr-vs-nclh.json
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[](https://www.pairbook.io/pair/eqnr-vs-nclh/)
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Related comparisons
Hubs: EQNR correlations · NCLH correlations
