FHN vs RCL: Correlation
Measured on weekly returns over the past three years, First Horizon Corporation (FHN) and Royal Caribbean Group (RCL) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FHN and RCL?
Over the past 3 years, FHN and RCL moved with a correlation of 0.60, which is strong. The link has loosened recently: the 1-year correlation (0.40) runs below the 3-year figure (0.60). Over 5 years the correlation is 0.25, and the annualized covariance of weekly returns is 757.9 %².
Among the 17 assets we track against FHN, RCL ranks #9 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FHN ahead by 29.2 points (+9.9% versus -19.3%).
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.
FHN vs RCL: side by side
| FHN (First Horizon Corporation) | RCL (Royal Caribbean Group) | |
|---|---|---|
| 1-year return | +9.9% | -19.3% |
| 5-year return | +77.9% | +257.6% |
| Volatility (ann.) | 30.5% | 41.3% |
| Beta vs S&P 500 | 1.08 | 1.46 |
| Max drawdown (3Y) | -27.1% | -35.0% |
| Market cap | $11.6B | $76.2B |
| P/E (trailing) | 11.8 | 17.9 |
| Dividend yield | 2.60% | 1.72% |
| Sector / category | US Listed | Consumer Discretionary |
Year-by-year returns
| Year | FHN | RCL |
|---|---|---|
| 2022 | +53.9% | -35.7% |
| 2023 | -39.4% | +162.0% |
| 2024 | +47.7% | +79.0% |
| 2025 | +22.1% | +22.5% |
| 2026 | +3.7% | +3.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FHN and RCL good diversifiers for each other?
Only partially. A correlation of 0.60 means FHN and RCL 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 FHN and RCL?
Using weekly returns as of 2026-08-27: 0.60 over 3 years, with 0.40 over the last year and 0.25 over 5 years.
Is RCL a good diversifier for FHN?
Only partially. A correlation of 0.60 means FHN and RCL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.60 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/fhn-vs-rcl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fhn-vs-rcl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FHN correlations · RCL correlations
