FITB vs NCLH: Correlation
Measured on weekly returns over the past three years, Fifth Third Bancorp (FITB) and Norwegian Cruise Line Holdings (NCLH) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FITB and NCLH?
Across a 3-year window, the weekly returns of FITB and NCLH correlate at 0.57, moderate. The link has loosened recently: the 1-year correlation (0.46) runs below the 3-year figure (0.57). Stretching to 5 years gives 0.54, with an annualized covariance of 840.6 %².
By 3-year correlation, NCLH places #27 of the 45 assets tracked against FITB. Correlation aside, the last 12 months split them widely, with FITB ahead by 57.7 points (+24.6% versus -33.1%). The rolling one-year correlation moved between 0.40 and 0.76 over the past three years, a moderate range. One caveat on sizing: NCLH is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
FITB vs NCLH: side by side
| FITB (Fifth Third Bancorp) | NCLH (Norwegian Cruise Line Holdings) | |
|---|---|---|
| 1-year return | +24.6% | -33.1% |
| 5-year return | +71.2% | -34.4% |
| Volatility (ann.) | 29.4% | 49.9% |
| Beta vs S&P 500 | 1.03 | 1.52 |
| Max drawdown (3Y) | -29.9% | -49.1% |
| Market cap | $49.7B | $7.6B |
| P/E (trailing) | 18.5 | 10.1 |
| Dividend yield | 2.90% | 0.00% |
| Sector / category | Financials | Consumer Discretionary |
Year-by-year returns
| Year | FITB | NCLH |
|---|---|---|
| 2022 | -21.9% | -41.0% |
| 2023 | +10.4% | +63.7% |
| 2024 | +27.2% | +28.4% |
| 2025 | +14.8% | -13.3% |
| 2026 | +19.1% | -25.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FITB and NCLH good diversifiers for each other?
To a limited degree. At 0.57 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between FITB and NCLH?
As of 2026-08-27, the correlation of weekly returns between FITB and NCLH is 0.57 over 3 years, 0.46 over 1 year and 0.54 over 5 years.
Is NCLH a good diversifier for FITB?
To a limited degree. At 0.57 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.57 mean?
A reading of 0.57 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/fitb-vs-nclh.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fitb-vs-nclh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FITB correlations · NCLH correlations
