GM vs NCLH: Correlation
Measured on weekly returns over the past three years, General Motors (GM) and Norwegian Cruise Line Holdings (NCLH) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GM and NCLH?
On 3 years of weekly data the GM/NCLH correlation comes out at 0.42, moderate. Recent behaviour matches the longer record: 0.38 over 1 year against 0.42 over 3. The 5-year figure is 0.53, and annualized covariance runs at 667.3 %².
Among the 35 assets we track against GM, NCLH ranks #20 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GM ahead by 81.1 points (+48.0% versus -33.1%). This link changes with the market regime, having swung between 0.22 and 0.74 on a rolling one-year basis. One caveat on sizing: NCLH is 1.5 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.
GM vs NCLH: side by side
| GM (General Motors) | NCLH (Norwegian Cruise Line Holdings) | |
|---|---|---|
| 1-year return | +48.0% | -33.1% |
| 5-year return | +82.5% | -34.4% |
| Volatility (ann.) | 32.2% | 49.9% |
| Beta vs S&P 500 | 0.98 | 1.52 |
| Max drawdown (3Y) | -29.1% | -49.1% |
| Market cap | $77.9B | $7.6B |
| P/E (trailing) | 38.6 | 10.1 |
| Dividend yield | 0.76% | 0.00% |
| Sector / category | Consumer Discretionary | Consumer Discretionary |
Year-by-year returns
| Year | GM | NCLH |
|---|---|---|
| 2022 | -42.4% | -41.0% |
| 2023 | +7.9% | +63.7% |
| 2024 | +49.8% | +28.4% |
| 2025 | +54.2% | -13.3% |
| 2026 | +6.5% | -25.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GM and NCLH good diversifiers for each other?
Reasonably. At 0.42, GM and NCLH keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GM and NCLH?
The GM/NCLH correlation stands at 0.42 on a 3-year window (1 year: 0.38, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is NCLH a good diversifier for GM?
Reasonably. At 0.42, GM and NCLH keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: GM correlations · NCLH correlations
