HBAN vs NCLH: Correlation
How closely do Huntington Bancshares (HBAN) and Norwegian Cruise Line Holdings (NCLH) trade together? Their weekly returns over three years give a correlation of 0.60, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HBAN and NCLH?
Across a 3-year window, the weekly returns of HBAN and NCLH correlate at 0.60, strong. The relationship has been stable: the 1-year correlation (0.59) sits close to the 3-year figure. Stretching to 5 years gives 0.54, with an annualized covariance of 896.4 %².
By 3-year correlation, NCLH places #31 of the 55 assets tracked against HBAN. Correlation aside, the last 12 months split them widely, with HBAN ahead by 31.4 points (-1.7% versus -33.1%). Across three years, the rolling one-year figure varied moderately, from 0.40 to 0.74. 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.
HBAN vs NCLH: side by side
| HBAN (Huntington Bancshares) | NCLH (Norwegian Cruise Line Holdings) | |
|---|---|---|
| 1-year return | -1.7% | -33.1% |
| 5-year return | +36.8% | -34.4% |
| Volatility (ann.) | 29.8% | 49.9% |
| Beta vs S&P 500 | 1.07 | 1.52 |
| Max drawdown (3Y) | -30.0% | -49.1% |
| Market cap | $34.1B | $7.6B |
| P/E (trailing) | 13.1 | 10.1 |
| Dividend yield | 3.64% | 0.00% |
| Sector / category | Financials | Consumer Discretionary |
Year-by-year returns
| Year | HBAN | NCLH |
|---|---|---|
| 2022 | -4.4% | -41.0% |
| 2023 | -4.7% | +63.7% |
| 2024 | +33.7% | +28.4% |
| 2025 | +10.8% | -13.3% |
| 2026 | -0.9% | -25.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HBAN and NCLH good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HBAN and NCLH?
Using weekly returns as of 2026-08-27: 0.60 over 3 years, with 0.59 over the last year and 0.54 over 5 years.
Is NCLH a good diversifier for HBAN?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.60 mean?
A reading of 0.60 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/hban-vs-nclh.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hban-vs-nclh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HBAN correlations · NCLH correlations
