HLT vs NCLH: Correlation
How closely do Hilton Worldwide (HLT) and Norwegian Cruise Line Holdings (NCLH) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HLT and NCLH?
On 3 years of weekly data the HLT/NCLH correlation comes out at 0.46, moderate. The past 12 months show a weaker link (0.31) than the 3-year average (0.46). The 5-year figure is 0.56, and annualized covariance runs at 478.1 %².
Among the 40 assets we track against HLT, NCLH ranks #25 by 3-year correlation. Correlation aside, the last 12 months split them widely, with HLT ahead by 51.2 points (+18.1% versus -33.1%). The rolling one-year correlation moved between 0.29 and 0.68 over the past three years, a moderate range. One caveat on sizing: NCLH is 2.4 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.
HLT vs NCLH: side by side
| HLT (Hilton Worldwide) | NCLH (Norwegian Cruise Line Holdings) | |
|---|---|---|
| 1-year return | +18.1% | -33.1% |
| 5-year return | +162.7% | -34.4% |
| Volatility (ann.) | 20.7% | 49.9% |
| Beta vs S&P 500 | 0.85 | 1.52 |
| Max drawdown (3Y) | -26.4% | -49.1% |
| Market cap | $73.3B | $7.6B |
| P/E (trailing) | 47.8 | 10.1 |
| Dividend yield | 0.18% | 0.00% |
| Sector / category | Consumer Discretionary | Consumer Discretionary |
Year-by-year returns
| Year | HLT | NCLH |
|---|---|---|
| 2022 | -18.7% | -41.0% |
| 2023 | +44.7% | +63.7% |
| 2024 | +36.1% | +28.4% |
| 2025 | +16.5% | -13.3% |
| 2026 | +13.5% | -25.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HLT and NCLH good diversifiers for each other?
Reasonably. At 0.46, HLT and NCLH keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HLT and NCLH?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.31 over the last year and 0.56 over 5 years.
Is NCLH a good diversifier for HLT?
Reasonably. At 0.46, HLT and NCLH keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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
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[](https://www.pairbook.io/pair/hlt-vs-nclh/)
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Related comparisons
Hubs: HLT correlations · NCLH correlations
