IWM vs NCLH: Correlation
iShares Russell 2000 ETF (IWM) and Norwegian Cruise Line Holdings (NCLH) show a moderate relationship: their 3-year correlation of weekly returns is 0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and NCLH?
Over the past 3 years, IWM and NCLH moved with a correlation of 0.57, which is moderate. The relationship has been stable: the 1-year correlation (0.48) sits close to the 3-year figure. Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 560.5 %².
Among the 320 assets we track against IWM, NCLH ranks #152 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months IWM outperformed by 61.5 percentage points (+28.4% for IWM against -33.1% for NCLH). On a rolling one-year basis the correlation drifted between 0.41 and 0.72, a moderate band. One caveat on sizing: NCLH is 2.5 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.
IWM vs NCLH: side by side
| IWM (iShares Russell 2000 ETF) | NCLH (Norwegian Cruise Line Holdings) | |
|---|---|---|
| 1-year return | +28.4% | -33.1% |
| 5-year return | +41.5% | -34.4% |
| Volatility (ann.) | 19.8% | 49.9% |
| Beta vs S&P 500 | 1.06 | 1.52 |
| Max drawdown (3Y) | -27.5% | -49.1% |
| Market cap | – | $7.6B |
| P/E (trailing) | – | 10.1 |
| Dividend yield | 0.91% | 0.00% |
| Expense ratio | 0.19% | – |
| Assets under management | $80.1B | – |
| Sector / category | ETF · US Small & Mid Cap | Consumer Discretionary |
IWM, iShares's Small Blend fund, carries $80.1B under management, 1757 holdings, a 0.19% expense ratio, a 0.91% trailing dividend yield.
Year-by-year returns
| Year | IWM | NCLH |
|---|---|---|
| 2022 | -20.5% | -41.0% |
| 2023 | +16.8% | +63.7% |
| 2024 | +11.4% | +28.4% |
| 2025 | +12.7% | -13.3% |
| 2026 | +22.3% | -25.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and NCLH good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IWM and NCLH?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.48 over the last year and 0.63 over 5 years.
Is NCLH a good diversifier for IWM?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 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/iwm-vs-nclh.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iwm-vs-nclh/)
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Related comparisons
Hubs: IWM correlations · NCLH correlations
