KEY vs NCLH: Correlation
How closely do KeyCorp (KEY) and Norwegian Cruise Line Holdings (NCLH) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KEY and NCLH?
Over the past 3 years, KEY and NCLH moved with a correlation of 0.58, which is moderate. The relationship has been stable: the 1-year correlation (0.51) sits close to the 3-year figure. Over 5 years the correlation is 0.50, and the annualized covariance of weekly returns is 931.7 %².
Among the 59 assets we track against KEY, NCLH ranks #41 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months KEY outperformed by 51.5 percentage points (+18.4% for KEY against -33.1% for NCLH). The rolling one-year correlation moved between 0.36 and 0.77 over the past three years, a moderate range. One caveat on sizing: NCLH is 1.6 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.
KEY vs NCLH: side by side
| KEY (KeyCorp) | NCLH (Norwegian Cruise Line Holdings) | |
|---|---|---|
| 1-year return | +18.4% | -33.1% |
| 5-year return | +38.0% | -34.4% |
| Volatility (ann.) | 32.1% | 49.9% |
| Beta vs S&P 500 | 1.25 | 1.52 |
| Max drawdown (3Y) | -32.2% | -49.1% |
| Market cap | $23.5B | $7.6B |
| P/E (trailing) | 13.0 | 10.1 |
| Dividend yield | 3.71% | 0.00% |
| Sector / category | Financials | Consumer Discretionary |
Year-by-year returns
| Year | KEY | NCLH |
|---|---|---|
| 2022 | -21.7% | -41.0% |
| 2023 | -11.5% | +63.7% |
| 2024 | +25.3% | +28.4% |
| 2025 | +26.2% | -13.3% |
| 2026 | +8.8% | -25.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KEY and NCLH good diversifiers for each other?
To a limited degree. At 0.58 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 KEY and NCLH?
As of 2026-08-27, the correlation of weekly returns between KEY and NCLH is 0.58 over 3 years, 0.51 over 1 year and 0.50 over 5 years.
Is NCLH a good diversifier for KEY?
To a limited degree. At 0.58 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 0.58 mean?
On the −1 to +1 scale, 0.58 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
$ curl https://www.pairbook.io/api/v1/pairs/key-vs-nclh.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/key-vs-nclh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: KEY correlations · NCLH correlations
