MTB vs NCLH: Correlation
How closely do M&T Bank (MTB) and Norwegian Cruise Line Holdings (NCLH) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTB and NCLH?
Across a 3-year window, the weekly returns of MTB and NCLH correlate at 0.57, moderate. The relationship has been stable: the 1-year correlation (0.52) sits close to the 3-year figure. Stretching to 5 years gives 0.46, with an annualized covariance of 747.8 %².
By 3-year correlation, NCLH places #21 of the 35 assets tracked against MTB. The last year tells two different stories: MTB led by 54.8 percentage points, +21.7% for MTB against -33.1% for NCLH. On a rolling one-year basis the correlation drifted between 0.31 and 0.70, a moderate band. Risk is not evenly split, since NCLH carries 1.9 times the volatility of the other side.
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.
MTB vs NCLH: side by side
| MTB (M&T Bank) | NCLH (Norwegian Cruise Line Holdings) | |
|---|---|---|
| 1-year return | +21.7% | -33.1% |
| 5-year return | +101.3% | -34.4% |
| Volatility (ann.) | 26.5% | 49.9% |
| Beta vs S&P 500 | 0.83 | 1.52 |
| Max drawdown (3Y) | -28.5% | -49.1% |
| Market cap | $34.5B | $7.6B |
| P/E (trailing) | 12.8 | 10.1 |
| Dividend yield | 2.48% | 0.00% |
| Sector / category | Financials | Consumer Discretionary |
Year-by-year returns
| Year | MTB | NCLH |
|---|---|---|
| 2022 | -2.9% | -41.0% |
| 2023 | -1.7% | +63.7% |
| 2024 | +41.7% | +28.4% |
| 2025 | +10.4% | -13.3% |
| 2026 | +20.1% | -25.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTB 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 MTB and NCLH?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.52 over the last year and 0.46 over 5 years.
Is NCLH a good diversifier for MTB?
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/mtb-vs-nclh.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mtb-vs-nclh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MTB correlations · NCLH correlations
