NCLH vs RCL: Correlation
Norwegian Cruise Line Holdings (NCLH) and Royal Caribbean Group (RCL) show a strong relationship: their 3-year correlation of weekly returns is 0.71.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCLH and RCL?
On 3 years of weekly data the NCLH/RCL correlation comes out at 0.71, strong. The relationship has been stable: the 1-year correlation (0.67) sits close to the 3-year figure. The 5-year figure is 0.80, and annualized covariance runs at 1474.4 %².
In NCLH's tracked universe of 35 assets, RCL sits right near the top at #2. On 12-month performance RCL holds a 13.8-point edge, -33.1% against -19.3%. The rolling one-year correlation stayed in a tight band between 0.66 and 0.87 over the past three years, which points to a structural rather than episodic relationship.
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.
NCLH vs RCL: side by side
| NCLH (Norwegian Cruise Line Holdings) | RCL (Royal Caribbean Group) | |
|---|---|---|
| 1-year return | -33.1% | -19.3% |
| 5-year return | -34.4% | +257.6% |
| Volatility (ann.) | 49.9% | 41.3% |
| Beta vs S&P 500 | 1.52 | 1.46 |
| Max drawdown (3Y) | -49.1% | -35.0% |
| Market cap | $7.6B | $76.2B |
| P/E (trailing) | 10.1 | 17.9 |
| Dividend yield | 0.00% | 1.72% |
| Sector / category | Consumer Discretionary | Consumer Discretionary |
Year-by-year returns
| Year | NCLH | RCL |
|---|---|---|
| 2022 | -41.0% | -35.7% |
| 2023 | +63.7% | +162.0% |
| 2024 | +28.4% | +79.0% |
| 2025 | -13.3% | +22.5% |
| 2026 | -25.4% | +3.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCLH and RCL good diversifiers for each other?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NCLH and RCL?
As of 2026-08-27, the correlation of weekly returns between NCLH and RCL is 0.71 over 3 years, 0.67 over 1 year and 0.80 over 5 years.
Is RCL a good diversifier for NCLH?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.71 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/nclh-vs-rcl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nclh-vs-rcl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NCLH correlations · RCL correlations
