NCLH vs SKYW: Correlation
Norwegian Cruise Line Holdings (NCLH) and SkyWest, Inc. (SKYW) 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 NCLH and SKYW?
Over the past 3 years, NCLH and SKYW moved with a correlation of 0.57, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.46 versus 0.57 over 3 years. Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 941.6 %².
Within NCLH's tracked universe of 35 assets, SKYW comes in at #14 by 3-year correlation. Over the last 12 months SKYW came out ahead by 13.8 percentage points (-33.1% against -19.3%).
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 SKYW: side by side
| NCLH (Norwegian Cruise Line Holdings) | SKYW (SkyWest, Inc.) | |
|---|---|---|
| 1-year return | -33.1% | -19.3% |
| 5-year return | -34.4% | +114.2% |
| Volatility (ann.) | 49.9% | 33.3% |
| Beta vs S&P 500 | 1.52 | 0.95 |
| Max drawdown (3Y) | -49.1% | -36.6% |
| Market cap | $7.6B | $3.8B |
| P/E (trailing) | 10.1 | 9.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | NCLH | SKYW |
|---|---|---|
| 2022 | -41.0% | -58.0% |
| 2023 | +63.7% | +216.2% |
| 2024 | +28.4% | +91.8% |
| 2025 | -13.3% | +0.3% |
| 2026 | -25.4% | -1.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCLH and SKYW good diversifiers for each other?
Only partially. A correlation of 0.57 means NCLH and SKYW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between NCLH and SKYW?
As of 2026-08-27, the correlation of weekly returns between NCLH and SKYW is 0.57 over 3 years, 0.46 over 1 year and 0.58 over 5 years.
Is SKYW a good diversifier for NCLH?
Only partially. A correlation of 0.57 means NCLH and SKYW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
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/nclh-vs-skyw.json
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Related comparisons
Hubs: NCLH correlations · SKYW correlations
