NCLH vs SPY: Correlation
Norwegian Cruise Line Holdings (NCLH) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCLH and SPY?
Across a 3-year window, the weekly returns of NCLH and SPY correlate at 0.44, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.33 versus 0.44 over 3 years. Stretching to 5 years gives 0.52, with an annualized covariance of 318.0 %².
By 3-year correlation, SPY places #20 of the 35 assets tracked against NCLH. Correlation aside, the last 12 months split them widely, with SPY ahead by 53.7 points (-33.1% versus +20.6%). The rolling one-year correlation moved between 0.28 and 0.67 over the past three years, a moderate range. One caveat on sizing: NCLH is 3.4 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.
NCLH vs SPY: side by side
| NCLH (Norwegian Cruise Line Holdings) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -33.1% | +20.6% |
| 5-year return | -34.4% | +82.4% |
| Volatility (ann.) | 49.9% | 14.5% |
| Beta vs S&P 500 | 1.52 | 1.00 |
| Max drawdown (3Y) | -49.1% | -18.8% |
| Market cap | $7.6B | – |
| P/E (trailing) | 10.1 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Discretionary | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | NCLH | SPY |
|---|---|---|
| 2022 | -41.0% | -18.2% |
| 2023 | +63.7% | +26.2% |
| 2024 | +28.4% | +24.9% |
| 2025 | -13.3% | +17.7% |
| 2026 | -25.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCLH and SPY good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NCLH and SPY?
The NCLH/SPY correlation stands at 0.44 on a 3-year window (1 year: 0.33, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for NCLH?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 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.
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Hubs: NCLH correlations · SPY correlations
