NCLH vs USO: Correlation
How closely do Norwegian Cruise Line Holdings (NCLH) and United States Oil Fund (USO) trade together? Their weekly returns over three years give a correlation of -0.17, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCLH and USO?
Over the past 3 years, NCLH and USO moved with a correlation of -0.17, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.42) runs below the 3-year figure (-0.17). Over 5 years the correlation is -0.04, and the annualized covariance of weekly returns is -340.3 %².
Within NCLH's tracked universe of 35 assets, USO comes in at #26 by 3-year correlation. The last year tells two different stories: USO led by 107.2 percentage points, -33.1% for NCLH against +74.1% for USO. This link changes with the market regime, having swung between -0.43 and 0.29 on a rolling one-year basis.
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 USO: side by side
| NCLH (Norwegian Cruise Line Holdings) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | -33.1% | +74.1% |
| 5-year return | -34.4% | +168.6% |
| Volatility (ann.) | 49.9% | 39.4% |
| Beta vs S&P 500 | 1.52 | -0.20 |
| Max drawdown (3Y) | -49.1% | -32.5% |
| Market cap | $7.6B | – |
| P/E (trailing) | 10.1 | – |
| Dividend yield | 0.00% | – |
| Sector / category | Consumer Discretionary | ETF · Commodities |
Year-by-year returns
| Year | NCLH | USO |
|---|---|---|
| 2022 | -41.0% | +29.0% |
| 2023 | +63.7% | -4.9% |
| 2024 | +28.4% | +13.4% |
| 2025 | -13.3% | -8.5% |
| 2026 | -25.4% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCLH and USO good diversifiers for each other?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
FAQ
What is the correlation between NCLH and USO?
The NCLH/USO correlation stands at -0.17 on a 3-year window (1 year: -0.42, 5 years: -0.04), computed from weekly returns as of 2026-08-27.
Is USO a good diversifier for NCLH?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
What does a correlation of -0.17 mean?
A reading of -0.17 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nclh-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nclh-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NCLH correlations · USO correlations
