NCLH vs VXX: Correlation
Norwegian Cruise Line Holdings (NCLH) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCLH and VXX?
On 3 years of weekly data the NCLH/VXX correlation comes out at -0.46, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.52 over 1 year against -0.46 over 3. The 5-year figure is -0.47, and annualized covariance runs at -1406.6 %².
Among the 35 assets we track against NCLH, VXX sits near the bottom by co-movement, at rank #35. Correlation aside, the last 12 months split them widely, with NCLH ahead by 16.6 points (-33.1% versus -49.7%).
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 VXX: side by side
| NCLH (Norwegian Cruise Line Holdings) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -33.1% | -49.7% |
| 5-year return | -34.4% | -95.6% |
| Volatility (ann.) | 49.9% | 60.9% |
| Beta vs S&P 500 | 1.52 | -3.31 |
| Max drawdown (3Y) | -49.1% | -83.3% |
| Market cap | $7.6B | – |
| P/E (trailing) | 10.1 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | NCLH | VXX |
|---|---|---|
| 2022 | -41.0% | -23.8% |
| 2023 | +63.7% | -72.5% |
| 2024 | +28.4% | -26.2% |
| 2025 | -13.3% | -42.2% |
| 2026 | -25.4% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCLH and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.46 means the two rarely move for the same reasons.
FAQ
What is the correlation between NCLH and VXX?
The NCLH/VXX correlation stands at -0.46 on a 3-year window (1 year: -0.52, 5 years: -0.47), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for NCLH?
By historical standards, yes. A correlation of -0.46 means the two rarely move for the same reasons.
What does a correlation of -0.46 mean?
A reading of -0.46 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-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nclh-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NCLH correlations · VXX correlations
