NCLH vs VXZ: Correlation
Norwegian Cruise Line Holdings (NCLH) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCLH and VXZ?
Across a 3-year window, the weekly returns of NCLH and VXZ correlate at -0.41, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.49) sits close to the 3-year figure. Stretching to 5 years gives -0.48, with an annualized covariance of -526.1 %².
VXZ is close to the least connected end of NCLH's tracked universe, ranking #34 of 35. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 17.0 percentage points (-33.1% for NCLH against -16.1% for VXZ). Risk is not evenly split, since NCLH carries 1.9 times the volatility of the other side.
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 VXZ: side by side
| NCLH (Norwegian Cruise Line Holdings) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -33.1% | -16.1% |
| 5-year return | -34.4% | -53.1% |
| Volatility (ann.) | 49.9% | 25.6% |
| Beta vs S&P 500 | 1.52 | -1.31 |
| Max drawdown (3Y) | -49.1% | -36.4% |
| Market cap | $7.6B | – |
| P/E (trailing) | 10.1 | – |
| Dividend yield | 0.00% | – |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | NCLH | VXZ |
|---|---|---|
| 2022 | -41.0% | +0.5% |
| 2023 | +63.7% | -44.0% |
| 2024 | +28.4% | -12.7% |
| 2025 | -13.3% | +5.7% |
| 2026 | -25.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCLH and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
FAQ
What is the correlation between NCLH and VXZ?
The NCLH/VXZ correlation stands at -0.41 on a 3-year window (1 year: -0.49, 5 years: -0.48), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for NCLH?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
What does a correlation of -0.41 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nclh-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NCLH correlations · VXZ correlations
