ALK vs. NCLH
ALK (Alaska Air Group, Inc.) and NCLH (Norwegian Cruise Line Holdings Ltd.) are both stocks. ALK operates in Airlines (Industrials), while NCLH operates in Travel Services (Consumer Cyclical). Over the past 10 years, ALK returned -3.82%/yr vs -8.38%/yr for NCLH. A 0.54 correlation means they provide meaningful diversification when combined.
Performance
ALK vs. NCLH - Performance Comparison
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Returns By Period
In the year-to-date period, ALK achieves a -16.02% return, which is significantly higher than NCLH's -16.89% return. Over the past 10 years, ALK has outperformed NCLH with an annualized return of -3.82%, while NCLH has yielded a comparatively lower -8.38% annualized return.
ALK
- 1D
- -1.35%
- 1M
- 3.43%
- YTD
- -16.02%
- 6M
- -14.13%
- 1Y
- -19.54%
- 3Y*
- -4.60%
- 5Y*
- -8.43%
- 10Y*
- -3.82%
NCLH
- 1D
- -1.07%
- 1M
- 8.61%
- YTD
- -16.89%
- 6M
- -2.93%
- 1Y
- -5.16%
- 3Y*
- 2.61%
- 5Y*
- -10.70%
- 10Y*
- -8.38%
ALK vs. NCLH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ALK Alaska Air Group, Inc. | -16.02% | -22.32% | 65.73% | -9.01% | -17.58% | 0.19% | -22.81% | 13.78% | -15.55% | -15.90% |
NCLH Norwegian Cruise Line Holdings Ltd. | -16.89% | -13.25% | 28.39% | 63.73% | -40.98% | -18.44% | -56.46% | 37.79% | -20.39% | 25.21% |
Correlation
The correlation between ALK and NCLH is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Jan 22, 2013 | 0.54 |
The correlation between ALK and NCLH has been stable across timeframes, ranging from 0.54 to 0.64 - a consistent structural relationship.
Fundamentals
ALK:
$4.83B
NCLH:
$8.65B
ALK:
$0.61
NCLH:
$1.22
ALK:
68.86
NCLH:
15.22
ALK:
1.32
NCLH:
0.21
ALK:
0.35
NCLH:
0.86
ALK:
1.29
NCLH:
3.56
ALK:
$14.40B
NCLH:
$10.03B
ALK:
$11.07B
NCLH:
$4.32B
ALK:
$1.02B
NCLH:
$2.38B
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Return for Risk
ALK vs. NCLH — Risk / Return Rank
ALK
NCLH
ALK vs. NCLH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alaska Air Group, Inc. (ALK) and Norwegian Cruise Line Holdings Ltd. (NCLH). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| ALK | NCLH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.53 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.03 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.42 | -0.11 | -0.31 |
| Martin ratioReturn relative to average drawdown | -0.77 | -0.25 | -0.53 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ALK | NCLH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.39 | -0.10 | -0.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.20 | -0.19 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.09 | -0.14 | +0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.17 | -0.04 | +0.21 |
Drawdowns
ALK vs. NCLH - Drawdown Comparison
The maximum ALK drawdown since its inception was -75.76%, smaller than the maximum NCLH drawdown of -87.81%. Use the drawdown chart below to compare losses from any high point for ALK and NCLH.
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Drawdown Indicators
| ALK | NCLH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.76% | -87.81% | +12.05% |
Max Drawdown (1Y)Largest decline over 1 year | -46.46% | -45.10% | -1.36% |
Max Drawdown (3Y)Largest decline over 3 years | -55.37% | -49.12% | -6.25% |
Max Drawdown (5Y)Largest decline over 5 years | -55.37% | -68.05% | +12.68% |
Max Drawdown (10Y)Largest decline over 10 years | -75.06% | -87.25% | +12.19% |
Current DrawdownCurrent decline from peak | -55.29% | -70.91% | +15.62% |
Average DrawdownAverage peak-to-trough decline | -27.83% | -39.96% | +12.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.39% | 21.10% | +4.29% |
Volatility
ALK vs. NCLH - Volatility Comparison
Alaska Air Group, Inc. (ALK) has a higher volatility of 16.07% compared to Norwegian Cruise Line Holdings Ltd. (NCLH) at 14.76%. This indicates that ALK's price experiences larger fluctuations and is considered to be riskier than NCLH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ALK | NCLH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.07% | 14.76% | +1.31% |
Volatility (6M)Calculated over the trailing 6-month period | 38.85% | 42.58% | -3.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.77% | 52.92% | -3.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.26% | 57.63% | -15.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.34% | 62.00% | -18.66% |
Dividends
ALK vs. NCLH - Dividend Comparison
Neither ALK nor NCLH has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ALK Alaska Air Group, Inc. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.72% | 2.07% | 2.10% | 1.63% | 1.24% | 0.99% |
NCLH Norwegian Cruise Line Holdings Ltd. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Financials
ALK vs. NCLH - Financials Comparison
This section allows you to compare key financial metrics between Alaska Air Group, Inc. and Norwegian Cruise Line Holdings Ltd.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
ALK vs. NCLH - Profitability Comparison
ALK - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Alaska Air Group, Inc. reported a gross profit of 3.09B and revenue of 3.30B. Therefore, the gross margin over that period was 93.6%.
NCLH - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Norwegian Cruise Line Holdings Ltd. reported a gross profit of 953.34M and revenue of 2.33B. Therefore, the gross margin over that period was 40.9%.
ALK - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Alaska Air Group, Inc. reported an operating income of -279.00M and revenue of 3.30B, resulting in an operating margin of -8.5%.
NCLH - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Norwegian Cruise Line Holdings Ltd. reported an operating income of 232.94M and revenue of 2.33B, resulting in an operating margin of 10.0%.
ALK - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Alaska Air Group, Inc. reported a net income of -193.00M and revenue of 3.30B, resulting in a net margin of -5.9%.
NCLH - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Norwegian Cruise Line Holdings Ltd. reported a net income of 104.67M and revenue of 2.33B, resulting in a net margin of 4.5%.
Frequently Asked Questions
ALK and NCLH have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ALK has higher volatility (16.07%) compared to NCLH (14.76%). In terms of maximum drawdown, ALK dropped -75.76% vs NCLH's -87.81%.
NCLH currently has the higher Sharpe Ratio (-0.10 vs -0.39), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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