NCLH vs. AAL
NCLH (Norwegian Cruise Line Holdings Ltd.) and AAL (American Airlines Group Inc.) are both stocks. NCLH operates in Travel Services (Consumer Cyclical), while AAL operates in Airlines (Industrials). Over the past 10 years, NCLH returned -8.38%/yr vs -8.16%/yr for AAL. A 0.54 correlation means they provide meaningful diversification when combined.
Performance
NCLH vs. AAL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, NCLH achieves a -16.89% return, which is significantly lower than AAL's -11.29% return. Both investments have delivered pretty close results over the past 10 years, with NCLH having a -8.38% annualized return and AAL not far ahead at -8.16%.
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%
AAL
- 1D
- 0.74%
- 1M
- 1.87%
- YTD
- -11.29%
- 6M
- -8.48%
- 1Y
- 15.45%
- 3Y*
- -4.41%
- 5Y*
- -10.63%
- 10Y*
- -8.16%
NCLH vs. AAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
AAL American Airlines Group Inc. | -11.29% | -12.05% | 26.86% | 8.02% | -29.18% | 13.89% | -44.81% | -9.57% | -37.69% | 12.40% |
Correlation
The correlation between NCLH and AAL is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Jan 22, 2013 | 0.54 |
The correlation between NCLH and AAL shifts across timeframes, from 0.54 (3 years) to 0.65 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
NCLH:
$8.65B
AAL:
$8.99B
NCLH:
$1.22
AAL:
$0.31
NCLH:
15.22
AAL:
44.50
NCLH:
0.21
AAL:
0.51
NCLH:
0.86
AAL:
0.16
NCLH:
$10.03B
AAL:
$55.99B
NCLH:
$4.32B
AAL:
$12.21B
NCLH:
$2.38B
AAL:
$4.16B
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
NCLH vs. AAL — Risk / Return Rank
NCLH
AAL
NCLH vs. AAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Norwegian Cruise Line Holdings Ltd. (NCLH) and American Airlines Group Inc. (AAL). 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.
| NCLH | AAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | -0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.10 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 0.42 | -0.53 |
| Martin ratioReturn relative to average drawdown | -0.25 | 0.97 | -1.21 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| NCLH | AAL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.10 | 0.32 | -0.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.19 | -0.22 | +0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.14 | -0.15 | +0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.04 | -0.02 | -0.02 |
Drawdowns
NCLH vs. AAL - Drawdown Comparison
The maximum NCLH drawdown since its inception was -87.81%, smaller than the maximum AAL drawdown of -97.20%. Use the drawdown chart below to compare losses from any high point for NCLH and AAL.
Loading charts...
Drawdown Indicators
| NCLH | AAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.81% | -97.20% | +9.39% |
Max Drawdown (1Y)Largest decline over 1 year | -45.10% | -37.39% | -7.71% |
Max Drawdown (3Y)Largest decline over 3 years | -49.12% | -51.76% | +2.64% |
Max Drawdown (5Y)Largest decline over 5 years | -68.05% | -61.45% | -6.60% |
Max Drawdown (10Y)Largest decline over 10 years | -87.25% | -84.14% | -3.11% |
Current DrawdownCurrent decline from peak | -70.91% | -77.08% | +6.17% |
Average DrawdownAverage peak-to-trough decline | -39.96% | -60.43% | +20.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.10% | 15.98% | +5.12% |
Volatility
NCLH vs. AAL - Volatility Comparison
Norwegian Cruise Line Holdings Ltd. (NCLH) and American Airlines Group Inc. (AAL) have volatilities of 14.76% and 14.19%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| NCLH | AAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.76% | 14.19% | +0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 42.58% | 33.81% | +8.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.92% | 48.81% | +4.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 57.63% | 48.04% | +9.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.00% | 52.99% | +9.01% |
Dividends
NCLH vs. AAL - Dividend Comparison
Neither NCLH nor AAL has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AAL American Airlines Group Inc. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.63% | 1.39% | 1.25% | 0.77% | 0.86% | 0.94% |
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
NCLH vs. AAL - Financials Comparison
This section allows you to compare key financial metrics between Norwegian Cruise Line Holdings Ltd. and American Airlines Group Inc.. 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
NCLH vs. AAL - Profitability Comparison
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%.
AAL - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, American Airlines Group Inc. reported a gross profit of 3.62B and revenue of 13.91B. Therefore, the gross margin over that period was 26.0%.
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%.
AAL - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, American Airlines Group Inc. reported an operating income of -41.00M and revenue of 13.91B, resulting in an operating margin of -0.3%.
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%.
AAL - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, American Airlines Group Inc. reported a net income of -382.00M and revenue of 13.91B, resulting in a net margin of -2.8%.
Frequently Asked Questions
NCLH and AAL have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NCLH has higher volatility (14.76%) compared to AAL (14.19%). In terms of maximum drawdown, NCLH dropped -87.81% vs AAL's -97.20%.
AAL currently has the higher Sharpe Ratio (0.32 vs -0.10), 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.
Find the right allocation for NCLH and AAL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer