NCLH vs. RCL
Compare and contrast key facts about Norwegian Cruise Line Holdings Ltd. (NCLH) and Royal Caribbean Cruises Ltd. (RCL).
Performance
NCLH vs. RCL - Performance Comparison
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NCLH vs. RCL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NCLH Norwegian Cruise Line Holdings Ltd. | -16.22% | -13.25% | 28.39% | 63.73% | -40.98% | -18.44% | -56.46% | 37.79% | -20.39% | 25.21% |
RCL Royal Caribbean Cruises Ltd. | -0.82% | 22.46% | 78.98% | 161.97% | -35.72% | 2.96% | -43.50% | 39.94% | -16.13% | 48.22% |
Fundamentals
NCLH:
$8.59B
RCL:
$75.12B
NCLH:
$0.91
RCL:
$15.59
NCLH:
20.61
RCL:
17.65
NCLH:
0.28
RCL:
0.81
NCLH:
0.89
RCL:
4.20
NCLH:
3.89
RCL:
7.48
NCLH:
$9.83B
RCL:
$17.94B
NCLH:
$4.19B
RCL:
$8.40B
NCLH:
$2.09B
RCL:
$6.90B
Returns By Period
In the year-to-date period, NCLH achieves a -16.22% return, which is significantly lower than RCL's -0.82% return. Over the past 10 years, NCLH has underperformed RCL with an annualized return of -10.15%, while RCL has yielded a comparatively higher 14.21% annualized return.
NCLH
- 1D
- 5.95%
- 1M
- -24.57%
- YTD
- -16.22%
- 6M
- -24.08%
- 1Y
- -1.37%
- 3Y*
- 11.61%
- 5Y*
- -7.57%
- 10Y*
- -10.15%
RCL
- 1D
- 5.28%
- 1M
- -11.03%
- YTD
- -0.82%
- 6M
- -14.21%
- 1Y
- 35.92%
- 3Y*
- 62.75%
- 5Y*
- 26.57%
- 10Y*
- 14.21%
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Return for Risk
NCLH vs. RCL — Risk / Return Rank
NCLH
RCL
NCLH vs. RCL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Norwegian Cruise Line Holdings Ltd. (NCLH) and Royal Caribbean Cruises Ltd. (RCL). 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 | RCL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.02 | 0.74 | -0.77 |
Sortino ratioReturn per unit of downside risk | 0.38 | 1.40 | -1.01 |
Omega ratioGain probability vs. loss probability | 1.05 | 1.18 | -0.13 |
Calmar ratioReturn relative to maximum drawdown | -0.07 | 1.07 | -1.13 |
Martin ratioReturn relative to average drawdown | -0.14 | 2.19 | -2.33 |
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
| NCLH | RCL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.02 | 0.74 | -0.77 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.13 | 0.56 | -0.69 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.17 | 0.27 | -0.43 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.04 | 0.26 | -0.30 |
Correlation
The correlation between NCLH and RCL is 0.79, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
NCLH vs. RCL - Dividend Comparison
NCLH has not paid dividends to shareholders, while RCL's dividend yield for the trailing twelve months is around 1.54%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
RCL Royal Caribbean Cruises Ltd. | 1.54% | 1.25% | 0.41% | 0.00% | 0.00% | 0.00% | 1.04% | 2.22% | 2.66% | 1.81% | 2.08% | 1.33% |
Drawdowns
NCLH vs. RCL - Drawdown Comparison
The maximum NCLH drawdown since its inception was -87.81%, roughly equal to the maximum RCL drawdown of -89.49%. Use the drawdown chart below to compare losses from any high point for NCLH and RCL.
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Drawdown Indicators
| NCLH | RCL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.81% | -89.49% | +1.68% |
Max Drawdown (1Y)Largest decline over 1 year | -35.04% | -32.36% | -2.68% |
Max Drawdown (5Y)Largest decline over 5 years | -69.21% | -67.75% | -1.46% |
Max Drawdown (10Y)Largest decline over 10 years | -87.25% | -83.30% | -3.95% |
Current DrawdownCurrent decline from peak | -70.67% | -23.89% | -46.78% |
Average DrawdownAverage peak-to-trough decline | -39.51% | -27.79% | -11.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.33% | 15.76% | +0.57% |
Volatility
NCLH vs. RCL - Volatility Comparison
Norwegian Cruise Line Holdings Ltd. (NCLH) has a higher volatility of 17.07% compared to Royal Caribbean Cruises Ltd. (RCL) at 15.36%. This indicates that NCLH's price experiences larger fluctuations and is considered to be riskier than RCL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NCLH | RCL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.07% | 15.36% | +1.71% |
Volatility (6M)Calculated over the trailing 6-month period | 41.40% | 36.10% | +5.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.34% | 48.47% | +8.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 57.52% | 48.11% | +9.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.64% | 53.05% | +8.59% |
Financials
NCLH vs. RCL - Financials Comparison
This section allows you to compare key financial metrics between Norwegian Cruise Line Holdings Ltd. and Royal Caribbean Cruises 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
NCLH vs. RCL - Profitability Comparison
NCLH - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Norwegian Cruise Line Holdings Ltd. reported a gross profit of 920.88M and revenue of 2.24B. Therefore, the gross margin over that period was 41.0%.
RCL - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Royal Caribbean Cruises Ltd. reported a gross profit of 1.56B and revenue of 4.26B. Therefore, the gross margin over that period was 36.7%.
NCLH - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Norwegian Cruise Line Holdings Ltd. reported an operating income of 186.64M and revenue of 2.24B, resulting in an operating margin of 8.3%.
RCL - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Royal Caribbean Cruises Ltd. reported an operating income of 933.00M and revenue of 4.26B, resulting in an operating margin of 21.9%.
NCLH - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Norwegian Cruise Line Holdings Ltd. reported a net income of 14.25M and revenue of 2.24B, resulting in a net margin of 0.6%.
RCL - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Royal Caribbean Cruises Ltd. reported a net income of 754.00M and revenue of 4.26B, resulting in a net margin of 17.7%.