NCLH vs. RCL
NCLH (Norwegian Cruise Line Holdings Ltd.) and RCL (Royal Caribbean Cruises Ltd.) are both stocks. Both operate in the Travel Services industry within the Consumer Cyclical sector. Over the past 10 years, NCLH returned -7.35%/yr vs 18.18%/yr for RCL. Their 0.80 correlation means they have sometimes moved together and sometimes differently.
Performance
NCLH vs. RCL - Performance Comparison
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Returns By Period
In the year-to-date period, NCLH achieves a -16.98% return, which is significantly lower than RCL's 15.32% return. Over the past 10 years, NCLH has underperformed RCL with an annualized return of -7.35%, while RCL has yielded a comparatively higher 18.18% annualized return.
NCLH
- 1D
- -1.01%
- 1M
- -6.32%
- 6M
- -15.62%
- YTD
- -16.98%
- 1Y
- -24.37%
- 3Y*
- -1.53%
- 5Y*
- -5.07%
- 10Y*
- -7.35%
- ALL TIME*
- -2.22%
RCL
- 1D
- -1.13%
- 1M
- 7.42%
- 6M
- -0.92%
- YTD
- 15.32%
- 1Y
- 3.02%
- 3Y*
- 44.96%
- 5Y*
- 33.61%
- 10Y*
- 18.18%
- ALL TIME*
- 12.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $334.11M | $285.79M | $374.36M | |
| $849.01M | $733.81M | $792.03M |
NCLH vs. RCL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NCLH Norwegian Cruise Line Holdings Ltd. | -16.98% | -13.25% | 28.39% | 63.73% | -40.98% | -18.44% | -56.46% | 37.79% | -20.39% | 25.21% |
RCL Royal Caribbean Cruises Ltd. | 15.32% | 22.46% | 78.98% | 161.97% | -35.72% | 2.96% | -43.50% | 39.94% | -16.13% | 48.22% |
Correlation
The correlation between NCLH and RCL is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.79 |
Correlation (3Y) Balances recent behavior with more history. | 0.77 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.84 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jan 18, 2013 | 0.80 |
The correlation between NCLH and RCL has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.
Fundamentals
NCLH:
$8.51B
RCL:
$85.37B
NCLH:
$1.61
RCL:
$16.18
NCLH:
11.49
RCL:
19.67
NCLH:
0.16
RCL:
0.90
NCLH:
0.86
RCL:
4.63
NCLH:
3.35
RCL:
8.40
NCLH:
$10.15B
RCL:
$18.68B
NCLH:
$4.31B
RCL:
$8.71B
NCLH:
$1.92B
RCL:
$7.22B
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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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| NCLH | RCL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -0.91 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.05 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.61 | 0.06 | -0.67 |
| Martin ratioReturn relative to average drawdown | -1.18 | 0.09 | -1.27 |
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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 | -45.10% | -32.36% | -12.74% |
Max Drawdown (3Y)Largest decline over 3 years | -49.12% | -35.02% | -14.10% |
Max Drawdown (5Y)Largest decline over 5 years | -64.11% | -67.64% | +3.53% |
Max Drawdown (10Y)Largest decline over 10 years | -87.25% | -83.30% | -3.95% |
Current DrawdownCurrent decline from peak | -70.94% | -11.51% | -59.43% |
Average DrawdownAverage peak-to-trough decline | -40.26% | -27.72% | -12.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.41% | 19.89% | +3.52% |
Volatility
NCLH vs. RCL - Volatility Comparison
Norwegian Cruise Line Holdings Ltd. (NCLH) has a higher volatility of 16.49% compared to Royal Caribbean Cruises Ltd. (RCL) at 10.87%. 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 | 16.49% | 10.87% | +5.62% |
Volatility (6M)Calculated over the trailing 6-month period | 42.80% | 33.92% | +8.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.53% | 47.34% | +7.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 57.53% | 48.37% | +9.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.16% | 53.36% | +8.80% |
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 1.57%.
| Position | 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. | 1.57% | 1.25% | 0.41% | 0.00% | 0.00% | 0.00% | 1.04% | 2.22% | 2.66% | 1.81% | 2.08% | 1.33% |
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 Aug 2026, Norwegian Cruise Line Holdings Ltd. reported a gross profit of 1.05B and revenue of 2.64B. Therefore, the gross margin over that period was 39.9%.
RCL - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Royal Caribbean Cruises Ltd. reported a gross profit of 2.29B and revenue of 4.83B. Therefore, the gross margin over that period was 47.3%.
NCLH - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Norwegian Cruise Line Holdings Ltd. reported an operating income of 363.33M and revenue of 2.64B, resulting in an operating margin of 13.8%.
RCL - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Royal Caribbean Cruises Ltd. reported an operating income of 1.31B and revenue of 4.83B, resulting in an operating margin of 27.1%.
NCLH - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Norwegian Cruise Line Holdings Ltd. reported a net income of 222.55M and revenue of 2.64B, resulting in a net margin of 8.4%.
RCL - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Royal Caribbean Cruises Ltd. reported a net income of 1.13B and revenue of 4.83B, resulting in a net margin of 23.3%.
Frequently Asked Questions
NCLH and RCL have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NCLH has higher volatility (16.49%) compared to RCL (10.87%). In terms of maximum drawdown, NCLH dropped -87.81% vs RCL's -89.49%.
RCL currently has the higher Sharpe Ratio (0.04 vs -0.51), 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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