NCLH vs. UAL
NCLH (Norwegian Cruise Line Holdings Ltd.) and UAL (United Airlines Holdings, Inc.) are both stocks. NCLH operates in Travel Services (Consumer Cyclical), while UAL operates in Airlines (Industrials). Over the past 10 years, NCLH returned -6.77%/yr vs 11.20%/yr for UAL. A 0.55 correlation means they provide meaningful diversification when combined.
Performance
NCLH vs. UAL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, NCLH achieves a -10.22% return, which is significantly lower than UAL's 6.13% return. Over the past 10 years, NCLH has underperformed UAL with an annualized return of -6.77%, while UAL has yielded a comparatively higher 11.20% annualized return.
NCLH
- 1D
- -1.96%
- 1M
- 22.94%
- YTD
- -10.22%
- 6M
- -17.43%
- 1Y
- 6.26%
- 3Y*
- 1.09%
- 5Y*
- -8.36%
- 10Y*
- -6.77%
UAL
- 1D
- 0.30%
- 1M
- 18.73%
- YTD
- 6.13%
- 6M
- 2.29%
- 1Y
- 59.80%
- 3Y*
- 31.12%
- 5Y*
- 16.58%
- 10Y*
- 11.20%
NCLH vs. UAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NCLH Norwegian Cruise Line Holdings Ltd. | -10.22% | -13.25% | 28.39% | 63.73% | -40.98% | -18.44% | -56.46% | 37.79% | -20.39% | 25.21% |
UAL United Airlines Holdings, Inc. | 6.13% | 15.16% | 135.34% | 9.44% | -13.89% | 1.23% | -50.90% | 5.21% | 24.23% | -7.52% |
Correlation
The correlation between NCLH and UAL is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Jan 18, 2013 | 0.55 |
The correlation between NCLH and UAL has been stable across timeframes, ranging from 0.55 to 0.65 - a consistent structural relationship.
Fundamentals
NCLH:
$9.34B
UAL:
$38.78B
NCLH:
$1.22
UAL:
$11.21
NCLH:
16.45
UAL:
10.59
NCLH:
0.23
UAL:
0.21
NCLH:
0.93
UAL:
0.64
NCLH:
3.84
UAL:
2.44
NCLH:
$10.03B
UAL:
$60.47B
NCLH:
$4.32B
UAL:
$38.71B
NCLH:
$2.38B
UAL:
$7.99B
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. UAL — Risk / Return Rank
NCLH
UAL
NCLH vs. UAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Norwegian Cruise Line Holdings Ltd. (NCLH) and United Airlines Holdings, Inc. (UAL). 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 | UAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.10 | ||
| Sortino ratioReturn per unit of downside risk | -1.41 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.22 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.14 | 2.19 | -2.05 |
| Martin ratioReturn relative to average drawdown | 0.29 | 5.17 | -4.88 |
Loading charts...
Drawdowns
NCLH vs. UAL - Drawdown Comparison
The maximum NCLH drawdown since its inception was -87.81%, smaller than the maximum UAL drawdown of -93.50%. Use the drawdown chart below to compare losses from any high point for NCLH and UAL.
Loading charts...
Drawdown Indicators
| NCLH | UAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.81% | -93.50% | +5.69% |
Max Drawdown (1Y)Largest decline over 1 year | -45.10% | -27.50% | -17.60% |
Max Drawdown (3Y)Largest decline over 3 years | -49.12% | -49.19% | +0.07% |
Max Drawdown (5Y)Largest decline over 5 years | -66.55% | -49.19% | -17.36% |
Max Drawdown (10Y)Largest decline over 10 years | -87.25% | -79.40% | -7.85% |
Current DrawdownCurrent decline from peak | -68.57% | -1.08% | -67.49% |
Average DrawdownAverage peak-to-trough decline | -40.02% | -37.19% | -2.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.69% | 11.60% | +10.09% |
Volatility
NCLH vs. UAL - Volatility Comparison
The current volatility for Norwegian Cruise Line Holdings Ltd. (NCLH) is 14.37%, while United Airlines Holdings, Inc. (UAL) has a volatility of 16.57%. This indicates that NCLH experiences smaller price fluctuations and is considered to be less risky than UAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| NCLH | UAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.37% | 16.57% | -2.20% |
Volatility (6M)Calculated over the trailing 6-month period | 43.10% | 37.96% | +5.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 53.34% | 49.58% | +3.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 57.75% | 48.91% | +8.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.10% | 51.87% | +10.23% |
Dividends
NCLH vs. UAL - Dividend Comparison
Neither NCLH nor UAL has paid dividends to shareholders.
Financials
NCLH vs. UAL - Financials Comparison
This section allows you to compare key financial metrics between Norwegian Cruise Line Holdings Ltd. and United Airlines Holdings, 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. UAL - 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%.
UAL - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, United Airlines Holdings, Inc. reported a gross profit of 9.11B and revenue of 14.61B. Therefore, the gross margin over that period was 62.4%.
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%.
UAL - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, United Airlines Holdings, Inc. reported an operating income of 997.00M and revenue of 14.61B, resulting in an operating margin of 6.8%.
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%.
UAL - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, United Airlines Holdings, Inc. reported a net income of 699.00M and revenue of 14.61B, resulting in a net margin of 4.8%.
Frequently Asked Questions
NCLH and UAL have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UAL has higher volatility (16.57%) compared to NCLH (14.37%). In terms of maximum drawdown, NCLH dropped -87.81% vs UAL's -93.50%.
UAL currently has the higher Sharpe Ratio (1.21 vs 0.12), 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 UAL
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