NCLH vs. UAL

Last updated Apr 1, 2026

Compare and contrast key facts about Norwegian Cruise Line Holdings Ltd. (NCLH) and United Airlines Holdings, Inc. (UAL).

Performance

NCLH vs. UAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Norwegian Cruise Line Holdings Ltd. (NCLH) and United Airlines Holdings, Inc. (UAL). The values are adjusted to include any dividend payments, if applicable.

NCLH vs. UAL - 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%
UAL United Airlines Holdings, Inc.	-17.66%	15.16%	135.34%	9.44%	-13.89%	1.23%	-50.90%	5.21%	24.23%	-7.52%

Fundamentals

Market Cap NCLH : $8.59B UAL : $30.11B
EPS NCLH : $0.91 UAL : $10.25
PE Ratio NCLH : 20.61 UAL : 8.98
PEG Ratio NCLH : 0.28 UAL : 0.18
PS Ratio NCLH : 0.89 UAL : 0.51
PB Ratio NCLH : 3.89 UAL : 1.97
Total Revenue (TTM) NCLH : $9.83B UAL : $59.07B
Gross Profit (TTM) NCLH : $4.19B UAL : $37.88B
EBITDA (TTM) NCLH : $2.09B UAL : $7.54B

Returns By Period

In the year-to-date period, NCLH achieves a -16.22% return, which is significantly higher than UAL's -17.66% return. Over the past 10 years, NCLH has underperformed UAL with an annualized return of -10.15%, while UAL has yielded a comparatively higher 4.96% 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%

UAL

• 1D: 8.05%
• 1M: -13.39%
• YTD: -17.66%
• 6M: -4.59%
• 1Y: 33.34%
• 3Y*: 27.66%
• 5Y*: 9.75%
• 10Y*: 4.96%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

NCLH vs. UAL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NCLH

NCLH Risk / Return Rank: 40
NCLH Sharpe Ratio Rank: 41
NCLH Sortino Ratio Rank: 40
NCLH Omega Ratio Rank: 40
NCLH Calmar Ratio Rank: 40
NCLH Martin Ratio Rank: 40

UAL

UAL Risk / Return Rank: 65
UAL Sharpe Ratio Rank: 63
UAL Sortino Ratio Rank: 63
UAL Omega Ratio Rank: 61
UAL Calmar Ratio Rank: 66
UAL Martin Ratio Rank: 70

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	NCLH	UAL	Difference
Sharpe ratio Return per unit of total volatility	-0.02	0.58	-0.61
Sortino ratio Return per unit of downside risk	0.38	1.25	-0.87
Omega ratio Gain probability vs. loss probability	1.05	1.16	-0.11
Calmar ratio Return relative to maximum drawdown	-0.07	1.13	-1.20
Martin ratio Return relative to average drawdown	-0.14	3.29	-3.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NCLH vs. UAL - Sharpe Ratio Comparison

The current NCLH Sharpe Ratio is -0.02, which is lower than the UAL Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of NCLH and UAL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NCLH	UAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.02	0.58	-0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	0.20	-0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.17	0.10	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	-0.04	0.09	-0.12

Correlation

The correlation between NCLH and UAL is 0.55, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

NCLH vs. UAL - Dividend Comparison

Neither NCLH nor UAL has paid dividends to shareholders.

Tickers have no history of dividend payments

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.

Drawdown Indicators

	NCLH	UAL	Difference
Max Drawdown Largest peak-to-trough decline	-87.81%	-93.50%	+5.69%
Max Drawdown (1Y) Largest decline over 1 year	-35.04%	-27.50%	-7.54%
Max Drawdown (5Y) Largest decline over 5 years	-69.21%	-49.19%	-20.02%
Max Drawdown (10Y) Largest decline over 10 years	-87.25%	-79.40%	-7.85%
Current Drawdown Current decline from peak	-70.67%	-21.66%	-49.01%
Average Drawdown Average peak-to-trough decline	-39.51%	-37.44%	-2.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.33%	9.46%	+6.87%

Volatility

NCLH vs. UAL - Volatility Comparison

Norwegian Cruise Line Holdings Ltd. (NCLH) has a higher volatility of 17.07% compared to United Airlines Holdings, Inc. (UAL) at 16.13%. This indicates that NCLH's price experiences larger fluctuations and is considered to be riskier than UAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCLH	UAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.07%	16.13%	+0.94%
Volatility (6M) Calculated over the trailing 6-month period	41.40%	34.59%	+6.81%
Volatility (1Y) Calculated over the trailing 1-year period	57.34%	57.42%	-0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.52%	48.00%	+9.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.64%	51.49%	+10.15%

Financials

NCLH vs. UAL - Profitability Comparison

The chart below illustrates the profitability comparison between Norwegian Cruise Line Holdings Ltd. and United Airlines Holdings, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

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%.

UAL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, United Airlines Holdings, Inc. reported a gross profit of 9.88B and revenue of 15.40B. Therefore, the gross margin over that period was 64.1%.

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%.

UAL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, United Airlines Holdings, Inc. reported an operating income of 1.39B and revenue of 15.40B, resulting in an operating margin of 9.0%.

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%.

UAL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, United Airlines Holdings, Inc. reported a net income of 1.04B and revenue of 15.40B, resulting in a net margin of 6.8%.