NCLH vs. VOO

Last updated Jul 14, 2026

NCLH (Norwegian Cruise Line Holdings Ltd.) is a stock, while VOO (Vanguard S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, NCLH returned -7.14%/yr vs 15.16%/yr for VOO. At a 0.48 correlation, their price movements are largely independent.

Performance

NCLH vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Norwegian Cruise Line Holdings Ltd. (NCLH) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NCLH achieves a -12.05% return, which is significantly lower than VOO's 10.45% return. Over the past 10 years, NCLH has underperformed VOO with an annualized return of -7.14%, while VOO has yielded a comparatively higher 15.16% annualized return.

NCLH

• 1D: 0.10%
• 1M: 1.03%
• 6M: -19.35%
• YTD: -12.05%
• 1Y: -13.22%
• 3Y*: -1.31%
• 5Y*: -4.87%
• 10Y*: -7.14%

VOO

• 1D: -0.77%
• 1M: 1.25%
• 6M: 8.34%
• YTD: 10.45%
• 1Y: 21.53%
• 3Y*: 20.16%
• 5Y*: 13.01%
• 10Y*: 15.16%

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

NCLH vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NCLH Norwegian Cruise Line Holdings Ltd.	-12.05%	-13.25%	28.39%	63.73%	-40.98%	-18.44%	-56.46%	37.79%	-20.39%	25.21%
VOO Vanguard S&P 500 ETF	10.45%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between NCLH and VOO is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Jan 18, 2013	0.48

The correlation between NCLH and VOO has been stable across timeframes, ranging from 0.48 to 0.55 - a consistent structural relationship.

Return for Risk

NCLH vs. VOO — Risk / Return Rank

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

NCLH

NCLH Risk / Return Rank: 35
NCLH Sharpe Ratio Rank: 35
NCLH Sortino Ratio Rank: 34
NCLH Omega Ratio Rank: 34
NCLH Calmar Ratio Rank: 36
NCLH Martin Ratio Rank: 35

VOO

VOO Risk / Return Rank: 66
VOO Sharpe Ratio Rank: 66
VOO Sortino Ratio Rank: 65
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 61
VOO Martin Ratio Rank: 72

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Norwegian Cruise Line Holdings Ltd. (NCLH) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	-0.25	1.73	-1.98
Sortino ratio: Return per unit of downside risk	0.00	2.39	-2.39
Omega ratio: Gain probability vs. loss probability	1.00	1.31	-0.31
Calmar ratio: Return relative to maximum drawdown	-0.29	2.43	-2.72
Martin ratio: Return relative to average drawdown	-0.59	10.60	-11.19

NCLH vs. VOO - Sharpe Ratio Comparison

The current NCLH Sharpe Ratio is -0.25, which is lower than the VOO Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of NCLH and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NCLH vs. VOO - Drawdown Comparison

The maximum NCLH drawdown since its inception was -87.81%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for NCLH and VOO.

Drawdown Indicators

	NCLH	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-87.81%	-33.99%	-53.82%
Max Drawdown (1Y) Largest decline over 1 year	-45.10%	-8.90%	-36.20%
Max Drawdown (3Y) Largest decline over 3 years	-49.12%	-18.69%	-30.43%
Max Drawdown (5Y) Largest decline over 5 years	-64.11%	-24.52%	-39.59%
Max Drawdown (10Y) Largest decline over 10 years	-87.25%	-33.99%	-53.26%
Current Drawdown Current decline from peak	-69.21%	-1.11%	-68.10%
Average Drawdown Average peak-to-trough decline	-40.14%	-3.68%	-36.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.50%	2.04%	+20.46%

Volatility

NCLH vs. VOO - Volatility Comparison

Norwegian Cruise Line Holdings Ltd. (NCLH) has a higher volatility of 14.28% compared to Vanguard S&P 500 ETF (VOO) at 4.16%. This indicates that NCLH's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCLH	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.28%	4.16%	+10.12%
Volatility (6M) Calculated over the trailing 6-month period	42.91%	9.97%	+32.94%
Volatility (1Y) Calculated over the trailing 1-year period	53.50%	12.53%	+40.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.80%	16.93%	+40.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.07%	18.00%	+44.07%

Dividends

NCLH vs. VOO - Dividend Comparison

NCLH has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.07%.

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%
VOO Vanguard S&P 500 ETF	1.07%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both NCLH and VOO in my portfolio?

NCLH and VOO have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NCLH or VOO?

NCLH has higher volatility (14.28%) compared to VOO (4.16%). In terms of maximum drawdown, NCLH dropped -87.81% vs VOO's -33.99%.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.73 vs -0.25), 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.