Carnival Correlations

CCL Stock

USD 24.90 0.45 1.78%

The current 90-days correlation between Carnival and Royal Caribbean Cruises is 0.77 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Carnival moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Carnival moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Carnival Correlation With Market

Very weak diversification

The correlation between Carnival and DJI is 0.55 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Carnival and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Carnival. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

For more information on how to buy Carnival Stock please use our How to buy in Carnival Stock guide.

Moving together with Carnival Stock

0.64	BH	Biglari Holdings	Pair Corr
0.71	SG	Sweetgreen	Pair Corr
0.94	WH	Wyndham Hotels Resorts	Pair Corr
0.63	DKNG	DraftKings Aggressive Push	Pair Corr
0.94	EVRI	Everi Holdings	Pair Corr
0.96	EXPE	Expedia Group	Pair Corr
0.87	AGS	PlayAGS	Pair Corr
0.93	BYD	Boyd Gaming	Pair Corr
0.96	CHH	Choice Hotels Intern	Pair Corr
0.75	CMG	Chipotle Mexican Grill Aggressive Push	Pair Corr
0.74	CSV	Carriage Services	Pair Corr
1.0	CUK	Carnival Plc ADS	Pair Corr
0.75	DPZ	Dominos Pizza	Pair Corr
0.62	DRI	Darden Restaurants	Pair Corr
0.97	EAT	Brinker International	Pair Corr
0.72	FAT	FAT Brands	Pair Corr
0.77	GAN	Gan	Pair Corr
0.9	FTDR	Frontdoor	Pair Corr
0.71	HGV	Hilton Grand Vacations	Pair Corr
0.95	HLT	Hilton Worldwide Holdings	Pair Corr
0.94	IHG	InterContinental Hotels	Pair Corr
0.61	FWRG	First Watch Restaurant	Pair Corr

Moving against Carnival Stock

0.68	WING	Wingstop	Pair Corr
0.52	BDL	Flanigans Enterprises	Pair Corr
0.8	HRB	HR Block	Pair Corr
0.79	EJH	E Home Household	Pair Corr
0.74	IGT	International Game	Pair Corr
0.51	LNW	Light Wonder	Pair Corr

Related Correlations Analysis

	RCL	ABNB	EXPE	BKNG	NCLH	TRIP
RCL		0.81	0.98	0.97	0.97	0.33	RCL
ABNB	0.81		0.78	0.79	0.88	0.63	ABNB
EXPE	0.98	0.78		0.97	0.93	0.3	EXPE
BKNG	0.97	0.79	0.97		0.96	0.33	BKNG
NCLH	0.97	0.88	0.93	0.96		0.45	NCLH
TRIP	0.33	0.63	0.3	0.33	0.45		TRIP
	RCL	ABNB	EXPE	BKNG	NCLH	TRIP

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Risk-Adjusted Indicators

There is a big difference between Carnival Stock performing well and Carnival Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Carnival's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
RCL	1.57	0.47	0.39	0.42	0.92	(2.01)	4.24	(2.33)	10.23
ABNB	1.41	0.16	0.07	0.29	2.02	(1.47)	3.64	(1.99)	13.83
EXPE	1.34	0.35	0.29	0.41	0.91	(1.64)	3.76	(1.76)	7.76
BKNG	1.01	0.40	0.37	0.69	0.46	(1.30)	2.47	(1.48)	6.36
NCLH	2.11	0.57	0.43	0.43	1.13	(2.84)	6.29	(2.27)	13.47
TRIP	1.87	(0.21)	(0.04)	0.00	3.18	(1.63)	3.12	(4.39)	16.78

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