BetterThanSPY

Relative Intelligence · Cruise Lines

Updated · refreshed every trading day

How Carnival Corporation & plc (CCL) compares with the whole market and its popular alternatives

The short answer

Returns
+5.9% a year over the past 5 years, against +11.7% for the S&P 500. $10,000 grew to $7,100 over 10 years, against $42,000 in SPY. Details ↓
Risk
More volatile than the S&P 500: volatility 55.2% against 17.2%; worst decline in 10 years −90.4% against −33.7%. Details ↓
Better options
6 of its 8 popular alternatives earned more with less volatility over the past 5 years, including DAL, MAR and HLT. Details ↓
Track record
CCL beat the S&P 500 in 15 of 29 full calendar years, and fell less than it in 2 of 10 major crashes. Details ↓

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on CCL alone. It places CCL (Carnival Corporation & plc) against 9 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where CCL stands in the market, and of the alternatives worth a closer look.

Period covered: CCL's full trading record, from July 1987 through October 2026. All returns include reinvested dividends. Data as of November 2, 2026.

Data as of November 2, 2026. Full tables and charts read best on a larger screen.

Rank the market against CCL →Chart CCL vs. 9 alternatives →

This page answers the following questions about CCL

Key findings

Not AI-generated

These key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.

How much would $10,000 in CCL have grown?

This chart tracks a hypothetical $10,000 investment in CCL over the past 21 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of CCL over the same span and CCL's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: The chart covers the past 21 years rather than CCL's full 29 years, because most of its popular alternatives have not traded that long.

Choose a period

From the end of October 2005 to the end of October 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 1,463 of the 1,563 stocks and funds worth at least $500 million that traded the whole period ended ahead of CCL; the chart shows 5, closest alternatives first.

$10,000$100,000$1M200520092013201720212025$10,000$100,000$1M20052010201520202025
  • BKNG$2M+19,884% total · +28.7% a year
  • IHG$234,375+2,244% total · +16.2% a year
  • MAR$176,674+1,667% total · +14.7% a year
  • EXPE$116,774+1,068% total · +12.4% a year
  • RCL$95,607+856% total · +11.3% a year
  • SPY (S&P 500)$92,330+823% total · +11.2% a year
  • CCL$8,836−11.6% total · −0.6% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of October 2021 to the end of October 2026. Hover over a fund in the key to pick out its line. 1,875 of the 3,626 stocks and funds worth at least $500 million that traded the whole period ended ahead of CCL; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000202120222023202420252026$0$20,000$40,000$60,000202120222023202420252026
  • RCL$37,636+276% total · +30.4% a year
  • MAR$26,025+160% total · +21.1% a year
  • HLT$25,141+151% total · +20.2% a year
  • LIND$24,983+150% total · +20.1% a year
  • DAL$21,277+113% total · +16.3% a year
  • EXPE$17,633+76.3% total · +12.0% a year
  • SPY (S&P 500)$17,593+75.9% total · +12.0% a year
  • BKNG$15,660+56.6% total · +9.4% a year
  • CCL$13,219+32.2% total · +5.7% a year
  • NCLH$6,831−31.7% total · −7.3% a year
Change the dates or add tickers to this chart in EasyCompare

CCL at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The company

Market value
$40B
Industry
Travel Services
Price history from
July 1987

Returns

Past 1 year
+6.4%total return
Past 3 years
+157%+36.9% a year
Past 5 years
+33.3%+5.9% a year
Past 10 years
−29.0%−3.4% a year
Best calendar year
+130%2023
Worst calendar year
−59.9%2022
Losing years
13 of 29full calendar years

Risk

Volatility
55.2%typical yearly swing, 5 years
Sharpe ratio
0.38return per unit of risk, 5 years
Worst decline ever
−90.4%Jan 2018 to Oct 2022
From its all-time high
−53.9%below the peak

CCL against the whole market

Where CCL ranks among every stock and fund, and what across the market has done better.

How does CCL rank among all stocks?

This section ranks CCL on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how CCL stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureCCLRankStanding
1-year return+6.4%1,830 of 3,272bottom 45%
3-year return+157%515 of 2,999top 17%
5-year return+33.3%1,304 of 2,886top 45%
10-year return−29.0%1,959 of 2,186bottom 11%
Volatility, 5 years55.2%2,121 of 2,886bottom 28%
Sharpe ratio, 5 years0.381,294 of 2,886top 45%
Worst decline, past 10 years−90.4%1,938 of 2,183bottom 12%

What has beaten CCL on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). CCL sits where the dashed lines cross. Anything in the green box above and to the left earned more than CCL with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to CCL; faint dots are 91 more of the 1,498 in the green region (the strongest, one per fund family). 3,627 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%20.0%30.0%40.0%50.0%60.0%70.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than CCLV: +16.1% a year, volatility 22.7%JNJ: +13.4% a year, volatility 18.0%MA: +15.6% a year, volatility 23.7%KO: +14.6% a year, volatility 16.9%CVX: +19.6% a year, volatility 25.3%COST: +17.2% a year, volatility 23.0%PM: +22.8% a year, volatility 23.4%MRK: +14.2% a year, volatility 24.7%AMGN: +20.5% a year, volatility 24.9%TD: +16.2% a year, volatility 20.0%TTE: +19.6% a year, volatility 25.9%TXN: +12.9% a year, volatility 33.8%MO: +20.8% a year, volatility 21.4%LIN: +11.2% a year, volatility 20.9%ADI: +20.3% a year, volatility 34.3%SAP: +11.5% a year, volatility 30.0%PGR: +22.5% a year, volatility 25.7%LMT: +17.6% a year, volatility 24.0%CB: +15.8% a year, volatility 20.4%ASX: +47.0% a year, volatility 43.6%TRV: +22.5% a year, volatility 22.3%BP: +17.1% a year, volatility 28.8%GWW: +25.2% a year, volatility 24.7%CTAS: +16.7% a year, volatility 23.2%NEM: +18.0% a year, volatility 39.2%CME: +11.4% a year, volatility 21.0%RSG: +14.3% a year, volatility 18.6%MSI: +15.5% a year, volatility 23.6%ALL: +18.9% a year, volatility 26.2%EMR: +12.8% a year, volatility 27.8%NGG: +12.2% a year, volatility 22.6%CCEP: +20.6% a year, volatility 23.3%TAK: +12.6% a year, volatility 19.5%FAST: +15.6% a year, volatility 24.6%ACGL: +21.6% a year, volatility 24.6%HEI: +19.6% a year, volatility 28.0%CBOE: +22.5% a year, volatility 25.5%ED: +13.0% a year, volatility 18.9%NDAQ: +10.6% a year, volatility 24.9%XLV: +8.3% a year, volatility 15.3%AAPL: +18.2% a year, volatility 28.0%RS: +26.4% a year, volatility 28.0%CHT: +8.4% a year, volatility 13.3%KOF: +22.0% a year, volatility 24.7%KR: +13.4% a year, volatility 27.4%FNV: +11.2% a year, volatility 31.4%WEC: +8.8% a year, volatility 19.1%FTS: +10.0% a year, volatility 16.5%HDV: +13.4% a year, volatility 13.0%DGX: +14.0% a year, volatility 22.5%FCNCA: +23.6% a year, volatility 41.5%DRI: +12.9% a year, volatility 27.2%RGA: +19.9% a year, volatility 27.3%EMBJ: +37.7% a year, volatility 45.0%EXPD: +11.8% a year, volatility 27.0%ULTA: +11.4% a year, volatility 34.5%PNW: +15.5% a year, volatility 19.9%RNR: +19.0% a year, volatility 27.8%CACI: +18.8% a year, volatility 30.0%FDL: +14.8% a year, volatility 14.5%XLP: +7.6% a year, volatility 13.9%TXRH: +18.5% a year, volatility 30.5%EG: +11.2% a year, volatility 25.7%OGE: +12.4% a year, volatility 18.8%THG: +17.0% a year, volatility 23.0%AFG: +10.4% a year, volatility 22.6%BWLP: +59.3% a year, volatility 50.9%HRB: +22.1% a year, volatility 35.0%ABBV: +24.3% a year, volatility 23.4%CAKE: +25.3% a year, volatility 40.0%WTM: +16.1% a year, volatility 23.5%HWKN: +34.6% a year, volatility 37.0%NHC: +26.7% a year, volatility 28.8%OPLN: +21.9% a year, volatility 39.6%BKH: +8.8% a year, volatility 22.6%NWE: +11.8% a year, volatility 21.6%NIC: +19.7% a year, volatility 30.1%GEO: +26.8% a year, volatility 51.5%MUFG: +34.3% a year, volatility 29.4%SHEL: +22.9% a year, volatility 24.8%APLE: +9.8% a year, volatility 26.8%UFPT: +35.4% a year, volatility 46.0%INSW: +58.0% a year, volatility 40.6%PANW: +32.9% a year, volatility 43.7%WOR: +16.1% a year, volatility 38.3%GILD: +25.3% a year, volatility 25.0%WELL: +26.9% a year, volatility 23.9%MCK: +36.2% a year, volatility 25.0%LTC: +13.6% a year, volatility 21.0%CHCO: +15.9% a year, volatility 22.6%PBR: +46.3% a year, volatility 37.6%CCL: +5.9% a year, volatility 55.2%SPY (S&P 500): +11.7% a year, volatility 17.2%DAL: +16.5% a year, volatility 40.9%MAR: +22.1% a year, volatility 28.7%HLT: +21.2% a year, volatility 26.8%RCL: +30.5% a year, volatility 48.5%EXPE: +13.7% a year, volatility 46.7%LIND: +18.1% a year, volatility 66.3%IHG: +21.2% a year, volatility 26.6%UAL: +17.9% a year, volatility 49.1%H: +17.7% a year, volatility 34.4%CPA: +17.8% a year, volatility 36.2%OSW: +23.4% a year, volatility 38.5%HTHT: +3.9% a year, volatility 49.6%CAH: +41.9% a year, volatility 24.8%LLY: +41.9% a year, volatility 33.0%WMT: +22.2% a year, volatility 22.7%BRK-A: +13.9% a year, volatility 17.2%XOM: +27.0% a year, volatility 26.6%SCHD: +10.5% a year, volatility 14.4%MU: +64.6% a year, volatility 57.4%IXJ: +6.5% a year, volatility 14.8%MPC: +49.4% a year, volatility 33.6%BELFB: +76.5% a year, volatility 51.8%CCLSPY (S&P 500)DALMARHLTRCLEXPELINDUALHCPAOSWHTHTCAHLLYWMTBRK-AXOMSCHDMUIXJMPCBELFB0.0%20.0%40.0%60.0%80.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than CCLV: +16.1% a year, volatility 22.7%JNJ: +13.4% a year, volatility 18.0%MA: +15.6% a year, volatility 23.7%KO: +14.6% a year, volatility 16.9%CVX: +19.6% a year, volatility 25.3%COST: +17.2% a year, volatility 23.0%PM: +22.8% a year, volatility 23.4%MRK: +14.2% a year, volatility 24.7%AMGN: +20.5% a year, volatility 24.9%TD: +16.2% a year, volatility 20.0%TTE: +19.6% a year, volatility 25.9%TXN: +12.9% a year, volatility 33.8%MO: +20.8% a year, volatility 21.4%LIN: +11.2% a year, volatility 20.9%ADI: +20.3% a year, volatility 34.3%SAP: +11.5% a year, volatility 30.0%PGR: +22.5% a year, volatility 25.7%LMT: +17.6% a year, volatility 24.0%CB: +15.8% a year, volatility 20.4%ASX: +47.0% a year, volatility 43.6%TRV: +22.5% a year, volatility 22.3%BP: +17.1% a year, volatility 28.8%GWW: +25.2% a year, volatility 24.7%CTAS: +16.7% a year, volatility 23.2%NEM: +18.0% a year, volatility 39.2%CME: +11.4% a year, volatility 21.0%RSG: +14.3% a year, volatility 18.6%MSI: +15.5% a year, volatility 23.6%ALL: +18.9% a year, volatility 26.2%EMR: +12.8% a year, volatility 27.8%NGG: +12.2% a year, volatility 22.6%CCEP: +20.6% a year, volatility 23.3%TAK: +12.6% a year, volatility 19.5%FAST: +15.6% a year, volatility 24.6%ACGL: +21.6% a year, volatility 24.6%HEI: +19.6% a year, volatility 28.0%CBOE: +22.5% a year, volatility 25.5%ED: +13.0% a year, volatility 18.9%NDAQ: +10.6% a year, volatility 24.9%XLV: +8.3% a year, volatility 15.3%AAPL: +18.2% a year, volatility 28.0%RS: +26.4% a year, volatility 28.0%CHT: +8.4% a year, volatility 13.3%KOF: +22.0% a year, volatility 24.7%KR: +13.4% a year, volatility 27.4%FNV: +11.2% a year, volatility 31.4%WEC: +8.8% a year, volatility 19.1%FTS: +10.0% a year, volatility 16.5%HDV: +13.4% a year, volatility 13.0%DGX: +14.0% a year, volatility 22.5%FCNCA: +23.6% a year, volatility 41.5%DRI: +12.9% a year, volatility 27.2%RGA: +19.9% a year, volatility 27.3%EMBJ: +37.7% a year, volatility 45.0%EXPD: +11.8% a year, volatility 27.0%ULTA: +11.4% a year, volatility 34.5%PNW: +15.5% a year, volatility 19.9%RNR: +19.0% a year, volatility 27.8%CACI: +18.8% a year, volatility 30.0%FDL: +14.8% a year, volatility 14.5%XLP: +7.6% a year, volatility 13.9%TXRH: +18.5% a year, volatility 30.5%EG: +11.2% a year, volatility 25.7%OGE: +12.4% a year, volatility 18.8%THG: +17.0% a year, volatility 23.0%AFG: +10.4% a year, volatility 22.6%BWLP: +59.3% a year, volatility 50.9%HRB: +22.1% a year, volatility 35.0%ABBV: +24.3% a year, volatility 23.4%CAKE: +25.3% a year, volatility 40.0%WTM: +16.1% a year, volatility 23.5%HWKN: +34.6% a year, volatility 37.0%NHC: +26.7% a year, volatility 28.8%OPLN: +21.9% a year, volatility 39.6%BKH: +8.8% a year, volatility 22.6%NWE: +11.8% a year, volatility 21.6%NIC: +19.7% a year, volatility 30.1%GEO: +26.8% a year, volatility 51.5%MUFG: +34.3% a year, volatility 29.4%SHEL: +22.9% a year, volatility 24.8%APLE: +9.8% a year, volatility 26.8%UFPT: +35.4% a year, volatility 46.0%INSW: +58.0% a year, volatility 40.6%PANW: +32.9% a year, volatility 43.7%WOR: +16.1% a year, volatility 38.3%GILD: +25.3% a year, volatility 25.0%WELL: +26.9% a year, volatility 23.9%MCK: +36.2% a year, volatility 25.0%LTC: +13.6% a year, volatility 21.0%CHCO: +15.9% a year, volatility 22.6%PBR: +46.3% a year, volatility 37.6%CCL: +5.9% a year, volatility 55.2%SPY (S&P 500): +11.7% a year, volatility 17.2%DAL: +16.5% a year, volatility 40.9%MAR: +22.1% a year, volatility 28.7%HLT: +21.2% a year, volatility 26.8%RCL: +30.5% a year, volatility 48.5%EXPE: +13.7% a year, volatility 46.7%LIND: +18.1% a year, volatility 66.3%IHG: +21.2% a year, volatility 26.6%UAL: +17.9% a year, volatility 49.1%H: +17.7% a year, volatility 34.4%CPA: +17.8% a year, volatility 36.2%OSW: +23.4% a year, volatility 38.5%HTHT: +3.9% a year, volatility 49.6%CAH: +41.9% a year, volatility 24.8%LLY: +41.9% a year, volatility 33.0%WMT: +22.2% a year, volatility 22.7%BRK-A: +13.9% a year, volatility 17.2%XOM: +27.0% a year, volatility 26.6%SCHD: +10.5% a year, volatility 14.4%MU: +64.6% a year, volatility 57.4%IXJ: +6.5% a year, volatility 14.8%MPC: +49.4% a year, volatility 33.6%BELFB: +76.5% a year, volatility 51.8%CCLSPY (S&P 500)DALMARHLTRCLLINDUALHCPAOSWHTHTCAHLLYBRK-AXOMMUIXJMPCBELFB
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than CCL?

Investments that beat CCL over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat CCL over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks CCL's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than CCL follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than CCL's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× CCL's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than CCL's.

Screen the whole market against CCL for any period in BetterThanSPYOpen these 21 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with CCL?lower diversifies moreExpenseper year
CCLCarnival Corporation & plc · this page
+5.9%55.2%0.38−90.4%−29.0%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+11.7%17.2%0.73−33.7%+320%0.630.09%
Popular alternativesbest 6 shownThe investments people most often weigh against CCL. 7 of 8 passed at least one test.
DALDelta Air Lines, Inc. · Airlines
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+16.5%40.9%0.58−69.2%+125%0.74—
MARMarriott International, Inc. · Hotels & Resorts
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+22.1%28.7%0.84−61.3%+565%0.67—
HLTHilton Worldwide Holdings Inc. · Hotels & Resorts
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+21.2%26.8%0.85−50.8%+732%0.66—
RCLRoyal Caribbean Cruises Ltd. · Cruise Lines
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+30.5%48.5%0.79−83.3%+381%0.87—
EXPEExpedia Group, Inc. · Travel Services
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+13.7%46.7%0.51−70.5%+156%0.57—
LINDLindblad Expeditions Holdings, Inc. · Cruise Lines
Higher Sharpe, smaller worst declineHigher return in most periods+18.1%66.3%0.58−83.2%+369%0.68—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Cruise Lines and the categories next to it (Travel Services, Hotels & Resorts, Airlines), plus CCL's specific themes. 12 of 28 passed at least one test.
IHGInterContinental Hotels Group PLC · Hotels & Resorts
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+21.2%26.6%0.86−59.3%+405%0.62—
UALUnited Airlines Holdings, Inc. · Airlines
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.9%49.1%0.58−79.4%+94.6%0.65—
HHyatt Hotels Corporation · Hotels & Resorts
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.7%34.4%0.65−60.5%+284%0.60—
CPACopa Holdings, S.A. · Airlines
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.8%36.2%0.63−78.9%+104%0.62—
OSWOneSpaWorld Holdings Ltd · Personal Services · Cruise Lines theme
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+23.4%38.5%0.74−85.0%—0.60—
HTHTH World Group Limited · Hotels & Resorts
Smaller losses in recent crashes+3.9%49.6%0.32−64.0%+453%-0.03—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 2,303 of 3,592 passed at least one test.
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+41.9%24.8%1.54−46.1%+388%0.35—
LLYEli Lilly and Company · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+41.9%33.0%1.23−34.5%+2,172%0.00—
WMTWalmart Inc. · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+22.2%22.7%1.00−25.7%+552%0.32—
BRK-ABerkshire Hathaway Inc. · Insurance
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+13.9%17.2%0.85−30.4%+288%0.25—
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+27.0%26.6%1.04−61.0%+231%0.12—
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+10.5%14.4%0.77−33.4%+264%0.480.06%
MUMicron Technology, Inc. · Semiconductors
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+64.6%57.4%1.16−57.6%+5,027%0.22—
IXJiShares Global Healthcare ETF · Health Care Equity
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+6.5%14.8%0.50−27.4%+180%0.290.38%
What these numbers mean for CCL
Annual return
CCL returned 5.9% a year over the past 5 years with dividends reinvested, against 11.7% a year for the S&P 500. At that pace, $10,000 became about $13,300. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
CCL's volatility over the past 5 years was 55.2%, 3.2 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CCL's return lands within 55.2% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
CCL's Sharpe ratio over the past 5 years was 0.38, against 0.73 for the S&P 500, so CCL earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
CCL's worst fall from a peak to a low over the past 10 years was 90.4%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 90.4% fall takes a 937% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, CCL's monthly returns had a correlation of 0.63 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against CCL instead: the lower it is, the more that option would diversify a CCL holding. Guide: Correlation and diversification →
Show all 1,498 stocks and funds worth at least $500 million that earned more than CCL with less volatility

Out of 3,627 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with CCLExpense
1
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+41.9%24.8%1.54−46.1%+388%0.35—
2
LLYEli Lilly and Company · Pharmaceuticals
Whole market+41.9%33.0%1.23−34.5%+2,172%0.00—
3
WMTWalmart Inc. · Discount Retail
Whole market+22.2%22.7%1.00−25.7%+552%0.32—
4
BRK-ABerkshire Hathaway Inc. · Insurance
Whole market+13.9%17.2%0.85−30.4%+288%0.25—
5
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.0%26.6%1.04−61.0%+231%0.12—
6
VVisa Inc. · Payment Processing
Whole market+16.1%22.7%0.78−36.4%+467%0.52—
7
JNJJohnson & Johnson · Pharmaceuticals
Whole market+13.4%18.0%0.80−27.4%+209%0.09—
8
MAMastercard Incorporated · Payment Processing
Whole market+15.6%23.7%0.73−41.0%+571%0.49—
9
KOThe Coca-Cola Company · Nonalcoholic Beverages
Whole market+14.6%16.9%0.90−37.0%+211%0.09—
10
CVXChevron Corporation · Integrated Oil & Gas
Whole market+19.6%25.3%0.84−55.8%+229%0.21—
11
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.2%23.0%0.81−31.4%+741%0.38—
12
PMPhilip Morris International Inc. · Tobacco
Whole market+22.8%23.4%1.00−42.9%+255%0.29—
13
MRKMerck & Co., Inc. · Pharmaceuticals
Whole market+14.2%24.7%0.66−43.4%+259%0.04—
14
AMGNAmgen Inc. · Biotechnology
Whole market+20.5%24.9%0.88−24.9%+352%0.10—
15
TDThe Toronto-Dominion Bank · Banks
Whole market+16.2%20.0%0.85−42.0%+317%0.46—
16
TTETotalEnergies SE · Integrated Oil & Gas
Whole market+19.6%25.9%0.82−59.6%+259%0.04—
17
TXNTexas Instruments Incorporated · Semiconductors
Whole market+12.9%33.8%0.53−33.4%+479%0.36—
18
MOAltria Group, Inc. · Tobacco
Whole market+20.8%21.4%0.99−53.7%+136%0.31—
19
LINLinde plc · Chemicals
Whole market+11.2%20.9%0.61−32.6%+433%0.36—
20
ADIAnalog Devices, Inc. · Semiconductors
Whole market+20.3%34.3%0.71−33.6%+680%0.39—
21
SAPSAP SE · Enterprise Software
Whole market+11.5%30.0%0.51−52.5%+216%0.38—
22
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+22.5%25.7%0.93−30.3%+892%0.03—
23
LMTLockheed Martin Corporation · Aerospace & Defense
Whole market+17.6%24.0%0.80−36.7%+237%0.13—
24
CBChubb Limited · Property & Casualty Insurance
Whole market+15.8%20.4%0.82−42.6%+254%0.23—
25
ASXASE Technology Holding Co., Ltd. · Semiconductors
Whole market+47.0%43.6%1.10−52.6%+964%0.37—
26
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.5%22.3%1.03−46.3%+367%0.27—
27
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Whole market+10.5%14.4%0.77−33.4%+264%0.480.06%
28
BPBP p.l.c. · Integrated Oil & Gas
Whole market+17.1%28.8%0.69−63.9%+147%0.11—
29
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+25.2%24.7%1.04−41.6%+685%0.54—
30
CTASCintas Corporation · Business Services
Whole market+16.7%23.2%0.78−48.4%+865%0.36—
31
NEMNewmont Corporation · Gold Mining
Whole market+18.0%39.2%0.62−62.4%+275%0.08—
32
CMECME Group Inc. · Capital Markets
Whole market+11.4%21.0%0.62−37.4%+345%0.09—
33
RSGRepublic Services, Inc. · Waste Management
Whole market+14.3%18.6%0.81−34.0%+464%0.21—
34
MSIMotorola Solutions, Inc. · Communications Equipment
Whole market+15.5%23.6%0.73−32.8%+684%0.32—
35
ALLThe Allstate Corporation · Property & Casualty Insurance
Whole market+18.9%26.2%0.80−41.4%+388%0.03—
36
EMREmerson Electric Co. · Industrial Machinery
Whole market+12.8%27.8%0.58−50.8%+324%0.51—
37
NGGNational Grid plc · Electric Utilities
Whole market+12.2%22.6%0.62−39.2%+133%0.30—
38
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+20.6%23.3%0.92−48.8%+291%0.23—
39
MPCMarathon Petroleum Corporation · Oil Refining
Whole market+49.4%33.6%1.37−79.7%+1,315%0.12—
40
TAKTakeda Pharmaceutical Company Limited · Specialty Pharmaceuticals
Whole market+12.6%19.5%0.71−54.4%+41.3%0.03—
41
FASTFastenal Company · Industrial Distribution
Whole market+15.6%24.6%0.71−30.7%+610%0.34—
42
ACGLArch Capital Group Ltd. · Property & Casualty Insurance
Whole market+21.6%24.6%0.92−53.8%+346%0.11—
43
HEIHEICO Corporation · Aerospace Components
Whole market+19.6%28.0%0.78−57.7%+904%0.46—
44
CBOECboe Global Markets, Inc. · Capital Markets
Whole market+22.5%25.5%0.93−43.2%+533%0.07—
45
EDConsolidated Edison, Inc. · Electric Utilities
Whole market+13.0%18.9%0.74−30.9%+125%-0.03—
46
NDAQNasdaq, Inc. · Capital Markets
Whole market+10.6%24.9%0.53−38.3%+498%0.25—
47
XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity
Whole market+8.3%15.3%0.60−28.4%+227%0.270.08%
48
AAPLApple Inc. · Computer Hardware
Whole market+18.2%28.0%0.74−38.5%+1,226%0.43—
49
RSReliance Steel & Aluminum Co. · Metals & Mining
Whole market+26.4%28.0%0.98−40.8%+712%0.46—
50
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications
Whole market+8.4%13.3%0.67−23.8%+114%0.19—
51
KOFCoca-Cola FEMSA, S.A.B. de C.V. · Food & Beverages
Whole market+22.0%24.7%0.93−55.1%+139%0.27—
52
KRThe Kroger Co. · Grocery Stores
Whole market+13.4%27.4%0.60−43.8%+162%0.13—
53
FNVFranco-Nevada Corporation · Gold Mining
Whole market+11.2%31.4%0.50−37.1%+281%0.01—
54
WECWEC Energy Group, Inc. · Electric Utilities
Whole market+8.8%19.1%0.54−32.3%+179%0.15—
55
FTSFortis Inc. · Electric Utilities
Whole market+10.0%16.5%0.66−34.3%+168%0.21—
56
HDViShares Core High Dividend ETF · High Dividend Yield
Whole market+13.4%13.0%1.03−37.0%+184%0.380.08%
57
DGXQuest Diagnostics Incorporated · Medical Diagnostics
Whole market+14.0%22.5%0.70−36.6%+279%0.16—
58
FCNCAFirst Citizens BancShares, Inc. · Regional Banks
Whole market+23.6%41.5%0.70−47.5%+757%0.24—
59
DRIDarden Restaurants, Inc. · Casual Dining
Whole market+12.9%27.2%0.58−72.8%+358%0.52—
60
RGAReinsurance Group of America, Incorporated · Insurance
Whole market+19.9%27.3%0.81−65.8%+199%0.26—
61
EMBJEmbraer S.A. · Aerospace & Defense
Whole market+37.7%45.0%0.94−85.2%+264%0.38—
62
EXPDExpeditors International of Washington, Inc. · Freight & Logistics
Whole market+11.8%27.0%0.55−35.6%+341%0.37—
63
ULTAUlta Beauty, Inc. · Specialty Retail
Whole market+11.4%34.5%0.49−64.9%+166%0.37—
64
PNWPinnacle West Capital Corporation · Electric Utilities
Whole market+15.5%19.9%0.83−39.3%+111%0.20—
65
RNRRenaissanceRe Holdings Ltd. · Insurance
Whole market+19.0%27.8%0.77−40.7%+207%-0.07—
66
CACICACI International Inc · Business Services
Whole market+18.8%30.0%0.73−42.9%+584%0.11—
67
FDLFirst Trust Morningstar Dividend Leaders Index Fund · High Dividend Yield
Whole market+14.8%14.5%1.03−41.4%+216%0.410.43%
68
XLPState Street Consumer Staples Select Sector SPDR ETF · Consumer Staples
Whole market+7.6%13.9%0.60−24.5%+126%0.320.08%
69
TXRHTexas Roadhouse, Inc. · Casual Dining
Whole market+18.5%30.5%0.71−58.0%+454%0.41—
70
EGEverest Group, Ltd. · Insurance
Whole market+11.2%25.7%0.55−44.2%+155%0.08—
71
OGEOGE Energy Corp. · Electric Utilities
Whole market+12.4%18.8%0.72−48.9%+156%0.16—
72
THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance
Whole market+17.0%23.0%0.80−40.1%+337%0.13—
73
AFGAmerican Financial Group, Inc. · Property & Casualty Insurance
Whole market+10.4%22.6%0.55−59.0%+329%0.26—
74
BWLPBW LPG Limited · Marine Shipping
Whole market+59.3%50.9%1.17−68.8%+2,508%0.23—
75
HRBH&R Block, Inc. · Tax Preparation
Whole market+22.1%35.0%0.74−57.7%+244%0.03—
76
ABBVAbbVie Inc. · Specialty Pharmaceuticals
Whole market+24.3%23.4%1.05−45.1%+665%0.02—
77
IHGInterContinental Hotels Group PLC · Hotels & Resorts
Same or nearby category+21.2%26.6%0.86−59.3%+405%0.62—
78
CAKEThe Cheesecake Factory Incorporated · Casual Dining
Whole market+25.3%40.0%0.77−75.6%+163%0.57—
79
WTMWhite Mountains Insurance Group, Ltd. · Insurance
Whole market+16.1%23.5%0.76−40.2%+181%0.18—
80
HWKNHawkins, Inc. · Specialty Chemicals
Whole market+34.6%37.0%0.99−44.8%+786%0.24—
81
NHCNational HealthCare Corporation · Health Care Facilities
Whole market+26.7%28.8%0.97−35.3%+313%0.14—
82
OPLNOPENLANE, Inc. · Auto Auctions
Whole market+21.9%39.6%0.69−64.5%+175%0.45—
83
BKHBlack Hills Corporation · Diversified Utilities
Whole market+8.8%22.6%0.49−40.5%+95.2%0.16—
84
NWENorthwestern Energy Group Inc · Electric Utilities
Whole market+11.8%21.6%0.63−39.3%+117%0.07—
85
NICNicolet Bankshares, Inc. · Regional Banks
Whole market+19.7%30.1%0.75−44.3%+378%0.34—
86
GEOThe GEO Group, Inc. · Business Services
Whole market+26.8%51.5%0.71−77.8%+171%0.12—
87
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+34.3%29.4%1.16−54.9%+481%0.27—
88
DALDelta Air Lines, Inc. · Airlines
Popular alternative+16.5%40.9%0.58−69.2%+125%0.74—
89
SHELShell plc · Integrated Oil & Gas
Whole market+22.9%24.8%0.96−67.2%+231%0.19—
90
APLEApple Hospitality REIT, Inc. · Hotel REITs
Whole market+9.8%26.8%0.48−71.9%+82.9%0.54—
91
UFPTUFP Technologies, Inc. · Medical Devices
Whole market+35.4%46.0%0.89−48.3%+990%0.23—
92
INSWInternational Seaways, Inc. · Oil & Gas
Whole market+58.0%40.6%1.34−57.4%—0.05—
93
PANWPalo Alto Networks, Inc. · Cybersecurity
Whole market+32.9%43.7%0.88−48.0%+1,337%0.34—
94
WORWorthington Industries, Inc. · Building Products
Whole market+16.1%38.3%0.58−64.7%+180%0.53—
95
GILDGilead Sciences, Inc. · Biotechnology
Whole market+25.3%25.0%1.03−30.5%+235%0.15—
96
WELLWelltower Inc. · Healthcare REITs
Whole market+26.9%23.9%1.12−63.3%+408%0.25—
97
MCKMcKesson Corporation · Health Care Distribution
Whole market+36.2%25.0%1.37−38.1%+693%0.16—
98
LTCLTC Properties, Inc. · Healthcare REITs
Whole market+13.6%21.0%0.71−51.4%+71.3%0.22—
99
CHCOCity Holding Company · Regional Banks
Whole market+15.9%22.6%0.77−32.3%+278%0.32—
100
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+46.3%37.6%1.21−75.3%+612%0.24—

CCL against its popular alternatives

The investments people most often weigh against CCL, compared period by period and year by year.

How do CCL's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at CCL, which divides the map into what did better or worse on each measure.

Green points earned more than CCL with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

10.0%20.0%30.0%40.0%50.0%60.0%70.0%−10.0%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCCL: 5.9% a year, volatility 55.2%SPY (S&P 500): 11.7% a year, volatility 17.2%RCL: 30.5% a year, volatility 48.5%EXPE: 13.7% a year, volatility 46.7%DAL: 16.5% a year, volatility 40.9%MAR: 22.1% a year, volatility 28.7%HLT: 21.2% a year, volatility 26.8%BKNG: 9.9% a year, volatility 33.4%NCLH: −7.7% a year, volatility 57.8%LIND: 18.1% a year, volatility 66.3%CCLSPY (S&P 500)RCLEXPEDALMARHLTBKNGNCLHLIND10.0%20.0%30.0%40.0%50.0%60.0%70.0%−10.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCCL: 5.9% a year, volatility 55.2%SPY (S&P 500): 11.7% a year, volatility 17.2%RCL: 30.5% a year, volatility 48.5%EXPE: 13.7% a year, volatility 46.7%DAL: 16.5% a year, volatility 40.9%MAR: 22.1% a year, volatility 28.7%HLT: 21.2% a year, volatility 26.8%BKNG: 9.9% a year, volatility 33.4%NCLH: −7.7% a year, volatility 57.8%LIND: 18.1% a year, volatility 66.3%CCLSPY (S&P 500)RCLEXPEDALMARHLTNCLHLIND
All figures
InvestmentAnnual returnVolatility
RCL Royal Caribbean Cruises Ltd.+30.5%48.5%
MAR Marriott International, Inc.+22.1%28.7%
HLT Hilton Worldwide Holdings Inc.+21.2%26.8%
LIND Lindblad Expeditions Holdings, Inc.+18.1%66.3%
DAL Delta Air Lines, Inc.+16.5%40.9%
EXPE Expedia Group, Inc.+13.7%46.7%
SPY S&P 500State Street SPDR S&P 500 ETF+11.7%17.2%
BKNG Booking Holdings Inc.+9.9%33.4%
CCL This pageCarnival Corporation & plc+5.9%55.2%
NCLH Norwegian Cruise Line Holdings Ltd.−7.7%57.8%
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Has CCL consistently beaten its popular alternatives?

This section compares CCL with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than CCL helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than CCL over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
CCL Carnival Corporation & plc (this page)—+16.7%+5.1%+18.4%−1.2%+6.4%+157%+33.3%−29.0%55.2%0.38−90.4%—$40B—
LIND QualifiedLindblad Expeditions Holdings, Inc.4/5 short3/3 longAll-weather+5.4%+10.7%+105%+154%+200%+511%+130%+369%66.3%0.58−83.2%—$2.4B—
RCL QualifiedRoyal Caribbean Cruises Ltd.3/5 short3/3 long+15.6%−0.3%+25.1%+15.2%+17.9%+276%+278%+381%48.5%0.79−83.3%—$86B—
EXPE QualifiedExpedia Group, Inc.3/5 short3/3 long+12.8%+0.5%+21.7%+6.3%+39.7%+220%+89.7%+156%46.7%0.51−70.5%—$34B—
DAL QualifiedDelta Air Lines, Inc.3/5 short3/3 long−0.5%−8.7%+22.7%+22.1%+44.1%+169%+115%+125%40.9%0.58−69.2%—$55B—
MAR QualifiedMarriott International, Inc.4/5 short2/3 long+16.0%+20.3%+20.4%+33.6%+59.1%+131%+171%+565%28.7%0.84−61.3%—$109B—
HLT QualifiedHilton Worldwide Holdings Inc.3/5 short2/3 long+14.2%+16.1%+17.2%+24.7%+41.0%+141%+162%+732%26.8%0.85−50.8%—$81B—
BKNG Travel ServicesBooking Holdings Inc.0/5 short2/3 long−3.3%−20.0%−6.7%−27.3%−22.9%+38.6%+60.4%+172%33.4%0.45−47.8%—$116B—
VIK Travel ServicesViking Holdings Ltd2/5 short0/3 long+8.1%−18.2%+10.2%+20.5%+44.0%—————−35.4%—$39B—
NCLH Travel ServicesNorwegian Cruise Line Holdings Ltd.1/5 short0/3 long+18.5%−9.2%+4.3%−21.2%−19.1%+37.3%−33.1%−52.1%57.8%0.15−87.3%—$8.2B—
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How did CCL do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where CCL ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with CCL and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of CCL; gray means the two finished within a fraction of a point. The rank row places CCL among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of CCL20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
CCL This pageCarnival Corporation & plc—+22.6%+34.4%+130%−60.0%−7.1%−56.9%+7.4%−23.4%+30.8%−1.7%+22.9%+15.7%+12.4%+17.6%−27.2%+47.1%+30.3%−42.4%−6.6%−6.1%−5.8%+46.8%+61.6%−9.9%−7.5%−34.4%+0.4%+75.0%+69.6%
Rank among alternativesTop quarter in 2 of 203 of 105 of 92 of 99 of 97 of 99 of 98 of 99 of 94 of 95 of 94 of 97 of 96 of 66 of 64 of 64 of 65 of 64 of 64 of 53 of 5—————————
SPY S&P 500State Street SPDR S&P 500 ETF14 of 29+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%+28.7%+33.5%
LIND Lindblad Expeditions Holdings, Inc.4 of 12+21.6%+5.2%+46.4%−50.6%−8.9%+4.7%+21.5%+37.5%+3.6%−14.9%+12.4%+2.7%—————————————————
RCL Royal Caribbean Cruises Ltd.20 of 29+22.5%+79.0%+162%−35.7%+3.0%−43.5%+39.9%−16.1%+48.2%−17.1%+24.7%+76.9%+42.1%+39.3%−46.9%+85.9%+83.8%−67.1%+4.0%−6.8%−16.2%+58.4%+113%+6.0%−37.2%−45.3%+34.6%+40.3%+132%
EXPE Expedia Group, Inc.12 of 20+53.3%+22.8%+73.3%−51.5%+36.5%+22.9%−2.9%−5.0%+6.7%−8.1%+46.8%+23.5%+14.5%+116%−20.5%−1.3%+212%−73.9%+50.7%−12.4%—————————
DAL Delta Air Lines, Inc.10 of 18+16.1%+52.0%+23.0%−15.9%−2.8%−30.8%+20.4%−8.7%+16.2%−1.4%+4.1%+80.5%+133%+46.7%−35.8%+10.7%−0.7%−23.0%———————————
MAR Marriott International, Inc.18 of 29+12.3%+24.9%+53.0%−9.3%+25.3%−12.5%+41.5%−19.0%+66.2%+25.4%−13.0%+60.0%+34.4%+29.5%−24.6%+53.4%+42.4%−42.3%−27.9%+43.5%+6.9%+37.2%+41.7%−18.5%−3.2%+34.9%+9.6%+37.2%+26.9%
HLT Hilton Worldwide Holdings Inc.9 of 12+16.5%+36.1%+44.7%−18.7%+40.2%+0.5%+55.5%−9.4%+44.5%+28.7%−17.5%+17.3%—————————————————
BKNG Booking Holdings Inc.17 of 26+8.6%+41.3%+76.0%−16.0%+7.7%+8.5%+19.2%−0.9%+18.5%+15.0%+11.8%−1.9%+87.3%+32.7%+17.1%+82.8%+197%−35.7%+164%+94.9%−5.4%+31.8%+86.5%−72.6%+345%−97.2%———
VIK Viking Holdings Ltd1 of 1+62.1%————————————————————————————
NCLH Norwegian Cruise Line Holdings Ltd.5 of 12−13.3%+28.4%+63.7%−41.0%−18.4%−56.5%+37.8%−20.4%+25.2%−27.4%+25.3%+31.8%—————————————————
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Risk and diversification

How CCL has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were CCL's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents CCL's five deepest drawdowns since it began trading in 1987, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means CCL fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringCCL fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2022 bear market−90.4%+37.1%Jan 2018Oct 20224.8 yearsNot yet—
2008 financial crisis−71.2%−33.3%Dec 2004Nov 20083.9 yearsDec 20146.1 years
Dot-com bust−65.1%−25.8%Apr 1999Sep 20012.4 yearsOct 20043.1 years
No named crash−56.2%—Aug 1989Oct 199014 monthsApr 19916 months
No named crash−51.7%—Aug 1987Dec 19874 monthsJan 198913 months

How did CCL do in stock market crashes?

This section measures how far CCL, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than CCL.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
CCL This pageCarnival Corporation & plc—−12.3%−72.6%−78.3%−30.6%−4.5%−24.0%−19.5%−3.5%−68.9%−46.3%
SPY S&P 500State Street SPDR S&P 500 ETF8 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
LIND Lindblad Expeditions Holdings, Inc.5 of 6−5.4%−66.5%−79.1%−17.5%−2.8%−14.5%————
RCL Royal Caribbean Cruises Ltd.2 of 10−11.1%−64.5%−79.7%−31.5%−5.6%−35.5%−45.1%−4.3%−87.2%−72.3%
EXPE Expedia Group, Inc.4 of 9−11.4%−58.2%−62.4%−18.2%−19.6%−33.2%−23.1%−4.6%−82.5%—
DAL Delta Air Lines, Inc.6 of 9−10.2%−37.4%−63.5%−21.0%−7.6%−22.0%−21.3%−0.2%−81.1%—
MAR Marriott International, Inc.5 of 10−7.4%−29.9%−56.6%−24.0%−5.2%−24.9%−25.6%−2.8%−70.1%−46.2%
HLT Hilton Worldwide Holdings Inc.4 of 6−6.7%−32.6%−49.6%−22.2%−4.8%−34.1%————
BKNG Booking Holdings Inc.6 of 10−5.6%−39.5%−41.5%−19.1%−6.3%−33.7%−17.8%−3.2%−66.3%−98.9%
NCLH Norwegian Cruise Line Holdings Ltd.2 of 6−11.7%−56.2%−85.1%−31.7%−5.1%−40.1%————
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How closely does CCL move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares CCL with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than CCL's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
CCL This pageCarnival Corporation & plc135%281%0.482.29
HLT Hilton Worldwide Holdings Inc.121%97%1.261.17
MAR Marriott International, Inc.132%132%1.001.45
LIND Lindblad Expeditions Holdings, Inc.175%231%0.762.32
RCL Royal Caribbean Cruises Ltd.171%225%0.762.23
BKNG Booking Holdings Inc.99%130%0.761.18
EXPE Expedia Group, Inc.104%146%0.711.49
DAL Delta Air Lines, Inc.107%156%0.681.35
NCLH Norwegian Cruise Line Holdings Ltd.128%294%0.442.31
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What diversifies CCL?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with CCL's. Because such investments tend not to fall at the same time, pairing CCL with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which CCL lost money. The last two columns show a portfolio that is 80% CCL and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe202220212020201820162011200820072006200520022001200080/20 mix volatility80/20 mix annual return
CCL Carnival Corporation & plc (this page)1.00+33.3%0.38−60.0%−7.1%−56.9%−23.4%−1.7%−27.2%−42.4%−6.6%−6.1%−5.8%−9.9%−7.5%−34.4%60.6%+5.7%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.42+119%1.48+3.8%+17.8%−9.0%−5.2%—————————49.3%+10.5%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.48+220%1.32+6.0%+18.0%+3.9%−19.8%+1.1%−16.1%−20.8%−7.4%—————49.8%+12.1%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.41+108%1.09+10.4%+23.1%−13.4%−8.7%+29.8%————————49.8%+10.1%
AMLP EnergyAlerian MLP ETF0.39+120%0.93+25.5%+39.1%−32.3%−12.6%+14.9%+10.2%———————50.0%+10.5%
XLE EnergyState Street Energy Select Sector SPDR ETF0.23+177%0.93+64.4%+53.3%−32.7%−18.2%+28.0%+2.8%−39.0%+36.8%+18.0%+40.1%−14.8%−18.2%+24.4%50.0%+11.9%
GLD CommoditiesSPDR Gold Shares-0.02+116%0.91−0.8%−4.2%+24.8%−1.9%+8.0%+9.6%+4.9%+30.4%+22.6%+17.8%———48.5%+10.9%
IDV InternationaliShares International Select Dividend ETF0.39+85.2%0.88−6.5%+12.1%−5.9%−10.4%+7.9%−7.2%−52.1%——————49.9%+9.6%
EUFN InternationaliShares MSCI Europe Financials ETF0.41+128%0.87−8.8%+19.1%−8.5%−23.1%−2.7%−26.6%———————50.3%+10.4%

Stocks

InvestmentCorrelation5Y returnSharpe202220212020201820162011200820072006200520022001200080/20 mix volatility80/20 mix annual return
CCL Carnival Corporation & plc (this page)1.00+33.3%0.38−60.0%−7.1%−56.9%−23.4%−1.7%−27.2%−42.4%−6.6%−6.1%−5.8%−9.9%−7.5%−34.4%60.6%+5.7%
CAH Medical - DistributionCardinal Health, Inc.0.35+476%1.54+54.1%−0.4%+10.1%−24.5%−17.5%+8.1%−39.6%−9.8%−5.8%+18.7%−8.3%−2.5%+108%50.6%+14.9%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.12+644%1.37+86.6%+61.0%−27.4%−8.2%+0.7%————————49.7%+17.0%
MCK Medical - DistributionMcKesson Corporation0.16+368%1.37+51.8%+44.2%+27.1%−28.4%−28.3%+11.8%−40.4%+29.7%−1.2%+64.9%−27.2%+4.9%+61.2%49.6%+14.7%
CLS Hardware, Equipment & PartsCelestica Inc.0.39+2,294%1.36+1.3%+37.9%−2.4%−16.3%+7.4%−24.4%−20.5%−25.7%−26.0%−25.2%−65.1%−25.6%−2.3%54.3%+23.3%
HWM Aerospace & DefenseHowmet Aerospace Inc.0.39+604%1.35+24.2%+11.7%−7.2%−37.5%−11.5%−42.9%−67.4%+26.4%+5.5%−1.8%−33.1%+9.8%−15.9%51.6%+15.6%
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Common questions

What was CCL's worst drawdown?

CCL's deepest decline since it began trading in 1987 was 90.4%, from January 2018 to October 2022. It has not yet climbed back to that peak.

What were CCL's best and worst years?

Over 29 full calendar years, CCL's best year was 2023, when it returned 130%. Its worst was 2022, with a return of -59.9%.

Is there a better investment than CCL?

Among CCL's popular alternatives, DAL, MAR and HLT earned more than CCL with less volatility over the past 5 years. DAL returned 16.5% a year at 40.9% volatility, against 5.9% a year at 55.2%. Looking beyond its popular alternatives, IHG (hotels & resorts) and UAL (airlines) earned more than CCL with less volatility over the past 5 years. IHG returned 21.2% a year at 26.6% volatility, against 5.9% a year at 55.2%.

Is CCL more volatile than the S&P 500?

Yes. CCL's volatility over the past 5 years was 55.2%, 3.2 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CCL's return lands within 55.2% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is CCL's Sharpe ratio?

CCL's Sharpe ratio over the past 5 years was 0.38, against 0.73 for the S&P 500, so CCL earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is CCL with the S&P 500?

Over the past 5 years, CCL's monthly returns had a correlation of 0.63 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against CCL instead: the lower it is, the more that option would diversify a CCL holding.

What are the best alternatives to CCL?

Of the nine popular alternatives we compared, six outperformed CCL in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: LIND, RCL and EXPE.

Did CCL outperform the S&P 500?

CCL finished ahead of the S&P 500 (SPY) in 15 of 29 full calendar years. In 2025, it returned +22.6%, against +17.7% for the index.

How did CCL do in stock market crashes?

CCL fell less than the S&P 500 (SPY) in two of the ten major crashes it has traded through, and further in eight. The clearest case was the 2022 bear market, when CCL fell 72.6% and the S&P 500 fell 24.5%.

What diversifies CCL?

These had a low correlation with CCL over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.42), DXJ (correlation 0.48) and EMLP (correlation 0.41); among large stocks, CAH (correlation 0.35), MPC (correlation 0.12) and MCK (correlation 0.16). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to CCL

Other stocks and ETFs