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Relative Intelligence · Cruise Lines

How Royal Caribbean Cruises (RCL) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on RCL alone. It places RCL (Royal Caribbean Cruises Ltd.) 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 RCL stands in the market, and of the alternatives worth a closer look.

Period covered: RCL's full trading record, from April 1993 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against RCL →Chart RCL vs. 9 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in RCL over the past 27 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of RCL over the same span and RCL'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 27 years rather than RCL's full 29 years, because most of its popular alternatives have not traded that long.

Choose a period

From the end of September 1999 to the end of September 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. 666 of the 1,166 stocks and funds worth at least $500 million that traded the whole period ended ahead of RCL; the chart shows 5, closest alternatives first. The other 2 lines are popular alternatives, shown for context.

$1,000$10,000$100,000199920042009201420192024$1,000$10,000$100,0001999200620132020
  • TSM$782,499+7,725% total · +17.5% a year
  • LLY$364,989+3,550% total · +14.3% a year
  • MCK$361,030+3,510% total · +14.2% a year
  • MAR$299,361+2,894% total · +13.4% a year
  • BKNG$107,744+977% total · +9.2% a year
  • SPY (S&P 500)$95,018+850% total · +8.7% a year
  • RCL$85,956+760% total · +8.3% a year
  • DIS$53,708+437% total · +6.4% a year
  • CCL$9,360−6.4% total · −0.2% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 333 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of RCL; 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$50,000$60,000202120222023202420252026$0$20,000$40,000$60,000202120222023202420252026
  • LLY$52,411+424% total · +39.3% a year
  • SMH$48,982+390% total · +37.4% a year
  • APH$48,728+387% total · +37.3% a year
  • MCK$43,941+339% total · +34.5% a year
  • TSM$43,622+336% total · +34.3% a year
  • RCL$30,918+209% total · +25.3% a year
  • MAR$25,049+150% total · +20.2% a year
  • LIND$21,542+115% total · +16.6% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • EXPE$16,292+62.9% total · +10.3% a year
Change the dates or add tickers to this chart in EasyCompare

RCL 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
$77B
Industry
Travel Services
Price history from
April 1993

Returns

Past 1 year
−3.1%total return
Past 3 years
+272%+54.9% a year
Past 5 years
+255%+28.8% a year
Past 10 years
+359%+16.5% a year
Best calendar year
+162%2023
Worst calendar year
−67.1%2008
Losing years
10 of 29full calendar years

Risk

Volatility
48.4%typical yearly swing, 5 years
Sharpe ratio
0.77return per unit of risk, 5 years
Worst decline ever
−89.5%Dec 2004 to Mar 2009
From its all-time high
−19.5%below the peak

RCL against the whole market

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

How does RCL rank among all stocks?

This section ranks RCL 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 RCL 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.

MeasureRCLRankStanding
1-year return−3.1%2,113 of 3,287bottom 37%
3-year return+272%262 of 3,017top 9%
5-year return+255%220 of 2,893top 8%
10-year return+359%471 of 2,202top 21%
Volatility, 5 years48.4%1,853 of 2,893bottom 37%
Sharpe ratio, 5 years0.77335 of 2,893top 12%
Worst decline, past 10 years−83.3%1,741 of 2,187bottom 21%

What has beaten RCL 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). RCL sits where the dashed lines cross. Anything in the green box above and to the left earned more than RCL 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 RCL; faint dots are 78 more of the 85 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%55.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than RCLASX: +48.8% a year, volatility 43.0%IMO: +34.3% a year, volatility 32.0%PBR-A: +51.8% a year, volatility 37.5%COKE: +41.2% a year, volatility 38.0%NHC: +32.0% a year, volatility 28.5%MUFG: +33.2% a year, volatility 29.4%UFPT: +35.8% a year, volatility 46.0%PBR: +50.3% a year, volatility 37.5%SAN: +31.7% a year, volatility 33.9%BBVA: +38.7% a year, volatility 33.3%VLO: +44.2% a year, volatility 36.9%SCCO: +32.0% a year, volatility 40.7%PSX: +33.2% a year, volatility 32.9%SMFG: +33.7% a year, volatility 29.4%CLMB: +37.8% a year, volatility 45.5%AVGO: +48.3% a year, volatility 44.5%HPE: +32.9% a year, volatility 42.2%STLD: +32.2% a year, volatility 38.0%CIB: +32.9% a year, volatility 32.9%DINO: +31.8% a year, volatility 38.8%MOG-A: +36.6% a year, volatility 32.0%CAT: +31.1% a year, volatility 31.9%MPC: +51.2% a year, volatility 33.4%IBKR: +35.4% a year, volatility 35.4%ENVA: +37.8% a year, volatility 41.9%TNK: +50.5% a year, volatility 45.1%GFF: +36.4% a year, volatility 41.7%DHT: +38.7% a year, volatility 39.0%LPG: +54.6% a year, volatility 43.6%EZPW: +33.2% a year, volatility 35.4%ESLT: +39.8% a year, volatility 34.6%EME: +43.0% a year, volatility 35.3%HWM: +47.3% a year, volatility 32.5%JBL: +35.8% a year, volatility 39.6%CASY: +29.9% a year, volatility 29.3%NWPX: +32.5% a year, volatility 36.2%CW: +30.8% a year, volatility 28.7%MLI: +38.9% a year, volatility 33.4%IDCC: +39.0% a year, volatility 36.9%PANW: +31.9% a year, volatility 43.4%SNEX: +33.0% a year, volatility 37.3%TRGP: +41.8% a year, volatility 31.7%HSBC: +33.1% a year, volatility 25.9%USLM: +35.6% a year, volatility 36.1%INSW: +56.5% a year, volatility 40.5%TEVA: +32.2% a year, volatility 42.8%MFG: +33.6% a year, volatility 30.6%PWR: +39.3% a year, volatility 37.2%SU: +33.1% a year, volatility 32.5%THC: +32.9% a year, volatility 45.1%EMBJ: +32.8% a year, volatility 45.0%BAP: +30.8% a year, volatility 30.3%SBS: +39.1% a year, volatility 37.1%LGND: +30.2% a year, volatility 44.2%NVT: +35.4% a year, volatility 38.0%GLW: +31.4% a year, volatility 42.1%AGI: +32.6% a year, volatility 42.4%NRP: +37.4% a year, volatility 33.9%JXN: +41.7% a year, volatility 43.3%TK: +47.1% a year, volatility 41.7%LAUR: +37.5% a year, volatility 32.8%UVE: +34.3% a year, volatility 42.8%TRMD: +54.3% a year, volatility 45.9%BLX: +31.4% a year, volatility 25.9%ESQ: +31.7% a year, volatility 31.7%IGIC: +30.8% a year, volatility 30.9%ODC: +35.9% a year, volatility 36.9%ASC: +41.7% a year, volatility 44.8%GE: +36.0% a year, volatility 31.0%FTI: +54.1% a year, volatility 41.3%KGC: +32.7% a year, volatility 45.6%UNM: +30.6% a year, volatility 29.3%BVN: +30.9% a year, volatility 45.4%AROC: +33.1% a year, volatility 36.4%CAAP: +35.1% a year, volatility 35.9%STNG: +37.9% a year, volatility 43.6%WT: +31.4% a year, volatility 32.8%PAM: +30.2% a year, volatility 45.1%RCL: +28.8% a year, volatility 48.4%SPY (S&P 500): +12.7% a year, volatility 17.1%MAR: +22.0% a year, volatility 28.6%HLT: +21.0% a year, volatility 26.8%IHG: +21.4% a year, volatility 26.6%HTHT: +2.0% a year, volatility 49.6%TSM: +31.5% a year, volatility 38.5%LLY: +40.7% a year, volatility 32.8%MCK: +38.7% a year, volatility 25.0%APH: +33.8% a year, volatility 32.2%SMH: +33.4% a year, volatility 36.9%AEM: +29.5% a year, volatility 38.4%NVDA: +58.0% a year, volatility 51.9%EPU: +29.5% a year, volatility 24.9%CAH: +42.1% a year, volatility 24.7%ATI: +61.8% a year, volatility 42.9%RCLSPY (S&P 500)MARHLTIHGHTHTTSMLLYMCKAPHSMHAEMNVDAEPUCAHATI10.0%20.0%30.0%40.0%50.0%60.0%−20.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than RCLASX: +48.8% a year, volatility 43.0%IMO: +34.3% a year, volatility 32.0%PBR-A: +51.8% a year, volatility 37.5%COKE: +41.2% a year, volatility 38.0%NHC: +32.0% a year, volatility 28.5%MUFG: +33.2% a year, volatility 29.4%UFPT: +35.8% a year, volatility 46.0%PBR: +50.3% a year, volatility 37.5%SAN: +31.7% a year, volatility 33.9%BBVA: +38.7% a year, volatility 33.3%VLO: +44.2% a year, volatility 36.9%SCCO: +32.0% a year, volatility 40.7%PSX: +33.2% a year, volatility 32.9%SMFG: +33.7% a year, volatility 29.4%CLMB: +37.8% a year, volatility 45.5%AVGO: +48.3% a year, volatility 44.5%HPE: +32.9% a year, volatility 42.2%STLD: +32.2% a year, volatility 38.0%CIB: +32.9% a year, volatility 32.9%DINO: +31.8% a year, volatility 38.8%MOG-A: +36.6% a year, volatility 32.0%CAT: +31.1% a year, volatility 31.9%MPC: +51.2% a year, volatility 33.4%IBKR: +35.4% a year, volatility 35.4%ENVA: +37.8% a year, volatility 41.9%TNK: +50.5% a year, volatility 45.1%GFF: +36.4% a year, volatility 41.7%DHT: +38.7% a year, volatility 39.0%LPG: +54.6% a year, volatility 43.6%EZPW: +33.2% a year, volatility 35.4%ESLT: +39.8% a year, volatility 34.6%EME: +43.0% a year, volatility 35.3%HWM: +47.3% a year, volatility 32.5%JBL: +35.8% a year, volatility 39.6%CASY: +29.9% a year, volatility 29.3%NWPX: +32.5% a year, volatility 36.2%CW: +30.8% a year, volatility 28.7%MLI: +38.9% a year, volatility 33.4%IDCC: +39.0% a year, volatility 36.9%PANW: +31.9% a year, volatility 43.4%SNEX: +33.0% a year, volatility 37.3%TRGP: +41.8% a year, volatility 31.7%HSBC: +33.1% a year, volatility 25.9%USLM: +35.6% a year, volatility 36.1%INSW: +56.5% a year, volatility 40.5%TEVA: +32.2% a year, volatility 42.8%MFG: +33.6% a year, volatility 30.6%PWR: +39.3% a year, volatility 37.2%SU: +33.1% a year, volatility 32.5%THC: +32.9% a year, volatility 45.1%EMBJ: +32.8% a year, volatility 45.0%BAP: +30.8% a year, volatility 30.3%SBS: +39.1% a year, volatility 37.1%LGND: +30.2% a year, volatility 44.2%NVT: +35.4% a year, volatility 38.0%GLW: +31.4% a year, volatility 42.1%AGI: +32.6% a year, volatility 42.4%NRP: +37.4% a year, volatility 33.9%JXN: +41.7% a year, volatility 43.3%TK: +47.1% a year, volatility 41.7%LAUR: +37.5% a year, volatility 32.8%UVE: +34.3% a year, volatility 42.8%TRMD: +54.3% a year, volatility 45.9%BLX: +31.4% a year, volatility 25.9%ESQ: +31.7% a year, volatility 31.7%IGIC: +30.8% a year, volatility 30.9%ODC: +35.9% a year, volatility 36.9%ASC: +41.7% a year, volatility 44.8%GE: +36.0% a year, volatility 31.0%FTI: +54.1% a year, volatility 41.3%KGC: +32.7% a year, volatility 45.6%UNM: +30.6% a year, volatility 29.3%BVN: +30.9% a year, volatility 45.4%AROC: +33.1% a year, volatility 36.4%CAAP: +35.1% a year, volatility 35.9%STNG: +37.9% a year, volatility 43.6%WT: +31.4% a year, volatility 32.8%PAM: +30.2% a year, volatility 45.1%RCL: +28.8% a year, volatility 48.4%SPY (S&P 500): +12.7% a year, volatility 17.1%MAR: +22.0% a year, volatility 28.6%HLT: +21.0% a year, volatility 26.8%IHG: +21.4% a year, volatility 26.6%HTHT: +2.0% a year, volatility 49.6%TSM: +31.5% a year, volatility 38.5%LLY: +40.7% a year, volatility 32.8%MCK: +38.7% a year, volatility 25.0%APH: +33.8% a year, volatility 32.2%SMH: +33.4% a year, volatility 36.9%AEM: +29.5% a year, volatility 38.4%NVDA: +58.0% a year, volatility 51.9%EPU: +29.5% a year, volatility 24.9%CAH: +42.1% a year, volatility 24.7%ATI: +61.8% a year, volatility 42.9%RCLSPY (S&P 500)MARHLTHTHTTSMLLYMCKAPHNVDAEPUCAHATI
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than RCL?

Investments that beat RCL 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 RCL 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 RCL'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 RCL 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 RCL'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× RCL's volatility counts as better.

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

Screen the whole market against RCL for any period in BetterThanSPYOpen these 13 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 RCL?lower diversifies moreExpenseper year
RCLRoyal Caribbean Cruises Ltd. · this page
+28.8%48.4%0.77−83.3%+359%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.570.09%
Popular alternativesbest 1 shownThe investments people most often weigh against RCL. 1 of 8 passed at least one test.
MARMarriott International, Inc. · Hotels & Resorts
Smaller losses in recent crashes+22.0%28.6%0.84−61.3%+544%0.66—
Same and neighboring categories, and shared themesbest 3 shownEverything else in Cruise Lines and the categories next to it (Travel Services, Hotels & Resorts, Airlines), plus RCL's specific themes. 3 of 15 passed at least one test.
HLTHilton Worldwide Holdings Inc. · Hotels & Resorts
Smaller losses in recent crashes+21.0%26.8%0.85−50.8%+694%0.69—
IHGInterContinental Hotels Group PLC · Hotels & Resorts
Smaller losses in recent crashes+21.4%26.6%0.86−59.3%+383%0.61—
HTHTH World Group Limited · Hotels & Resorts
Smaller losses in recent crashes+2.0%49.6%0.28−64.0%+393%-0.17—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 366 of 3,610 passed at least one test.
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+31.5%38.5%0.91−56.6%+1,505%0.37—
LLYEli Lilly and Company · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%-0.05—
MCKMcKesson Corporation · Health Care Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+38.7%25.0%1.44−38.1%+586%0.12—
APHAmphenol Corporation · Electronic Components
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+33.8%32.2%1.07−37.5%+965%0.46—
SMHVanEck Semiconductor ETF · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+33.4%36.9%0.97−45.3%+1,665%0.400.35%
AEMAgnico Eagle Mines Limited · Gold Mining
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+29.5%38.4%0.87−54.2%+352%0.12—
NVDANVIDIA Corporation · Semiconductors
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+58.0%51.9%1.14−66.3%+13,019%0.39—
EPUiShares MSCI Peru and Global Exposure ETF · International
Similar return, lower volatilityHigher Sharpe, smaller worst decline+29.5%24.9%1.17−51.0%+275%0.410.59%
What these numbers mean for RCL
Annual return
RCL returned 28.8% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $35,500. 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
RCL's volatility over the past 5 years was 48.4%, 2.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, RCL's return lands within 48.4% 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
RCL's Sharpe ratio over the past 5 years was 0.77, against 0.79 for the S&P 500, so RCL 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
RCL's worst fall from a peak to a low over the past 10 years was 83.3%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 83.3% fall takes a 499% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, RCL's monthly returns had a correlation of 0.57 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 RCL instead: the lower it is, the more that option would diversify a RCL holding. Guide: Correlation and diversification →
Show all 85 stocks and funds worth at least $500 million that earned more than RCL with less volatility

Out of 3,633 tested over 5 years. Best first; funds that hold the same thing are listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with RCLExpense
1
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Whole market+31.5%38.5%0.91−56.6%+1,505%0.37—
2
LLYEli Lilly and Company · Pharmaceuticals
Whole market+40.7%32.8%1.21−34.5%+1,807%-0.05—
3
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.12—
4
APHAmphenol Corporation · Electronic Components
Whole market+33.8%32.2%1.07−37.5%+965%0.46—
5
ASXASE Technology Holding Co., Ltd. · Semiconductors
Whole market+48.8%43.0%1.15−52.5%+967%0.28—
6
IMOImperial Oil Limited · Integrated Oil & Gas
Whole market+34.3%32.0%1.09−77.1%+430%0.31—
7
SMHVanEck Semiconductor ETF · Semiconductors
Whole market+33.4%36.9%0.97−45.3%+1,665%0.400.35%
8
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+51.8%37.5%1.31−71.7%+768%0.24—
9
COKECoca-Cola Consolidated, Inc. · Food & Beverages
Whole market+41.2%38.0%1.10−51.7%+1,569%-0.03—
10
NHCNational HealthCare Corporation · Medical - Care Facilities
Whole market+32.0%28.5%1.12−35.3%+394%0.17—
11
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+33.2%29.4%1.13−54.9%+483%0.30—
12
UFPTUFP Technologies, Inc. · Medical - Devices
Whole market+35.8%46.0%0.90−48.3%+1,006%0.27—
13
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+50.3%37.5%1.28−75.3%+674%0.23—
14
SANBanco Santander, S.A. · Banks
Whole market+31.7%33.9%0.99−73.8%+332%0.41—
15
BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks
Whole market+38.7%33.3%1.16−69.6%+542%0.45—
16
VLOValero Energy Corporation · Oil & Gas
Whole market+44.2%36.9%1.18−71.9%+1,061%0.23—
17
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.35—
18
SCCOSouthern Copper Corporation · Metals & Mining
Whole market+32.0%40.7%0.89−55.3%+1,017%0.30—
19
PSXPhillips 66 · Oil & Gas
Whole market+33.2%32.9%1.04−64.2%+430%0.26—
20
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+33.7%29.4%1.14−47.6%+474%0.20—
21
CLMBClimb Global Solutions, Inc. · Technology Distributors
Whole market+37.8%45.5%0.94−53.4%+847%0.31—
22
AVGOBroadcom Inc. · Semiconductors
Whole market+48.3%44.5%1.11−48.3%+2,380%0.27—
23
HPEHewlett Packard Enterprise Company · Computer Hardware
Whole market+32.9%42.2%0.89−56.9%+483%0.40—
24
STLDSteel Dynamics, Inc. · Metals & Mining
Whole market+32.2%38.0%0.93−68.5%+1,018%0.47—
25
CIBGrupo Cibest S.A. · Banks
Whole market+32.9%32.9%1.03−70.4%+345%0.36—
26
DINOHF Sinclair Corporation · Oil & Gas
Whole market+31.8%38.8%0.91−77.3%+649%0.14—
27
MOG-AMoog Inc. · Aerospace & Defense
Whole market+36.6%32.0%1.14−63.7%+595%0.45—
28
CATCaterpillar Inc. · Industrial Machinery
Whole market+31.1%31.9%1.01−43.4%+936%0.45—
29
MPCMarathon Petroleum Corporation · Oil & Gas
Whole market+51.2%33.4%1.41−79.7%+1,387%0.14—
30
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Whole market+35.4%35.4%1.04−55.1%+935%0.46—
31
ENVAEnova International, Inc. · Consumer Finance
Whole market+37.8%41.9%0.98−77.6%+1,819%0.51—
32
TNKTeekay Tankers Ltd. · Marine Shipping
Whole market+50.5%45.1%1.14−63.4%+490%0.05—
33
GFFGriffon Corporation · Building Products
Whole market+36.4%41.7%0.95−61.3%+761%0.19—
34
DHTDHT Holdings, Inc. · Marine Shipping
Whole market+38.7%39.0%1.04−39.7%+1,050%0.08—
35
LPGDorian LPG Ltd. · Oil & Gas Midstream
Whole market+54.6%43.6%1.22−62.9%+1,821%0.22—
36
EZPWEZCORP, Inc. · Financial - Credit Services
Whole market+33.2%35.4%0.99−76.6%+202%0.15—
37
ESLTElbit Systems Ltd. · Aerospace & Defense
Whole market+39.8%34.6%1.15−35.4%+765%0.19—
38
ATIATI Inc. · Metals & Mining
Whole market+61.8%42.9%1.34−82.4%+929%0.37—
39
EMEEMCOR Group, Inc. · Engineering & Construction
Whole market+43.0%35.3%1.20−48.0%+1,202%0.39—
40
HWMHowmet Aerospace Inc. · Aerospace & Defense
Whole market+47.3%32.5%1.36−68.9%+1,028%0.42—
41
JBLJabil Inc. · Electronics Manufacturing
Whole market+35.8%39.6%0.97−57.3%+1,264%0.45—
42
CASYCasey's General Stores, Inc. · Convenience Stores
Whole market+29.9%29.3%1.04−36.1%+537%0.29—
43
NWPXNWPX Infrastructure, Inc. · Construction Materials
Whole market+32.5%36.2%0.96−46.5%+682%0.32—
44
CWCurtiss-Wright Corporation · Aerospace & Defense
Whole market+30.8%28.7%1.08−48.7%+512%0.50—
45
MLIMueller Industries, Inc. · Metal Fabrication
Whole market+38.9%33.4%1.16−53.0%+800%0.33—
46
IDCCInterDigital, Inc. · Intellectual Property Licensing
Whole market+39.0%36.9%1.08−64.9%+395%0.45—
47
PANWPalo Alto Networks, Inc. · Cybersecurity
Whole market+31.9%43.4%0.86−48.0%+1,274%0.35—
48
SNEXStoneX Group Inc. · Capital Markets
Whole market+33.0%37.3%0.96−48.7%+670%0.23—
49
TRGPTarga Resources Corp. · Oil & Gas Midstream
Whole market+41.8%31.7%1.27−90.8%+829%0.37—
50
HSBCHSBC Holdings plc · Banks
Whole market+33.1%25.9%1.24−62.3%+319%0.31—
51
USLMUnited States Lime & Minerals, Inc. · Construction Materials
Whole market+35.6%36.1%1.03−45.9%+803%0.45—
52
INSWInternational Seaways, Inc. · Oil & Gas
Whole market+56.5%40.5%1.31−57.4%—0.15—
53
TEVATeva Pharmaceutical Industries Limited · Pharmaceuticals
Whole market+32.2%42.8%0.86−85.5%−3.6%0.17—
54
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.6%30.6%1.10−45.7%+345%0.32—
55
PWRQuanta Services, Inc. · Engineering & Construction
Whole market+39.3%37.2%1.08−45.5%+2,045%0.31—
56
SUSuncor Energy Inc. · Integrated Oil & Gas
Whole market+33.1%32.5%1.05−73.5%+295%0.15—
57
THCTenet Healthcare Corporation · Health Care Facilities
Whole market+32.9%45.1%0.86−71.7%+1,058%0.28—
58
EMBJEmbraer S.A. · Aerospace & Defense
Whole market+32.8%45.0%0.86−85.2%+283%0.46—
59
BAPCredicorp Ltd. · Banks
Whole market+30.8%30.3%1.04−59.2%+298%0.52—
60
SBSCompanhia de Saneamento Básico do Estado de São Paulo - SABESP · Water Utilities
Whole market+39.1%37.1%1.08−62.0%+293%0.45—
61
LGNDLigand Pharmaceuticals Incorporated · Biotechnology
Whole market+30.2%44.2%0.82−76.9%+414%0.23—
62
NVTnVent Electric plc · Electrical Equipment
Whole market+35.4%38.0%0.99−56.2%—0.50—
63
GLWCorning Inc · Electronic Components
Whole market+31.4%42.1%0.86−51.5%+616%0.28—
64
AGIAlamos Gold Inc. · Gold Mining
Whole market+32.6%42.4%0.88−66.1%+294%0.00—
65
NRPNatural Resource Partners L.P. · Coal
Whole market+37.4%33.9%1.11−78.8%+632%0.06—
66
JXNJackson Financial Inc. · Life Insurance
Whole market+41.7%43.3%1.03−48.4%—0.53—
67
TKTeekay Corporation · Oil & Gas Midstream
Whole market+47.1%41.7%1.13−83.8%+244%0.10—
68
LAURLaureate Education, Inc. · Education Services
Whole market+37.5%32.8%1.14−64.5%—0.32—
69
UVEUniversal Insurance Holdings, Inc. · Insurance - Property & Casualty
Whole market+34.3%42.8%0.91−79.6%+216%0.06—
70
TRMDTORM plc · Marine Shipping
Whole market+54.3%45.9%1.18−60.6%—-0.05—
71
BLXBladex, Inc. · Banks - Regional
Whole market+31.4%25.9%1.19−68.5%+290%0.58—
72
ESQEsquire Financial Holdings, Inc. · Banks - Regional
Whole market+31.7%31.7%1.03−56.5%—0.46—
73
IGICInternational General Insurance Holdings Ltd. · Insurance - Diversified
Whole market+30.8%30.9%1.03−50.6%—0.18—
74
ODCOil-Dri Corporation of America · Chemicals - Specialty
Whole market+35.9%36.9%1.02−48.9%+460%0.25—
75
ASCArdmore Shipping Corporation · Marine Shipping
Whole market+41.7%44.8%1.01−71.2%+259%0.10—
76
GEGE Aerospace · Aerospace & Defense
Whole market+36.0%31.0%1.15−80.9%+139%0.58—
77
FTITechnipFMC plc · Oilfield Services
Whole market+54.1%41.3%1.26−85.8%+178%0.37—
78
KGCKinross Gold Corporation · Gold Mining
Whole market+32.7%45.6%0.85−67.9%+572%0.12—
79
UNMUnum Group · Life Insurance
Whole market+30.6%29.3%1.06−81.0%+256%0.19—
80
BVNCompañía de Minas Buenaventura S.A.A. · Metals & Mining
Whole market+30.9%45.4%0.82−70.2%+141%0.23—
81
AROCArchrock, Inc. · Oilfield Services
Whole market+33.1%36.4%0.97−84.9%+288%0.42—
82
CAAPCorporacion America Airports S.A. · Infrastructure
Whole market+35.1%35.9%1.02−89.9%—0.46—
83
STNGScorpio Tankers Inc. · Marine Shipping
Whole market+37.9%43.6%0.96−80.6%+126%-0.09—
84
WTWisdomTree, Inc. · Asset Management
Whole market+31.4%32.8%1.00−84.0%+174%0.36—
85
PAMPampa Energía S.A. · Electric Utilities
Whole market+30.2%45.1%0.81−87.4%+128%0.30—

RCL against its popular alternatives

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

How do RCL'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 RCL, which divides the map into what did better or worse on each measure.

Green points earned more than RCL 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%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityRCL: 28.8% a year, volatility 48.4%SPY (S&P 500): 12.7% a year, volatility 17.1%LIND: 19.1% a year, volatility 66.4%CCL: 4.2% a year, volatility 55.2%AAL: −9.1% a year, volatility 48.4%NCLH: −9.4% a year, volatility 57.4%MAR: 22.0% a year, volatility 28.6%EXPE: 13.3% a year, volatility 46.5%DIS: −7.5% a year, volatility 29.5%BKNG: 12.0% a year, volatility 33.2%RCLSPY (S&P 500)LINDCCLAALNCLHMAREXPEDISBKNG10.0%20.0%30.0%40.0%50.0%60.0%70.0%−10.0%0.0%10.0%20.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityRCL: 28.8% a year, volatility 48.4%SPY (S&P 500): 12.7% a year, volatility 17.1%LIND: 19.1% a year, volatility 66.4%CCL: 4.2% a year, volatility 55.2%AAL: −9.1% a year, volatility 48.4%NCLH: −9.4% a year, volatility 57.4%MAR: 22.0% a year, volatility 28.6%EXPE: 13.3% a year, volatility 46.5%DIS: −7.5% a year, volatility 29.5%BKNG: 12.0% a year, volatility 33.2%RCLSPY (S&P 500)LINDCCLAALNCLHMAREXPEDIS
All figures
InvestmentAnnual returnVolatility
RCL This pageRoyal Caribbean Cruises Ltd.+28.8%48.4%
MAR Marriott International, Inc.+22.0%28.6%
LIND Lindblad Expeditions Holdings, Inc.+19.1%66.4%
EXPE Expedia Group, Inc.+13.3%46.5%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
BKNG Booking Holdings Inc.+12.0%33.2%
CCL Carnival Corporation & plc+4.2%55.2%
DIS The Walt Disney Company−7.5%29.5%
AAL American Airlines Group Inc.−9.1%48.4%
NCLH Norwegian Cruise Line Holdings Ltd.−9.4%57.4%
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Has RCL consistently beaten its popular alternatives?

This section compares RCL 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 RCL helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than RCL 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
RCL Royal Caribbean Cruises Ltd. (this page)—+15.0%+1.2%+3.1%+3.3%−3.1%+272%+255%+359%48.4%0.77−83.3%—$77B—
MAR Travel LodgingMarriott International, Inc.5/5 short1/3 long+15.9%+8.5%+5.3%+27.5%+54.1%+117%+170%+544%28.6%0.84−61.3%—$104B—
LIND Travel ServicesLindblad Expeditions Holdings, Inc.5/5 short1/3 long+25.3%+28.4%+75.1%+145%+195%+477%+139%+317%66.4%0.59−83.2%—$2.3B—
EXPE Travel ServicesExpedia Group, Inc.4/5 short0/3 long+7.0%+13.6%+10.5%+6.9%+38.8%+226%+86.3%+154%46.5%0.50−70.5%—$34B—
DIS EntertainmentThe Walt Disney Company3/5 short0/3 long+7.1%+15.8%+5.8%+0.6%+1.2%+39.3%−32.5%+31.7%29.5%-0.12−60.7%—$193B—
CCL Travel ServicesCarnival Corporation & plc2/5 short0/3 long+21.3%+4.5%−5.6%−11.1%−4.7%+149%+22.6%−34.6%55.2%0.35−90.4%—$36B—
VIK Travel ServicesViking Holdings Ltd2/5 short0/3 long+1.4%−10.0%+1.3%+20.7%+43.5%—————−35.4%—$39B—
AAL Airlines, Airports & Air ServicesAmerican Airlines Group Inc.1/5 short0/3 long−10.8%−20.0%−1.1%−21.8%−0.5%+9.3%−38.0%−69.0%48.4%0.04−84.1%—$8.0B—
BKNG Travel ServicesBooking Holdings Inc.0/5 short0/3 long−2.7%−8.4%−14.2%−22.5%−19.6%+52.2%+75.9%+186%33.2%0.51−47.8%—$123B—
NCLH Travel ServicesNorwegian Cruise Line Holdings Ltd.0/5 short0/3 long+9.9%−19.7%−22.8%−31.3%−32.7%+15.2%−38.9%−59.6%57.4%0.12−87.3%—$7.2B—
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How did RCL do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where RCL ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with RCL 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 RCL; gray means the two finished within a fraction of a point. The rank row places RCL among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of RCL20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
RCL This pageRoyal Caribbean Cruises Ltd.—+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%
Rank among alternativesTop quarter in 10 of 264 of 101 of 91 of 94 of 95 of 96 of 92 of 95 of 92 of 98 of 93 of 92 of 94 of 73 of 76 of 72 of 73 of 76 of 73 of 76 of 75 of 51 of 51 of 51 of 55 of 54 of 5———
SPY S&P 500State Street SPDR S&P 500 ETF12 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%
MAR Marriott International, Inc.12 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%
LIND Lindblad Expeditions Holdings, Inc.3 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%—————————————————
EXPE Expedia Group, Inc.10 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%+151%−0.3%+212%−73.9%+50.6%−12.4%—————————
DIS The Walt Disney Company10 of 29+3.3%+24.4%+4.3%−43.9%−14.5%+25.3%+33.5%+3.6%+4.8%+0.7%+12.9%+24.9%+55.3%+34.8%+1.6%+17.6%+43.8%−28.7%−4.6%+44.3%−12.9%+20.2%+44.5%−20.3%−27.7%−0.4%−1.5%−8.5%+42.8%
CCL Carnival Corporation & plc8 of 29+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%
VIK Viking Holdings Ltd1 of 1+62.1%————————————————————————————
AAL American Airlines Group Inc.9 of 20−12.0%+26.9%+8.0%−29.2%+13.9%−44.8%−9.6%−37.7%+12.4%+11.5%−20.3%+113%+87.0%+166%−49.4%+107%−37.5%−47.4%−72.7%+45.0%—————————
BKNG Booking Holdings Inc.13 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%———
NCLH Norwegian Cruise Line Holdings Ltd.0 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 RCL 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 RCL's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents RCL's five deepest drawdowns since it began trading in 1993, 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 RCL fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringRCL fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−89.5%−37.0%Dec 2004Mar 20094.3 yearsJan 20144.8 years
Dot-com bust−84.4%−21.2%Nov 1999Oct 200123 monthsDec 20043.2 years
Covid crash−83.3%−27.7%Jan 2020Mar 20202 monthsMar 20244 years
No named crash−58.6%−18.2%Jul 1998Oct 19983 monthsJun 19998 months
2015 China and oil sell-off−35.6%+5.2%Dec 2015Sep 20169 monthsMar 20176 months

How did RCL do in stock market crashes?

This section measures how far RCL, 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 RCL.

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
RCL This pageRoyal Caribbean Cruises Ltd.—−11.1%−64.5%−79.7%−31.5%−5.6%−35.5%−45.1%−4.3%−87.2%−72.3%
SPY S&P 500State Street SPDR S&P 500 ETF9 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
MAR Marriott International, Inc.9 of 10−7.4%−29.9%−56.6%−24.0%−5.2%−24.9%−25.6%−2.8%−70.1%−46.2%
LIND Lindblad Expeditions Holdings, Inc.5 of 6−5.4%−66.5%−79.1%−17.5%−2.8%−14.5%————
EXPE Expedia Group, Inc.6 of 9−11.4%−58.2%−62.4%−18.2%−19.6%−33.2%−22.9%−4.7%−82.5%—
DIS The Walt Disney Company9 of 10−6.8%−41.8%−39.3%−14.9%−6.8%−25.5%−28.7%−1.8%−54.9%−67.6%
CCL Carnival Corporation & plc8 of 10−12.3%−72.6%−78.3%−30.6%−4.5%−24.0%−19.5%−3.5%−68.9%−46.3%
AAL American Airlines Group Inc.6 of 9−10.5%−41.3%−64.0%−31.6%−7.0%−23.3%−32.0%−0.2%−94.4%—
BKNG Booking Holdings Inc.8 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.1 of 6−11.7%−56.2%−85.1%−31.7%−5.1%−40.1%————
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How closely does RCL 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 RCL 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 RCL's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
RCL This pageRoyal Caribbean Cruises Ltd.171%231%0.742.24
MAR Marriott International, Inc.132%137%0.961.46
BKNG Booking Holdings Inc.99%123%0.811.17
EXPE Expedia Group, Inc.104%144%0.721.48
LIND Lindblad Expeditions Holdings, Inc.175%246%0.712.35
DIS The Walt Disney Company90%162%0.561.32
CCL Carnival Corporation & plc135%289%0.472.30
NCLH Norwegian Cruise Line Holdings Ltd.128%301%0.432.32
AAL American Airlines Group Inc.70%199%0.351.53
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What diversifies RCL?

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 RCL's. Because such investments tend not to fall at the same time, pairing RCL 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 RCL lost money. The last two columns show a portfolio that is 80% RCL and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe202220202018201620112008200620052001200080/20 mix volatility80/20 mix annual return
RCL Royal Caribbean Cruises Ltd. (this page)1.00+255%0.77−35.7%−43.5%−16.1%−17.1%−46.9%−67.1%−6.8%−16.2%−37.2%−45.3%49.9%+25.3%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.42+119%1.48+3.8%−9.0%−5.2%———————40.8%+25.8%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.40+225%1.34+6.0%+3.9%−19.8%+1.1%−16.1%−20.8%————41.0%+27.9%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.42+101%1.04+10.4%−13.4%−8.7%+29.8%——————41.2%+25.4%
FTLS Broad MarketFirst Trust Long/Short Equity ETF0.46+62.9%0.99−5.6%+2.6%−4.8%+6.5%——————40.7%+24.5%
SMH TechnologyVanEck Semiconductor ETF0.40+323%0.97−33.5%+55.5%−9.1%+35.6%+6.8%−44.7%−6.7%+10.8%−14.6%—43.2%+30.0%
GLD CommoditiesSPDR Gold Shares0.00+126%0.96−0.8%+24.8%−1.9%+8.0%+9.6%+4.9%+22.6%+17.8%——40.1%+26.7%
IOO InternationaliShares Global 100 ETF0.48+107%0.94−16.3%+18.6%−6.3%+8.3%−4.1%−36.1%+19.9%+4.3%−14.3%—41.5%+25.6%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.43+136%0.93−10.4%+28.2%−0.9%+7.4%——————41.9%+26.6%

Stocks

InvestmentCorrelation5Y returnSharpe202220202018201620112008200620052001200080/20 mix volatility80/20 mix annual return
RCL Royal Caribbean Cruises Ltd. (this page)1.00+255%0.77−35.7%−43.5%−16.1%−17.1%−46.9%−67.1%−6.8%−16.2%−37.2%−45.3%49.9%+25.3%
CAH Medical - DistributionCardinal Health, Inc.0.35+479%1.55+54.1%+10.1%−24.5%−17.5%+8.1%−39.6%−5.8%+18.7%−2.5%+108%42.1%+30.1%
CLS Hardware, Equipment & PartsCelestica Inc.0.38+3,143%1.47+1.3%−2.4%−16.3%+7.4%−24.4%−20.5%−26.0%−25.2%−25.6%−2.3%45.6%+43.0%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.28+1,636%1.46+17.0%+6.7%+0.8%+18.3%−17.0%−15.2%+38.9%+20.1%+73.7%−71.1%43.3%+39.5%
MCK Medical - DistributionMcKesson Corporation0.12+413%1.44+51.8%+27.1%−28.4%−28.3%+11.8%−40.4%−1.2%+64.9%+4.9%+61.2%40.8%+30.1%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.14+690%1.41+86.6%−27.4%−8.2%+0.7%——————41.3%+32.8%
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Common questions

What was RCL's worst drawdown?

RCL's deepest decline since it began trading in 1993 was 89.5%, from December 2004 to March 2009. It took about five years from the low to climb back to its old high.

What were RCL's best and worst years?

Over 29 full calendar years, RCL's best year was 2023, when it returned 162%. Its worst was 2008, with a return of -67.1%.

Is there a better investment than RCL?

Among RCL's popular alternatives, MAR fell less than RCL in each recent sell-off and kept up with it over the past decade. Looking beyond its popular alternatives, HLT (hotels & resorts) and IHG (hotels & resorts) fell less than RCL in each recent sell-off and kept up with it over the past decade.

Is RCL more volatile than the S&P 500?

Yes. RCL's volatility over the past 5 years was 48.4%, 2.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, RCL's return lands within 48.4% 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 RCL's Sharpe ratio?

RCL's Sharpe ratio over the past 5 years was 0.77, against 0.79 for the S&P 500, so RCL 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 RCL with the S&P 500?

Over the past 5 years, RCL's monthly returns had a correlation of 0.57 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 RCL instead: the lower it is, the more that option would diversify a RCL holding.

What are the best alternatives to RCL?

None of the nine popular alternatives we compared outperformed RCL in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about RCL's strength than about its alternatives.

Did RCL outperform the S&P 500?

RCL finished ahead of the S&P 500 (SPY) in 17 of 29 full calendar years. In 2025, it returned +22.5%, against +17.7% for the index.

How did RCL do in stock market crashes?

RCL fell less than the S&P 500 (SPY) in one of the ten major crashes it has traded through, and further in nine. The clearest case was the Covid crash, when RCL fell 79.7% and the S&P 500 fell 33.7%.

What diversifies RCL?

These had a low correlation with RCL over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.42), DXJ (correlation 0.40) and EMLP (correlation 0.42); among large stocks, CAH (correlation 0.35), CLS (correlation 0.38) and FIX (correlation 0.28). A correlation near zero means the two have moved largely independently.

How we measure

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Popular alternatives to RCL

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