In 2023, shares of (NYSE: CCL) crushed the overall market, as they soared 130%. But this performance didn't do enough for long-term shareholders looking to claw back losses.

If you invested $1,000 five years ago in this cruise line stock, you'd be sitting on a balance of $320 today (as of Jan. 18). This translates to a loss of 68% since January 2019. For comparison's sake, the S 500 rose 81% during this same time.

Let's look at what's happened with Carnival in the past and then consider the company's investment merits from today's perspective.

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Source Fool.com