ASO vs ULTA: Correlation
Academy Sports and Outdoors, Inc. (ASO) and Ulta Beauty (ULTA) show a moderate relationship: their 3-year correlation of weekly returns is 0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASO and ULTA?
On 3 years of weekly data the ASO/ULTA correlation comes out at 0.39, moderate. Recent behaviour matches the longer record: 0.35 over 1 year against 0.39 over 3. The 5-year figure is 0.47, and annualized covariance runs at 547.5 %².
Among the 16 assets we track against ASO, ULTA sits near the bottom by co-movement, at rank #12. Correlation aside, the last 12 months split them widely, with ULTA ahead by 24.7 points (-23.5% versus +1.2%).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
ASO vs ULTA: side by side
| ASO (Academy Sports and Outdoors, Inc.) | ULTA (Ulta Beauty) | |
|---|---|---|
| 1-year return | -23.5% | +1.2% |
| 5-year return | +2.0% | +41.0% |
| Volatility (ann.) | 39.7% | 35.3% |
| Beta vs S&P 500 | 1.26 | 0.75 |
| Max drawdown (3Y) | -54.2% | -44.6% |
| Market cap | $2.6B | $23.2B |
| P/E (trailing) | 7.7 | 20.4 |
| Dividend yield | 1.29% | 0.00% |
| Sector / category | US Listed | Consumer Discretionary |
Year-by-year returns
| Year | ASO | ULTA |
|---|---|---|
| 2022 | +20.6% | +13.8% |
| 2023 | +26.4% | +4.5% |
| 2024 | -12.2% | -11.2% |
| 2025 | -12.2% | +39.1% |
| 2026 | -14.2% | -10.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASO and ULTA good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ASO and ULTA?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.35 over the last year and 0.47 over 5 years.
Is ULTA a good diversifier for ASO?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 mean?
A reading of 0.39 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aso-vs-ulta.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aso-vs-ulta/)
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Related comparisons
Hubs: ASO correlations · ULTA correlations
