BBWI vs ULTA: Correlation
Measured on weekly returns over the past three years, Bath & Body Works, Inc. (BBWI) and Ulta Beauty (ULTA) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BBWI and ULTA?
Across a 3-year window, the weekly returns of BBWI and ULTA correlate at 0.43, moderate. The relationship has been stable: the 1-year correlation (0.48) sits close to the 3-year figure. Stretching to 5 years gives 0.41, with an annualized covariance of 758.1 %².
Within BBWI's tracked universe of 14 assets, ULTA comes in at #7 by 3-year correlation. The last year tells two different stories: ULTA led by 39.5 percentage points, -38.3% for BBWI against +1.2% for ULTA.
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.
BBWI vs ULTA: side by side
| BBWI (Bath & Body Works, Inc.) | ULTA (Ulta Beauty) | |
|---|---|---|
| 1-year return | -38.3% | +1.2% |
| 5-year return | -69.3% | +41.0% |
| Volatility (ann.) | 50.5% | 35.3% |
| Beta vs S&P 500 | 1.37 | 0.75 |
| Max drawdown (3Y) | -70.0% | -44.6% |
| Market cap | $3.8B | $23.2B |
| P/E (trailing) | 5.0 | 20.4 |
| Dividend yield | 2.12% | 0.00% |
| Sector / category | US Listed | Consumer Discretionary |
Year-by-year returns
| Year | BBWI | ULTA |
|---|---|---|
| 2022 | -38.4% | +13.8% |
| 2023 | +4.7% | +4.5% |
| 2024 | -8.3% | -11.2% |
| 2025 | -46.5% | +39.1% |
| 2026 | -4.3% | -10.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BBWI and ULTA good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BBWI and ULTA?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.48 over the last year and 0.41 over 5 years.
Is ULTA a good diversifier for BBWI?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 mean?
A reading of 0.43 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/bbwi-vs-ulta.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bbwi-vs-ulta/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BBWI correlations · ULTA correlations
