ELF vs ULTA: Correlation
How closely do e.l.f. Beauty, Inc. (ELF) and Ulta Beauty (ULTA) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELF and ULTA?
Over the past 3 years, ELF and ULTA moved with a correlation of 0.42, which is moderate. Recent behaviour matches the longer record: 0.40 over 1 year against 0.42 over 3. Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 995.9 %².
By 3-year correlation, ULTA places #8 of the 14 assets tracked against ELF. Correlation aside, the last 12 months split them widely, with ULTA ahead by 16.2 points (-15.0% versus +1.2%). One caveat on sizing: ELF is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ELF vs ULTA: side by side
| ELF (e.l.f. Beauty, Inc.) | ULTA (Ulta Beauty) | |
|---|---|---|
| 1-year return | -15.0% | +1.2% |
| 5-year return | +244.4% | +41.0% |
| Volatility (ann.) | 67.7% | 35.3% |
| Beta vs S&P 500 | 2.00 | 0.75 |
| Max drawdown (3Y) | -77.3% | -44.6% |
| Market cap | $6.3B | $23.2B |
| P/E (trailing) | 108.3 | 20.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Consumer Discretionary |
Year-by-year returns
| Year | ELF | ULTA |
|---|---|---|
| 2022 | +66.5% | +13.8% |
| 2023 | +161.0% | +4.5% |
| 2024 | -13.0% | -11.2% |
| 2025 | -39.4% | +39.1% |
| 2026 | +39.6% | -10.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELF and ULTA good diversifiers for each other?
Reasonably. At 0.42, ELF and ULTA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ELF and ULTA?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.40 over the last year and 0.38 over 5 years.
Is ULTA a good diversifier for ELF?
Reasonably. At 0.42, ELF and ULTA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: ELF correlations · ULTA correlations
