EQNR vs ULTA: Correlation
How closely do Equinor ASA (EQNR) and Ulta Beauty (ULTA) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQNR and ULTA?
Across a 3-year window, the weekly returns of EQNR and ULTA correlate at -0.21, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.26 over 1 year against -0.21 over 3. Stretching to 5 years gives -0.07, with an annualized covariance of -246.5 %².
By 3-year correlation, ULTA places #39 of the 79 assets tracked against EQNR. Correlation aside, the last 12 months split them widely, with EQNR ahead by 76.0 points (+77.2% 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.
EQNR vs ULTA: side by side
| EQNR (Equinor ASA) | ULTA (Ulta Beauty) | |
|---|---|---|
| 1-year return | +77.2% | +1.2% |
| 5-year return | +180.6% | +41.0% |
| Volatility (ann.) | 33.2% | 35.3% |
| Beta vs S&P 500 | -0.25 | 0.75 |
| Max drawdown (3Y) | -27.6% | -44.6% |
| Market cap | $98.6B | $23.2B |
| P/E (trailing) | 11.2 | 20.4 |
| Dividend yield | 3.73% | 0.00% |
| Sector / category | US Listed | Consumer Discretionary |
Year-by-year returns
| Year | EQNR | ULTA |
|---|---|---|
| 2022 | +42.8% | +13.8% |
| 2023 | -0.8% | +4.5% |
| 2024 | -16.0% | -11.2% |
| 2025 | +6.1% | +39.1% |
| 2026 | +81.8% | -10.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQNR and ULTA good diversifiers for each other?
Yes. With a correlation of -0.21, EQNR and ULTA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EQNR and ULTA?
As of 2026-08-27, the correlation of weekly returns between EQNR and ULTA is -0.21 over 3 years, -0.26 over 1 year and -0.07 over 5 years.
Is ULTA a good diversifier for EQNR?
Yes. With a correlation of -0.21, EQNR and ULTA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/eqnr-vs-ulta.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: EQNR correlations · ULTA correlations
