GSIW vs ULTA: Correlation
How closely do Garden Stage Limited - Class A (GSIW) and Ulta Beauty (ULTA) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GSIW and ULTA?
Over the past 3 years, GSIW and ULTA moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.37 versus -0.25 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -1432.2 %².
Out of 22 assets tracked against GSIW, ULTA lands near the bottom at #19. The last year tells two different stories: ULTA led by 25.7 percentage points, -24.5% for GSIW against +1.2% for ULTA. Risk is not evenly split, since GSIW carries 4.5 times the volatility of the other side.
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.
GSIW vs ULTA: side by side
| GSIW (Garden Stage Limited - Class A) | ULTA (Ulta Beauty) | |
|---|---|---|
| 1-year return | -24.5% | +1.2% |
| 5-year return | n/a | +41.0% |
| Volatility (ann.) | 159.9% | 35.3% |
| Beta vs S&P 500 | 1.06 | 0.75 |
| Max drawdown (3Y) | -99.7% | -44.6% |
| Market cap | – | $23.2B |
| P/E (trailing) | – | 20.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Consumer Discretionary |
Year-by-year returns
| Year | GSIW | ULTA |
|---|---|---|
| 2022 | – | +13.8% |
| 2023 | – | +4.5% |
| 2024 | -91.5% | -11.2% |
| 2025 | -80.6% | +39.1% |
| 2026 | -41.5% | -10.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GSIW and ULTA good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between GSIW and ULTA?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.37 over the last year and n/a over 5 years.
Is ULTA a good diversifier for GSIW?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gsiw-vs-ulta.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: GSIW correlations · ULTA correlations
