HD vs ULTA: Correlation
Measured on weekly returns over the past three years, Home Depot (The) (HD) and Ulta Beauty (ULTA) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HD and ULTA?
On 3 years of weekly data the HD/ULTA correlation comes out at 0.41, moderate. Recent behaviour matches the longer record: 0.49 over 1 year against 0.41 over 3. The 5-year figure is 0.42, and annualized covariance runs at 340.8 %².
By 3-year correlation, ULTA places #39 of the 54 assets tracked against HD. The last year tells two different stories: ULTA led by 18.6 percentage points, -17.4% for HD against +1.2% for ULTA. Across three years, the rolling one-year figure varied moderately, from 0.19 to 0.52.
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.
HD vs ULTA: side by side
| HD (Home Depot (The)) | ULTA (Ulta Beauty) | |
|---|---|---|
| 1-year return | -17.4% | +1.2% |
| 5-year return | +13.8% | +41.0% |
| Volatility (ann.) | 23.6% | 35.3% |
| Beta vs S&P 500 | 0.87 | 0.75 |
| Max drawdown (3Y) | -28.8% | -44.6% |
| Market cap | $327.9B | $23.2B |
| P/E (trailing) | 23.4 | 20.4 |
| Dividend yield | 1.38% | 0.00% |
| Sector / category | Consumer Discretionary | Consumer Discretionary |
Year-by-year returns
| Year | HD | ULTA |
|---|---|---|
| 2022 | -22.0% | +13.8% |
| 2023 | +12.8% | +4.5% |
| 2024 | +15.0% | -11.2% |
| 2025 | -9.3% | +39.1% |
| 2026 | -3.1% | -10.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HD and ULTA good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HD and ULTA?
The HD/ULTA correlation stands at 0.41 on a 3-year window (1 year: 0.49, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is ULTA a good diversifier for HD?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 mean?
A reading of 0.41 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: HD correlations · ULTA correlations
