M vs ULTA: Correlation
How closely do Macy's Inc (M) and Ulta Beauty (ULTA) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are M and ULTA?
On 3 years of weekly data the M/ULTA correlation comes out at 0.39, moderate. Recent behaviour matches the longer record: 0.40 over 1 year against 0.39 over 3. The 5-year figure is 0.47, and annualized covariance runs at 674.9 %².
Within M's tracked universe of 14 assets, ULTA comes in at #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months M outperformed by 70.6 percentage points (+71.8% for M 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.
M vs ULTA: side by side
| M (Macy's Inc) | ULTA (Ulta Beauty) | |
|---|---|---|
| 1-year return | +71.8% | +1.2% |
| 5-year return | +21.5% | +41.0% |
| Volatility (ann.) | 49.3% | 35.3% |
| Beta vs S&P 500 | 1.06 | 0.75 |
| Max drawdown (3Y) | -51.3% | -44.6% |
| Market cap | $5.9B | $23.2B |
| P/E (trailing) | 9.4 | 20.4 |
| Dividend yield | 3.24% | 0.00% |
| Sector / category | US Listed | Consumer Discretionary |
Year-by-year returns
| Year | M | ULTA |
|---|---|---|
| 2022 | -18.7% | +13.8% |
| 2023 | +1.6% | +4.5% |
| 2024 | -12.4% | -11.2% |
| 2025 | +36.5% | +39.1% |
| 2026 | +4.0% | -10.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are M and ULTA good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between M and ULTA?
As of 2026-08-27, the correlation of weekly returns between M and ULTA is 0.39 over 3 years, 0.40 over 1 year and 0.47 over 5 years.
Is ULTA a good diversifier for M?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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/m-vs-ulta.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: M correlations · ULTA correlations
