NKE vs UA: Correlation
Measured on weekly returns over the past three years, Nike, Inc. (NKE) and Under Armour, Inc. (UA) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NKE and UA?
Over the past 3 years, NKE and UA moved with a correlation of 0.42, which is moderate. The relationship has been stable: the 1-year correlation (0.48) sits close to the 3-year figure. Over 5 years the correlation is 0.53, and the annualized covariance of weekly returns is 714.9 %².
Among the 33 assets we track against NKE, UA ranks #9 by 3-year correlation. Correlation aside, the last 12 months split them widely, with UA ahead by 49.6 points (-49.4% versus +0.2%).
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.
NKE vs UA: side by side
| NKE (Nike, Inc.) | UA (Under Armour, Inc.) | |
|---|---|---|
| 1-year return | -49.4% | +0.2% |
| 5-year return | -75.2% | -76.2% |
| Volatility (ann.) | 36.6% | 46.7% |
| Beta vs S&P 500 | 0.93 | 0.99 |
| Max drawdown (3Y) | -66.9% | -60.2% |
| Market cap | $57.0B | $2.1B |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 4.22% | 0.00% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | NKE | UA |
|---|---|---|
| 2022 | -29.0% | -50.6% |
| 2023 | -6.0% | -6.4% |
| 2024 | -29.1% | -10.7% |
| 2025 | -13.8% | -35.7% |
| 2026 | -38.7% | +3.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NKE and UA good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NKE and UA?
The NKE/UA correlation stands at 0.42 on a 3-year window (1 year: 0.48, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is UA a good diversifier for NKE?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 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.
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Related comparisons
Hubs: NKE correlations · UA correlations
