NVR vs ULTA: Correlation
How closely do NVR, Inc. (NVR) and Ulta Beauty (ULTA) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVR and ULTA?
Over the past 3 years, NVR and ULTA moved with a correlation of 0.34, which is moderate. The past 12 months show a tighter link (0.48) than the 3-year average (0.34). Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 283.7 %².
By 3-year correlation, ULTA places #26 of the 38 assets tracked against NVR. The last year tells two different stories: ULTA led by 22.0 percentage points, -20.8% for NVR against +1.2% for ULTA. The rolling one-year correlation moved between 0.15 and 0.51 over the past three years, a moderate range. Risk is not evenly split, since ULTA carries 1.5 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.
NVR vs ULTA: side by side
| NVR (NVR, Inc.) | ULTA (Ulta Beauty) | |
|---|---|---|
| 1-year return | -20.8% | +1.2% |
| 5-year return | +24.2% | +41.0% |
| Volatility (ann.) | 23.4% | 35.3% |
| Beta vs S&P 500 | 0.53 | 0.75 |
| Max drawdown (3Y) | -43.9% | -44.6% |
| Market cap | $17.0B | $23.2B |
| P/E (trailing) | 16.6 | 20.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Consumer Discretionary | Consumer Discretionary |
Year-by-year returns
| Year | NVR | ULTA |
|---|---|---|
| 2022 | -21.9% | +13.8% |
| 2023 | +51.8% | +4.5% |
| 2024 | +16.8% | -11.2% |
| 2025 | -10.8% | +39.1% |
| 2026 | -12.7% | -10.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVR and ULTA good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NVR and ULTA?
The NVR/ULTA correlation stands at 0.34 on a 3-year window (1 year: 0.48, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is ULTA a good diversifier for NVR?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.34 mean?
A reading of 0.34 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: NVR correlations · ULTA correlations
