OXY vs ULTA: Correlation
How closely do Occidental Petroleum (OXY) and Ulta Beauty (ULTA) trade together? Their weekly returns over three years give a correlation of -0.18, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OXY and ULTA?
Across a 3-year window, the weekly returns of OXY and ULTA correlate at -0.18, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.20 over 1 year against -0.18 over 3. Stretching to 5 years gives -0.06, with an annualized covariance of -189.9 %².
Within OXY's tracked universe of 38 assets, ULTA comes in at #27 by 3-year correlation. The last year tells two different stories: OXY led by 27.7 percentage points, +28.9% for OXY against +1.2% for ULTA. On a rolling one-year basis the correlation drifted between -0.30 and 0.10, a moderate band.
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.
OXY vs ULTA: side by side
| OXY (Occidental Petroleum) | ULTA (Ulta Beauty) | |
|---|---|---|
| 1-year return | +28.9% | +1.2% |
| 5-year return | +150.8% | +41.0% |
| Volatility (ann.) | 30.6% | 35.3% |
| Beta vs S&P 500 | 0.13 | 0.75 |
| Max drawdown (3Y) | -46.9% | -44.6% |
| Market cap | $59.1B | $23.2B |
| P/E (trailing) | 17.3 | 20.4 |
| Dividend yield | 1.71% | 0.00% |
| Sector / category | Energy | Consumer Discretionary |
Year-by-year returns
| Year | OXY | ULTA |
|---|---|---|
| 2022 | +119.1% | +13.8% |
| 2023 | -4.1% | +4.5% |
| 2024 | -15.9% | -11.2% |
| 2025 | -14.9% | +39.1% |
| 2026 | +45.2% | -10.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OXY and ULTA good diversifiers for each other?
Yes: at -0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between OXY and ULTA?
The OXY/ULTA correlation stands at -0.18 on a 3-year window (1 year: -0.20, 5 years: -0.06), computed from weekly returns as of 2026-08-27.
Is ULTA a good diversifier for OXY?
Yes: at -0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.18 mean?
On the −1 to +1 scale, -0.18 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/oxy-vs-ulta.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: OXY correlations · ULTA correlations
