QQQ vs ULTA: Correlation
How closely do Invesco QQQ Trust (QQQ) and Ulta Beauty (ULTA) trade together? Their weekly returns over three years give a correlation of 0.27, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and ULTA?
On 3 years of weekly data the QQQ/ULTA correlation comes out at 0.27, weak. The relationship has been stable: the 1-year correlation (0.21) sits close to the 3-year figure. The 5-year figure is 0.31, and annualized covariance runs at 188.2 %².
Within QQQ's tracked universe of 4755 assets, ULTA comes in at #1924 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 25.1 percentage points (+26.3% for QQQ against +1.2% for ULTA). On a rolling one-year basis the correlation drifted between 0.04 and 0.38, a moderate band. Risk is not evenly split, since ULTA carries 1.8 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.
QQQ vs ULTA: side by side
| QQQ (Invesco QQQ Trust) | ULTA (Ulta Beauty) | |
|---|---|---|
| 1-year return | +26.3% | +1.2% |
| 5-year return | +95.4% | +41.0% |
| Volatility (ann.) | 19.6% | 35.3% |
| Beta vs S&P 500 | 1.28 | 0.75 |
| Max drawdown (3Y) | -22.8% | -44.6% |
| Market cap | – | $23.2B |
| P/E (trailing) | – | 20.4 |
| Dividend yield | 0.44% | 0.00% |
| Expense ratio | 0.18% | – |
| Assets under management | $452.8B | – |
| Sector / category | ETF · US Growth & Tech | Consumer Discretionary |
On the fund side, QQQ sits in the Large Growth category at Invesco, with $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | QQQ | ULTA |
|---|---|---|
| 2022 | -32.6% | +13.8% |
| 2023 | +54.9% | +4.5% |
| 2024 | +25.6% | -11.2% |
| 2025 | +20.8% | +39.1% |
| 2026 | +17.7% | -10.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and ULTA good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between QQQ and ULTA?
Using weekly returns as of 2026-08-27: 0.27 over 3 years, with 0.21 over the last year and 0.31 over 5 years.
Is ULTA a good diversifier for QQQ?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.27 mean?
A reading of 0.27 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: QQQ correlations · ULTA correlations
