SPY vs ULTA: Correlation
SPDR S&P 500 ETF Trust (SPY) and Ulta Beauty (ULTA) show a moderate relationship: their 3-year correlation of weekly returns is 0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and ULTA?
Across a 3-year window, the weekly returns of SPY and ULTA correlate at 0.31, moderate. The relationship has been stable: the 1-year correlation (0.29) sits close to the 3-year figure. Stretching to 5 years gives 0.37, with an annualized covariance of 155.9 %².
Within SPY's tracked universe of 4755 assets, ULTA comes in at #2131 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 19.4 percentage points (+20.6% for SPY against +1.2% for ULTA). Stability stands out here, with the rolling one-year correlation confined to 0.23 through 0.43. One caveat on sizing: ULTA is 2.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
SPY vs ULTA: side by side
| SPY (SPDR S&P 500 ETF Trust) | ULTA (Ulta Beauty) | |
|---|---|---|
| 1-year return | +20.6% | +1.2% |
| 5-year return | +82.4% | +41.0% |
| Volatility (ann.) | 14.5% | 35.3% |
| Beta vs S&P 500 | 1.00 | 0.75 |
| Max drawdown (3Y) | -18.8% | -44.6% |
| Market cap | – | $23.2B |
| P/E (trailing) | – | 20.4 |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Consumer Discretionary |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | ULTA |
|---|---|---|
| 2022 | -18.2% | +13.8% |
| 2023 | +26.2% | +4.5% |
| 2024 | +24.9% | -11.2% |
| 2025 | +17.7% | +39.1% |
| 2026 | +13.7% | -10.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and ULTA good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and ULTA?
Using weekly returns as of 2026-08-27: 0.31 over 3 years, with 0.29 over the last year and 0.37 over 5 years.
Is ULTA a good diversifier for SPY?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 mean?
A reading of 0.31 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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Related comparisons
Hubs: SPY correlations · ULTA correlations
