ULTA vs USO: Correlation
Ulta Beauty (ULTA) and United States Oil Fund (USO) show a negative relationship: their 3-year correlation of weekly returns is -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ULTA and USO?
Across a 3-year window, the weekly returns of ULTA and USO correlate at -0.21, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.33 versus -0.21 over 3 years. Stretching to 5 years gives -0.11, with an annualized covariance of -289.7 %².
Out of 31 assets tracked against ULTA, USO lands near the bottom at #27. The last year tells two different stories: USO led by 72.9 percentage points, +1.2% for ULTA against +74.1% for USO. Across three years, the rolling one-year figure varied moderately, from -0.31 to 0.11.
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.
ULTA vs USO: side by side
| ULTA (Ulta Beauty) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +1.2% | +74.1% |
| 5-year return | +41.0% | +168.6% |
| Volatility (ann.) | 35.3% | 39.4% |
| Beta vs S&P 500 | 0.75 | -0.20 |
| Max drawdown (3Y) | -44.6% | -32.5% |
| Market cap | $23.2B | – |
| P/E (trailing) | 20.4 | – |
| Dividend yield | 0.00% | – |
| Sector / category | Consumer Discretionary | ETF · Commodities |
Year-by-year returns
| Year | ULTA | USO |
|---|---|---|
| 2022 | +13.8% | +29.0% |
| 2023 | +4.5% | -4.9% |
| 2024 | -11.2% | +13.4% |
| 2025 | +39.1% | -8.5% |
| 2026 | -10.7% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ULTA and USO good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between ULTA and USO?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.33 over the last year and -0.11 over 5 years.
Is USO a good diversifier for ULTA?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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/ulta-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ulta-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ULTA correlations · USO correlations
