AXON vs. ULTA

Last updated Jun 9, 2026

AXON (Axon Enterprise, Inc.) and ULTA (Ulta Beauty, Inc.) are both stocks. AXON operates in Aerospace & Defense (Industrials), while ULTA operates in Specialty Retail (Consumer Cyclical). Over the past 10 years, AXON returned 35.39%/yr vs 6.79%/yr for ULTA. At a 0.27 correlation, their price movements are largely independent.

Performance

AXON vs. ULTA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Axon Enterprise, Inc. (AXON) and Ulta Beauty, Inc. (ULTA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AXON achieves a -17.06% return, which is significantly higher than ULTA's -23.51% return. Over the past 10 years, AXON has outperformed ULTA with an annualized return of 35.39%, while ULTA has yielded a comparatively lower 6.79% annualized return.

AXON

• 1D: -3.10%
• 1M: 16.73%
• YTD: -17.06%
• 6M: -14.84%
• 1Y: -40.51%
• 3Y*: 34.22%
• 5Y*: 26.05%
• 10Y*: 35.39%

ULTA

• 1D: -0.91%
• 1M: -11.27%
• YTD: -23.51%
• 6M: -21.47%
• 1Y: -0.61%
• 3Y*: 2.99%
• 5Y*: 6.83%
• 10Y*: 6.79%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AXON vs. ULTA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AXON Axon Enterprise, Inc.	-17.06%	-4.44%	130.06%	55.69%	5.69%	28.13%	67.21%	67.50%	65.09%	9.32%
ULTA Ulta Beauty, Inc.	-23.51%	39.11%	-11.24%	4.46%	13.76%	43.59%	13.44%	3.39%	9.47%	-12.27%

Correlation

The correlation between AXON and ULTA is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Oct 25, 2007	0.27

The correlation between AXON and ULTA shifts across timeframes, from 0.09 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap AXON : $38.85B ULTA : $20.35B
EPS AXON : $2.41 ULTA : $26.57
PE Ratio AXON : 195.83 ULTA : 17.42
PEG Ratio AXON : 0.06 ULTA : 1.73
PS Ratio AXON : 13.54 ULTA : 1.63
PB Ratio AXON : 10.99 ULTA : 7.88
Total Revenue (TTM) AXON : $2.98B ULTA : $12.71B
Gross Profit (TTM) AXON : $1.77B ULTA : $5.00B
EBITDA (TTM) AXON : $156.24M ULTA : $1.81B

Return for Risk

AXON vs. ULTA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AXON

AXON Risk / Return Rank: 14
AXON Sharpe Ratio Rank: 11
AXON Sortino Ratio Rank: 13
AXON Omega Ratio Rank: 13
AXON Calmar Ratio Rank: 17
AXON Martin Ratio Rank: 16

ULTA

ULTA Risk / Return Rank: 39
ULTA Sharpe Ratio Rank: 41
ULTA Sortino Ratio Rank: 36
ULTA Omega Ratio Rank: 36
ULTA Calmar Ratio Rank: 42
ULTA Martin Ratio Rank: 41

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AXON vs. ULTA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Axon Enterprise, Inc. (AXON) and Ulta Beauty, Inc. (ULTA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AXON	ULTA	Difference
Sharpe ratio: Return per unit of total volatility	-0.73	-0.02	-0.71
Sortino ratio: Return per unit of downside risk	-0.93	0.21	-1.14
Omega ratio: Gain probability vs. loss probability	0.88	1.03	-0.15
Calmar ratio: Return relative to maximum drawdown	-0.67	-0.02	-0.66
Martin ratio: Return relative to average drawdown	-1.17	-0.05	-1.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AXON vs. ULTA - Sharpe Ratio Comparison

The current AXON Sharpe Ratio is -0.73, which is lower than the ULTA Sharpe Ratio of -0.02. The chart below compares the historical Sharpe Ratios of AXON and ULTA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AXON	ULTA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.73	-0.02	-0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.20	+0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.72	0.18	+0.54
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.35	+0.16

Drawdowns

AXON vs. ULTA - Drawdown Comparison

The maximum AXON drawdown since its inception was -91.78%, roughly equal to the maximum ULTA drawdown of -87.89%. Use the drawdown chart below to compare losses from any high point for AXON and ULTA.

Drawdown Indicators

	AXON	ULTA	Difference
Max Drawdown Largest peak-to-trough decline	-91.78%	-87.89%	-3.89%
Max Drawdown (1Y) Largest decline over 1 year	-60.28%	-34.56%	-25.72%
Max Drawdown (3Y) Largest decline over 3 years	-60.28%	-44.56%	-15.72%
Max Drawdown (5Y) Largest decline over 5 years	-60.28%	-44.56%	-15.72%
Max Drawdown (10Y) Largest decline over 10 years	-60.28%	-64.92%	+4.64%
Current Drawdown Current decline from peak	-45.92%	-34.52%	-11.40%
Average Drawdown Average peak-to-trough decline	-43.59%	-20.80%	-22.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.81%	13.51%	+21.30%

Volatility

AXON vs. ULTA - Volatility Comparison

Axon Enterprise, Inc. (AXON) has a higher volatility of 19.02% compared to Ulta Beauty, Inc. (ULTA) at 9.07%. This indicates that AXON's price experiences larger fluctuations and is considered to be riskier than ULTA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AXON	ULTA	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.02%	9.07%	+9.95%
Volatility (6M) Calculated over the trailing 6-month period	44.22%	27.67%	+16.55%
Volatility (1Y) Calculated over the trailing 1-year period	55.73%	33.25%	+22.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.97%	34.25%	+13.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.19%	38.32%	+10.87%

Dividends

AXON vs. ULTA - Dividend Comparison

Neither AXON nor ULTA has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

AXON vs. ULTA - Profitability Comparison

The chart below illustrates the profitability comparison between Axon Enterprise, Inc. and Ulta Beauty, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

AXON - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Axon Enterprise, Inc. reported a gross profit of 477.29M and revenue of 807.35M. Therefore, the gross margin over that period was 59.1%.

ULTA - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Ulta Beauty, Inc. reported a gross profit of 1.27B and revenue of 3.16B. Therefore, the gross margin over that period was 40.1%.

AXON - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Axon Enterprise, Inc. reported an operating income of 29.24M and revenue of 807.35M, resulting in an operating margin of 3.6%.

ULTA - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Ulta Beauty, Inc. reported an operating income of 448.26M and revenue of 3.16B, resulting in an operating margin of 14.2%.

AXON - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Axon Enterprise, Inc. reported a net income of 169.31M and revenue of 807.35M, resulting in a net margin of 21.0%.

ULTA - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Ulta Beauty, Inc. reported a net income of 340.47M and revenue of 3.16B, resulting in a net margin of 10.8%.

Frequently Asked Questions

Can I hold both AXON and ULTA in my portfolio?

AXON and ULTA have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AXON or ULTA?

AXON has higher volatility (19.02%) compared to ULTA (9.07%). In terms of maximum drawdown, AXON dropped -91.78% vs ULTA's -87.89%.

Which has better risk-adjusted returns?

ULTA currently has the higher Sharpe Ratio (-0.02 vs -0.73), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.