NKE vs. ULTA

Last updated Jun 6, 2026

NKE (NIKE, Inc.) and ULTA (Ulta Beauty, Inc.) are both stocks. Both are in the Consumer Cyclical sector — NKE in Footwear & Accessories, ULTA in Specialty Retail. Over the past 10 years, NKE returned -0.82%/yr vs 6.92%/yr for ULTA. At a 0.40 correlation, their price movements are largely independent.

Performance

NKE vs. ULTA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NIKE, Inc. (NKE) 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, NKE achieves a -31.48% return, which is significantly lower than ULTA's -22.80% return. Over the past 10 years, NKE has underperformed ULTA with an annualized return of -0.82%, while ULTA has yielded a comparatively higher 6.92% annualized return.

NKE

• 1D: -1.47%
• 1M: -1.17%
• YTD: -31.48%
• 6M: -33.72%
• 1Y: -29.54%
• 3Y*: -24.47%
• 5Y*: -18.98%
• 10Y*: -0.82%

ULTA

• 1D: 0.98%
• 1M: -12.71%
• YTD: -22.80%
• 6M: -22.35%
• 1Y: 0.01%
• 3Y*: 3.81%
• 5Y*: 7.42%
• 10Y*: 6.92%

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

NKE vs. ULTA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NKE NIKE, Inc.	-31.48%	-13.83%	-29.11%	-6.01%	-29.04%	18.70%	40.97%	38.09%	19.87%	24.70%
ULTA Ulta Beauty, Inc.	-22.80%	39.11%	-11.24%	4.46%	13.76%	43.59%	13.44%	3.39%	9.47%	-12.27%

Correlation

The correlation between NKE and ULTA is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Oct 26, 2007	0.40

The correlation between NKE and ULTA shifts across timeframes, from 0.29 (1 year) to 0.43 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap NKE : $63.63B ULTA : $20.53B
EPS NKE : $1.52 ULTA : $26.57
PE Ratio NKE : 28.27 ULTA : 17.58
PS Ratio NKE : 1.37 ULTA : 1.64
PB Ratio NKE : 4.52 ULTA : 7.96
Total Revenue (TTM) NKE : $46.52B ULTA : $12.71B
Gross Profit (TTM) NKE : $18.99B ULTA : $5.00B
EBITDA (TTM) NKE : $3.33B ULTA : $1.81B

Return for Risk

NKE vs. ULTA — Risk / Return Rank

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

NKE

NKE Risk / Return Rank: 13
NKE Sharpe Ratio Rank: 10
NKE Sortino Ratio Rank: 12
NKE Omega Ratio Rank: 12
NKE Calmar Ratio Rank: 18
NKE Martin Ratio Rank: 13

ULTA

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

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.

NKE vs. ULTA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NIKE, Inc. (NKE) 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.

	NKE	ULTA	Difference
Sharpe ratio: Return per unit of total volatility	-0.78	0.00	-0.78
Sortino ratio: Return per unit of downside risk	-1.00	0.23	-1.23
Omega ratio: Gain probability vs. loss probability	0.87	1.03	-0.16
Calmar ratio: Return relative to maximum drawdown	-0.64	0.00	-0.64
Martin ratio: Return relative to average drawdown	-1.25	0.00	-1.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NKE vs. ULTA - Sharpe Ratio Comparison

The current NKE Sharpe Ratio is -0.78, which is lower than the ULTA Sharpe Ratio of 0.00. The chart below compares the historical Sharpe Ratios of NKE 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

	NKE	ULTA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.78	0.00	-0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.53	0.22	-0.75
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.03	0.18	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.35	+0.05

Drawdowns

NKE vs. ULTA - Drawdown Comparison

The maximum NKE drawdown since its inception was -75.19%, smaller than the maximum ULTA drawdown of -87.89%. Use the drawdown chart below to compare losses from any high point for NKE and ULTA.

Drawdown Indicators

	NKE	ULTA	Difference
Max Drawdown Largest peak-to-trough decline	-75.19%	-87.89%	+12.70%
Max Drawdown (1Y) Largest decline over 1 year	-46.18%	-34.56%	-11.62%
Max Drawdown (3Y) Largest decline over 3 years	-64.21%	-44.56%	-19.65%
Max Drawdown (5Y) Largest decline over 5 years	-74.64%	-44.56%	-30.08%
Max Drawdown (10Y) Largest decline over 10 years	-74.64%	-64.92%	-9.72%
Current Drawdown Current decline from peak	-73.74%	-33.92%	-39.82%
Average Drawdown Average peak-to-trough decline	-20.91%	-20.80%	-0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.65%	13.33%	+10.32%

Volatility

NKE vs. ULTA - Volatility Comparison

NIKE, Inc. (NKE) and Ulta Beauty, Inc. (ULTA) have volatilities of 9.50% and 9.12%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NKE	ULTA	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.50%	9.12%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	29.21%	27.72%	+1.49%
Volatility (1Y) Calculated over the trailing 1-year period	38.14%	33.17%	+4.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.80%	34.27%	+1.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.24%	38.30%	-6.06%

Dividends

NKE vs. ULTA - Dividend Comparison

NKE's dividend yield for the trailing twelve months is around 3.79%, while ULTA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NKE NIKE, Inc.	3.79%	2.53%	2.00%	1.28%	1.07%	0.68%	0.71%	0.89%	1.11%	1.18%	1.30%	0.93%
ULTA Ulta Beauty, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

NKE vs. ULTA - Profitability Comparison

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

NKE - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, NIKE, Inc. reported a gross profit of 4.53B and revenue of 11.28B. Therefore, the gross margin over that period was 40.2%.

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%.

NKE - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, NIKE, Inc. reported an operating income of 553.00M and revenue of 11.28B, resulting in an operating margin of 4.9%.

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%.

NKE - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, NIKE, Inc. reported a net income of 520.00M and revenue of 11.28B, resulting in a net margin of 4.6%.

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 NKE and ULTA in my portfolio?

NKE and ULTA have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NKE or ULTA?

NKE has higher volatility (9.50%) compared to ULTA (9.12%). In terms of maximum drawdown, NKE dropped -75.19% vs ULTA's -87.89%.

Which has better risk-adjusted returns?

ULTA currently has the higher Sharpe Ratio (0.00 vs -0.78), 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.