SBH vs. ULTA

Last updated Jun 3, 2026

SBH (Sally Beauty Holdings, Inc.) and ULTA (Ulta Beauty, Inc.) are both stocks. Both operate in the Specialty Retail industry within the Consumer Cyclical sector. Over the past 10 years, SBH returned -8.46%/yr vs 7.66%/yr for ULTA. At a 0.43 correlation, their price movements are largely independent.

Performance

SBH vs. ULTA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sally Beauty Holdings, Inc. (SBH) 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, SBH achieves a -12.06% return, which is significantly higher than ULTA's -18.20% return. Over the past 10 years, SBH has underperformed ULTA with an annualized return of -8.46%, while ULTA has yielded a comparatively higher 7.66% annualized return.

SBH

• 1D: -2.34%
• 1M: -10.62%
• YTD: -12.06%
• 6M: -20.73%
• 1Y: 42.50%
• 3Y*: 1.68%
• 5Y*: -10.11%
• 10Y*: -8.46%

ULTA

• 1D: -1.18%
• 1M: -6.97%
• YTD: -18.20%
• 6M: -9.70%
• 1Y: 4.04%
• 3Y*: 5.42%
• 5Y*: 8.25%
• 10Y*: 7.66%

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

SBH vs. ULTA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SBH Sally Beauty Holdings, Inc.	-12.06%	36.46%	-21.31%	6.07%	-32.18%	41.56%	-28.55%	7.04%	-9.12%	-28.99%
ULTA Ulta Beauty, Inc.	-18.20%	39.11%	-11.24%	4.46%	13.76%	43.59%	13.44%	3.39%	9.47%	-12.27%

Correlation

The correlation between SBH and ULTA is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Oct 26, 2007	0.43

Fundamentals

Market Cap SBH : $1.26B ULTA : $21.76B
EPS SBH : $1.81 ULTA : $26.57
PE Ratio SBH : 6.92 ULTA : 18.62
PS Ratio SBH : 0.34 ULTA : 1.74
PB Ratio SBH : 1.50 ULTA : 8.43
Total Revenue (TTM) SBH : $3.73B ULTA : $12.71B
Gross Profit (TTM) SBH : $1.93B ULTA : $5.00B
EBITDA (TTM) SBH : $354.98M ULTA : $1.81B

Return for Risk

SBH vs. ULTA — Risk / Return Rank

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

SBH

SBH Risk / Return Rank: 66
SBH Sharpe Ratio Rank: 68
SBH Sortino Ratio Rank: 65
SBH Omega Ratio Rank: 62
SBH Calmar Ratio Rank: 68
SBH Martin Ratio Rank: 69

ULTA

ULTA Risk / Return Rank: 42
ULTA Sharpe Ratio Rank: 44
ULTA Sortino Ratio Rank: 39
ULTA Omega Ratio Rank: 39
ULTA Calmar Ratio Rank: 44
ULTA Martin Ratio Rank: 44

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.

SBH vs. ULTA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sally Beauty Holdings, Inc. (SBH) 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.

	SBH	ULTA	Difference
Sharpe ratio Return per unit of total volatility	0.90	0.12	+0.78
Sortino ratio Return per unit of downside risk	1.54	0.41	+1.13
Omega ratio Gain probability vs. loss probability	1.18	1.05	+0.12
Calmar ratio Return relative to maximum drawdown	1.44	0.15	+1.29
Martin ratio Return relative to average drawdown	3.79	0.39	+3.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SBH vs. ULTA - Sharpe Ratio Comparison

The current SBH Sharpe Ratio is 0.90, which is higher than the ULTA Sharpe Ratio of 0.12. The chart below compares the historical Sharpe Ratios of SBH 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

	SBH	ULTA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.90	0.12	+0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.21	0.24	-0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.17	0.20	-0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.36	-0.31

Drawdowns

SBH vs. ULTA - Drawdown Comparison

The maximum SBH drawdown since its inception was -80.53%, smaller than the maximum ULTA drawdown of -87.89%. Use the drawdown chart below to compare losses from any high point for SBH and ULTA.

Drawdown Indicators

	SBH	ULTA	Difference
Max Drawdown Largest peak-to-trough decline	-80.53%	-87.89%	+7.36%
Max Drawdown (1Y) Largest decline over 1 year	-30.47%	-32.11%	+1.64%
Max Drawdown (3Y) Largest decline over 3 years	-45.22%	-44.56%	-0.66%
Max Drawdown (5Y) Largest decline over 5 years	-68.21%	-44.56%	-23.65%
Max Drawdown (10Y) Largest decline over 10 years	-77.79%	-64.92%	-12.87%
Current Drawdown Current decline from peak	-64.05%	-29.99%	-34.06%
Average Drawdown Average peak-to-trough decline	-36.14%	-20.79%	-15.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.61%	12.81%	-1.20%

Volatility

SBH vs. ULTA - Volatility Comparison

Sally Beauty Holdings, Inc. (SBH) has a higher volatility of 13.59% compared to Ulta Beauty, Inc. (ULTA) at 8.70%. This indicates that SBH'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

	SBH	ULTA	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.59%	8.70%	+4.89%
Volatility (6M) Calculated over the trailing 6-month period	30.60%	27.28%	+3.32%
Volatility (1Y) Calculated over the trailing 1-year period	47.51%	32.81%	+14.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.82%	34.21%	+14.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.79%	38.28%	+11.51%

Dividends

SBH vs. ULTA - Dividend Comparison

Neither SBH nor ULTA has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

SBH vs. ULTA - Profitability Comparison

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

SBH - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Sally Beauty Holdings, Inc. reported a gross profit of 475.77M and revenue of 903.38M. Therefore, the gross margin over that period was 52.7%.

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%.

SBH - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Sally Beauty Holdings, Inc. reported an operating income of 71.93M and revenue of 903.38M, resulting in an operating margin of 8.0%.

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%.

SBH - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Sally Beauty Holdings, Inc. reported a net income of 42.70M and revenue of 903.38M, resulting in a net margin of 4.7%.

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 SBH and ULTA in my portfolio?

SBH and ULTA have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SBH or ULTA?

SBH has higher volatility (13.59%) compared to ULTA (8.70%). In terms of maximum drawdown, SBH dropped -80.53% vs ULTA's -87.89%.

Which has better risk-adjusted returns?

SBH currently has the higher Sharpe Ratio (0.90 vs 0.12), 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.