Tax-loss harvesting alternatives for ULTA

Among the 6 Other Specialty Retail peers screened, FIVE (Five Below) has tracked ULTA most closely over the past year, with a return correlation of 0.42. The strongest fund stand-in is XRT (SPDR S&P Retail ETF) at 0.46 over the past year. Correlations are computed from daily closing-price returns aligned by trading day.

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STOCKS

Single-name peers

Ticker	Name	Sub-industry	1Y	3Y	5Y	10Y
FIVE	Five Below	Other Specialty Retail	0.42	0.41	0.48	0.48
TSCO	Tractor Supply	Other Specialty Retail	0.21	0.26	0.36	0.35
WINA	Winmark	Other Specialty Retail	0.20	0.26	0.30	0.33
BBWI	Bath & Body Works, Inc.	Other Specialty Retail	0.19	0.33	0.38	0.40
CHWY	Chewy	Other Specialty Retail	0.18	0.18	0.25	0.14
VGNT	Versigent PLC	Other Specialty Retail	—	—	—	—

ETFS

Fund stand-ins

An ETF is generally not 'substantially identical' to a single stock, which is why funds are the standard wash-sale-aware replacement.

Ticker	Name	Focus	Match	1Y	3Y	5Y	10Y
XRT	SPDR S&P Retail ETF	Retail	INDUSTRY	0.46	0.50	0.55	0.54
IYC	iShares US Consumer Discretionary	Cons Discretionary Sector	SECTOR	0.33	0.43	0.50	0.54
RTH	VanEck Retail ETF	Retail	INDUSTRY	0.33	0.44	0.51	0.49
PEJ	Invesco Leisure & Entertainment	Leisure & Entertainment	INDUSTRY	0.32	0.39	0.47	0.55
FDIS	Fidelity MSCI Consumer Discretionary	Cons Discretionary Sector	SECTOR	0.29	0.40	0.48	0.51
VCR	Vanguard Consumer Discretionary	Cons Discretionary Sector	SECTOR	0.29	0.40	0.48	0.52
ITB	iShares US Home Construction	Homebuilders	SUB-IND	0.29	0.32	0.40	0.46
XHB	SPDR S&P Homebuilders ETF	Homebuilders	SUB-IND	0.28	0.34	0.43	0.49
XLY	Consumer Discretionary SPDR	Cons Discretionary Sector	SECTOR	0.27	0.38	0.46	0.51
DRIV	Global X Autonomous & EV ETF	Autonomous & EV	INDUSTRY	0.14	0.28	0.38	0.45
BETZ	Roundhill Sports Betting iGaming	Sports Betting	SUB-IND	0.13	0.26	0.37	0.39
CARZ	First Trust S-Network EV & FV	Autos & EVs	INDUSTRY	0.11	0.25	0.34	0.41

NEXT STEPS

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Replacement research for ULTA's peers

FIVE TSCO WINA BBWI CHWY VGNT

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Method: Pearson correlation of daily closing-price returns, Yahoo Finance data, series aligned by trading day, refreshed weekly. A cell is blank when overlapping history covers less than 60% of its window. Correlation is descriptive, not predictive. Wash-sale treatment depends on facts and circumstances — confirm with a tax professional. Not investment advice.