In this paper, we analyze correlation property of time-hopping (TH) codes for time-hopping spread spectrum ultra wideband (THSS-UWB) communication systems. Several different definitions of TH periodic correlation function are compared and discussed. Based on the comparison, the relation between TH codes and frequency-hopping (FH) codes is obtained. Also, the averages of TH periodic correlation function values are investigated, and the relations between averages and four parameters of TH codes are introduced. Based on the result, low bound of maximal TH correlation function values is further given, where the expression of low bound of TH codes relates codes period, the number of time slots, TH codes family size and maximal TH correlation function values.