Relative Intelligence · Pharmaceuticals
How Novo Nordisk A/S (NVO) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on NVO alone. It places NVO (Novo Nordisk A/S) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where NVO stands in the market, and of the alternatives worth a closer look.
Period covered: NVO's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.
Data as of October 20, 2026. Full tables and charts read best on a larger screen.
On this page12 sections
Key findings
- Right nowOver the past 3 months, NVO fell 20.0% while the S&P 500 rose 3.9%. NVO is 72.0% below its high, bear-market territory, while the S&P 500 sits 1.3% below a record. At a glance ↓
- Stock or market?The weakness is NVO's own: it fell 20.0% over the past 3 months while the pharmaceuticals ETF IHE (iShares U.S. Pharmaceuticals ETF) rose 5.0%. The S&P 500 rose 3.9%. Its pharmaceutical peers did not move as one over the past 3 months: ABBV (AbbVie) rose 14.8%, while GPCR (Structure Therapeutics) fell 51.3%.
- Past 1 to 3 yearsNVO has gone against the market, falling 28.5% over the past year while the S&P 500 rose 15.8%. The same gap shows up over 3 years (57.0% against 89.3%). The long record (behind 53% of the stocks worth at least $300 million over 10 years) has not carried into the past 3 years (behind 96% of them). By year ↓
- Long termNVO turned $10,000 into $23,400 over the past decade, against $42,100 in the S&P 500. That said, it finished ahead of the S&P 500 in 20 of its 29 calendar years. Growth of $10,000 ↓
- In a crashIn the Covid crash, NVO fell 23.7%, against 33.7% for the S&P 500. That was more than LLY (Eli Lilly and Company, 16.9%) but less than JNJ (Johnson & Johnson, 25.4%). NVO fell less than the S&P 500 in three of the last four sell-offs, including the Covid crash (23.7% against 33.7%). Crash tests ↓
- DiversificationAgainst the S&P 500, NVO has a correlation of 0.32 over 5 years, less closely than 66% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge. Over 10 years, NVO's beta versus the S&P 500 was 0.60: 75% of the S&P 500's gains in rising months and 94% of its losses in falling ones. Market capture ↓
- Better options
- Nearby categories and themes
- CAH (Cardinal Health, health care distribution) and MCK (McKesson, health care distribution) earned more than NVO with less volatility over the past 5 years. CAH returned 42.1% a year at 24.7% volatility, against a loss of 4.0% a year at 39.1%.
- Whole market
- 1,990 of the 3,633 stocks and funds worth at least $500 million earned more than NVO with less volatility over the past 5 years, among them AAPL (Apple), GOOG (Alphabet) and MSFT (Microsoft).
How much would $10,000 in NVO have grown?
This chart tracks a hypothetical $10,000 investment in NVO over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of NVO over the same span and NVO's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.
- $10,000 invested in NVO at the end of September 1997 would have grown to $560,210 by September 2026, more than the $132,907 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of NVO, and AAPL finished highest, at $20,534,853.
Choose a period
From the end of September 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 88 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of NVO; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- AAPL$21M+205,249% total · +30.1% a year
- GILD$2M+15,614% total · +19.1% a year
- DHR$777,394+7,674% total · +16.2% a year
- REGN$683,800+6,738% total · +15.7% a year
- COR$574,137+5,641% total · +15.0% a year
- NVO$560,210+5,502% total · +14.9% a year
- AMGN$526,909+5,169% total · +14.6% a year
- LLY$396,376+3,864% total · +13.5% a year
- VRTX$276,941+2,669% total · +12.1% a year
- SPY (S&P 500)$132,907+1,229% total · +9.3% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,825 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of NVO; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- LLY$52,411+424% total · +39.3% a year
- ABBV$29,134+191% total · +23.8% a year
- VRTX$28,822+188% total · +23.6% a year
- GILD$25,496+155% total · +20.6% a year
- AMGN$23,160+132% total · +18.3% a year
- MRK$22,538+125% total · +17.6% a year
- NVS$21,146+111% total · +16.2% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- JNJ$18,849+88.5% total · +13.5% a year
- NVO$8,546−14.5% total · −3.1% a year
NVO at a glance
This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.
- NVO is still 72.0% below its all-time high.
- NVO's deepest decline since it began trading in 1986 was 75.2%, from June 2024 to March 2026. It has not yet climbed back to that peak.
- Over 29 full calendar years, NVO's best was 2010, when it returned 79.3%, and its worst was 2025, when it lost 39.2%. It lost money in eight of those years.
The company
- Market value
- $174B
- Industry
- Drug Manufacturers - General
- Price history from
- October 1986
Returns
- Past 1 year
- −28.5%total return
- Past 3 years
- −57.0%−24.5% a year
- Past 5 years
- −18.5%−4.0% a year
- Past 10 years
- +134%+8.9% a year
- Best calendar year
- +79.3%2010
- Worst calendar year
- −39.2%2025
- Losing years
- 8 of 29full calendar years
Risk
- Volatility
- 39.1%typical yearly swing, 5 years
- Sharpe ratio
- 0.09return per unit of risk, 5 years
- Worst decline ever
- −75.2%Jun 2024 to Mar 2026
- From its all-time high
- −72.0%below the peak
NVO against the whole market
Where NVO ranks among every stock and fund, and what across the market has done better.
How does NVO rank among all stocks?
This section ranks NVO on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how NVO stacks up against its peers, these rankings show where it stands in the market as a whole.
- NVO's 3-year return ranks in the bottom 4% of the 3,017 stocks worth at least $300 million with 3 years of history.
Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.
| Measure | NVO | Rank | Standing |
|---|---|---|---|
| 1-year return | −28.5% | 2,824 of 3,287 | bottom 15% |
| 3-year return | −57.0% | 2,897 of 3,017 | bottom 5% |
| 5-year return | −18.5% | 1,989 of 2,893 | bottom 32% |
| 10-year return | +134% | 1,159 of 2,202 | bottom 48% |
| Volatility, 5 years | 39.1% | 1,398 of 2,893 | top 48% |
| Sharpe ratio, 5 years | 0.09 | 2,130 of 2,893 | bottom 27% |
| Worst decline, past 10 years | −75.2% | 1,466 of 2,187 | bottom 34% |
What has beaten NVO on both return and risk?
Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). NVO sits where the dashed lines cross. Anything in the green box above and to the left earned more than NVO with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.
- 1,036 stocks and 954 ETFs worth at least $500 million sit in the green region: each earned more than NVO over the past 5 years with smaller price swings. That is 55% of the 3,633 screened.
- Among those with at least half NVO's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 37% less than NVO's 39.1%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.09 for NVO. MPC earned the most, 51.2% a year, while still swinging less than NVO (33.4% against 39.1%).
- Among NVO's popular alternatives, LLY, ABBV and GILD are in the region. LLY earned 40.7% a year against a loss of 4.0% a year for NVO, at 32.8% volatility, 16% less than NVO's 39.1%.
Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to NVO; faint dots are 91 more of the 1,990 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than NVO?
Investments that beat NVO over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among NVO's popular alternatives, LLY, MRK and ABBV earned more than NVO with less volatility over the past 5 years. LLY returned 40.7% a year at 32.8% volatility, against a loss of 4.0% a year at 39.1%.
- Looking beyond its popular alternatives, CAH (health care distribution) and MCK (health care distribution) earned more than NVO with less volatility over the past 5 years. CAH returned 42.1% a year at 24.7% volatility, against a loss of 4.0% a year at 39.1%.
- Across the whole market, 1,990 of the 3,633 stocks and funds worth at least $500 million earned more than NVO with less volatility over the past 5 years, among them AAPL, GOOG and MSFT.
How this works
The table below lists investments that beat NVO over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks NVO's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than NVO follows the table.
Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than NVO's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× NVO's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than NVO's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with NVO?lower diversifies more | Expenseper year | |||
| NVONovo Nordisk A/S · this page | −4.0% | 39.1% | 0.09 | −75.2% | +134% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.32 | 0.09% | ||
| Popular alternativesbest 6 shownThe investments people most often weigh against NVO. 18 of 22 passed at least one test. | |||||||||
 LLYEli Lilly and Company · Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +40.7% | 32.8% | 1.21 | −34.5% | +1,807% | 0.36 | — | |
 MRKMerck & Co., Inc. · Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +16.3% | 24.8% | 0.74 | −43.4% | +241% | 0.17 | — | |
 ABBVAbbVie Inc. · Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +26.1% | 23.4% | 1.11 | −45.1% | +603% | 0.20 | — | |
 JNJJohnson & Johnson · Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.05 | — | |
 NVSNovartis AG · Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.1% | 20.7% | 0.87 | −26.8% | +226% | 0.29 | — | |
 GILDGilead Sciences, Inc. · Biotechnology | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +22.8% | 24.9% | 0.95 | −30.5% | +200% | 0.01 | — | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in Pharmaceuticals and the categories next to it (Biotechnology, Health Care Distribution, Life Sciences Tools, Medical Devices), plus NVO's specific themes. 55 of 106 passed at least one test. | |||||||||
 CAHCardinal Health, Inc. · Health Care Distribution | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.03 | — | |
 MCKMcKesson Corporation · Health Care Distribution | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +38.7% | 25.0% | 1.44 | −38.1% | +586% | -0.04 | — | |
 CORCencora, Inc. · Health Care Distribution | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +24.2% | 22.8% | 1.07 | −32.4% | +406% | 0.13 | — | |
 TAKTakeda Pharmaceutical Company Limited · Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +11.9% | 19.4% | 0.68 | −54.4% | +30.4% | 0.11 | — | |
 ARGXargenx SE · Biotechnology | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +24.1% | 39.9% | 0.74 | −38.2% | — | 0.02 | — | |
 DHRDanaher Corporation · Life Sciences Tools | Similar return, lower volatilityHigher return in most periods | −3.8% | 29.1% | 0.01 | −43.8% | +232% | 0.12 | — | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 2,577 of 3,506 passed at least one test. | |||||||||
 SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +3.8% | 0.3% | 13.25 | −0.3% | — | 0.05 | 0.09% | |
 RYRoyal Bank of Canada · Banks | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.21 | — | |
JAAAJanus Henderson AAA CLO ETF · CLO Bonds | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +5.1% | 1.7% | 2.98 | −2.6% | — | 0.18 | 0.20% | |
 AAPLApple Inc. · Computer Hardware | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +18.5% | 28.0% | 0.75 | −38.5% | +1,168% | 0.12 | — | |
 GOOGAlphabet Inc. · Internet Services | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +19.0% | 32.0% | 0.71 | −44.6% | +752% | 0.21 | — | |
ERIEErie Indemnity Company · Property & Casualty Insurance | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +6.3% | 31.4% | 0.35 | −60.9% | +200% | 0.23 | — | |
 TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +31.5% | 38.5% | 0.91 | −56.6% | +1,505% | 0.03 | — | |
KHCThe Kraft Heinz Company · Packaged Foods | Similar return, lower volatilityHigher return in most periods | −3.6% | 23.4% | -0.04 | −76.1% | −56.7% | 0.08 | — | |
What these numbers mean for NVO
- Annual return
- NVO lost 4.0% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $8,150. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
- Volatility
- NVO's volatility over the past 5 years was 39.1%, 2.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, NVO's return lands within 39.1% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
- Sharpe ratio
- NVO's Sharpe ratio over the past 5 years was 0.09, against 0.79 for the S&P 500, so NVO earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
- Worst decline
- NVO's worst fall from a peak to a low over the past 10 years was 75.2%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 75.2% fall takes a 303% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, NVO's monthly returns had a correlation of 0.32 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against NVO instead: the lower it is, the more that option would diversify a NVO holding. Guide: Correlation and diversification →
Show all 1,990 stocks and funds worth at least $500 million that earned more than NVO with less volatility
Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with NVO | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds | Whole market | +3.8% | 0.3% | 13.25 | −0.3% | — | 0.05 | 0.09% |
| 2 | RYRoyal Bank of Canada · Banks | Whole market | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.21 | — |
| 3 | JAAAJanus Henderson AAA CLO ETF · CLO Bonds | Whole market | +5.1% | 1.7% | 2.98 | −2.6% | — | 0.18 | 0.20% |
| 4 | AAPLApple Inc. · Computer Hardware | Whole market | +18.5% | 28.0% | 0.75 | −38.5% | +1,168% | 0.12 | — |
| 5 | GOOGAlphabet Inc. · Internet Services | Whole market | +19.0% | 32.0% | 0.71 | −44.6% | +752% | 0.21 | — |
| 6 | LLYEli Lilly and Company · Pharmaceuticals | Popular alternative | +40.7% | 32.8% | 1.21 | −34.5% | +1,807% | 0.36 | — |
| 7 |  MSFTMicrosoft Corporation · Software | Whole market | +12.5% | 28.2% | 0.56 | −37.1% | +946% | 0.22 | — |
| 8 |  VTIVanguard Morningstar Total Stock Market ETF · US Total Market | Whole market | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.31 | 0.03% |
| 9 |  VOOVanguard S&P 500 ETF · US Large-Cap Equity | Whole market | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.32 | 0.03% |
| 10 |  AMZNAmazon.com, Inc. · E-Commerce | Whole market | +9.0% | 36.6% | 0.42 | −56.1% | +548% | 0.16 | — |
| 11 |  WMTWalmart Inc. · Discount Retail | Whole market | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.20 | — |
| 12 |  BRK-BBerkshire Hathaway Inc. · Insurance | Whole market | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.24 | — |
| 13 |  XOMExxonmobil Holdings Corporation · Integrated Oil & Gas | Whole market | +27.1% | 26.5% | 1.04 | −61.0% | +214% | 0.03 | — |
| 14 | MRKMerck & Co., Inc. · Pharmaceuticals | Popular alternative | +16.3% | 24.8% | 0.74 | −43.4% | +241% | 0.17 | — |
| 15 |  JPMJPMorgan Chase & Co. · Banks | Whole market | +17.3% | 24.3% | 0.78 | −43.6% | +537% | 0.18 | — |
| 16 | ERIEErie Indemnity Company · Property & Casualty Insurance | Whole market | +6.3% | 31.4% | 0.35 | −60.9% | +200% | 0.23 | — |
| 17 | CAHCardinal Health, Inc. · Health Care Distribution | Same or nearby category | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.03 | — |
| 18 |  HSBCHSBC Holdings plc · Banks | Whole market | +33.1% | 25.9% | 1.24 | −62.3% | +319% | 0.11 | — |
| 19 |  VVisa Inc. · Payment Processing | Whole market | +12.8% | 22.9% | 0.64 | −36.4% | +429% | 0.25 | — |
| 20 | DXJWisdomTree Japan Hedged Equity Fund · International Equity | Whole market | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.01 | 0.48% |
| 21 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.05 | 0.40% |
| 22 | FTLSFirst Trust Long/Short Equity ETF · Broad Market | Whole market | +10.2% | 10.4% | 0.99 | −20.6% | +158% | 0.36 | 0.95% |
| 23 |  KOThe Coca-Cola Company · Food & Beverages | Whole market | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.25 | — |
| 24 | BALTInnovator Defined Wealth Shield ETF · Crypto | Whole market | +6.3% | 3.3% | 1.85 | −4.9% | — | 0.28 | 0.69% |
| 25 |  CVXChevron Corporation · Integrated Oil & Gas | Whole market | +19.5% | 25.2% | 0.84 | −55.8% | +238% | 0.07 | — |
| 26 |  CATCaterpillar Inc. · Industrial Machinery | Whole market | +31.1% | 31.9% | 1.01 | −43.4% | +936% | 0.10 | — |
| 27 |  COSTCostco Wholesale Corporation · Discount Retail | Whole market | +17.4% | 22.9% | 0.82 | −31.4% | +685% | 0.30 | — |
| 28 |  VXUSVanguard Total International Stock ETF · International Equity | Whole market | +8.2% | 16.4% | 0.57 | −36.0% | +140% | 0.25 | 0.05% |
| 29 | VRIGInvesco Variable Rate Investment Grade ETF · Bonds | Whole market | +4.7% | 1.3% | 3.51 | −13.1% | +40.5% | 0.05 | 0.30% |
| 30 |  QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth | Whole market | +14.5% | 23.0% | 0.71 | −35.1% | +553% | 0.27 | 0.18% |
| 31 |  MUFGMitsubishi UFJ Financial Group, Inc. · Banks | Whole market | +33.2% | 29.4% | 1.13 | −54.9% | +483% | 0.13 | — |
| 32 |  MAMastercard Incorporated · Payment Processing | Whole market | +12.4% | 23.8% | 0.61 | −41.0% | +541% | 0.27 | — |
| 33 |  PMPhilip Morris International Inc. · Tobacco | Whole market | +21.0% | 23.4% | 0.94 | −42.9% | +242% | 0.23 | — |
| 34 |  CSCOCisco Systems, Inc. · Communications Equipment | Whole market | +16.8% | 26.1% | 0.73 | −42.0% | +374% | 0.28 | — |
| 35 |  SHELShell plc · Integrated Oil & Gas | Whole market | +21.0% | 24.8% | 0.90 | −67.2% | +233% | -0.10 | — |
| 36 |  APHAmphenol Corporation · Electronic Components | Whole market | +33.8% | 32.2% | 1.07 | −37.5% | +965% | 0.16 | — |
| 37 |  VTVVanguard Morningstar Value ETF · US Large-Cap Value | Whole market | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.31 | 0.03% |
| 38 |  WELLWelltower Inc. · Healthcare REITs | Whole market | +26.0% | 23.8% | 1.09 | −63.3% | +379% | 0.07 | — |
| 39 |  RTXRTX Corporation · Aerospace & Defense | Whole market | +18.6% | 24.3% | 0.83 | −52.0% | +317% | 0.14 | — |
| 40 |  BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks | Whole market | +38.7% | 33.3% | 1.16 | −69.6% | +542% | 0.22 | — |
| 41 |  GSThe Goldman Sachs Group, Inc. · Capital Markets | Whole market | +19.6% | 28.6% | 0.77 | −48.8% | +521% | 0.30 | — |
| 42 | FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials | Whole market | +6.0% | 2.3% | 2.55 | −21.0% | +58.0% | 0.28 | 0.60% |
| 43 |  VEAVanguard FTSE Developed Markets ETF · Developed International Equity | Whole market | +9.3% | 16.9% | 0.61 | −35.8% | +153% | 0.27 | 0.03% |
| 44 |  MSMorgan Stanley · Capital Markets | Whole market | +16.0% | 28.8% | 0.66 | −51.3% | +627% | 0.23 | — |
| 45 |  TDThe Toronto-Dominion Bank · Banks | Whole market | +15.8% | 20.0% | 0.84 | −42.0% | +310% | 0.06 | — |
| 46 |  IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage | Whole market | +35.4% | 35.4% | 1.04 | −55.1% | +935% | 0.19 | — |
| 47 |  MFGMizuho Financial Group, Inc. · Banks | Whole market | +33.6% | 30.6% | 1.10 | −45.7% | +345% | 0.11 | — |
| 48 |  TJXThe TJX Companies, Inc. · Specialty Retail | Whole market | +19.9% | 22.3% | 0.93 | −42.5% | +361% | 0.14 | — |
| 49 |  TTETotalEnergies SE · Integrated Oil & Gas | Whole market | +18.0% | 25.8% | 0.78 | −59.6% | +234% | 0.06 | — |
| 50 |  GLDSPDR Gold Shares · Gold | Whole market | +17.7% | 18.9% | 0.96 | −26.4% | +213% | 0.03 | 0.40% |
| 51 |  IBMInternational Business Machines Corporation · IT Services | Whole market | +16.6% | 30.5% | 0.66 | −41.1% | +151% | 0.29 | — |
| 52 |  PGThe Procter & Gamble Company · Household & Personal Products | Whole market | +5.1% | 18.3% | 0.37 | −23.8% | +145% | 0.31 | — |
| 53 |  LINLinde plc · Chemicals | Whole market | +11.5% | 20.9% | 0.63 | −32.6% | +394% | 0.32 | — |
| 54 |  PSXPhillips 66 · Oil & Gas | Whole market | +33.2% | 32.9% | 1.04 | −64.2% | +430% | 0.14 | — |
| 55 |  VGTVanguard Information Technology ETF · Technology Equity | Whole market | +18.4% | 26.0% | 0.78 | −35.1% | +779% | 0.26 | 0.09% |
| 56 |  UBSUBS Group AG · Banks | Whole market | +25.4% | 30.4% | 0.90 | −59.8% | +374% | 0.40 | — |
| 57 |  WFCWells Fargo & Company · Banks | Whole market | +13.1% | 29.5% | 0.57 | −64.5% | +141% | 0.11 | — |
| 58 |  SAPSAP SE · Enterprise Software | Whole market | +11.5% | 30.0% | 0.52 | −52.5% | +205% | 0.17 | — |
| 59 |  SMFGSumitomo Mitsui Financial Group, Inc. · Banks | Whole market | +33.7% | 29.4% | 1.14 | −47.6% | +474% | 0.15 | — |
| 60 |  PHParker-Hannifin Corporation · Industrial Machinery | Whole market | +27.4% | 28.8% | 0.99 | −54.7% | +789% | 0.12 | — |
| 61 |  BHPBHP Group Limited · Metals & Mining | Whole market | +16.6% | 31.4% | 0.65 | −44.3% | +398% | 0.05 | — |
| 62 |  ADIAnalog Devices, Inc. · Semiconductors | Whole market | +19.5% | 34.1% | 0.69 | −33.6% | +652% | 0.27 | — |
| 63 |  CCitigroup Inc. · Banks | Whole market | +15.1% | 29.4% | 0.63 | −56.5% | +234% | 0.09 | — |
| 64 |  BACBank of America Corporation · Banks | Whole market | +4.0% | 26.6% | 0.28 | −49.0% | +282% | 0.23 | — |
| 65 |  BTIBritish American Tobacco p.l.c. · Tobacco | Whole market | +18.7% | 22.0% | 0.90 | −56.1% | +98.2% | -0.09 | — |
| 66 |  AXPAmerican Express Company · Consumer Finance | Whole market | +13.5% | 29.3% | 0.58 | −49.6% | +446% | 0.29 | — |
| 67 |  PGRThe Progressive Corporation · Property & Casualty Insurance | Whole market | +21.3% | 25.6% | 0.89 | −30.3% | +816% | 0.33 | — |
| 68 |  CBChubb Limited · Property & Casualty Insurance | Whole market | +15.7% | 20.4% | 0.82 | −42.6% | +248% | 0.17 | — |
| 69 |  TXNTexas Instruments Incorporated · Semiconductors | Whole market | +9.9% | 33.7% | 0.45 | −33.4% | +424% | 0.43 | — |
| 70 |  MOAltria Group, Inc. · Tobacco | Whole market | +17.8% | 21.4% | 0.88 | −53.7% | +140% | 0.07 | — |
| 71 |  UNHUnitedHealth Group Incorporated · Managed Health Care | Whole market | +1.1% | 32.1% | 0.20 | −61.4% | +241% | 0.29 | — |
| 72 |  ETNEaton Corporation plc · Electrical Equipment | Whole market | +20.4% | 32.1% | 0.74 | −44.5% | +657% | 0.14 | — |
| 73 |  BNYBank of New York Mellon Corp · Banks | Whole market | +22.7% | 24.4% | 0.97 | −50.5% | +341% | 0.18 | — |
| 74 |  WMBThe Williams Companies, Inc. · Oil & Gas Midstream | Whole market | +24.6% | 24.0% | 1.04 | −68.1% | +288% | 0.14 | — |
| 75 |  CMCanadian Imperial Bank of Commerce · Banks | Whole market | +19.2% | 21.6% | 0.93 | −47.3% | +395% | 0.04 | — |
| 76 |  VOVanguard Morningstar Mid-Cap ETF · US Mid-Cap Equity | Whole market | +6.8% | 17.6% | 0.47 | −39.4% | +198% | 0.23 | 0.03% |
| 77 |  DEDeere & Company · Industrial Machinery | Whole market | +14.4% | 29.9% | 0.60 | −37.9% | +755% | -0.05 | — |
| 78 |  VIGVanguard Dividend Appreciation ETF · US Dividend Equity | Whole market | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.35 | 0.04% |
| 79 |  ITUBItaú Unibanco Holding S.A. · Banks | Whole market | +26.3% | 33.8% | 0.86 | −62.1% | +190% | -0.02 | — |
| 80 |  TRVThe Travelers Companies, Inc. · Property & Casualty Insurance | Whole market | +22.4% | 22.3% | 1.02 | −46.3% | +347% | 0.11 | — |
| 81 |  TTTrane Technologies plc · Building Products | Whole market | +22.7% | 27.7% | 0.88 | −40.5% | +955% | 0.16 | — |
| 82 |  MARMarriott International, Inc. · Hotels & Resorts | Whole market | +22.0% | 28.6% | 0.84 | −61.3% | +544% | 0.21 | — |
| 83 |  EEni S.p.A. · Integrated Oil & Gas | Whole market | +23.0% | 25.6% | 0.94 | −61.4% | +278% | -0.04 | — |
| 84 |  EPDEnterprise Products Partners L.P. · Oil & Gas Midstream | Whole market | +16.4% | 17.1% | 0.98 | −58.1% | +178% | 0.11 | — |
| 85 |  TMToyota Motor Corporation · Automobiles | Whole market | +5.0% | 27.0% | 0.32 | −36.8% | +129% | 0.01 | — |
| 86 |  BPBP p.l.c. · Integrated Oil & Gas | Whole market | +16.0% | 28.7% | 0.66 | −63.9% | +141% | 0.03 | — |
| 87 |  SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.27 | 0.06% |
| 88 |  BUDAnheuser-Busch InBev SA/NV · Alcoholic Beverages | Whole market | +9.7% | 25.0% | 0.50 | −69.8% | −20.0% | 0.37 | — |
| 89 |  BMOBank of Montreal · Banks | Whole market | +13.6% | 21.4% | 0.71 | −51.0% | +295% | 0.15 | — |
| 90 |  TAT&T Inc. · Integrated Telecommunications | Whole market | +9.8% | 25.2% | 0.50 | −39.4% | +60.7% | 0.09 | — |
| 91 |  MFCManulife Financial Corporation · Life Insurance | Whole market | +22.6% | 24.0% | 0.97 | −57.5% | +373% | 0.25 | — |
| 92 |  GWWW.W. Grainger, Inc. · Industrial Distribution | Whole market | +26.3% | 24.9% | 1.07 | −41.6% | +654% | 0.26 | — |
| 93 |  BNSThe Bank of Nova Scotia · Banks | Whole market | +12.9% | 19.9% | 0.71 | −46.9% | +187% | 0.21 | — |
| 94 | FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds | Whole market | +4.5% | 1.8% | 2.48 | −13.5% | +35.9% | 0.02 | 0.15% |
| 95 |  RIORio Tinto Group · Metals & Mining | Whole market | +12.2% | 29.0% | 0.54 | −37.5% | +464% | 0.08 | — |
| 96 |  VTIPVanguard Short-Term Inflation-Protected Securities ETF · Treasury Bonds | Whole market | +2.7% | 2.9% | 0.94 | −6.3% | +32.7% | 0.24 | 0.03% |
| 97 |  UNPUnion Pacific Corporation · Railroads | Whole market | +7.1% | 22.9% | 0.42 | −38.7% | +295% | 0.22 | — |
| 98 |  VBVanguard Morningstar Small-Cap ETF · US Small-Cap Equity | Whole market | +6.2% | 20.6% | 0.40 | −42.0% | +179% | 0.23 | 0.03% |
| 99 |  EQNREquinor ASA · Integrated Oil & Gas | Whole market | +19.2% | 34.4% | 0.69 | −66.8% | +416% | -0.05 | — |
| 100 |  BLKBlackRock, Inc. · Asset Management | Whole market | +7.1% | 27.1% | 0.39 | −43.9% | +313% | 0.19 | — |
NVO against its popular alternatives
The investments people most often weigh against NVO, compared period by period and year by year.
How do NVO's risk and return compare with its alternatives?
This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at NVO, which divides the map into what did better or worse on each measure.
- 17 of the 22 popular alternatives, led by LLY, ABBV and GILD, were both more rewarding and calmer than NVO over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, NVO returned -4.0% a year, less than the S&P 500's 12.7%, with higher volatility (39.1% against 17.1%).
Green points earned more than NVO with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| LLY Eli Lilly and Company | +40.7% | 32.8% |
| VKTX Viking Therapeutics, Inc. | +35.7% | 104% |
| ABBV AbbVie Inc. | +26.1% | 23.4% |
| GILD Gilead Sciences, Inc. | +22.8% | 24.9% |
| VRTX Vertex Pharmaceuticals Incorporated | +22.6% | 29.1% |
| AMGN Amgen Inc. | +19.6% | 24.9% |
| NVS Novartis AG | +17.2% | 20.7% |
| MRK Merck & Co., Inc. | +16.3% | 24.8% |
| JNJ Johnson & Johnson | +12.7% | 17.9% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| VTRS Viatris Inc. | +10.4% | 33.6% |
| GSK GSK plc | +9.5% | 24.5% |
| AZN AstraZeneca PLC | +8.7% | 35.7% |
| REGN Regeneron Pharmaceuticals, Inc. | +7.7% | 31.1% |
| BMY Bristol-Myers Squibb Company | +5.5% | 24.9% |
| SNY Sanofi | +0.6% | 25.3% |
| PFE Pfizer Inc. | −1.7% | 25.4% |
| MDT Medtronic Plc | −1.8% | 22.5% |
| BIIB Biogen Inc. | −1.8% | 34.7% |
| NVO This pageNovo Nordisk A/S | −4.0% | 39.1% |
| DXCM DexCom, Inc. | −9.2% | 47.3% |
| PODD Insulet Corp. | −13.7% | 44.1% |
| ALT Altimmune, Inc. | −28.1% | 92.0% |
| TNDM Tandem Diabetes Care, Inc. | −33.5% | 69.0% |
Has NVO consistently beaten its popular alternatives?
This section compares NVO with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than NVO helps separate lasting outperformance from a single strong stretch.
- 18 of the 23 popular alternatives, led by LLY, ABBV and VRTX, outperformed NVO in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- LLY, ABBV and VRTX outperformed NVO in every long-term period and in all but one short-term period, the most consistent record in the group.
- LLY, ABBV and GILD earned more for the risk they took than NVO (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
A green cell means the alternative earned more than NVO over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| NVO Novo Nordisk A/S (this page) | — | −1.1% | −20.0% | −1.5% | −23.9% | −28.5% | −57.0% | −18.5% | +134% | 39.1% | 0.09 | −75.2% | — | $174B | — |
| LLY QualifiedEli Lilly and Company | 5/5 short3/3 longAll-weather | +10.2% | +12.1% | +40.0% | +19.4% | +59.7% | +124% | +451% | +1,807% | 32.8% | 1.21 | −34.5% | — | $1.2T | — |
| ABBV QualifiedAbbVie Inc. | 5/5 short3/3 longAll-weather | +9.9% | +14.8% | +43.8% | +29.8% | +28.3% | +118% | +218% | +603% | 23.4% | 1.11 | −45.1% | — | $511B | — |
| VRTX QualifiedVertex Pharmaceuticals Incorporated | 5/5 short3/3 longAll-weather | +0.8% | +7.1% | +17.2% | +13.8% | +22.8% | +42.2% | +177% | +521% | 29.1% | 0.85 | −41.6% | — | $130B | — |
| AMGN QualifiedAmgen Inc. | 5/5 short3/3 longAll-weather | +11.6% | +21.2% | +27.0% | +36.7% | +48.7% | +72.2% | +145% | +266% | 24.9% | 0.85 | −24.9% | — | $237B | — |
| NVS QualifiedNovartis AG | 5/5 short3/3 longAll-weather | +9.0% | +2.7% | +1.8% | +13.1% | +18.8% | +75.9% | +121% | +226% | 20.7% | 0.87 | −26.8% | — | $292B | — |
| GILD QualifiedGilead Sciences, Inc. | 5/5 short3/3 longAll-weather | +4.0% | +18.2% | +16.6% | +31.0% | +30.3% | +121% | +180% | +200% | 24.9% | 0.95 | −30.5% | — | $194B | — |
| AZN QualifiedAstraZeneca PLC | 4/5 short3/3 longAll-weather | +0.4% | +3.3% | −15.3% | −7.0% | +1.8% | +38.8% | +52.1% | +257% | 35.7% | 0.41 | −28.7% | — | $262B | — |
| MRK QualifiedMerck & Co., Inc. | 4/5 short3/3 longAll-weather | −0.8% | +19.9% | +28.3% | +42.2% | +76.8% | +58.3% | +113% | +241% | 24.8% | 0.74 | −43.4% | — | $366B | — |
| JNJ QualifiedJohnson & Johnson | 4/5 short3/3 longAll-weather | −3.8% | +4.8% | +13.6% | +27.1% | +36.9% | +84.6% | +82.1% | +196% | 17.9% | 0.76 | −27.4% | — | $625B | — |
| REGN QualifiedRegeneron Pharmaceuticals, Inc. | 5/5 short2/3 long | +1.2% | +20.3% | +8.0% | +4.4% | +40.7% | +0.8% | +44.9% | +120% | 31.1% | 0.40 | −59.7% | — | $83B | — |
| BMY QualifiedBristol-Myers Squibb Company | 5/5 short2/3 long | −0.5% | +3.6% | +6.6% | +19.1% | +47.8% | +25.8% | +30.6% | +74.8% | 24.9% | 0.34 | −47.7% | — | $126B | — |
| PFE QualifiedPfizer Inc. | 5/5 short2/3 long | +8.5% | +23.8% | +13.2% | +25.7% | +30.5% | +19.2% | −8.3% | +55.0% | 25.4% | 0.06 | −58.9% | — | $172B | — |
| MDT QualifiedMedtronic Plc | 5/5 short2/3 long | +4.0% | +14.5% | +13.3% | +1.0% | +1.9% | +43.6% | −8.8% | +46.7% | 22.5% | 0.03 | −45.1% | — | $121B | — |
| BIIB QualifiedBiogen Inc. | 5/5 short2/3 long | +11.0% | +21.6% | +32.6% | +36.7% | +65.8% | −5.6% | −8.8% | −18.9% | 34.7% | 0.11 | −72.7% | — | $36B | — |
| VTRS QualifiedViatris Inc. | 5/5 short2/3 long | +9.1% | +10.6% | +27.3% | +53.1% | +87.1% | +127% | +64.3% | −38.0% | 33.6% | 0.47 | −82.0% | — | $21B | — |
| DXCM QualifiedDexCom, Inc. | 4/5 short2/3 long | −3.8% | +13.3% | +32.7% | +28.9% | +25.3% | −0.3% | −38.4% | +316% | 47.3% | 0.04 | −66.3% | — | $32B | — |
| GSK QualifiedGSK plc | 3/5 short2/3 long | −0.9% | +2.1% | −10.1% | +4.7% | +18.9% | +60.0% | +57.2% | +95.1% | 24.5% | 0.49 | −37.6% | — | $102B | — |
| SNY QualifiedSanofi | 3/5 short2/3 long | −2.6% | −5.9% | −10.3% | −10.7% | −13.4% | −10.0% | +3.0% | +61.5% | 25.3% | 0.15 | −33.5% | — | $99B | — |
| VKTX BiotechnologyViking Therapeutics, Inc. | 1/5 short3/3 long | −11.3% | −26.6% | −24.8% | −24.6% | −20.9% | +166% | +360% | +2,223% | 104% | 0.72 | −89.3% | — | $3.4B | — |
| PODD Medical - DevicesInsulet Corp. | 2/5 short2/3 long | +1.5% | −14.8% | −29.0% | −49.6% | −56.4% | −1.4% | −52.2% | +255% | 44.1% | -0.12 | −63.0% | — | $9.9B | — |
| TNDM Medical - DevicesTandem Diabetes Care, Inc. | 2/5 short1/3 long | −6.2% | −8.7% | −22.2% | −23.3% | +6.3% | −14.5% | −87.0% | −76.4% | 69.0% | -0.25 | −96.8% | — | $1.1B | — |
| ALT BiotechnologyAltimmune, Inc. | 1/5 short1/3 long | −29.7% | −18.1% | −35.4% | −34.5% | −42.5% | +6.0% | −80.7% | — | 92.0% | 0.13 | −98.9% | — | $447M | — |
| GPCR BiotechnologyStructure Therapeutics Inc. | 1/5 short0/3 long | −37.8% | −51.3% | −52.6% | −66.4% | −17.9% | −66.1% | — | — | — | — | −81.0% | — | $1.3B | — |
How did NVO do year by year?
This table shows each investment's total return in every full calendar year since 1997, along with where NVO ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with NVO and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- Ranked against its popular alternatives each year, NVO finished in the top quarter in 11 of 29 years and in the bottom quarter in six. In 2025, it ranked 23 of 24.
- NVO finished ahead of the S&P 500 in 20 of its 29 full calendar years, and behind it in each of the last two.
- Among its popular alternatives, ABBV came out ahead of NVO most often, in nine of the 13 years both traded.
Newest year first. Green marks a year in which the fund came out ahead of NVO; gray means the two finished within a fraction of a point. The rank row places NVO among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of NVO | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| NVO This pageNovo Nordisk A/S | — | −39.2% | −15.9% | +54.8% | +22.6% | +63.5% | +23.3% | +28.7% | −11.8% | +54.3% | −36.6% | +39.3% | +16.7% | +15.3% | +44.0% | +4.1% | +79.3% | +27.2% | −19.8% | +57.4% | +51.3% | +5.6% | +34.6% | +43.5% | −27.0% | +14.4% | +39.0% | −1.9% | −7.3% | +54.9% |
| Rank among alternatives | Top quarter in 11 of 29 | 23 of 24 | 19 of 24 | 3 of 23 | 8 of 23 | 3 of 23 | 8 of 23 | 8 of 23 | 20 of 23 | 5 of 22 | 19 of 22 | 2 of 21 | 16 of 21 | 19 of 20 | 4 of 19 | 15 of 19 | 1 of 19 | 8 of 19 | 10 of 19 | 1 of 18 | 1 of 18 | 11 of 17 | 2 of 17 | 3 of 17 | 12 of 16 | 3 of 16 | 9 of 16 | 8 of 16 | 14 of 16 | 6 of 16 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 9 of 29 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% | +18.3% | +31.2% | −4.6% | +21.7% | +12.0% | +1.2% | +13.5% | +32.3% | +16.0% | +1.9% | +15.1% | +26.4% | −36.8% | +5.1% | +15.9% | +4.8% | +10.7% | +28.2% | −21.6% | −11.7% | −9.8% | +20.4% | +28.7% | +33.5% |
| LLY Eli Lilly and Company | 14 of 29 | +40.3% | +33.3% | +60.9% | +34.3% | +66.1% | +31.0% | +16.2% | +40.5% | +17.8% | −10.4% | +25.4% | +39.8% | +7.3% | +24.2% | +25.2% | +3.6% | −6.2% | −21.3% | +5.7% | −5.2% | +2.6% | −17.6% | +13.1% | −17.6% | −14.4% | +41.9% | −24.3% | +29.1% | +93.6% |
| ABBV AbbVie Inc. | 9 of 13 | +33.1% | +18.9% | −0.2% | +24.0% | +32.4% | +27.7% | +1.5% | −1.0% | +60.1% | +9.8% | −6.5% | +27.9% | +60.7% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| VRTX Vertex Pharmaceuticals Incorporated | 13 of 29 | +12.6% | −1.0% | +40.9% | +31.5% | −7.1% | +7.9% | +32.1% | +10.6% | +103% | −41.4% | +5.9% | +59.9% | +77.3% | +26.2% | −5.2% | −18.3% | +41.0% | +30.8% | −37.9% | +35.2% | +162% | +2.1% | −34.7% | −35.5% | −65.6% | +309% | +17.6% | −9.8% | −18.0% |
| AMGN Amgen Inc. | 12 of 29 | +29.7% | −6.8% | +13.5% | +20.4% | +0.9% | −2.0% | +27.6% | +15.2% | +22.3% | −7.6% | +4.0% | +42.3% | +34.8% | +36.8% | +18.2% | −3.0% | −2.0% | +24.3% | −32.0% | −13.4% | +22.9% | +3.8% | +27.8% | −14.4% | −11.7% | +6.5% | +130% | +93.3% | −0.4% |
| NVS Novartis AG | 9 of 29 | +46.0% | −0.5% | +21.1% | +6.6% | −5.0% | +2.2% | +29.1% | +6.2% | +19.8% | −11.8% | −4.3% | +19.4% | +32.2% | +16.1% | +1.5% | +12.6% | +14.6% | −5.4% | −3.4% | +11.3% | +6.0% | +12.3% | +27.5% | +2.1% | −17.2% | +30.6% | −24.1% | +21.9% | +52.9% |
| GILD Gilead Sciences, Inc. | 17 of 29 | +36.6% | +18.7% | −2.0% | +23.6% | +29.9% | −6.7% | +7.9% | −9.9% | +3.0% | −27.6% | +8.6% | +25.5% | +105% | +79.5% | +12.9% | −16.3% | −15.4% | +11.2% | +41.7% | +23.4% | +50.2% | +20.1% | +71.4% | +3.6% | +58.2% | +53.9% | +31.7% | +6.7% | +53.6% |
| AZN AstraZeneca PLC | 12 of 29 | +38.0% | −1.2% | +0.8% | +20.4% | +17.9% | +2.9% | +37.4% | +13.9% | +35.3% | −16.7% | +0.1% | +24.6% | +32.0% | +8.6% | +6.0% | +3.5% | +20.4% | +0.3% | −17.1% | +12.7% | +36.9% | −22.0% | +38.2% | −23.2% | −7.9% | +28.7% | −5.3% | +27.0% | +31.8% |
| MRK Merck & Co., Inc. | 10 of 29 | +9.8% | −6.3% | +1.0% | +49.4% | +1.8% | −7.2% | +22.3% | +40.0% | −1.5% | +15.0% | −3.9% | +16.9% | +26.9% | +13.1% | +9.6% | +2.9% | +26.7% | −45.3% | +37.3% | +42.8% | +4.0% | −27.7% | −11.2% | −1.2% | −36.0% | +41.8% | −7.7% | +41.6% | +35.7% |
| JNJ Johnson & Johnson | 11 of 29 | +47.5% | −4.8% | −8.6% | +6.0% | +11.4% | +10.8% | +16.2% | −5.1% | +24.4% | +15.3% | +1.2% | +17.3% | +34.6% | +10.8% | +9.9% | −0.6% | +11.3% | −7.7% | +3.6% | +12.4% | −3.4% | +25.2% | −2.0% | −7.9% | +14.0% | +14.2% | +12.5% | +29.0% | +34.3% |
| REGN Regeneron Pharmaceuticals, Inc. | 12 of 29 | +9.0% | −18.9% | +21.7% | +14.2% | +30.7% | +28.7% | +0.5% | −0.7% | +2.4% | −32.4% | +32.3% | +49.0% | +60.9% | +209% | +68.8% | +35.8% | +31.7% | −24.0% | +20.3% | +26.2% | +72.7% | −37.4% | −20.6% | −34.3% | −20.2% | +177% | +72.8% | −13.8% | −46.9% |
| BMY Bristol-Myers Squibb Company | 8 of 29 | +0.1% | +15.8% | −26.1% | +19.0% | +2.9% | +0.4% | +27.7% | −12.9% | +7.7% | −13.5% | +19.3% | +14.2% | +70.0% | −3.8% | +39.4% | +8.8% | +14.8% | −6.1% | +4.8% | +19.9% | −6.2% | −7.2% | +29.1% | −52.4% | −26.2% | +17.1% | −2.8% | +42.9% | +77.1% |
| PFE Pfizer Inc. | 12 of 29 | +0.6% | −2.2% | −41.3% | −10.4% | +66.7% | +3.4% | −6.7% | +25.1% | +16.1% | +4.4% | +7.3% | +5.4% | +26.5% | +20.6% | +28.8% | +0.6% | +8.1% | −16.9% | −8.2% | +15.3% | −10.6% | −22.3% | +17.7% | −22.2% | −12.5% | +43.0% | −21.5% | +68.8% | +82.0% |
| MDT Medtronic Plc | 12 of 29 | +24.0% | +0.3% | +9.6% | −22.6% | −9.8% | +5.7% | +27.3% | +15.2% | +15.3% | −5.4% | +8.6% | +28.1% | +42.8% | +10.6% | +5.8% | −13.8% | +42.6% | −36.3% | −5.2% | −6.3% | +16.8% | +2.7% | +7.3% | −10.3% | −14.8% | +66.4% | −1.5% | +42.1% | +55.3% |
| BIIB Biogen Inc. | 11 of 29 | +15.1% | −40.9% | −6.6% | +15.4% | −2.0% | −17.5% | −1.4% | −5.5% | +12.3% | −7.4% | −9.8% | +21.4% | +91.0% | +33.0% | +64.1% | +25.3% | +12.3% | −16.3% | +15.7% | +8.6% | −32.0% | +81.5% | +10.6% | −51.9% | +9.1% | +93.0% | +318% | +36.6% | +44.7% |
| VTRS Viatris Inc. | 11 of 29 | +5.0% | +19.7% | +2.0% | −14.3% | −26.2% | −6.8% | −26.6% | −35.2% | +10.9% | −29.4% | −4.1% | +29.9% | +58.1% | +27.9% | +1.6% | +14.6% | +86.4% | −29.7% | −29.1% | +1.1% | +14.2% | −29.6% | +63.5% | −6.4% | +49.9% | +0.7% | −19.5% | +51.3% | +27.1% |
| DXCM DexCom, Inc. | 10 of 20 | −14.7% | −37.3% | +9.6% | −15.6% | +45.2% | +69.0% | +82.6% | +109% | −3.9% | −27.1% | +48.8% | +55.5% | +160% | +45.9% | −31.7% | +68.8% | +193% | −68.8% | −10.5% | −33.8% | — | — | — | — | — | — | — | — | — |
| GSK GSK plc | 9 of 29 | +51.3% | −5.2% | +9.8% | −16.8% | +27.1% | −17.7% | +29.2% | +13.8% | −3.0% | +2.1% | −0.3% | −15.7% | +28.9% | +0.6% | +22.7% | −2.1% | +19.2% | −22.2% | −0.8% | +7.9% | +9.9% | +5.6% | +28.8% | −21.6% | −9.7% | +4.1% | −17.9% | +48.2% | +55.8% |
| SNY Sanofi | 8 of 23 | +4.9% | +1.1% | +6.5% | +0.5% | +7.0% | +0.4% | +20.5% | +6.0% | +9.9% | −1.2% | −3.4% | −11.9% | +17.1% | +36.0% | +18.8% | −13.4% | +28.7% | −26.5% | +1.0% | +7.2% | +11.6% | +8.2% | +26.2% | — | — | — | — | — | — |
| VKTX Viking Therapeutics, Inc. | 6 of 10 | −12.6% | +116% | +98.0% | +104% | −18.3% | −29.8% | +4.8% | +88.4% | +241% | −65.1% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| PODD Insulet Corp. | 11 of 18 | +8.9% | +20.3% | −26.3% | +10.6% | +4.1% | +49.3% | +116% | +15.0% | +83.1% | −0.3% | −17.9% | +24.1% | +74.8% | +12.7% | +21.5% | +8.5% | +85.0% | −67.1% | — | — | — | — | — | — | — | — | — | — | — |
| TNDM Tandem Diabetes Care, Inc. | 4 of 12 | −39.0% | +21.8% | −34.2% | −70.1% | +57.3% | +60.5% | +57.0% | +1,509% | −89.0% | −81.8% | −7.0% | −50.7% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| ALT Altimmune, Inc. | 2 of 8 | −49.9% | −35.9% | −31.6% | +79.6% | −18.8% | +497% | −8.3% | −96.5% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| GPCR Structure Therapeutics Inc. | 1 of 2 | +156% | −33.5% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Risk and diversification
How NVO has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.
What were NVO's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents NVO's five deepest drawdowns since it began trading in 1986, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.
- In all four of NVO's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: NVO fell 75.2% from June 2024 to March 2026, while the S&P 500 rose 18.4%.
- The longest climb back to a previous high took 18 months, after NVO fell 51.0% from August 2001 to August 2002.
Green means NVO fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | NVO fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| No named crash | −75.2% | +18.4% | Jun 2024 | Mar 2026 | 21 months | Not yet | — |
| No named crash | −51.4% | — | Mar 1987 | Oct 1987 | 7 months | Oct 1988 | 12 months |
| Dot-com bust | −51.0% | −29.4% | Aug 2001 | Aug 2002 | 12 months | Feb 2004 | 18 months |
| 2015 China and oil sell-off | −46.1% | +8.0% | Aug 2015 | Nov 2016 | 15 months | Jan 2018 | 14 months |
| No named crash | −42.6% | +18.8% | May 1998 | Mar 1999 | 10 months | May 2000 | 14 months |
How did NVO do in stock market crashes?
This section measures how far NVO, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.
- Among its popular alternatives, AZN held up best, falling less than NVO in eight of the ten crashes they both traded through.
- NVO fell less than the S&P 500 in six of the ten crashes it has traded through. The clearest case was the 2008 financial crisis, when NVO fell 40.9% and the S&P 500 fell 55.2%.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than NVO.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NVO This pageNovo Nordisk A/S | — | −1.1% | −21.4% | −23.7% | −13.8% | −3.9% | −20.8% | −23.1% | −1.7% | −40.9% | −51.0% |
| SPY S&P 500State Street SPDR S&P 500 ETF | 3 of 10 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| LLY Eli Lilly and Company | 6 of 10 | −0.6% | −11.7% | −16.9% | −10.2% | −8.6% | −19.6% | −10.9% | 0.0% | −50.0% | −54.3% |
| ABBV AbbVie Inc. | 0 of 6 | −1.5% | −21.9% | −32.1% | −18.1% | −5.8% | −29.8% | — | — | — | — |
| VRTX Vertex Pharmaceuticals Incorporated | 3 of 10 | 0.0% | −19.2% | −19.4% | −21.2% | −8.8% | −43.7% | −23.9% | −2.7% | −59.9% | −86.7% |
| AMGN Amgen Inc. | 5 of 10 | −1.2% | −11.9% | −18.3% | −14.3% | −7.4% | −22.1% | −12.6% | −0.5% | −31.3% | −60.2% |
| NVS Novartis AG | 4 of 10 | −1.1% | −20.4% | −25.5% | −9.9% | −6.6% | −30.1% | −14.5% | −2.6% | −41.7% | −25.7% |
| GILD Gilead Sciences, Inc. | 4 of 10 | −1.6% | −20.0% | −13.7% | −22.7% | −5.5% | −28.7% | −18.2% | −2.1% | −34.3% | −53.6% |
| AZN AstraZeneca PLC | 8 of 10 | −0.5% | −25.7% | −22.6% | −11.4% | −6.4% | −18.0% | −16.4% | −1.1% | −37.4% | −43.5% |
| MRK Merck & Co., Inc. | 5 of 10 | −2.4% | −10.8% | −19.3% | −9.7% | −6.6% | −18.2% | −17.4% | −2.3% | −63.3% | −57.5% |
| JNJ Johnson & Johnson | 6 of 10 | −1.1% | −12.7% | −25.4% | −16.9% | −8.2% | −9.0% | −9.8% | −0.1% | −34.4% | −35.9% |
| REGN Regeneron Pharmaceuticals, Inc. | 2 of 10 | −0.2% | −25.8% | −12.7% | −17.3% | −7.3% | −37.7% | −23.2% | −7.2% | −49.9% | −71.6% |
| BMY Bristol-Myers Squibb Company | 5 of 10 | −2.3% | −16.0% | −29.4% | −22.9% | −4.1% | −16.3% | −10.5% | 0.0% | −39.2% | −69.5% |
| PFE Pfizer Inc. | 5 of 10 | −1.8% | −24.6% | −21.8% | −12.3% | −8.1% | −18.2% | −16.1% | −1.8% | −49.8% | −46.0% |
| MDT Medtronic Plc | 3 of 10 | −2.1% | −27.9% | −36.0% | −13.8% | −7.2% | −17.6% | −18.0% | −1.5% | −56.5% | −44.2% |
| BIIB Biogen Inc. | 3 of 10 | −2.5% | −22.4% | −21.2% | −21.7% | −9.3% | −24.6% | −19.4% | −0.6% | −52.7% | −59.8% |
| VTRS Viatris Inc. | 2 of 10 | −6.9% | −43.3% | −37.3% | −32.8% | −6.8% | −31.9% | −32.4% | −0.1% | −64.4% | −47.3% |
| DXCM DexCom, Inc. | 0 of 9 | −4.4% | −48.8% | −36.8% | −27.8% | −5.1% | −47.6% | −33.2% | −6.1% | −87.0% | — |
| GSK GSK plc | 5 of 10 | −0.3% | −37.6% | −26.5% | −11.5% | −4.3% | −15.7% | −12.4% | −2.0% | −46.6% | −45.1% |
| SNY Sanofi | 3 of 9 | −0.5% | −33.5% | −25.2% | −9.0% | −9.8% | −30.2% | −20.7% | −2.8% | −46.6% | — |
| VKTX Viking Therapeutics, Inc. | 0 of 6 | −10.0% | −54.3% | −50.4% | −62.9% | −8.5% | −79.4% | — | — | — | — |
| PODD Insulet Corp. | 1 of 9 | −2.0% | −33.2% | −39.9% | −31.1% | −4.1% | −37.2% | −36.5% | 0.0% | −89.6% | — |
| TNDM Tandem Diabetes Care, Inc. | 0 of 6 | −8.0% | −69.9% | −47.4% | −40.5% | −19.5% | −46.1% | — | — | — | — |
| ALT Altimmune, Inc. | 0 of 5 | −8.8% | −56.6% | −31.3% | −93.4% | −4.4% | — | — | — | — | — |
| GPCR Structure Therapeutics Inc. | 0 of 1 | −5.7% | — | — | — | — | — | — | — | — | — |
How closely does NVO move with the S&P 500?
Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares NVO with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- 14 of the 21 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than NVO's 0.80, led by LLY, VRTX and ABBV.
- LLY took just 6% of the S&P 500's losses, against 94% for NVO, while still keeping 101% of its gains.
- Over the past 10 years, NVO captured 75% of the S&P 500's gains in rising months and 94% of its losses in falling months, with a beta of 0.60. Its share of the market's losses was larger than its share of the gains.
Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than NVO's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| NVO This pageNovo Nordisk A/S | 75% | 94% | 0.80 | 0.60 |
| LLY Eli Lilly and Company | 101% | 6% | 15.73 | 0.37 |
| VRTX Vertex Pharmaceuticals Incorporated | 87% | 50% | 1.75 | 0.46 |
| ABBV AbbVie Inc. | 92% | 57% | 1.62 | 0.54 |
| VKTX Viking Therapeutics, Inc. | 164% | 104% | 1.58 | 1.21 |
| AZN AstraZeneca PLC | 60% | 39% | 1.52 | 0.39 |
| GILD Gilead Sciences, Inc. | 52% | 36% | 1.44 | 0.35 |
| MRK Merck & Co., Inc. | 64% | 46% | 1.39 | 0.30 |
| JNJ Johnson & Johnson | 64% | 53% | 1.20 | 0.46 |
| AMGN Amgen Inc. | 74% | 64% | 1.16 | 0.54 |
| NVS Novartis AG | 69% | 64% | 1.08 | 0.49 |
| DXCM DexCom, Inc. | 97% | 97% | 1.00 | 1.13 |
| PODD Insulet Corp. | 81% | 82% | 1.00 | 0.92 |
| REGN Regeneron Pharmaceuticals, Inc. | 55% | 66% | 0.84 | 0.19 |
| GSK GSK plc | 51% | 61% | 0.82 | 0.52 |
| BMY Bristol-Myers Squibb Company | 55% | 75% | 0.73 | 0.41 |
| SNY Sanofi | 53% | 74% | 0.72 | 0.46 |
| PFE Pfizer Inc. | 52% | 81% | 0.65 | 0.54 |
| MDT Medtronic Plc | 62% | 105% | 0.59 | 0.68 |
| VTRS Viatris Inc. | 74% | 179% | 0.41 | 1.14 |
| BIIB Biogen Inc. | 35% | 91% | 0.38 | 0.28 |
| TNDM Tandem Diabetes Care, Inc. | 35% | 172% | 0.20 | 1.00 |
What diversifies NVO?
Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with NVO's. Because such investments tend not to fall at the same time, pairing NVO with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in NVO into DXJ would have cut the portfolio's volatility by 20% over the past 5 years and raised its annual return (-3.1% for NVO alone, +3.9% for the mix).
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of NVO over the past 5 years, with correlations of 0.08 or lower, and each still earned a positive 5-year return.
- Among large stocks, CAH, CLS and FIX have moved largely independently of NVO over the past 5 years, with correlations of 0.03 or lower, and each still earned a positive 5-year return.
Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which NVO lost money. The last two columns show a portfolio that is 80% NVO and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2025 | 2024 | 2018 | 2016 | 2008 | 2002 | 1999 | 1998 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| NVO Novo Nordisk A/S (this page) | 1.00 | −18.5% | 0.09 | −39.2% | −15.9% | −11.8% | −36.6% | −19.8% | −27.0% | −1.9% | −7.3% | 37.7% | −3.1% |
| LVHI InternationalFranklin International Low Volatility High Dividend Index ETF | 0.05 | +119% | 1.48 | +27.1% | +15.9% | −5.2% | — | — | — | — | — | 30.3% | +2.1% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.01 | +225% | 1.34 | +32.8% | +29.8% | −19.8% | +1.1% | −20.8% | — | — | — | 30.3% | +3.9% |
| EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund | 0.08 | +101% | 1.04 | +9.7% | +33.4% | −8.7% | +29.8% | — | — | — | — | 30.5% | +1.9% |
| HDV Dividend & IncomeiShares Core High Dividend ETF | 0.26 | +83.3% | 1.00 | +11.9% | +14.1% | −3.0% | +15.9% | — | — | — | — | 31.0% | +1.1% |
| SMH TechnologyVanEck Semiconductor ETF | 0.26 | +323% | 0.97 | +49.2% | +39.1% | −9.1% | +35.6% | −44.7% | −47.0% | — | — | 32.6% | +5.9% |
| DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF | 0.25 | +85.0% | 0.96 | +23.1% | +13.4% | −9.5% | +6.3% | — | — | — | — | 30.8% | +1.4% |
| GLD CommoditiesSPDR Gold Shares | 0.03 | +126% | 0.96 | +63.7% | +26.7% | −1.9% | +8.0% | +4.9% | — | — | — | 30.4% | +2.5% |
| SPMO Broad MarketInvesco S&P 500 Momentum ETF | 0.34 | +136% | 0.93 | +26.6% | +45.8% | −0.9% | +7.4% | — | — | — | — | 31.8% | +2.8% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2025 | 2024 | 2018 | 2016 | 2008 | 2002 | 1999 | 1998 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| NVO Novo Nordisk A/S (this page) | 1.00 | −18.5% | 0.09 | −39.2% | −15.9% | −11.8% | −36.6% | −19.8% | −27.0% | −1.9% | −7.3% | 37.7% | −3.1% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.03 | +479% | 1.55 | +76.3% | +19.0% | −24.5% | −17.5% | −39.6% | −8.3% | −36.8% | +51.7% | 30.7% | +6.0% |
| CLS Hardware, Equipment & PartsCelestica Inc. | -0.02 | +3,143% | 1.47 | +220% | +215% | −16.3% | +7.4% | −20.5% | −65.1% | +350% | — | 32.1% | +17.9% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.01 | +1,636% | 1.46 | +121% | +107% | +0.8% | +18.3% | −15.2% | −9.4% | −58.7% | −9.5% | 31.5% | +14.3% |
| MCK Medical - DistributionMcKesson Corporation | -0.04 | +413% | 1.44 | +44.5% | +23.7% | −28.4% | −28.3% | −40.4% | −27.2% | −71.3% | +46.9% | 30.3% | +5.6% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.12 | +690% | 1.41 | +19.2% | −4.0% | −8.2% | +0.7% | — | — | — | — | 31.6% | +7.8% |
Common questions
What was NVO's worst drawdown?
NVO's deepest decline since it began trading in 1986 was 75.2%, from June 2024 to March 2026. It has not yet climbed back to that peak.
What were NVO's best and worst years?
Over 29 full calendar years, NVO's best year was 2010, when it returned 79.3%. Its worst was 2025, with a return of -39.2%.
Is there a better investment than NVO?
Among NVO's popular alternatives, LLY, MRK and ABBV earned more than NVO with less volatility over the past 5 years. LLY returned 40.7% a year at 32.8% volatility, against a loss of 4.0% a year at 39.1%. Looking beyond its popular alternatives, CAH (health care distribution) and MCK (health care distribution) earned more than NVO with less volatility over the past 5 years. CAH returned 42.1% a year at 24.7% volatility, against a loss of 4.0% a year at 39.1%.
Is NVO more volatile than the S&P 500?
Yes. NVO's volatility over the past 5 years was 39.1%, 2.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, NVO's return lands within 39.1% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.
What is NVO's Sharpe ratio?
NVO's Sharpe ratio over the past 5 years was 0.09, against 0.79 for the S&P 500, so NVO earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.
How correlated is NVO with the S&P 500?
Over the past 5 years, NVO's monthly returns had a correlation of 0.32 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against NVO instead: the lower it is, the more that option would diversify a NVO holding.
What are the best alternatives to NVO?
Of the 23 popular alternatives we compared, 18 outperformed NVO in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: LLY, ABBV and VRTX.
Did NVO outperform the S&P 500?
NVO finished ahead of the S&P 500 (SPY) in 20 of 29 full calendar years. In 2025, it returned -39.2%, against +17.7% for the index.
How did NVO do in stock market crashes?
NVO fell less than the S&P 500 (SPY) in six of the ten major crashes it has traded through, and further in three. The clearest case was the 2008 financial crisis, when NVO fell 40.9% and the S&P 500 fell 55.2%.
What diversifies NVO?
These had a low correlation with NVO over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.05), DXJ (correlation 0.01) and EMLP (correlation 0.08); among large stocks, CAH (correlation 0.03), CLS (correlation -0.02) and FIX (correlation 0.01). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than NVO's. Returns within 0.5 points or 3% of NVO's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
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