# How Novo Nordisk A/S (NVO) compares with the whole market and its popular alternatives

> Source: EasyCompare research, https://easycompare.io/research/nvo
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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.

## Key findings

- **Right now:** Over 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.
- **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 years:** NVO 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).
- **Long term:** NVO 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.
- **In a crash:** In 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%).
- **Diversification:** Against 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.
- **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.

- $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.

## 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.

- 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.

- Type: Stock, Healthcare (Drug Manufacturers - General)
- Trading since: October 17, 1986
- Market value: $174B
- Volatility (5 years): 39.1%; Sharpe ratio: 0.09
- Worst decline ever: −75.2%, from June 25, 2024 to March 30, 2026; not yet back at its high

| Period | NVO total return |
| --- | --- |
| 1 month | −1.1% |
| 3 months | −20.0% |
| 6 months | −1.5% |
| year to date | −23.9% |
| 1 year | −28.5% |
| 3 years | −57.0% |
| 5 years | −18.5% |
| 10 years | +134% |

## 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.

- 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.

| Measure | NVO | Rank |
| --- | --- | --- |
| 1-year return | −28.5% | 2,824 of 3,287 (top 86%) |
| 3-year return | −57.0% | 2,897 of 3,017 (top 97%) |
| 5-year return | −18.5% | 1,989 of 2,893 (top 69%) |
| 10-year return | +134% | 1,159 of 2,202 (top 53%) |
| Volatility, 5 years | 39.1% | 1,398 of 2,893 (top 49%) |
| Sharpe ratio, 5 years | 0.09 | 2,130 of 2,893 (top 74%) |
| Worst decline, past 10 years | −75.2% | 1,466 of 2,187 (top 68%) |

### 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).

- 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%.

### Is there a better investment than NVO?

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.

- 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.

The 15 strongest of 1,990 investments that beat NVO over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with NVO | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NVO: Novo Nordisk A/S (this page) |  | −4.0% | 39.1% | 0.09 | −75.2% | +134% |  |  |
| [SGOV](https://easycompare.io/research/sgov): iShares 0-3 Month Treasury Bond ETF | Treasury Bonds | +3.8% | 0.3% | 13.25 | −0.3% | — | 0.05 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [RY](https://easycompare.io/research/ry): Royal Bank of Canada | Banks | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.21 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| JAAA: Janus Henderson AAA CLO ETF | CLO Bonds | +5.1% | 1.7% | 2.98 | −2.6% | — | 0.18 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [AAPL](https://easycompare.io/research/aapl): Apple Inc. | Computer Hardware | +18.5% | 28.0% | 0.75 | −38.5% | +1,168% | 0.12 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [GOOG](https://easycompare.io/research/goog): Alphabet Inc. | Internet Services | +19.0% | 32.0% | 0.71 | −44.6% | +752% | 0.21 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [LLY](https://easycompare.io/research/lly): Eli Lilly and Company | Pharmaceuticals | +40.7% | 32.8% | 1.21 | −34.5% | +1,807% | 0.36 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [MSFT](https://easycompare.io/research/msft): Microsoft Corporation | Software | +12.5% | 28.2% | 0.56 | −37.1% | +946% | 0.22 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VTI](https://easycompare.io/research/vti): Vanguard Morningstar Total Stock Market ETF | US Total Market | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.31 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VOO](https://easycompare.io/research/voo): Vanguard S&P 500 ETF | US Large-Cap Equity | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.32 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [AMZN](https://easycompare.io/research/amzn): Amazon.com, Inc. | E-Commerce | +9.0% | 36.6% | 0.42 | −56.1% | +548% | 0.16 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [WMT](https://easycompare.io/research/wmt): Walmart Inc. | Discount Retail | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.20 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [BRK-B](https://easycompare.io/research/brk-b): Berkshire Hathaway Inc. | Insurance | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.24 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [XOM](https://easycompare.io/research/xom): Exxonmobil Holdings Corporation | Integrated Oil & Gas | +27.1% | 26.5% | 1.04 | −61.0% | +214% | 0.03 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [MRK](https://easycompare.io/research/mrk): Merck & Co., Inc. | Pharmaceuticals | +16.3% | 24.8% | 0.74 | −43.4% | +241% | 0.17 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [JPM](https://easycompare.io/research/jpm): JPMorgan Chase & Co. | Banks | +17.3% | 24.3% | 0.78 | −43.6% | +537% | 0.18 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## 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.

- 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%).

### 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.

- 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.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of NVO | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| NVO: Novo Nordisk A/S (this page) | −28.5% | −57.0% | −18.5% | +134% |  |  | 0.09 |
| [LLY](https://easycompare.io/research/lly): Eli Lilly and Company | +59.7% | +124% | +451% | +1,807% | 5/5 short-term, 3/3 long-term | all-weather | 1.21 |
| [ABBV](https://easycompare.io/research/abbv): AbbVie Inc. | +28.3% | +118% | +218% | +603% | 5/5 short-term, 3/3 long-term | all-weather | 1.11 |
| [VRTX](https://easycompare.io/research/vrtx): Vertex Pharmaceuticals Incorporated | +22.8% | +42.2% | +177% | +521% | 5/5 short-term, 3/3 long-term | all-weather | 0.85 |
| [AMGN](https://easycompare.io/research/amgn): Amgen Inc. | +48.7% | +72.2% | +145% | +266% | 5/5 short-term, 3/3 long-term | all-weather | 0.85 |
| [NVS](https://easycompare.io/research/nvs): Novartis AG | +18.8% | +75.9% | +121% | +226% | 5/5 short-term, 3/3 long-term | all-weather | 0.87 |
| [GILD](https://easycompare.io/research/gild): Gilead Sciences, Inc. | +30.3% | +121% | +180% | +200% | 5/5 short-term, 3/3 long-term | all-weather | 0.95 |
| [AZN](https://easycompare.io/research/azn): AstraZeneca PLC | +1.8% | +38.8% | +52.1% | +257% | 4/5 short-term, 3/3 long-term | all-weather | 0.41 |
| [MRK](https://easycompare.io/research/mrk): Merck & Co., Inc. | +76.8% | +58.3% | +113% | +241% | 4/5 short-term, 3/3 long-term | all-weather | 0.74 |
| [JNJ](https://easycompare.io/research/jnj): Johnson & Johnson | +36.9% | +84.6% | +82.1% | +196% | 4/5 short-term, 3/3 long-term | all-weather | 0.76 |
| [REGN](https://easycompare.io/research/regn): Regeneron Pharmaceuticals, Inc. | +40.7% | +0.8% | +44.9% | +120% | 5/5 short-term, 2/3 long-term | consistent | 0.40 |
| [BMY](https://easycompare.io/research/bmy): Bristol-Myers Squibb Company | +47.8% | +25.8% | +30.6% | +74.8% | 5/5 short-term, 2/3 long-term | consistent | 0.34 |
| [PFE](https://easycompare.io/research/pfe): Pfizer Inc. | +30.5% | +19.2% | −8.3% | +55.0% | 5/5 short-term, 2/3 long-term | consistent | 0.06 |
| [MDT](https://easycompare.io/research/mdt): Medtronic Plc | +1.9% | +43.6% | −8.8% | +46.7% | 5/5 short-term, 2/3 long-term | consistent | 0.03 |
| BIIB: Biogen Inc. | +65.8% | −5.6% | −8.8% | −18.9% | 5/5 short-term, 2/3 long-term | consistent | 0.11 |
| VTRS: Viatris Inc. | +87.1% | +127% | +64.3% | −38.0% | 5/5 short-term, 2/3 long-term | consistent | 0.47 |
| DXCM: DexCom, Inc. | +25.3% | −0.3% | −38.4% | +316% | 4/5 short-term, 2/3 long-term | consistent | 0.04 |
| [GSK](https://easycompare.io/research/gsk): GSK plc | +18.9% | +60.0% | +57.2% | +95.1% | 3/5 short-term, 2/3 long-term | consistent | 0.49 |
| [SNY](https://easycompare.io/research/sny): Sanofi | −13.4% | −10.0% | +3.0% | +61.5% | 3/5 short-term, 2/3 long-term | consistent | 0.15 |
| VKTX: Viking Therapeutics, Inc. | −20.9% | +166% | +360% | +2,223% | 1/5 short-term, 3/3 long-term |  | 0.72 |
| PODD: Insulet Corp. | −56.4% | −1.4% | −52.2% | +255% | 2/5 short-term, 2/3 long-term |  | -0.12 |
| TNDM: Tandem Diabetes Care, Inc. | +6.3% | −14.5% | −87.0% | −76.4% | 2/5 short-term, 1/3 long-term |  | -0.25 |
| ALT: Altimmune, Inc. | −42.5% | +6.0% | −80.7% | — | 1/5 short-term, 1/3 long-term |  | 0.13 |
| GPCR: Structure Therapeutics Inc. | −17.9% | −66.1% | — | — | 1/5 short-term, 0/3 long-term |  | — |

### 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.

- 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.

| Year | NVO | SPY |
| --- | --- | --- |
| 2025 | −39.2% | +17.7% |
| 2024 | −15.9% | +24.9% |
| 2023 | +54.8% | +26.2% |
| 2022 | +22.6% | −18.2% |
| 2021 | +63.5% | +28.7% |
| 2020 | +23.3% | +18.3% |
| 2019 | +28.7% | +31.2% |
| 2018 | −11.8% | −4.6% |
| 2017 | +54.3% | +21.7% |
| 2016 | −36.6% | +12.0% |

## 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.

- 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.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −75.2% | June 25, 2024 | March 30, 2026 | not yet | +18.4% |  |
| −51.4% | March 18, 1987 | October 19, 1987 | October 20, 1988 | — |  |
| −51.0% | August 6, 2001 | August 5, 2002 | February 6, 2004 | −29.4% | dot-com bust |
| −46.1% | August 3, 2015 | November 23, 2016 | January 19, 2018 | +8.0% | 2015 China and oil sell-off |
| −42.6% | May 11, 1998 | March 22, 1999 | May 26, 2000 | +18.8% |  |

### 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.

- 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%.

| Crash | Dates | NVO fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −51.0% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −40.9% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −1.7% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −23.1% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −20.8% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −3.9% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −13.8% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −23.7% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −21.4% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −1.1% | −3.4% |

### 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.

- 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.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| NVO: Novo Nordisk A/S (this page) | 75.0% | 94.0% | 0.60 |
| [LLY](https://easycompare.io/research/lly): Eli Lilly and Company | 101% | 6.0% | 0.37 |
| [ABBV](https://easycompare.io/research/abbv): AbbVie Inc. | 92.0% | 57.0% | 0.54 |
| [VRTX](https://easycompare.io/research/vrtx): Vertex Pharmaceuticals Incorporated | 87.0% | 50.0% | 0.46 |
| [AMGN](https://easycompare.io/research/amgn): Amgen Inc. | 74.0% | 64.0% | 0.54 |
| [NVS](https://easycompare.io/research/nvs): Novartis AG | 69.0% | 64.0% | 0.49 |
| [GILD](https://easycompare.io/research/gild): Gilead Sciences, Inc. | 52.0% | 36.0% | 0.35 |
| [AZN](https://easycompare.io/research/azn): AstraZeneca PLC | 60.0% | 39.0% | 0.39 |
| [MRK](https://easycompare.io/research/mrk): Merck & Co., Inc. | 64.0% | 46.0% | 0.30 |
| [JNJ](https://easycompare.io/research/jnj): Johnson & Johnson | 64.0% | 53.0% | 0.46 |
| [REGN](https://easycompare.io/research/regn): Regeneron Pharmaceuticals, Inc. | 55.0% | 66.0% | 0.19 |
| [BMY](https://easycompare.io/research/bmy): Bristol-Myers Squibb Company | 55.0% | 75.0% | 0.41 |
| [PFE](https://easycompare.io/research/pfe): Pfizer Inc. | 52.0% | 81.0% | 0.54 |
| [MDT](https://easycompare.io/research/mdt): Medtronic Plc | 62.0% | 105% | 0.68 |
| BIIB: Biogen Inc. | 35.0% | 91.0% | 0.28 |
| VTRS: Viatris Inc. | 74.0% | 179% | 1.14 |
| DXCM: DexCom, Inc. | 97.0% | 97.0% | 1.13 |
| [GSK](https://easycompare.io/research/gsk): GSK plc | 51.0% | 61.0% | 0.52 |
| [SNY](https://easycompare.io/research/sny): Sanofi | 53.0% | 74.0% | 0.46 |
| VKTX: Viking Therapeutics, Inc. | 164% | 104% | 1.21 |
| PODD: Insulet Corp. | 81.0% | 82.0% | 0.92 |
| TNDM: Tandem Diabetes Care, Inc. | 35.0% | 172% | 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).

- 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.

| Investment | Correlation with NVO | 5Y return | Volatility | Sharpe | Rose in NVO's 8 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.05 | +119% | 11.1% | 1.48 | 2 of 8 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.01 | +225% | 19.1% | 1.34 | 3 of 8 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.08 | +101% | 14.5% | 1.04 | 3 of 8 |
| HDV: iShares Core High Dividend ETF | 0.26 | +83.3% | 13.0% | 1.00 | 3 of 8 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.26 | +323% | 36.9% | 0.97 | 3 of 8 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.25 | +85.0% | 13.8% | 0.96 | 3 of 8 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.03 | +126% | 18.9% | 0.96 | 4 of 8 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.34 | +136% | 20.8% | 0.93 | 3 of 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.

## More research

- [Eli Lilly and Company (LLY) Performance, Alternatives and Market Rank](https://easycompare.io/research/lly)
- [AbbVie (ABBV) Performance, Alternatives and Market Rank](https://easycompare.io/research/abbv)
- [Vertex Pharmaceuticals (VRTX) Performance, Alternatives and Market Rank](https://easycompare.io/research/vrtx)
- [Amgen (AMGN) Performance, Alternatives and Market Rank](https://easycompare.io/research/amgn)
- [Novartis (NVS) Performance, Alternatives and Market Rank](https://easycompare.io/research/nvs)
- [Gilead Sciences (GILD) Performance, Alternatives and Market Rank](https://easycompare.io/research/gild)
- [AstraZeneca (AZN) Performance, Alternatives and Market Rank](https://easycompare.io/research/azn)
- [Merck & Co., Inc. (MRK) Performance, Alternatives and Market Rank](https://easycompare.io/research/mrk)
- [Johnson & Johnson (JNJ) Performance, Alternatives and Market Rank](https://easycompare.io/research/jnj)
- [Regeneron Pharmaceuticals (REGN) Performance, Alternatives and Market Rank](https://easycompare.io/research/regn)
- [Bristol-Myers Squibb (BMY) Performance, Alternatives and Market Rank](https://easycompare.io/research/bmy)
- [Pfizer (PFE) Performance, Alternatives and Market Rank](https://easycompare.io/research/pfe)

## Explore further

- Full page with charts: https://easycompare.io/research/nvo
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against NVO live: https://betterthanspy.com/?b=NVO&utm_source=easycompare&utm_medium=research