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Relative Intelligence · Pharmaceuticals

How Novartis (NVS) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on NVS alone. It places NVS (Novartis AG) 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 NVS stands in the market, and of the alternatives worth a closer look.

Period covered: NVS's full trading record, from September 1995 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.

Rank the market against NVS →Chart NVS vs. 22 alternatives →
On this page12 sections

Key findings

How much would $10,000 in NVS have grown?

This chart tracks a hypothetical $10,000 investment in NVS over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of NVS over the same span and NVS'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.

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. 517 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of NVS; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M199720022007201220172022$10,000$100,000$1M19972004201120182025
  • GILD$2M+15,614% total · +19.1% a year
  • AMGN$526,909+5,169% total · +14.6% a year
  • LLY$396,376+3,864% total · +13.5% a year
  • TMO$235,386+2,254% total · +11.5% a year
  • MCK$208,304+1,983% total · +11.0% a year
  • JNJ$189,226+1,792% total · +10.7% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • NVS$105,143+951% total · +8.5% a year
  • MRK$82,561+726% total · +7.6% a year
  • TEVA$76,156+662% total · +7.3% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 709 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of NVS; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000202120222023202420252026$0$20,000$40,000$60,000202120222023202420252026
  • LLY$52,411+424% total · +39.3% a year
  • MCK$43,941+339% total · +34.5% a year
  • TEVA$40,657+307% total · +32.4% a year
  • ABBV$29,134+191% total · +23.8% a year
  • GILD$25,496+155% total · +20.6% a year
  • AMGN$23,160+132% total · +18.3% a year
  • NVS$21,146+111% total · +16.2% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • TMO$11,986+19.9% total · +3.7% a year
  • IQV$11,224+12.2% total · +2.3% a year
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NVS 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.

The company

Market value
$292B
Industry
Drug Manufacturers - General
Price history from
September 1995

Returns

Past 1 year
+18.8%total return
Past 3 years
+75.9%+20.7% a year
Past 5 years
+121%+17.1% a year
Past 10 years
+226%+12.6% a year
Best calendar year
+52.9%1997
Worst calendar year
−24.1%1999
Losing years
8 of 29full calendar years

Risk

Volatility
20.7%typical yearly swing, 5 years
Sharpe ratio
0.87return per unit of risk, 5 years
Worst decline ever
−41.8%Jan 1999 to Mar 2000
From its all-time high
−7.1%below the peak

NVS against the whole market

Where NVS ranks among every stock and fund, and what across the market has done better.

How does NVS rank among all stocks?

This section ranks NVS 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 NVS stacks up against its peers, these rankings show where it stands in the market as a whole.

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.

MeasureNVSRankStanding
1-year return+18.8%1,273 of 3,287top 39%
3-year return+75.9%1,180 of 3,017top 39%
5-year return+121%570 of 2,893top 20%
10-year return+226%778 of 2,202top 35%
Volatility, 5 years20.7%110 of 2,893top 4%
Sharpe ratio, 5 years0.87200 of 2,893top 7%
Worst decline, past 10 years−26.8%9 of 2,187top 1%

What has beaten NVS 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). NVS sits where the dashed lines cross. Anything in the green box above and to the left earned more than NVS 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.

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 NVS. 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%15.0%20.0%25.0%30.0%35.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than NVSNVS: +17.1% a year, volatility 20.7%SPY (S&P 500): +12.7% a year, volatility 17.1%LLY: +40.7% a year, volatility 32.8%MCK: +38.7% a year, volatility 25.0%ABBV: +26.1% a year, volatility 23.4%GILD: +22.8% a year, volatility 24.9%AMGN: +19.6% a year, volatility 24.9%CAH: +42.1% a year, volatility 24.7%COR: +24.2% a year, volatility 22.8%VRTX: +22.6% a year, volatility 29.1%MPLX: +23.5% a year, volatility 18.8%DXJ: +26.6% a year, volatility 19.1%SDCI: +20.6% a year, volatility 18.4%DBJP: +20.9% a year, volatility 19.2%TRV: +22.4% a year, volatility 22.3%ENFR: +18.4% a year, volatility 19.1%RY: +17.3% a year, volatility 18.2%LVHI: +17.0% a year, volatility 11.1%NVSSPY (S&P 500)LLYMCKABBVGILDAMGNCAHCORVRTXMPLXDXJSDCITRVENFRRYLVHI10.0%15.0%20.0%25.0%30.0%35.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than NVSNVS: +17.1% a year, volatility 20.7%SPY (S&P 500): +12.7% a year, volatility 17.1%LLY: +40.7% a year, volatility 32.8%MCK: +38.7% a year, volatility 25.0%ABBV: +26.1% a year, volatility 23.4%GILD: +22.8% a year, volatility 24.9%AMGN: +19.6% a year, volatility 24.9%CAH: +42.1% a year, volatility 24.7%COR: +24.2% a year, volatility 22.8%VRTX: +22.6% a year, volatility 29.1%MPLX: +23.5% a year, volatility 18.8%DXJ: +26.6% a year, volatility 19.1%SDCI: +20.6% a year, volatility 18.4%DBJP: +20.9% a year, volatility 19.2%TRV: +22.4% a year, volatility 22.3%ENFR: +18.4% a year, volatility 19.1%RY: +17.3% a year, volatility 18.2%LVHI: +17.0% a year, volatility 11.1%NVSSPY (S&P 500)LLYMCKABBVGILDAMGNCAHCORVRTXMPLXDXJSDCIDBJPENFRRYLVHI
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • 1 with more than 1.6× NVS's volatility is in the table only

Is there a better investment than NVS?

Investments that beat NVS over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat NVS 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 NVS'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 NVS 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 NVS'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× NVS's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than NVS's.

Screen the whole market against NVS for any period in BetterThanSPYOpen these 18 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with NVS?lower diversifies moreExpenseper year
NVSNovartis AG · this page
+17.1%20.7%0.87−26.8%+226%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.340.09%
Popular alternativesbest 6 shownThe investments people most often weigh against NVS. 6 of 22 passed at least one test.
LLYEli Lilly and Company · Pharmaceuticals
Higher return in most periods+40.7%32.8%1.21−34.5%+1,807%0.30—
MCKMcKesson Corporation · Health Care Distribution
Higher return in most periods+38.7%25.0%1.44−38.1%+586%0.29—
ABBVAbbVie Inc. · Pharmaceuticals
Higher return in most periods+26.1%23.4%1.11−45.1%+603%0.40—
GILDGilead Sciences, Inc. · Biotechnology
Higher return in most periods+22.8%24.9%0.95−30.5%+200%0.27—
AMGNAmgen Inc. · Biotechnology
Higher return in most periods+19.6%24.9%0.85−24.9%+266%0.51—
TEVATeva Pharmaceutical Industries Limited · Pharmaceuticals
Higher return in most periods+32.2%42.8%0.86−85.5%−3.6%0.15—
Same and neighboring categories, and shared themesbest 3 shownEverything else in Pharmaceuticals and the categories next to it (Biotechnology, Health Care Distribution, Life Sciences Tools, Medical Devices), plus NVS's specific themes. 3 of 103 passed at least one test.
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.34—
CORCencora, Inc. · Health Care Distribution
Higher return in most periods+24.2%22.8%1.07−32.4%+406%0.52—
VRTXVertex Pharmaceuticals Incorporated · Biotechnology
Higher return in most periods+22.6%29.1%0.85−41.6%+521%0.37—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 177 of 3,508 passed at least one test.
MPLXMPLX Lp · Oil & Gas Midstream
On the frontierHigher return, lower volatilityHigher return in most periods+23.5%18.8%1.22−75.2%+350%0.29—
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatilityHigher return in most periods+26.6%19.1%1.34−39.1%+428%0.350.48%
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
On the frontierHigher return, lower volatilityHigher return in most periods+20.6%18.4%1.12−45.7%—0.170.80%
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Higher return, lower volatilityHigher return in most periods+20.9%19.2%1.09−31.3%+348%0.310.45%
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Higher return, similar volatilityHigher return in most periods+22.4%22.3%1.02−46.3%+347%0.40—
ENFRAlerian Energy Infrastructure ETF · Broad Market
Higher return, lower volatilityHigher return in most periods+18.4%19.1%0.98−62.6%+183%0.430.35%
RYRoyal Bank of Canada · Banks
On the frontierHigher return in most periods+17.3%18.2%0.97−40.0%+352%0.46—
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
On the frontierSimilar return, lower volatility+17.0%11.1%1.48−32.4%+194%0.650.40%
What these numbers mean for NVS
Annual return
NVS returned 17.1% 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 $22,100. 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
NVS's volatility over the past 5 years was 20.7%, 1.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, NVS's return lands within 20.7% 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
NVS's Sharpe ratio over the past 5 years was 0.87, against 0.79 for the S&P 500, so NVS earned more 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
NVS's worst fall from a peak to a low over the past 10 years was 26.8%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 26.8% fall takes a 36.7% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, NVS's monthly returns had a correlation of 0.34 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 NVS instead: the lower it is, the more that option would diversify a NVS holding. Guide: Correlation and diversification →
Show all 7 stocks and funds worth at least $500 million that earned more than NVS with less volatility

Out of 3,633 tested over 5 years. The strongest 5 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with NVSExpense
1
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.29—
2
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.350.48%
3
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.170.80%
4
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.310.45%
5
ENFRAlerian Energy Infrastructure ETF · Broad Market
Whole market+18.4%19.1%0.98−62.6%+183%0.430.35%

NVS against its popular alternatives

The investments people most often weigh against NVS, compared period by period and year by year.

How do NVS'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 NVS, which divides the map into what did better or worse on each measure.

Green points earned more than NVS with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

15.0%20.0%25.0%30.0%35.0%40.0%45.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityNVS: 17.2% a year, volatility 20.7%SPY (S&P 500): 12.7% a year, volatility 17.1%TMO: 2.9% a year, volatility 27.8%IQV: 1.3% a year, volatility 34.7%MRK: 16.3% a year, volatility 24.8%VTRS: 10.4% a year, volatility 33.6%XBI: 4.6% a year, volatility 32.5%AZN: 8.7% a year, volatility 35.7%BIIB: −1.8% a year, volatility 34.7%BMY: 5.5% a year, volatility 24.9%PFE: −1.7% a year, volatility 25.4%REGN: 7.7% a year, volatility 31.1%DHR: −3.8% a year, volatility 29.1%NVO: −4.0% a year, volatility 39.1%GSK: 9.5% a year, volatility 24.5%SNY: 0.6% a year, volatility 25.3%LLY: 40.7% a year, volatility 32.8%ABBV: 26.1% a year, volatility 23.4%MCK: 38.7% a year, volatility 25.0%AMGN: 19.6% a year, volatility 24.9%GILD: 22.8% a year, volatility 24.9%TEVA: 32.2% a year, volatility 42.8%JNJ: 12.7% a year, volatility 17.9%TAK: 11.8% a year, volatility 19.4%NVSSPY (S&P 500)TMOIQVMRKVTRSXBIAZNBIIBBMYPFEREGNDHRNVOGSKSNYLLYABBVMCKAMGNGILDTEVA10.0%20.0%30.0%40.0%50.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityNVS: 17.2% a year, volatility 20.7%SPY (S&P 500): 12.7% a year, volatility 17.1%TMO: 2.9% a year, volatility 27.8%IQV: 1.3% a year, volatility 34.7%MRK: 16.3% a year, volatility 24.8%VTRS: 10.4% a year, volatility 33.6%XBI: 4.6% a year, volatility 32.5%AZN: 8.7% a year, volatility 35.7%BIIB: −1.8% a year, volatility 34.7%BMY: 5.5% a year, volatility 24.9%PFE: −1.7% a year, volatility 25.4%REGN: 7.7% a year, volatility 31.1%DHR: −3.8% a year, volatility 29.1%NVO: −4.0% a year, volatility 39.1%GSK: 9.5% a year, volatility 24.5%SNY: 0.6% a year, volatility 25.3%LLY: 40.7% a year, volatility 32.8%ABBV: 26.1% a year, volatility 23.4%MCK: 38.7% a year, volatility 25.0%AMGN: 19.6% a year, volatility 24.9%GILD: 22.8% a year, volatility 24.9%TEVA: 32.2% a year, volatility 42.8%JNJ: 12.7% a year, volatility 17.9%TAK: 11.8% a year, volatility 19.4%NVSSPY (S&P 500)TMOIQVMRKVTRSXBIBIIBBMYPFEREGNDHRNVOGSKSNYLLYABBVMCKAMGNGILDTEVAJNJ
All figures
InvestmentAnnual returnVolatility
LLY Eli Lilly and Company+40.7%32.8%
MCK McKesson Corporation+38.7%25.0%
TEVA Teva Pharmaceutical Industries Limited+32.2%42.8%
ABBV AbbVie Inc.+26.1%23.4%
GILD Gilead Sciences, Inc.+22.8%24.9%
AMGN Amgen Inc.+19.6%24.9%
NVS This pageNovartis 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%
TAK Takeda Pharmaceutical Company Limited+11.8%19.4%
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%
XBI State Street SPDR S&P Biotech ETF+4.6%32.5%
TMO Thermo Fisher Scientific Inc.+2.9%27.8%
IQV IQVIA Holdings Inc.+1.3%34.7%
SNY Sanofi+0.6%25.3%
PFE Pfizer Inc.−1.7%25.4%
BIIB Biogen Inc.−1.8%34.7%
DHR Danaher Corporation−3.8%29.1%
NVO Novo Nordisk A/S−4.0%39.1%
Open these 24 in EasyCompare

Has NVS consistently beaten its popular alternatives?

This section compares NVS 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 NVS helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than NVS 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.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
NVS Novartis AG (this page)—+9.0%+2.7%+1.8%+13.1%+18.8%+75.9%+121%+226%20.7%0.87−26.8%—$292B—
LLY QualifiedEli Lilly and Company5/5 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—
MCK QualifiedMcKesson Corporation5/5 short3/3 longAll-weather+16.2%+24.0%+20.2%+25.5%+31.3%+131%+413%+586%25.0%1.44−38.1%—$120B—
AMGN QualifiedAmgen Inc.5/5 short2/3 long+11.6%+21.2%+27.0%+36.7%+48.7%+72.2%+145%+266%24.9%0.85−24.9%—$237B—
GILD QualifiedGilead Sciences, Inc.4/5 short2/3 long+4.0%+18.2%+16.6%+31.0%+30.3%+121%+180%+200%24.9%0.95−30.5%—$194B—
TEVA QualifiedTeva Pharmaceutical Industries Limited4/5 short2/3 long+2.0%+31.8%+27.6%+32.0%+110%+403%+303%−3.6%42.8%0.86−85.5%—$48B—
TMO Medical - Diagnostics & ResearchThermo Fisher Scientific Inc.4/5 short1/3 long+4.3%+30.7%+30.9%+16.3%+26.8%+49.5%+15.1%+366%27.8%0.24−40.9%—$254B—
IQV Medical - Diagnostics & ResearchIQVIA Holdings Inc.4/5 short1/3 long−0.8%+31.4%+51.5%+18.8%+26.3%+45.3%+6.5%+260%34.7%0.21−51.5%—$44B—
MRK Drug Manufacturers - GeneralMerck & Co., Inc.4/5 short1/3 long−0.8%+19.9%+28.3%+42.2%+76.8%+58.3%+113%+241%24.8%0.74−43.4%—$366B—
JNJ Drug Manufacturers - GeneralJohnson & Johnson4/5 short1/3 long−3.8%+4.8%+13.6%+27.1%+36.9%+84.6%+82.1%+196%17.9%0.76−27.4%—$625B—
VTRS Drug Manufacturers - Specialty & GenericViatris Inc.4/5 short1/3 long+9.1%+10.6%+27.3%+53.1%+87.1%+127%+64.3%−38.0%33.6%0.47−82.0%—$21B—
XBI HealthcareState Street SPDR S&P Biotech ETF3/5 short1/3 long−3.2%+1.5%+11.3%+26.2%+39.7%+130%+25.1%+159%32.5%0.30−63.9%0.35%$10B—
AZN Drug Manufacturers - GeneralAstraZeneca PLC1/5 short1/3 long+0.4%+3.3%−15.3%−7.0%+1.8%+38.8%+52.1%+257%35.7%0.41−28.7%—$262B—
BIIB Drug Manufacturers - GeneralBiogen Inc.5/5 short0/3 long+11.0%+21.6%+32.6%+36.7%+65.8%−5.6%−8.8%−18.9%34.7%0.11−72.7%—$36B—
BMY Drug Manufacturers - GeneralBristol-Myers Squibb Company4/5 short0/3 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 Drug Manufacturers - GeneralPfizer Inc.4/5 short0/3 long+8.5%+23.8%+13.2%+25.7%+30.5%+19.2%−8.3%+55.0%25.4%0.06−58.9%—$172B—
TAK Drug Manufacturers - Specialty & GenericTakeda Pharmaceutical Company Limited4/5 short0/3 long+8.6%+20.3%+16.9%+33.6%+48.2%+56.1%+75.1%+30.4%19.4%0.68−54.4%—$64B—
REGN BiotechnologyRegeneron Pharmaceuticals, Inc.3/5 short0/3 long+1.2%+20.3%+8.0%+4.4%+40.7%+0.8%+44.9%+120%31.1%0.40−59.7%—$83B—
DHR Medical - Diagnostics & ResearchDanaher Corporation2/5 short0/3 long+4.0%+11.6%+15.0%−2.2%+8.3%+10.8%−17.6%+232%29.1%0.01−43.8%—$157B—
NVO Drug Manufacturers - GeneralNovo Nordisk A/S0/5 short0/3 long−1.1%−20.0%−1.5%−23.9%−28.5%−57.0%−18.5%+134%39.1%0.09−75.2%—$174B—
GSK Drug Manufacturers - GeneralGSK plc0/5 short0/3 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 Drug Manufacturers - GeneralSanofi0/5 short0/3 long−2.6%−5.9%−10.3%−10.7%−13.4%−10.0%+3.0%+61.5%25.3%0.15−33.5%—$99B—
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How did NVS do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where NVS ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with NVS and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of NVS; gray means the two finished within a fraction of a point. The rank row places NVS among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of NVS20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
NVS This pageNovartis AG—+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%
Rank among alternativesTop quarter in 4 of 293 of 2311 of 235 of 2314 of 2319 of 2313 of 237 of 2310 of 2311 of 2313 of 2320 of 2313 of 2313 of 2214 of 2117 of 2110 of 2113 of 214 of 2016 of 2011 of 1910 of 197 of 1910 of 194 of 1815 of 1812 of 1816 of 1813 of 188 of 18
SPY S&P 500State Street SPDR S&P 500 ETF15 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 Company16 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.8 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%————————————————
MCK McKesson Corporation17 of 29+44.5%+23.7%+24.1%+51.8%+44.2%+27.1%+26.7%−28.4%+12.0%−28.3%−4.5%+29.3%+67.7%+25.6%+11.8%+13.8%+62.9%−40.4%+29.7%−1.2%+64.9%−1.4%+19.9%−27.2%+4.9%+61.2%−71.3%+46.9%+96.3%
AMGN Amgen Inc.15 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%
GILD Gilead Sciences, Inc.18 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%
TEVA Teva Pharmaceutical Industries Limited12 of 29+41.6%+111%+14.5%+13.9%−17.0%−1.5%−36.4%−18.6%−46.0%−43.2%+16.7%+47.4%+10.9%−5.1%−21.0%−5.9%+33.6%−7.4%+50.9%−27.1%+45.2%+6.1%+47.8%+26.1%−15.5%+105%+77.0%−13.4%−5.3%
TMO Thermo Fisher Scientific Inc.17 of 29+11.8%−1.7%−3.4%−17.3%+43.5%+43.7%+45.6%+18.2%+35.0%−0.1%+13.8%+13.1%+75.8%+43.2%−18.8%+16.1%+40.0%−40.9%+27.4%+50.3%−0.2%+19.8%+25.3%−15.7%+5.6%+98.2%−11.4%−61.5%+6.7%
IQV IQVIA Holdings Inc.8 of 12+14.7%−15.1%+12.9%−27.4%+57.5%+16.0%+33.0%+18.7%+28.7%+10.8%+16.6%+27.0%—————————————————
MRK Merck & Co., Inc.11 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 & Johnson14 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%
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%
XBI State Street SPDR S&P Biotech ETF11 of 19+35.9%+1.0%+7.6%−25.9%−20.4%+48.3%+32.6%−15.3%+43.8%−15.4%+13.6%+45.0%+48.4%+32.7%+5.2%+17.6%+0.4%−8.5%+29.1%——————————
AZN AstraZeneca PLC17 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%
BIIB Biogen Inc.14 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%
BMY Bristol-Myers Squibb Company12 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.13 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%
TAK Takeda Pharmaceutical Company Limited4 of 17+22.7%−3.2%−4.8%+20.1%−21.6%−3.0%+22.1%−38.8%+41.3%−14.0%+24.4%−6.5%+7.4%+5.8%−5.0%+21.2%−16.1%————————————
REGN Regeneron Pharmaceuticals, Inc.15 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%
DHR Danaher Corporation19 of 29+0.4%−0.4%−1.2%−19.0%+48.6%+45.4%+49.5%+11.8%+20.0%+73.2%+9.3%+11.6%+38.3%+19.1%−0.1%+25.7%+33.0%−35.4%+21.3%+30.1%−2.7%+25.3%+39.7%+9.1%−11.7%+41.5%−11.0%+72.4%+35.2%
NVO Novo Nordisk A/S18 of 29−39.2%−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%
GSK GSK plc14 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 Sanofi9 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%——————
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Risk and diversification

How NVS 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 NVS's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents NVS's five deepest drawdowns since it began trading in 1995, 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.

Green means NVS fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringNVS fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−41.8%+10.5%Jan 1999Mar 200014 monthsDec 20033.8 years
2008 financial crisis−41.7%−43.1%Aug 2008Mar 20097 monthsSep 201018 months
2015 China and oil sell-off−33.7%+8.8%Jul 2015Dec 201617 monthsMar 20192.3 years
Covid crash−26.8%−33.5%Feb 2020Mar 20201 monthJan 202110 months
No named crash−21.4%−5.6%Mar 1998Oct 19987 monthsNov 19981 month

How did NVS do in stock market crashes?

This section measures how far NVS, 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.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than NVS.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
NVS This pageNovartis AG—−1.1%−20.4%−25.5%−9.9%−6.6%−30.1%−14.5%−2.6%−41.7%−25.7%
SPY S&P 500State Street SPDR S&P 500 ETF2 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 Company5 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.1 of 6−1.5%−21.9%−32.1%−18.1%−5.8%−29.8%————
MCK McKesson Corporation1 of 10−0.9%−10.5%−32.1%−20.7%−6.5%−30.8%−14.2%−3.5%−57.7%−39.4%
AMGN Amgen Inc.6 of 10−1.2%−11.9%−18.3%−14.3%−7.4%−22.1%−12.6%−0.5%−31.3%−60.2%
GILD Gilead Sciences, Inc.5 of 10−1.6%−20.0%−13.7%−22.7%−5.5%−28.7%−18.2%−2.1%−34.3%−53.6%
TEVA Teva Pharmaceutical Industries Limited2 of 10−7.4%−34.0%−50.3%−40.1%−10.7%−21.8%−25.8%−2.4%−23.5%−34.7%
TMO Thermo Fisher Scientific Inc.3 of 10−2.4%−19.8%−24.8%−17.2%−8.7%−14.7%−24.4%−3.6%−53.9%−41.8%
IQV IQVIA Holdings Inc.2 of 6−6.8%−35.9%−48.9%−19.2%−5.3%−28.7%————
MRK Merck & Co., Inc.3 of 10−2.4%−10.8%−19.3%−9.7%−6.6%−18.2%−17.4%−2.3%−63.3%−57.5%
JNJ Johnson & Johnson5 of 10−1.1%−12.7%−25.4%−16.9%−8.2%−9.0%−9.8%−0.1%−34.4%−35.9%
VTRS Viatris Inc.1 of 10−6.9%−43.3%−37.3%−32.8%−6.8%−31.9%−32.4%−0.1%−64.4%−47.3%
XBI State Street SPDR S&P Biotech ETF2 of 9−6.9%−43.6%−32.9%−32.5%−5.5%−42.6%−26.7%−4.1%−37.5%—
AZN AstraZeneca PLC5 of 10−0.5%−25.7%−22.6%−11.4%−6.4%−18.0%−16.4%−1.1%−37.4%−43.5%
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%
BMY Bristol-Myers Squibb Company6 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.3 of 10−1.8%−24.6%−21.8%−12.3%−8.1%−18.2%−16.1%−1.8%−49.8%−46.0%
TAK Takeda Pharmaceutical Company Limited3 of 8−0.6%−14.8%−31.5%−27.9%−6.5%−17.0%−5.6%−3.7%——
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%
DHR Danaher Corporation2 of 10−3.2%−22.8%−25.9%−13.4%−9.8%−14.0%−21.8%−0.6%−45.7%−33.7%
NVO Novo Nordisk A/S5 of 10−1.1%−21.4%−23.7%−13.8%−3.9%−20.8%−23.1%−1.7%−40.9%−51.0%
GSK GSK plc5 of 10−0.3%−37.6%−26.5%−11.5%−4.3%−15.7%−12.4%−2.0%−46.6%−45.1%
SNY Sanofi2 of 9−0.5%−33.5%−25.2%−9.0%−9.8%−30.2%−20.7%−2.8%−46.6%—
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How closely does NVS 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 NVS with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

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 NVS's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
NVS This pageNovartis AG69%64%1.080.49
LLY Eli Lilly and Company101%6%15.730.37
MCK McKesson Corporation72%27%2.710.56
ABBV AbbVie Inc.92%57%1.620.54
AZN AstraZeneca PLC60%39%1.520.39
GILD Gilead Sciences, Inc.52%36%1.440.35
MRK Merck & Co., Inc.64%46%1.390.30
JNJ Johnson & Johnson64%53%1.200.46
AMGN Amgen Inc.74%64%1.160.54
DHR Danaher Corporation84%84%1.010.75
TMO Thermo Fisher Scientific Inc.104%104%1.000.81
REGN Regeneron Pharmaceuticals, Inc.55%66%0.840.19
GSK GSK plc51%61%0.820.52
NVO Novo Nordisk A/S75%94%0.800.60
IQV IQVIA Holdings Inc.128%167%0.771.31
XBI State Street SPDR S&P Biotech ETF93%122%0.761.01
BMY Bristol-Myers Squibb Company55%75%0.730.41
SNY Sanofi53%74%0.720.46
PFE Pfizer Inc.52%81%0.650.54
TAK Takeda Pharmaceutical Company Limited34%58%0.580.44
TEVA Teva Pharmaceutical Industries Limited55%116%0.481.11
VTRS Viatris Inc.74%179%0.411.14
BIIB Biogen Inc.35%91%0.380.28
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What diversifies NVS?

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 NVS's. Because such investments tend not to fall at the same time, pairing NVS with them can reduce a portfolio's overall swings.

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 NVS lost money. The last two columns show a portfolio that is 80% NVS and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe2024202120162015200820072001199980/20 mix volatility80/20 mix annual return
NVS Novartis AG (this page)1.00+121%0.87−0.5%−5.0%−11.8%−4.3%−5.4%−3.4%−17.2%−24.1%19.1%+16.2%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.35+225%1.34+29.8%+18.0%+1.1%+7.7%−20.8%−7.4%——16.4%+18.6%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.48+101%1.04+33.4%+23.1%+29.8%−25.3%————16.9%+16.3%
SMH TechnologyVanEck Semiconductor ETF0.13+323%0.97+39.1%+42.1%+35.6%−0.3%−44.7%+6.0%−14.6%—17.6%+21.4%
GLD CommoditiesSPDR Gold Shares0.42+126%0.96+26.7%−4.2%+8.0%−10.7%+4.9%+30.4%——17.0%+16.9%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.25+136%0.93+45.8%+22.7%+7.4%—————16.8%+17.7%
XLE EnergyState Street Energy Select Sector SPDR ETF0.32+177%0.93+5.6%+53.3%+28.0%−21.5%−39.0%+36.8%−18.2%+18.1%17.7%+18.1%
FDVV Dividend & IncomeFidelity High Dividend ETF0.49+85.9%0.92+21.8%+29.3%——————17.0%+16.0%
VLUE Broad MarketiShares MSCI USA Value Factor ETF0.39+109%0.90+7.2%+28.9%+15.3%−4.1%————17.3%+16.8%

Stocks

InvestmentCorrelation5Y returnSharpe2024202120162015200820072001199980/20 mix volatility80/20 mix annual return
NVS Novartis AG (this page)1.00+121%0.87−0.5%−5.0%−11.8%−4.3%−5.4%−3.4%−17.2%−24.1%19.1%+16.2%
CAH Medical - DistributionCardinal Health, Inc.0.34+479%1.55+19.0%−0.4%−17.5%+12.6%−39.6%−9.8%−2.5%−36.8%17.8%+20.8%
CLS Hardware, Equipment & PartsCelestica Inc.-0.13+3,143%1.47+215%+37.9%+7.4%−6.0%−20.5%−25.7%−25.6%+350%18.1%+34.8%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.03+1,636%1.46+107%+89.0%+18.3%+67.7%−15.2%+2.1%+73.7%−58.7%18.0%+30.2%
MCK Medical - DistributionMcKesson Corporation0.29+413%1.44+23.7%+44.2%−28.3%−4.5%−40.4%+29.7%+4.9%−71.3%17.5%+20.3%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.16+690%1.41−4.0%+61.0%+0.7%+17.4%————17.5%+23.1%
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Common questions

What was NVS's worst drawdown?

NVS's deepest decline since it began trading in 1995 was 41.8%, from January 1999 to March 2000. It took about four years from the low to climb back to its old high.

What were NVS's best and worst years?

Over 29 full calendar years, NVS's best year was 1997, when it returned 52.9%. Its worst was 1999, with a return of -24.1%.

Is there a better investment than NVS?

Among NVS's popular alternatives, LLY, MCK and ABBV were ahead of NVS in most short and long periods. Looking beyond its popular alternatives, CAH (health care distribution) and COR (health care distribution) were ahead of NVS in most short and long periods.

Is NVS more volatile than the S&P 500?

Yes. NVS's volatility over the past 5 years was 20.7%, 1.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, NVS's return lands within 20.7% 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 NVS's Sharpe ratio?

NVS's Sharpe ratio over the past 5 years was 0.87, against 0.79 for the S&P 500, so NVS earned more 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 NVS with the S&P 500?

Over the past 5 years, NVS's monthly returns had a correlation of 0.34 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 NVS instead: the lower it is, the more that option would diversify a NVS holding.

What are the best alternatives to NVS?

Of the 22 popular alternatives we compared, six outperformed NVS in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: LLY, ABBV and MCK.

Did NVS outperform the S&P 500?

NVS finished ahead of the S&P 500 (SPY) in ten of 29 full calendar years. In 2025, it returned +46.0%, against +17.7% for the index.

How did NVS do in stock market crashes?

NVS fell less than the S&P 500 (SPY) in seven of the ten major crashes it has traded through, and further in two. The clearest case was the dot-com bust, when NVS fell 25.7% and the S&P 500 fell 47.5%.

What diversifies NVS?

These had a low correlation with NVS over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.35), EMLP (correlation 0.48) and SMH (correlation 0.13); among large stocks, CAH (correlation 0.34), CLS (correlation -0.13) and FIX (correlation 0.03). A correlation near zero means the two have moved largely independently.

How we measure

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Popular alternatives to NVS