^NDX vs. NVO
^NDX (NASDAQ 100 Index) is an index, while NVO (Novo Nordisk A/S) is a stock. Over the past 10 years, ^NDX returned 20.95%/yr vs 7.56%/yr for NVO. At a 0.27 correlation, their price movements are largely independent.
Performance
^NDX vs. NVO - Performance Comparison
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Returns By Period
In the year-to-date period, ^NDX achieves a 17.37% return, which is significantly higher than NVO's -10.74% return. Over the past 10 years, ^NDX has outperformed NVO with an annualized return of 20.95%, while NVO has yielded a comparatively lower 7.56% annualized return.
^NDX
- 1D
- 0.64%
- 1M
- 0.19%
- YTD
- 17.37%
- 6M
- 17.62%
- 1Y
- 37.01%
- 3Y*
- 25.76%
- 5Y*
- 16.18%
- 10Y*
- 20.95%
NVO
- 1D
- -0.18%
- 1M
- -4.19%
- YTD
- -10.74%
- 6M
- -9.50%
- 1Y
- -42.47%
- 3Y*
- -15.59%
- 5Y*
- 2.92%
- 10Y*
- 7.56%
^NDX vs. NVO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
^NDX NASDAQ 100 Index | 17.37% | 20.17% | 24.88% | 53.81% | -32.97% | 26.63% | 47.58% | 37.96% | -1.04% | 31.52% |
NVO Novo Nordisk A/S | -10.74% | -39.22% | -15.93% | 54.84% | 22.66% | 63.52% | 23.33% | 28.70% | -12.98% | 52.92% |
Correlation
The correlation between ^NDX and NVO is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 1985 | 0.27 |
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Return for Risk
^NDX vs. NVO — Risk / Return Rank
^NDX
NVO
^NDX vs. NVO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NASDAQ 100 Index (^NDX) and Novo Nordisk A/S (NVO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ^NDX | NVO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.89 | ||
| Sortino ratioReturn per unit of downside risk | +3.73 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 0.85 | +0.51 |
| Calmar ratioReturn relative to maximum drawdown | 2.92 | -0.80 | +3.72 |
| Martin ratioReturn relative to average drawdown | 10.85 | -1.18 | +12.03 |
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Drawdowns
^NDX vs. NVO - Drawdown Comparison
The maximum ^NDX drawdown since its inception was -82.90%, which is greater than NVO's maximum drawdown of -74.70%. Use the drawdown chart below to compare losses from any high point for ^NDX and NVO.
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Drawdown Indicators
| ^NDX | NVO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.90% | -74.70% | -8.20% |
Max Drawdown (1Y)Largest decline over 1 year | -12.12% | -54.34% | +42.22% |
Max Drawdown (3Y)Largest decline over 3 years | -22.93% | -74.70% | +51.77% |
Max Drawdown (5Y)Largest decline over 5 years | -35.56% | -74.70% | +39.14% |
Max Drawdown (10Y)Largest decline over 10 years | -35.56% | -74.70% | +39.14% |
Current DrawdownCurrent decline from peak | -3.34% | -68.11% | +64.77% |
Average DrawdownAverage peak-to-trough decline | -24.61% | -17.79% | -6.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.26% | 37.62% | -34.36% |
Volatility
^NDX vs. NVO - Volatility Comparison
The current volatility for NASDAQ 100 Index (^NDX) is 7.51%, while Novo Nordisk A/S (NVO) has a volatility of 10.68%. This indicates that ^NDX experiences smaller price fluctuations and is considered to be less risky than NVO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ^NDX | NVO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.51% | 10.68% | -3.17% |
Volatility (6M)Calculated over the trailing 6-month period | 13.84% | 38.04% | -24.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.29% | 51.88% | -34.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.76% | 38.33% | -15.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.61% | 32.56% | -9.95% |
Frequently Asked Questions
^NDX and NVO have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NVO has higher volatility (10.68%) compared to ^NDX (7.51%). In terms of maximum drawdown, ^NDX dropped -82.90% vs NVO's -74.70%.
^NDX currently has the higher Sharpe Ratio (2.05 vs -0.84), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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