AJG vs. NVO
AJG (Arthur J. Gallagher & Co.) and NVO (Novo Nordisk A/S) are both stocks. AJG operates in Insurance Brokers (Financial Services), while NVO operates in Drug Manufacturers - General (Healthcare). Over the past 10 years, AJG returned 17.92%/yr vs 6.20%/yr for NVO. At a 0.17 correlation, their price movements are largely independent.
Performance
AJG vs. NVO - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both investments are quite close, with AJG having a -17.35% return and NVO slightly higher at -16.56%. Over the past 10 years, AJG has outperformed NVO with an annualized return of 17.92%, while NVO has yielded a comparatively lower 6.20% annualized return.
AJG
- 1D
- -1.67%
- 1M
- 7.22%
- YTD
- -17.35%
- 6M
- -10.08%
- 1Y
- -34.63%
- 3Y*
- 1.87%
- 5Y*
- 9.17%
- 10Y*
- 17.92%
NVO
- 1D
- -4.52%
- 1M
- -10.96%
- YTD
- -16.56%
- 6M
- -9.23%
- 1Y
- -42.47%
- 3Y*
- -17.53%
- 5Y*
- 1.78%
- 10Y*
- 6.20%
AJG vs. NVO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AJG Arthur J. Gallagher & Co. | -17.35% | -8.03% | 27.34% | 20.51% | 12.44% | 39.02% | 32.12% | 31.79% | 19.19% | 25.04% |
NVO Novo Nordisk A/S | -16.56% | -39.22% | -15.93% | 54.84% | 22.66% | 63.52% | 23.33% | 28.70% | -12.98% | 52.92% |
Correlation
The correlation between AJG and NVO is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 1984 | 0.17 |
The correlation between AJG and NVO shifts across timeframes, from 0.12 (1 year) to 0.24 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
AJG:
$5.74
NVO:
$27.42
AJG:
37.04
NVO:
1.50
AJG:
3.84
NVO:
0.06
AJG:
3.97
NVO:
0.56
AJG:
$13.94B
NVO:
$327.80B
AJG:
$7.63B
NVO:
$268.30B
AJG:
$3.66B
NVO:
$181.54B
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
AJG vs. NVO — Risk / Return Rank
AJG
NVO
AJG vs. NVO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Arthur J. Gallagher & Co. (AJG) 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.
| AJG | NVO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.71 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 0.86 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | -0.77 | -0.08 |
| Martin ratioReturn relative to average drawdown | -1.47 | -1.14 | -0.33 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| AJG | NVO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.25 | -0.82 | -0.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.40 | 0.05 | +0.35 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.78 | 0.19 | +0.59 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | 0.47 | 0.00 |
Drawdowns
AJG vs. NVO - Drawdown Comparison
The maximum AJG drawdown since its inception was -57.49%, smaller than the maximum NVO drawdown of -74.70%. Use the drawdown chart below to compare losses from any high point for AJG and NVO.
Loading charts...
Drawdown Indicators
| AJG | NVO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.49% | -74.70% | +17.21% |
Max Drawdown (1Y)Largest decline over 1 year | -40.64% | -55.03% | +14.39% |
Max Drawdown (3Y)Largest decline over 3 years | -44.40% | -74.70% | +30.30% |
Max Drawdown (5Y)Largest decline over 5 years | -44.40% | -74.70% | +30.30% |
Max Drawdown (10Y)Largest decline over 10 years | -44.40% | -74.70% | +30.30% |
Current DrawdownCurrent decline from peak | -38.26% | -70.19% | +31.93% |
Average DrawdownAverage peak-to-trough decline | -12.83% | -17.77% | +4.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.06% | 37.21% | -13.15% |
Volatility
AJG vs. NVO - Volatility Comparison
The current volatility for Arthur J. Gallagher & Co. (AJG) is 8.97%, while Novo Nordisk A/S (NVO) has a volatility of 9.75%. This indicates that AJG 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.
Loading charts...
Volatility by Period
| AJG | NVO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.97% | 9.75% | -0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 22.42% | 38.30% | -15.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.95% | 52.08% | -24.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.96% | 38.31% | -15.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.08% | 32.56% | -9.48% |
Dividends
AJG vs. NVO - Dividend Comparison
AJG's dividend yield for the trailing twelve months is around 1.27%, less than NVO's 4.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AJG Arthur J. Gallagher & Co. | 1.27% | 1.00% | 0.85% | 0.98% | 1.08% | 1.13% | 1.46% | 1.81% | 2.23% | 2.47% | 2.93% | 3.62% |
NVO Novo Nordisk A/S | 4.39% | 3.31% | 1.68% | 1.00% | 1.20% | 1.35% | 1.87% | 2.14% | 1.45% | 1.52% | 2.87% | 0.92% |
Financials
AJG vs. NVO - Financials Comparison
This section allows you to compare key financial metrics between Arthur J. Gallagher & Co. and Novo Nordisk A/S. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
AJG vs. NVO - Profitability Comparison
AJG - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Arthur J. Gallagher & Co. reported a gross profit of 1.42B and revenue of 3.63B. Therefore, the gross margin over that period was 39.1%.
NVO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Novo Nordisk A/S reported a gross profit of 83.23B and revenue of 96.82B. Therefore, the gross margin over that period was 86.0%.
AJG - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Arthur J. Gallagher & Co. reported an operating income of 341.00M and revenue of 3.63B, resulting in an operating margin of 9.4%.
NVO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Novo Nordisk A/S reported an operating income of 59.62B and revenue of 96.82B, resulting in an operating margin of 61.6%.
AJG - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Arthur J. Gallagher & Co. reported a net income of 151.00M and revenue of 3.63B, resulting in a net margin of 4.2%.
NVO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Novo Nordisk A/S reported a net income of 48.56B and revenue of 96.82B, resulting in a net margin of 50.2%.
Frequently Asked Questions
AJG and NVO have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NVO has higher volatility (9.75%) compared to AJG (8.97%). In terms of maximum drawdown, AJG dropped -57.49% vs NVO's -74.70%.
NVO currently has the higher Sharpe Ratio (-0.82 vs -1.25), 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.
Find the right allocation for AJG and NVO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer