EXEL vs. NVO

Last updated Jun 13, 2026

EXEL (Exelixis, Inc.) and NVO (Novo Nordisk A/S) are both stocks. Both are in the Healthcare sector — EXEL in Biotechnology, NVO in Drug Manufacturers - General. Over the past 10 years, EXEL returned 21.91%/yr vs 7.56%/yr for NVO. At a 0.20 correlation, their price movements are largely independent.

Performance

EXEL vs. NVO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Exelixis, Inc. (EXEL) and Novo Nordisk A/S (NVO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EXEL achieves a 21.22% return, which is significantly higher than NVO's -10.74% return. Over the past 10 years, EXEL has outperformed NVO with an annualized return of 21.91%, while NVO has yielded a comparatively lower 7.56% annualized return.

EXEL

• 1D: -0.69%
• 1M: 3.59%
• YTD: 21.22%
• 6M: 29.97%
• 1Y: 27.17%
• 3Y*: 40.39%
• 5Y*: 18.25%
• 10Y*: 21.91%

NVO

• 1D: -0.18%
• 1M: -6.80%
• YTD: -10.74%
• 6M: -9.50%
• 1Y: -43.34%
• 3Y*: -15.59%
• 5Y*: 2.92%
• 10Y*: 7.56%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EXEL vs. NVO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EXEL Exelixis, Inc.	21.22%	31.62%	38.81%	49.56%	-12.25%	-8.92%	13.90%	-10.42%	-35.30%	103.89%
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 EXEL and NVO is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Apr 17, 2000	0.20

Fundamentals

Market Cap EXEL : $14.20B NVO : $195.21B
EPS EXEL : $3.00 NVO : DKK 27.42
PE Ratio EXEL : 17.72 NVO : 10.34
PEG Ratio EXEL : 0.31 NVO : 0.44
PS Ratio EXEL : 6.22 NVO : 3.85
PB Ratio EXEL : 7.34 NVO : 6.21
Total Revenue (TTM) EXEL : $2.38B NVO : DKK 327.80B
Gross Profit (TTM) EXEL : $1.70B NVO : DKK 268.30B
EBITDA (TTM) EXEL : $991.79M NVO : DKK 181.54B

Return for Risk

EXEL vs. NVO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EXEL

EXEL Risk / Return Rank: 64
EXEL Sharpe Ratio Rank: 65
EXEL Sortino Ratio Rank: 59
EXEL Omega Ratio Rank: 63
EXEL Calmar Ratio Rank: 65
EXEL Martin Ratio Rank: 66

NVO

NVO Risk / Return Rank: 12
NVO Sharpe Ratio Rank: 9
NVO Sortino Ratio Rank: 12
NVO Omega Ratio Rank: 10
NVO Calmar Ratio Rank: 12
NVO Martin Ratio Rank: 16

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EXEL vs. NVO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Exelixis, Inc. (EXEL) 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.

	EXEL	NVO	Difference
Sharpe ratio: Return per unit of total volatility	0.68	-0.84	+1.52
Sortino ratio: Return per unit of downside risk	1.12	-1.05	+2.17
Omega ratio: Gain probability vs. loss probability	1.16	0.85	+0.31
Calmar ratio: Return relative to maximum drawdown	1.08	-0.80	+1.88
Martin ratio: Return relative to average drawdown	2.61	-1.18	+3.80

EXEL vs. NVO - Sharpe Ratio Comparison

The current EXEL Sharpe Ratio is 0.68, which is higher than the NVO Sharpe Ratio of -0.84. The chart below compares the historical Sharpe Ratios of EXEL and NVO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EXEL vs. NVO - Drawdown Comparison

The maximum EXEL drawdown since its inception was -97.38%, which is greater than NVO's maximum drawdown of -74.70%. Use the drawdown chart below to compare losses from any high point for EXEL and NVO.

Drawdown Indicators

	EXEL	NVO	Difference
Max Drawdown Largest peak-to-trough decline	-97.38%	-74.70%	-22.68%
Max Drawdown (1Y) Largest decline over 1 year	-25.16%	-54.34%	+29.18%
Max Drawdown (3Y) Largest decline over 3 years	-25.34%	-74.70%	+49.36%
Max Drawdown (5Y) Largest decline over 5 years	-36.12%	-74.70%	+38.58%
Max Drawdown (10Y) Largest decline over 10 years	-57.20%	-74.70%	+17.50%
Current Drawdown Current decline from peak	-0.69%	-68.11%	+67.42%
Average Drawdown Average peak-to-trough decline	-71.03%	-17.79%	-53.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.42%	37.62%	-27.20%

Volatility

EXEL vs. NVO - Volatility Comparison

The current volatility for Exelixis, Inc. (EXEL) is 9.96%, while Novo Nordisk A/S (NVO) has a volatility of 10.68%. This indicates that EXEL 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.

Volatility by Period

	EXEL	NVO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.96%	10.68%	-0.72%
Volatility (6M) Calculated over the trailing 6-month period	25.50%	38.04%	-12.54%
Volatility (1Y) Calculated over the trailing 1-year period	40.27%	51.88%	-11.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.16%	38.33%	-1.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.47%	32.56%	+11.91%

Dividends

EXEL vs. NVO - Dividend Comparison

EXEL has not paid dividends to shareholders, while NVO's dividend yield for the trailing twelve months is around 4.11%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EXEL Exelixis, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NVO Novo Nordisk A/S	4.11%	3.31%	1.68%	1.00%	1.20%	1.35%	1.87%	2.14%	1.45%	1.52%	2.87%	0.92%

Financials

EXEL vs. NVO - Profitability Comparison

The chart below illustrates the profitability comparison between Exelixis, Inc. and Novo Nordisk A/S over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

EXEL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Exelixis, Inc. reported a gross profit of 0.00 and revenue of 610.81M. Therefore, the gross margin over that period was 0.0%.

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%.

EXEL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Exelixis, Inc. reported an operating income of 251.34M and revenue of 610.81M, resulting in an operating margin of 41.2%.

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%.

EXEL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Exelixis, Inc. reported a net income of 210.47M and revenue of 610.81M, resulting in a net margin of 34.5%.

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

Can I hold both EXEL and NVO in my portfolio?

EXEL and NVO have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EXEL or NVO?

NVO has higher volatility (10.68%) compared to EXEL (9.96%). In terms of maximum drawdown, EXEL dropped -97.38% vs NVO's -74.70%.

Which has better risk-adjusted returns?

EXEL currently has the higher Sharpe Ratio (0.68 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.