FDEV vs. NVOH

Last updated Jun 24, 2026

FDEV (Fidelity International Multifactor ETF) and NVOH (Novo Nordisk A/S (B Shares) ADRhedged ETF) are both Foreign Large Cap Equities funds. FDEV is passively managed, while NVOH is actively managed. Over the past year, FDEV returned 14.87% vs -32.94% for NVOH. At a 0.28 correlation, their price movements are largely independent. FDEV charges 0.39%/yr vs 0.19%/yr for NVOH.

Performance

FDEV vs. NVOH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity International Multifactor ETF (FDEV) and Novo Nordisk A/S (B Shares) ADRhedged ETF (NVOH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDEV achieves a 4.10% return, which is significantly higher than NVOH's -4.50% return.

FDEV

• 1D: -0.55%
• 1M: -2.17%
• YTD: 4.10%
• 6M: 3.18%
• 1Y: 14.87%
• 3Y*: 14.79%
• 5Y*: 6.99%
• 10Y*: —

NVOH

• 1D: 6.82%
• 1M: 3.96%
• YTD: -4.50%
• 6M: 1.36%
• 1Y: -32.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FDEV vs. NVOH - Yearly Performance Comparison

	2026 (YTD)	2025
FDEV Fidelity International Multifactor ETF	4.10%	29.43%
NVOH Novo Nordisk A/S (B Shares) ADRhedged ETF	-4.50%	-43.79%

Correlation

The correlation between FDEV and NVOH is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (All Time) Calculated using the full available price history since Jan 7, 2025	0.28

Return for Risk

FDEV vs. NVOH — Risk / Return Rank

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

FDEV

FDEV Risk / Return Rank: 37
FDEV Sharpe Ratio Rank: 36
FDEV Sortino Ratio Rank: 36
FDEV Omega Ratio Rank: 35
FDEV Calmar Ratio Rank: 36
FDEV Martin Ratio Rank: 40

NVOH

NVOH Risk / Return Rank: 4
NVOH Sharpe Ratio Rank: 4
NVOH Sortino Ratio Rank: 4
NVOH Omega Ratio Rank: 4
NVOH Calmar Ratio Rank: 3
NVOH Martin Ratio Rank: 3

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.

FDEV vs. NVOH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity International Multifactor ETF (FDEV) and Novo Nordisk A/S (B Shares) ADRhedged ETF (NVOH). 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.

	FDEV	NVOH	Difference
Sharpe ratio: Return per unit of total volatility	1.25	-0.67	+1.91
Sortino ratio: Return per unit of downside risk	1.78	-0.70	+2.48
Omega ratio: Gain probability vs. loss probability	1.23	0.90	+0.33
Calmar ratio: Return relative to maximum drawdown	1.76	-0.71	+2.48
Martin ratio: Return relative to average drawdown	6.16	-1.13	+7.29

FDEV vs. NVOH - Sharpe Ratio Comparison

The current FDEV Sharpe Ratio is 1.25, which is higher than the NVOH Sharpe Ratio of -0.67. The chart below compares the historical Sharpe Ratios of FDEV and NVOH, 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

FDEV vs. NVOH - Drawdown Comparison

The maximum FDEV drawdown since its inception was -30.11%, smaller than the maximum NVOH drawdown of -61.60%. Use the drawdown chart below to compare losses from any high point for FDEV and NVOH.

Drawdown Indicators

	FDEV	NVOH	Difference
Max Drawdown Largest peak-to-trough decline	-30.11%	-61.60%	+31.49%
Max Drawdown (1Y) Largest decline over 1 year	-8.46%	-46.22%	+37.76%
Max Drawdown (3Y) Largest decline over 3 years	-10.47%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-29.02%	—	—
Current Drawdown Current decline from peak	-4.58%	-49.74%	+45.16%
Average Drawdown Average peak-to-trough decline	-6.27%	-38.69%	+32.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	32.05%	-29.63%

Volatility

FDEV vs. NVOH - Volatility Comparison

The current volatility for Fidelity International Multifactor ETF (FDEV) is 3.09%, while Novo Nordisk A/S (B Shares) ADRhedged ETF (NVOH) has a volatility of 11.12%. This indicates that FDEV experiences smaller price fluctuations and is considered to be less risky than NVOH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDEV	NVOH	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.09%	11.12%	-8.03%
Volatility (6M) Calculated over the trailing 6-month period	9.91%	36.84%	-26.93%
Volatility (1Y) Calculated over the trailing 1-year period	11.96%	49.73%	-37.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.91%	48.86%	-34.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.30%	48.86%	-33.56%

FDEV vs. NVOH - Expense Ratio Comparison

FDEV has a 0.39% expense ratio, which is higher than NVOH's 0.19% expense ratio.

Dividends

FDEV vs. NVOH - Dividend Comparison

FDEV's dividend yield for the trailing twelve months is around 3.09%, less than NVOH's 6.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FDEV Fidelity International Multifactor ETF	3.09%	2.86%	2.99%	2.80%	2.65%	2.81%	1.88%	2.73%
NVOH Novo Nordisk A/S (B Shares) ADRhedged ETF	6.77%	2.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FDEV and NVOH in my portfolio?

FDEV and NVOH have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDEV or NVOH?

NVOH has higher volatility (11.12%) compared to FDEV (3.09%). In terms of maximum drawdown, FDEV dropped -30.11% vs NVOH's -61.60%.

Which ETF is better, FDEV or NVOH?

On 1-year performance, FDEV leads with 14.87% vs -32.94% for NVOH. On fees, NVOH is cheaper at 0.19% per year. On volatility, FDEV has been the lower-risk option at 3.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDEV or NVOH?

Over the 1-year period, FDEV has performed better with a 14.87% return vs -32.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDEV or NVOH?

NVOH is cheaper with a 0.19% expense ratio, compared with 0.39% for FDEV.

Which ETF pays a higher dividend yield, FDEV or NVOH?

NVOH has the higher dividend yield at 6.77%, compared with 3.09% for FDEV.

What is the main difference between FDEV and NVOH?

They also come from different issuers: Fidelity and Precidian. Their fees differ too: 0.39% for FDEV and 0.19% for NVOH.

Which has better risk-adjusted returns?

FDEV currently has the higher Sharpe Ratio (1.25 vs -0.67), 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.