GAP vs. NVO

Last updated Jun 9, 2026

GAP (The Gap, Inc.) and NVO (Novo Nordisk A/S) are both stocks. GAP operates in Apparel Retail (Consumer Cyclical), while NVO operates in Drug Manufacturers - General (Healthcare). Over the past 10 years, GAP returned 4.79%/yr vs 6.20%/yr for NVO. At a 0.13 correlation, their price movements are largely independent.

Performance

GAP vs. NVO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Gap, Inc. (GAP) 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, GAP achieves a -15.73% return, which is significantly higher than NVO's -16.56% return. Over the past 10 years, GAP has underperformed NVO with an annualized return of 4.79%, while NVO has yielded a comparatively higher 6.20% annualized return.

GAP

• 1D: -1.25%
• 1M: -8.90%
• YTD: -15.73%
• 6M: -15.47%
• 1Y: -0.21%
• 3Y*: 34.89%
• 5Y*: -3.98%
• 10Y*: 4.79%

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%

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

GAP vs. NVO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GAP The Gap, Inc.	-15.73%	11.74%	16.14%	96.66%	-32.64%	-11.11%	15.73%	-28.11%	-21.95%	56.05%
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 GAP and NVO is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.08
Correlation (All Time) Calculated using the full available price history since Jul 24, 1987	0.13

Fundamentals

Market Cap GAP : $8.05B NVO : $182.49B
EPS GAP : $2.53 NVO : $27.42
PE Ratio GAP : 8.42 NVO : 1.50
PEG Ratio GAP : 0.25 NVO : 0.06
PS Ratio GAP : 0.53 NVO : 0.56
PB Ratio GAP : 2.20 NVO : 0.90
Total Revenue (TTM) GAP : $15.40B NVO : $327.80B
Gross Profit (TTM) GAP : $6.24B NVO : $268.30B
EBITDA (TTM) GAP : $1.71B NVO : $181.54B

Return for Risk

GAP vs. NVO — Risk / Return Rank

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

GAP

GAP Risk / Return Rank: 40
GAP Sharpe Ratio Rank: 42
GAP Sortino Ratio Rank: 38
GAP Omega Ratio Rank: 38
GAP Calmar Ratio Rank: 42
GAP Martin Ratio Rank: 42

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: 13
NVO Martin Ratio Rank: 17

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.

GAP vs. NVO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Gap, Inc. (GAP) 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.

	GAP	NVO	Difference
Sharpe ratio: Return per unit of total volatility	-0.00	-0.82	+0.81
Sortino ratio: Return per unit of downside risk	0.30	-1.01	+1.30
Omega ratio: Gain probability vs. loss probability	1.04	0.86	+0.18
Calmar ratio: Return relative to maximum drawdown	-0.01	-0.77	+0.77
Martin ratio: Return relative to average drawdown	-0.02	-1.14	+1.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GAP vs. NVO - Sharpe Ratio Comparison

The current GAP Sharpe Ratio is -0.00, which is higher than the NVO Sharpe Ratio of -0.82. The chart below compares the historical Sharpe Ratios of GAP 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.

Sharpe Ratios by Period

	GAP	NVO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.00	-0.82	+0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	0.05	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.09	0.19	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.47	-0.30

Drawdowns

GAP vs. NVO - Drawdown Comparison

The maximum GAP drawdown since its inception was -85.61%, which is greater than NVO's maximum drawdown of -74.70%. Use the drawdown chart below to compare losses from any high point for GAP and NVO.

Drawdown Indicators

	GAP	NVO	Difference
Max Drawdown Largest peak-to-trough decline	-85.61%	-74.70%	-10.91%
Max Drawdown (1Y) Largest decline over 1 year	-28.33%	-55.03%	+26.70%
Max Drawdown (3Y) Largest decline over 3 years	-38.00%	-74.70%	+36.70%
Max Drawdown (5Y) Largest decline over 5 years	-76.13%	-74.70%	-1.43%
Max Drawdown (10Y) Largest decline over 10 years	-83.13%	-74.70%	-8.43%
Current Drawdown Current decline from peak	-31.99%	-70.19%	+38.20%
Average Drawdown Average peak-to-trough decline	-40.92%	-17.77%	-23.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.41%	37.21%	-25.80%

Volatility

GAP vs. NVO - Volatility Comparison

The Gap, Inc. (GAP) has a higher volatility of 21.37% compared to Novo Nordisk A/S (NVO) at 9.75%. This indicates that GAP's price experiences larger fluctuations and is considered to be riskier than NVO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GAP	NVO	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.37%	9.75%	+11.62%
Volatility (6M) Calculated over the trailing 6-month period	35.43%	38.30%	-2.87%
Volatility (1Y) Calculated over the trailing 1-year period	44.14%	52.08%	-7.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.66%	38.31%	+17.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.31%	32.56%	+22.75%

Dividends

GAP vs. NVO - Dividend Comparison

GAP's dividend yield for the trailing twelve months is around 3.15%, less than NVO's 4.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GAP The Gap, Inc.	3.15%	2.52%	2.54%	2.87%	5.05%	2.73%	1.20%	5.49%	3.72%	2.03%	5.12%	3.68%
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

GAP vs. NVO - Profitability Comparison

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

GAP - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, The Gap, Inc. reported a gross profit of 1.42B and revenue of 3.50B. Therefore, the gross margin over that period was 40.5%.

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%.

GAP - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, The Gap, Inc. reported an operating income of 445.00M and revenue of 3.50B, resulting in an operating margin of 12.7%.

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%.

GAP - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, The Gap, Inc. reported a net income of 339.00M and revenue of 3.50B, resulting in a net margin of 9.7%.

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 GAP and NVO in my portfolio?

GAP and NVO have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GAP or NVO?

GAP has higher volatility (21.37%) compared to NVO (9.75%). In terms of maximum drawdown, GAP dropped -85.61% vs NVO's -74.70%.

Which has better risk-adjusted returns?

GAP currently has the higher Sharpe Ratio (-0.00 vs -0.82), 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.