GLD vs. NOVO-B.CO

Last updated Jun 13, 2026

GLD (SPDR Gold Shares) is Gold fund tracking the LBMA Gold Price PM, while NOVO-B.CO (Novo Nordisk A/S) is a stock. Over the past 10 years, GLD returned 12.15%/yr vs 17.48%/yr for NOVO-B.CO. At a 0.12 correlation, their price movements are largely independent.

Performance

GLD vs. NOVO-B.CO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold Shares (GLD) and Novo Nordisk A/S (NOVO-B.CO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GLD is traded in USD, while NOVO-B.CO is traded in DKK. To make them comparable, the NOVO-B.CO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, GLD achieves a -2.47% return, which is significantly higher than NOVO-B.CO's -11.35% return. Over the past 10 years, GLD has underperformed NOVO-B.CO with an annualized return of 12.15%, while NOVO-B.CO has yielded a comparatively higher 17.48% annualized return.

GLD

• 1D: 0.06%
• 1M: -9.52%
• YTD: -2.47%
• 6M: -2.25%
• 1Y: 22.21%
• 3Y*: 28.89%
• 5Y*: 17.08%
• 10Y*: 12.15%

NOVO-B.CO

• 1D: 0.00%
• 1M: -6.54%
• YTD: -11.35%
• 6M: -10.16%
• 1Y: -43.11%
• 3Y*: 6.35%
• 5Y*: 19.09%
• 10Y*: 17.48%

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

GLD vs. NOVO-B.CO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GLD SPDR Gold Shares	-2.47%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	12.81%
NOVO-B.CO Novo Nordisk A/S	-10.15%	-39.54%	-15.04%	214.95%	23.90%	65.39%	27.16%	32.88%	-10.64%	58.82%

Correlation

The correlation between GLD and NOVO-B.CO is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.13
Correlation (All Time) Calculated using the full available price history since Sep 7, 2007	0.12

Return for Risk

GLD vs. NOVO-B.CO — Risk / Return Rank

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

GLD

GLD Risk / Return Rank: 26
GLD Sharpe Ratio Rank: 27
GLD Sortino Ratio Rank: 25
GLD Omega Ratio Rank: 30
GLD Calmar Ratio Rank: 24
GLD Martin Ratio Rank: 24

NOVO-B.CO

NOVO-B.CO Risk / Return Rank: 13
NOVO-B.CO Sharpe Ratio Rank: 10
NOVO-B.CO Sortino Ratio Rank: 14
NOVO-B.CO Omega Ratio Rank: 12
NOVO-B.CO Calmar Ratio Rank: 13
NOVO-B.CO 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.

GLD vs. NOVO-B.CO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and Novo Nordisk A/S (NOVO-B.CO). 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.

	GLD	NOVO-B.CO	Difference
Sharpe ratio: Return per unit of total volatility	0.87	-0.78	+1.66
Sortino ratio: Return per unit of downside risk	1.24	-0.92	+2.15
Omega ratio: Gain probability vs. loss probability	1.18	0.87	+0.31
Calmar ratio: Return relative to maximum drawdown	0.98	-0.80	+1.78
Martin ratio: Return relative to average drawdown	2.81	-1.20	+4.01

GLD vs. NOVO-B.CO - Sharpe Ratio Comparison

The current GLD Sharpe Ratio is 0.87, which is higher than the NOVO-B.CO Sharpe Ratio of -0.78. The chart below compares the historical Sharpe Ratios of GLD and NOVO-B.CO, 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

GLD vs. NOVO-B.CO - Drawdown Comparison

The maximum GLD drawdown since its inception was -45.56%, smaller than the maximum NOVO-B.CO drawdown of -74.86%. Use the drawdown chart below to compare losses from any high point for GLD and NOVO-B.CO.

Drawdown Indicators

	GLD	NOVO-B.CO	Difference
Max Drawdown Largest peak-to-trough decline	-45.56%	-74.86%	+29.30%
Max Drawdown (1Y) Largest decline over 1 year	-24.46%	-54.48%	+30.02%
Max Drawdown (3Y) Largest decline over 3 years	-24.46%	-74.86%	+50.40%
Max Drawdown (5Y) Largest decline over 5 years	-24.46%	-74.86%	+50.40%
Max Drawdown (10Y) Largest decline over 10 years	-24.46%	-74.86%	+50.40%
Current Drawdown Current decline from peak	-22.05%	-68.31%	+46.26%
Average Drawdown Average peak-to-trough decline	-16.16%	-12.38%	-3.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.49%	36.72%	-28.23%

Volatility

GLD vs. NOVO-B.CO - Volatility Comparison

The current volatility for SPDR Gold Shares (GLD) is 7.79%, while Novo Nordisk A/S (NOVO-B.CO) has a volatility of 11.96%. This indicates that GLD experiences smaller price fluctuations and is considered to be less risky than NOVO-B.CO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLD	NOVO-B.CO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.79%	11.96%	-4.17%
Volatility (6M) Calculated over the trailing 6-month period	24.10%	40.68%	-16.58%
Volatility (1Y) Calculated over the trailing 1-year period	27.37%	55.68%	-28.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.22%	58.92%	-40.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.08%	45.48%	-29.40%

Dividends

GLD vs. NOVO-B.CO - Dividend Comparison

GLD has not paid dividends to shareholders, while NOVO-B.CO's dividend yield for the trailing twelve months is around 4.07%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLD SPDR Gold Shares	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NOVO-B.CO Novo Nordisk A/S	4.07%	3.58%	1.59%	1.01%	2.38%	2.54%	4.03%	4.22%	5.27%	4.54%	7.38%	2.50%

Frequently Asked Questions

Can I hold both GLD and NOVO-B.CO in my portfolio?

GLD and NOVO-B.CO have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.