GSK vs. NVS

Last updated Jun 3, 2026

GSK (GlaxoSmithKline plc) and NVS (Novartis AG) are both stocks. Both operate in the Drug Manufacturers - General industry within the Healthcare sector. Over the past 10 years, GSK returned 3.81%/yr vs 9.83%/yr for NVS. At a 0.50 correlation, their price movements are largely independent.

Performance

GSK vs. NVS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GlaxoSmithKline plc (GSK) and Novartis AG (NVS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSK achieves a 1.52% return, which is significantly lower than NVS's 7.24% return. Over the past 10 years, GSK has underperformed NVS with an annualized return of 3.81%, while NVS has yielded a comparatively higher 9.83% annualized return.

GSK

• 1D: -0.63%
• 1M: -4.31%
• YTD: 1.52%
• 6M: 3.13%
• 1Y: 21.87%
• 3Y*: 17.32%
• 5Y*: 4.44%
• 10Y*: 3.81%

NVS

• 1D: -1.51%
• 1M: -2.11%
• YTD: 7.24%
• 6M: 11.77%
• 1Y: 26.69%
• 3Y*: 17.18%
• 5Y*: 14.14%
• 10Y*: 9.83%

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

GSK vs. NVS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSK GlaxoSmithKline plc	1.52%	51.23%	-5.14%	9.71%	-33.41%	26.74%	-17.72%	29.24%	13.79%	-2.97%
NVS Novartis AG	7.24%	46.95%	0.02%	16.14%	8.06%	-3.65%	3.34%	13.92%	5.95%	19.42%

Correlation

The correlation between GSK and NVS is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Nov 8, 1996	0.50

The correlation between GSK and NVS shifts across timeframes, from 0.50 (all time) to 0.68 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap GSK : $99.81B NVS : $274.91B
EPS GSK : $2.85 NVS : $6.99
PE Ratio GSK : 17.20 NVS : 20.53
PEG Ratio GSK : 1.15 NVS : 1.39
PS Ratio GSK : 3.06 NVS : 4.96
PB Ratio GSK : 4.24 NVS : 7.14
Total Revenue (TTM) GSK : $32.78B NVS : $56.05B
Gross Profit (TTM) GSK : $23.87B NVS : $42.19B
EBITDA (TTM) GSK : $11.30B NVS : $22.40B

Return for Risk

GSK vs. NVS — Risk / Return Rank

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

GSK

GSK Risk / Return Rank: 63
GSK Sharpe Ratio Rank: 66
GSK Sortino Ratio Rank: 60
GSK Omega Ratio Rank: 58
GSK Calmar Ratio Rank: 65
GSK Martin Ratio Rank: 66

NVS

NVS Risk / Return Rank: 75
NVS Sharpe Ratio Rank: 78
NVS Sortino Ratio Rank: 73
NVS Omega Ratio Rank: 70
NVS Calmar Ratio Rank: 76
NVS Martin Ratio Rank: 77

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.

GSK vs. NVS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GlaxoSmithKline plc (GSK) and Novartis AG (NVS). 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.

	GSK	NVS	Difference
Sharpe ratio Return per unit of total volatility	0.82	1.32	-0.50
Sortino ratio Return per unit of downside risk	1.31	1.88	-0.58
Omega ratio Gain probability vs. loss probability	1.16	1.23	-0.07
Calmar ratio Return relative to maximum drawdown	1.27	2.19	-0.92
Martin ratio Return relative to average drawdown	3.02	5.58	-2.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSK vs. NVS - Sharpe Ratio Comparison

The current GSK Sharpe Ratio is 0.82, which is lower than the NVS Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of GSK and NVS, 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

	GSK	NVS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.82	1.32	-0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.76	-0.58
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	0.50	-0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.42	-0.10

Drawdowns

GSK vs. NVS - Drawdown Comparison

The maximum GSK drawdown since its inception was -55.70%, which is greater than NVS's maximum drawdown of -42.10%. Use the drawdown chart below to compare losses from any high point for GSK and NVS.

Drawdown Indicators

	GSK	NVS	Difference
Max Drawdown Largest peak-to-trough decline	-55.70%	-42.10%	-13.60%
Max Drawdown (1Y) Largest decline over 1 year	-18.63%	-12.65%	-5.98%
Max Drawdown (3Y) Largest decline over 3 years	-28.46%	-19.95%	-8.51%
Max Drawdown (5Y) Largest decline over 5 years	-50.10%	-20.42%	-29.68%
Max Drawdown (10Y) Largest decline over 10 years	-50.10%	-26.03%	-24.07%
Current Drawdown Current decline from peak	-18.63%	-12.32%	-6.31%
Average Drawdown Average peak-to-trough decline	-18.87%	-10.93%	-7.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.87%	4.97%	+2.90%

Volatility

GSK vs. NVS - Volatility Comparison

The current volatility for GlaxoSmithKline plc (GSK) is 5.30%, while Novartis AG (NVS) has a volatility of 5.77%. This indicates that GSK experiences smaller price fluctuations and is considered to be less risky than NVS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSK	NVS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.30%	5.77%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	18.38%	14.30%	+4.08%
Volatility (1Y) Calculated over the trailing 1-year period	26.85%	20.29%	+6.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.01%	18.78%	+6.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.86%	19.59%	+3.27%

Dividends

GSK vs. NVS - Dividend Comparison

GSK's dividend yield for the trailing twelve months is around 3.53%, more than NVS's 3.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSK GlaxoSmithKline plc	3.53%	3.42%	4.60%	3.75%	5.47%	4.99%	5.59%	4.35%	5.65%	5.83%	6.86%	5.93%
NVS Novartis AG	3.33%	2.90%	3.84%	3.44%	3.70%	3.86%	3.22%	3.03%	3.47%	3.24%	3.73%	3.10%

Financials

GSK vs. NVS - Profitability Comparison

The chart below illustrates the profitability comparison between GlaxoSmithKline plc and Novartis AG over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

GSK - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, GlaxoSmithKline plc reported a gross profit of 5.75B and revenue of 7.63B. Therefore, the gross margin over that period was 75.4%.

NVS - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Novartis AG reported a gross profit of 10.07B and revenue of 13.52B. Therefore, the gross margin over that period was 74.4%.

GSK - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, GlaxoSmithKline plc reported an operating income of 2.29B and revenue of 7.63B, resulting in an operating margin of 30.1%.

NVS - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Novartis AG reported an operating income of 4.24B and revenue of 13.52B, resulting in an operating margin of 31.3%.

GSK - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, GlaxoSmithKline plc reported a net income of 1.74B and revenue of 7.63B, resulting in a net margin of 22.8%.

NVS - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Novartis AG reported a net income of 3.16B and revenue of 13.52B, resulting in a net margin of 23.3%.

Frequently Asked Questions

Can I hold both GSK and NVS in my portfolio?

GSK and NVS have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSK or NVS?

NVS has higher volatility (5.77%) compared to GSK (5.30%). In terms of maximum drawdown, GSK dropped -55.70% vs NVS's -42.10%.

Which has better risk-adjusted returns?

NVS currently has the higher Sharpe Ratio (1.32 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.