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IAU vs. NOVO-B.CO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IAU vs. NOVO-B.CO

Last updated Jun 14, 2026

IAU (iShares Gold Trust) is Gold fund tracking the LBMA Gold Price, while NOVO-B.CO (Novo Nordisk A/S) is a stock. Over the past 10 years, IAU returned 12.31%/yr vs 17.63%/yr for NOVO-B.CO. At a 0.12 correlation, their price movements are largely independent.

Performance

IAU vs. NOVO-B.CO - Performance Comparison

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

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Different Trading Currencies

IAU 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, IAU achieves a -2.44% return, which is significantly higher than NOVO-B.CO's -10.15% return. Over the past 10 years, IAU has underperformed NOVO-B.CO with an annualized return of 12.31%, while NOVO-B.CO has yielded a comparatively higher 17.63% annualized return.

IAU

1D
0.08%
1M
-9.54%
YTD
-2.44%
6M
-2.22%
1Y
22.32%
3Y*
29.07%
5Y*
17.23%
10Y*
12.31%

NOVO-B.CO

1D
1.53%
1M
-5.28%
YTD
-10.15%
6M
-8.95%
1Y
-41.84%
3Y*
6.83%
5Y*
19.41%
10Y*
17.63%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
IAU
iShares Gold Trust		-2.44%63.95%26.85%12.84%-0.63%-4.00%25.03%17.98%-1.76%12.91%
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 IAU 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

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Gold Trust

Novo Nordisk A/S

Often compared with IAU:
IAU vs. GLDIAU vs. GLDMIAU vs. IAUMIAU vs. SGOLIAU vs. GDXIAU vs. VOOIAU vs. PHYS
Often compared with NOVO-B.CO:
NOVO-B.CO vs. SPYNOVO-B.CO vs. LLYNOVO-B.CO vs. QQQNOVO-B.CO vs. NOV.DENOVO-B.CO vs. SAABYNOVO-B.CO vs. LLY.DENOVO-B.CO vs. MONC.MI

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IAU
IAU Risk / Return Rank: 2626
Overall Rank
IAU Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
IAU Sortino Ratio Rank: 2525
Sortino Ratio Rank
IAU Omega Ratio Rank: 3030
Omega Ratio Rank
IAU Calmar Ratio Rank: 2424
Calmar Ratio Rank
IAU Martin Ratio Rank: 2424
Martin Ratio Rank
NOVO-B.CO
NOVO-B.CO Risk / Return Rank: 1313
Overall Rank
NOVO-B.CO Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
NOVO-B.CO Sortino Ratio Rank: 1414
Sortino Ratio Rank
NOVO-B.CO Omega Ratio Rank: 1212
Omega Ratio Rank
NOVO-B.CO Calmar Ratio Rank: 1313
Calmar Ratio Rank
NOVO-B.CO Martin Ratio Rank: 1717
Martin Ratio Rank
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) 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.

IAUNOVO-B.CODifference
Sharpe ratioReturn per unit of total volatility
0.89
-0.77

+1.66

Sortino ratioReturn per unit of downside risk
1.25
-0.89

+2.14

Omega ratioGain probability vs. loss probability

1.19

0.88

+0.31

Calmar ratioReturn relative to maximum drawdown

0.99

-0.79

+1.77

Martin ratioReturn relative to average drawdown

2.83

-1.17

+4.01

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

The current IAU Sharpe Ratio is 0.89, which is higher than the NOVO-B.CO Sharpe Ratio of -0.77. The chart below compares the historical Sharpe Ratios of IAU 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.

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Drawdowns

IAU vs. NOVO-B.CO - Drawdown Comparison

The maximum IAU drawdown since its inception was -45.14%, smaller than the maximum NOVO-B.CO drawdown of -74.86%. Use the drawdown chart below to compare losses from any high point for IAU and NOVO-B.CO.

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Drawdown Indicators

IAUNOVO-B.CODifference

Max Drawdown

Largest peak-to-trough decline

-45.14%

-74.86%

+29.72%

Max Drawdown (1Y)

Largest decline over 1 year

-24.40%

-54.48%

+30.08%

Max Drawdown (3Y)

Largest decline over 3 years

-24.40%

-74.86%

+50.46%

Max Drawdown (5Y)

Largest decline over 5 years

-24.40%

-74.86%

+50.46%

Max Drawdown (10Y)

Largest decline over 10 years

-24.40%

-74.86%

+50.46%

Current Drawdown

Current decline from peak

-22.03%

-67.88%

+45.85%

Average Drawdown

Average peak-to-trough decline

-15.97%

-12.38%

-3.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.47%

36.72%

-28.25%

Volatility

IAU vs. NOVO-B.CO - Volatility Comparison

The current volatility for iShares Gold Trust (IAU) is 7.70%, while Novo Nordisk A/S (NOVO-B.CO) has a volatility of 12.08%. This indicates that IAU 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.

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Volatility by Period

IAUNOVO-B.CODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.70%

12.08%

-4.38%

Volatility (6M)

Calculated over the trailing 6-month period

23.94%

40.71%

-16.77%

Volatility (1Y)

Calculated over the trailing 1-year period

27.17%

55.70%

-28.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.16%

58.93%

-40.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.02%

45.48%

-29.46%

Dividends

IAU vs. NOVO-B.CO - Dividend Comparison

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

PositionTTM20252024202320222021202020192018201720162015
IAU
iShares Gold Trust		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

IAU 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.

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