IAU vs. NVO
IAU (iShares Gold Trust) is Gold fund tracking the LBMA Gold Price, while NVO (Novo Nordisk A/S) is a stock. Over the past 10 years, IAU returned 12.31%/yr vs 7.56%/yr for NVO. At a 0.12 correlation, their price movements are largely independent.
Performance
IAU vs. NVO - Performance Comparison
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Returns By Period
In the year-to-date period, IAU achieves a -2.44% return, which is significantly higher than NVO's -10.74% return. Over the past 10 years, IAU has outperformed NVO with an annualized return of 12.31%, while NVO has yielded a comparatively lower 7.56% annualized return.
IAU
- 1D
- 0.08%
- 1M
- -10.21%
- YTD
- -2.44%
- 6M
- -2.22%
- 1Y
- 23.95%
- 3Y*
- 29.07%
- 5Y*
- 17.23%
- 10Y*
- 12.31%
NVO
- 1D
- -0.18%
- 1M
- -6.80%
- YTD
- -10.74%
- 6M
- -9.50%
- 1Y
- -43.34%
- 3Y*
- -15.59%
- 5Y*
- 2.92%
- 10Y*
- 7.56%
IAU vs. NVO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IAU iShares Gold Trust | -2.44% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
NVO Novo Nordisk A/S | -10.74% | -39.22% | -15.93% | 54.84% | 22.66% | 63.52% | 23.33% | 28.70% | -12.98% | 52.92% |
Correlation
The correlation between IAU 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 | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2005 | 0.12 |
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Return for Risk
IAU vs. NVO — Risk / Return Rank
IAU
NVO
IAU vs. NVO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) 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.
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.
| IAU | NVO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.73 | ||
| Sortino ratioReturn per unit of downside risk | +2.29 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.85 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 0.99 | -0.80 | +1.79 |
| Martin ratioReturn relative to average drawdown | 2.83 | -1.18 | +4.01 |
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Drawdowns
IAU vs. NVO - Drawdown Comparison
The maximum IAU drawdown since its inception was -45.14%, smaller than the maximum NVO drawdown of -74.70%. Use the drawdown chart below to compare losses from any high point for IAU and NVO.
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Drawdown Indicators
| IAU | NVO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.14% | -74.70% | +29.56% |
Max Drawdown (1Y)Largest decline over 1 year | -24.40% | -54.34% | +29.94% |
Max Drawdown (3Y)Largest decline over 3 years | -24.40% | -74.70% | +50.30% |
Max Drawdown (5Y)Largest decline over 5 years | -24.40% | -74.70% | +50.30% |
Max Drawdown (10Y)Largest decline over 10 years | -24.40% | -74.70% | +50.30% |
Current DrawdownCurrent decline from peak | -22.03% | -68.11% | +46.08% |
Average DrawdownAverage peak-to-trough decline | -15.97% | -17.79% | +1.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.47% | 37.62% | -29.15% |
Volatility
IAU vs. NVO - Volatility Comparison
The current volatility for iShares Gold Trust (IAU) is 7.70%, while Novo Nordisk A/S (NVO) has a volatility of 10.68%. This indicates that IAU experiences smaller price fluctuations and is considered to be less risky than NVO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IAU | NVO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.70% | 10.68% | -2.98% |
Volatility (6M)Calculated over the trailing 6-month period | 23.94% | 38.04% | -14.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.17% | 51.88% | -24.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.16% | 38.33% | -20.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.02% | 32.56% | -16.54% |
Dividends
IAU vs. NVO - Dividend Comparison
IAU has not paid dividends to shareholders, while NVO's dividend yield for the trailing twelve months is around 4.11%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
NVO Novo Nordisk A/S | 4.11% | 3.31% | 1.68% | 1.00% | 1.20% | 1.35% | 1.87% | 2.14% | 1.45% | 1.52% | 2.87% | 0.92% |
Frequently Asked Questions
IAU 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.
NVO has higher volatility (10.68%) compared to IAU (7.70%). In terms of maximum drawdown, IAU dropped -45.14% vs NVO's -74.70%.
IAU currently has the higher Sharpe Ratio (0.89 vs -0.84), 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.
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