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IGV vs. NVO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IGV vs. NVO

Last updated Jul 21, 2026
Documentation

IGV (iShares Expanded Tech-Software Sector ETF) is Technology Equities fund tracking the S&P North American Expanded Technology Software Index, while NVO (Novo Nordisk A/S) is a stock. Over the past 10 years, IGV returned 15.60%/yr vs 8.18%/yr for NVO. At a 0.31 correlation, their price movements are largely independent.

Performance

IGV vs. NVO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Expanded Tech-Software Sector ETF (IGV) and Novo Nordisk A/S (NVO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IGV achieves a -12.01% return, which is significantly lower than NVO's 0.91% return. Over the past 10 years, IGV has outperformed NVO with an annualized return of 15.60%, while NVO has yielded a comparatively lower 8.18% annualized return.

IGV

1D
0.19%
1M
4.37%
6M
-5.40%
YTD
-12.01%
1Y
-16.26%
3Y*
9.01%
5Y*
3.20%
10Y*
15.60%
ALL TIME*
9.30%

NVO

1D
-1.41%
1M
14.86%
6M
-17.63%
YTD
0.91%
1Y
-19.26%
3Y*
-13.51%
5Y*
4.43%
10Y*
8.18%
ALL TIME*
14.52%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IGV vs. NVO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IGV
iShares Expanded Tech-Software Sector ETF		-12.01%5.56%23.41%58.56%-35.65%12.30%52.86%34.33%12.44%42.16%
NVO
Novo Nordisk A/S		0.91%-39.22%-15.93%54.84%22.66%63.52%23.33%28.70%-12.98%52.92%

Correlation

The correlation between IGV and NVO is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.26

Correlation (3Y)
Calculated over the trailing 3-year period

0.26

Correlation (5Y)
Calculated over the trailing 5-year period

0.31

Correlation (10Y)
Calculated over the trailing 10-year period

0.32

Correlation (All Time)
Calculated using the full available price history since Jul 13, 2001

0.31

Compare stocks, funds, or ETFs

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

iShares Expanded Tech-Software Sector ETF

Novo Nordisk A/S

Often compared with IGV:
IGV vs. QQQIGV vs. SOXXIGV vs. XSWIGV vs. VGTIGV vs. XLKIGV vs. SMHIGV vs. SMHX
Often compared with NVO:
NVO vs. LLYNVO vs. NOV.DENVO vs. NVSNVO vs. MRKNVO vs. XLVNVO vs. AZNNVO vs. REGN

Return for Risk

IGV vs. NVO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IGV
IGV Risk / Return Rank: 55
Overall Rank
IGV Sharpe Ratio Rank: 55
Sharpe Ratio Rank
IGV Sortino Ratio Rank: 55
Sortino Ratio Rank
IGV Omega Ratio Rank: 55
Omega Ratio Rank
IGV Calmar Ratio Rank: 66
Calmar Ratio Rank
IGV Martin Ratio Rank: 66
Martin Ratio Rank
NVO
NVO Risk / Return Rank: 3030
Overall Rank
NVO Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
NVO Sortino Ratio Rank: 2929
Sortino Ratio Rank
NVO Omega Ratio Rank: 2929
Omega Ratio Rank
NVO Calmar Ratio Rank: 3232
Calmar Ratio Rank
NVO Martin Ratio Rank: 3333
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.

IGV vs. NVO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Expanded Tech-Software Sector ETF (IGV) 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.

IGVNVODifference
Sharpe ratioReturn per unit of total volatility
-0.57
-0.37

-0.20

Sortino ratioReturn per unit of downside risk
-0.65
-0.19

-0.47

Omega ratioGain probability vs. loss probability

0.92

0.97

-0.05

Calmar ratioReturn relative to maximum drawdown

-0.45

-0.39

-0.05

Martin ratioReturn relative to average drawdown

-0.86

-0.61

-0.26

IGV vs. NVO - Sharpe Ratio Comparison

The current IGV Sharpe Ratio is -0.57, which is lower than the NVO Sharpe Ratio of -0.37. The chart below compares the historical Sharpe Ratios of IGV 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.

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Drawdowns

IGV vs. NVO - Drawdown Comparison

The maximum IGV drawdown since its inception was -63.45%, smaller than the maximum NVO drawdown of -74.70%. Use the drawdown chart below to compare losses from any high point for IGV and NVO.

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Drawdown Indicators

IGVNVODifference

Max Drawdown

Largest peak-to-trough decline

-63.45%

-74.70%

+11.25%

Max Drawdown (1Y)

Largest decline over 1 year

-36.61%

-49.17%

+12.56%

Max Drawdown (3Y)

Largest decline over 3 years

-36.61%

-74.70%

+38.09%

Max Drawdown (5Y)

Largest decline over 5 years

-45.85%

-74.70%

+28.85%

Max Drawdown (10Y)

Largest decline over 10 years

-45.85%

-74.70%

+28.85%

Current Drawdown

Current decline from peak

-21.05%

-63.95%

+42.90%

Average Drawdown

Average peak-to-trough decline

-14.48%

-17.89%

+3.41%

Ulcer Index

Depth and duration of drawdowns from previous peaks

18.89%

31.75%

-12.86%

Volatility

IGV vs. NVO - Volatility Comparison

The current volatility for iShares Expanded Tech-Software Sector ETF (IGV) is 7.17%, while Novo Nordisk A/S (NVO) has a volatility of 9.48%. This indicates that IGV 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

IGVNVODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.17%

9.48%

-2.31%

Volatility (6M)

Calculated over the trailing 6-month period

25.18%

37.43%

-12.25%

Volatility (1Y)

Calculated over the trailing 1-year period

28.69%

51.79%

-23.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

28.08%

38.58%

-10.50%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

26.41%

32.63%

-6.22%

Dividends

IGV vs. NVO - Dividend Comparison

IGV's dividend yield for the trailing twelve months is around 0.02%, less than NVO's 3.63% yield.

PositionTTM20252024202320222021202020192018201720162015
IGV
iShares Expanded Tech-Software Sector ETF		0.02%0.00%0.00%0.01%0.01%0.00%0.35%0.02%0.16%0.09%0.82%0.22%
NVO
Novo Nordisk A/S		3.63%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

IGV and NVO have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

NVO has higher volatility (9.48%) compared to IGV (7.17%). In terms of maximum drawdown, IGV dropped -63.45% vs NVO's -74.70%.

NVO currently has the higher Sharpe Ratio (-0.37 vs -0.57), 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.

Portfolio Optimizer

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