JPM vs. NVO

Last updated Jun 9, 2026

JPM (JPMorgan Chase & Co.) and NVO (Novo Nordisk A/S) are both stocks. JPM operates in Banks - Diversified (Financial Services), while NVO operates in Drug Manufacturers - General (Healthcare). Over the past 10 years, JPM returned 20.32%/yr vs 6.20%/yr for NVO. At a 0.20 correlation, their price movements are largely independent.

Performance

JPM vs. NVO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Chase & Co. (JPM) and Novo Nordisk A/S (NVO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JPM achieves a -2.52% return, which is significantly higher than NVO's -16.56% return. Over the past 10 years, JPM has outperformed NVO with an annualized return of 20.32%, while NVO has yielded a comparatively lower 6.20% annualized return.

JPM

• 1D: -0.40%
• 1M: 2.98%
• YTD: -2.52%
• 6M: -0.35%
• 1Y: 19.35%
• 3Y*: 33.18%
• 5Y*: 16.72%
• 10Y*: 20.32%

NVO

• 1D: -4.52%
• 1M: -10.96%
• YTD: -16.56%
• 6M: -9.23%
• 1Y: -42.47%
• 3Y*: -17.53%
• 5Y*: 1.78%
• 10Y*: 6.20%

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

JPM vs. NVO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPM JPMorgan Chase & Co.	-2.52%	37.27%	44.29%	30.63%	-12.64%	27.75%	-5.53%	47.26%	-6.62%	26.76%
NVO Novo Nordisk A/S	-16.56%	-39.22%	-15.93%	54.84%	22.66%	63.52%	23.33%	28.70%	-12.98%	52.92%

Correlation

The correlation between JPM and NVO is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jan 3, 1984	0.20

Fundamentals

Market Cap JPM : $869.15B NVO : $182.49B
EPS JPM : $21.08 NVO : $27.42
PE Ratio JPM : 14.76 NVO : 1.50
PEG Ratio JPM : 1.63 NVO : 0.06
PS Ratio JPM : 3.05 NVO : 0.56
PB Ratio JPM : 2.53 NVO : 0.90
Total Revenue (TTM) JPM : $285.09B NVO : $327.80B
Gross Profit (TTM) JPM : $173.52B NVO : $268.30B
EBITDA (TTM) JPM : $81.46B NVO : $181.54B

Return for Risk

JPM vs. NVO — Risk / Return Rank

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

JPM

JPM Risk / Return Rank: 66
JPM Sharpe Ratio Rank: 70
JPM Sortino Ratio Rank: 62
JPM Omega Ratio Rank: 62
JPM Calmar Ratio Rank: 66
JPM Martin Ratio Rank: 67

NVO

NVO Risk / Return Rank: 12
NVO Sharpe Ratio Rank: 9
NVO Sortino Ratio Rank: 12
NVO Omega Ratio Rank: 10
NVO Calmar Ratio Rank: 13
NVO 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.

JPM vs. NVO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Chase & Co. (JPM) 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.

	JPM	NVO	Difference
Sharpe ratio: Return per unit of total volatility	0.90	-0.82	+1.72
Sortino ratio: Return per unit of downside risk	1.30	-1.01	+2.30
Omega ratio: Gain probability vs. loss probability	1.17	0.86	+0.31
Calmar ratio: Return relative to maximum drawdown	1.26	-0.77	+2.03
Martin ratio: Return relative to average drawdown	2.98	-1.14	+4.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPM vs. NVO - Sharpe Ratio Comparison

The current JPM Sharpe Ratio is 0.90, which is higher than the NVO Sharpe Ratio of -0.82. The chart below compares the historical Sharpe Ratios of JPM 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.

Sharpe Ratios by Period

	JPM	NVO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.90	-0.82	+1.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.05	+0.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	0.19	+0.55
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.47	-0.13

Drawdowns

JPM vs. NVO - Drawdown Comparison

The maximum JPM drawdown since its inception was -76.16%, roughly equal to the maximum NVO drawdown of -74.70%. Use the drawdown chart below to compare losses from any high point for JPM and NVO.

Drawdown Indicators

	JPM	NVO	Difference
Max Drawdown Largest peak-to-trough decline	-76.16%	-74.70%	-1.46%
Max Drawdown (1Y) Largest decline over 1 year	-15.47%	-55.03%	+39.56%
Max Drawdown (3Y) Largest decline over 3 years	-24.42%	-74.70%	+50.28%
Max Drawdown (5Y) Largest decline over 5 years	-38.77%	-74.70%	+35.93%
Max Drawdown (10Y) Largest decline over 10 years	-43.63%	-74.70%	+31.07%
Current Drawdown Current decline from peak	-6.55%	-70.19%	+63.64%
Average Drawdown Average peak-to-trough decline	-17.62%	-17.77%	+0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.50%	37.21%	-30.71%

Volatility

JPM vs. NVO - Volatility Comparison

The current volatility for JPMorgan Chase & Co. (JPM) is 6.40%, while Novo Nordisk A/S (NVO) has a volatility of 9.75%. This indicates that JPM 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.

Volatility by Period

	JPM	NVO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.40%	9.75%	-3.35%
Volatility (6M) Calculated over the trailing 6-month period	17.38%	38.30%	-20.92%
Volatility (1Y) Calculated over the trailing 1-year period	21.62%	52.08%	-30.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.45%	38.31%	-13.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.40%	32.56%	-5.16%

Dividends

JPM vs. NVO - Dividend Comparison

JPM's dividend yield for the trailing twelve months is around 1.90%, less than NVO's 4.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JPM JPMorgan Chase & Co.	1.90%	1.72%	1.92%	2.38%	2.98%	2.34%	2.83%	2.37%	2.54%	1.91%	2.13%	2.54%
NVO Novo Nordisk A/S	4.39%	3.31%	1.68%	1.00%	1.20%	1.35%	1.87%	2.14%	1.45%	1.52%	2.87%	0.92%

Financials

JPM vs. NVO - Profitability Comparison

The chart below illustrates the profitability comparison between JPMorgan Chase & Co. and Novo Nordisk A/S over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

JPM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, JPMorgan Chase & Co. reported a gross profit of 47.33B and revenue of 73.66B. Therefore, the gross margin over that period was 64.3%.

NVO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Novo Nordisk A/S reported a gross profit of 83.23B and revenue of 96.82B. Therefore, the gross margin over that period was 86.0%.

JPM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, JPMorgan Chase & Co. reported an operating income of 20.48B and revenue of 73.66B, resulting in an operating margin of 27.8%.

NVO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Novo Nordisk A/S reported an operating income of 59.62B and revenue of 96.82B, resulting in an operating margin of 61.6%.

JPM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, JPMorgan Chase & Co. reported a net income of 16.49B and revenue of 73.66B, resulting in a net margin of 22.4%.

NVO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Novo Nordisk A/S reported a net income of 48.56B and revenue of 96.82B, resulting in a net margin of 50.2%.

Frequently Asked Questions

Can I hold both JPM and NVO in my portfolio?

JPM and NVO have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPM or NVO?

NVO has higher volatility (9.75%) compared to JPM (6.40%). In terms of maximum drawdown, JPM dropped -76.16% vs NVO's -74.70%.

Which has better risk-adjusted returns?

JPM currently has the higher Sharpe Ratio (0.90 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.