KO vs. NVO

Last updated Jun 9, 2026

KO (The Coca-Cola Company) and NVO (Novo Nordisk A/S) are both stocks. KO operates in Beverages - Non-Alcoholic (Consumer Defensive), while NVO operates in Drug Manufacturers - General (Healthcare). Over the past 10 years, KO returned 8.99%/yr vs 6.20%/yr for NVO. At a 0.18 correlation, their price movements are largely independent.

Performance

KO vs. NVO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Coca-Cola Company (KO) 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, KO achieves a 14.56% return, which is significantly higher than NVO's -16.56% return. Over the past 10 years, KO has outperformed NVO with an annualized return of 8.99%, while NVO has yielded a comparatively lower 6.20% annualized return.

KO

• 1D: 0.08%
• 1M: 1.43%
• YTD: 14.56%
• 6M: 14.00%
• 1Y: 14.71%
• 3Y*: 12.88%
• 5Y*: 10.72%
• 10Y*: 8.99%

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)

KO vs. NVO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KO The Coca-Cola Company	14.56%	15.60%	8.88%	-4.43%	10.61%	11.37%	2.47%	20.60%	6.77%	14.38%
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 KO and NVO is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jan 5, 1982	0.18

The correlation between KO and NVO shifts across timeframes, from -0.05 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap KO : $343.14B NVO : $182.49B
EPS KO : $3.18 NVO : $27.42
PE Ratio KO : 25.04 NVO : 1.50
PEG Ratio KO : 3.02 NVO : 0.06
PS Ratio KO : 6.96 NVO : 0.56
PB Ratio KO : 10.20 NVO : 0.90
Total Revenue (TTM) KO : $49.28B NVO : $327.80B
Gross Profit (TTM) KO : $30.43B NVO : $268.30B
EBITDA (TTM) KO : $18.35B NVO : $181.54B

Return for Risk

KO vs. NVO — Risk / Return Rank

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

KO

KO Risk / Return Rank: 69
KO Sharpe Ratio Rank: 71
KO Sortino Ratio Rank: 66
KO Omega Ratio Rank: 61
KO Calmar Ratio Rank: 74
KO Martin Ratio Rank: 71

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.

KO vs. NVO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Coca-Cola Company (KO) 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.

	KO	NVO	Difference
Sharpe ratio: Return per unit of total volatility	0.90	-0.82	+1.72
Sortino ratio: Return per unit of downside risk	1.49	-1.01	+2.49
Omega ratio: Gain probability vs. loss probability	1.16	0.86	+0.31
Calmar ratio: Return relative to maximum drawdown	1.87	-0.77	+2.65
Martin ratio: Return relative to average drawdown	3.66	-1.14	+4.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KO vs. NVO - Sharpe Ratio Comparison

The current KO 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 KO 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

	KO	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	0.67	0.05	+0.62
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.19	+0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.47	+0.06

Drawdowns

KO vs. NVO - Drawdown Comparison

The maximum KO drawdown since its inception was -68.23%, smaller than the maximum NVO drawdown of -74.70%. Use the drawdown chart below to compare losses from any high point for KO and NVO.

Drawdown Indicators

	KO	NVO	Difference
Max Drawdown Largest peak-to-trough decline	-68.23%	-74.70%	+6.47%
Max Drawdown (1Y) Largest decline over 1 year	-7.89%	-55.03%	+47.14%
Max Drawdown (3Y) Largest decline over 3 years	-16.26%	-74.70%	+58.44%
Max Drawdown (5Y) Largest decline over 5 years	-17.27%	-74.70%	+57.43%
Max Drawdown (10Y) Largest decline over 10 years	-36.99%	-74.70%	+37.71%
Current Drawdown Current decline from peak	-2.91%	-70.19%	+67.28%
Average Drawdown Average peak-to-trough decline	-16.09%	-17.77%	+1.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.03%	37.21%	-33.18%

Volatility

KO vs. NVO - Volatility Comparison

The current volatility for The Coca-Cola Company (KO) is 5.81%, while Novo Nordisk A/S (NVO) has a volatility of 9.75%. This indicates that KO 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

	KO	NVO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.81%	9.75%	-3.94%
Volatility (6M) Calculated over the trailing 6-month period	12.37%	38.30%	-25.93%
Volatility (1Y) Calculated over the trailing 1-year period	16.37%	52.08%	-35.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.10%	38.31%	-22.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.21%	32.56%	-14.35%

Dividends

KO vs. NVO - Dividend Comparison

KO's dividend yield for the trailing twelve months is around 2.59%, less than NVO's 4.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KO The Coca-Cola Company	2.59%	2.92%	3.12%	3.12%	2.77%	2.84%	2.99%	2.89%	3.29%	3.23%	3.38%	3.07%
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

KO vs. NVO - Profitability Comparison

The chart below illustrates the profitability comparison between The Coca-Cola Company and Novo Nordisk A/S over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

KO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, The Coca-Cola Company reported a gross profit of 7.85B and revenue of 12.47B. Therefore, the gross margin over that period was 63.0%.

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%.

KO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, The Coca-Cola Company reported an operating income of 4.36B and revenue of 12.47B, resulting in an operating margin of 35.0%.

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%.

KO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, The Coca-Cola Company reported a net income of 3.92B and revenue of 12.47B, resulting in a net margin of 31.5%.

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 KO and NVO in my portfolio?

KO and NVO have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KO or NVO?

NVO has higher volatility (9.75%) compared to KO (5.81%). In terms of maximum drawdown, KO dropped -68.23% vs NVO's -74.70%.

Which has better risk-adjusted returns?

KO 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.