ML.PA vs. NVO

Last updated Jun 13, 2026

ML.PA (Compagnie Générale des Établissements Michelin Société en commandite par actions) and NVO (Novo Nordisk A/S) are both stocks. ML.PA operates in Auto Parts (Consumer Cyclical), while NVO operates in Drug Manufacturers - General (Healthcare). Over the past 10 years, ML.PA returned 13.92%/yr vs 7.22%/yr for NVO. At a 0.15 correlation, their price movements are largely independent.

Performance

ML.PA vs. NVO - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Compagnie Générale des Établissements Michelin Société en commandite par actions (ML.PA) and Novo Nordisk A/S (NVO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ML.PA is traded in EUR, while NVO is traded in USD. To make them comparable, the NVO values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, ML.PA achieves a 22.39% return, which is significantly higher than NVO's -9.37% return. Over the past 10 years, ML.PA has outperformed NVO with an annualized return of 13.92%, while NVO has yielded a comparatively lower 7.22% annualized return.

ML.PA

• 1D: 2.79%
• 1M: 9.16%
• YTD: 22.39%
• 6M: 23.52%
• 1Y: 7.60%
• 3Y*: 10.25%
• 5Y*: 7.11%
• 10Y*: 13.92%

NVO

• 1D: -0.10%
• 1M: -5.62%
• YTD: -9.37%
• 6M: -8.16%
• 1Y: -43.24%
• 3Y*: -17.53%
• 5Y*: 3.87%
• 10Y*: 7.22%

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

ML.PA vs. NVO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ML.PA Compagnie Générale des Établissements Michelin Société en commandite par actions	22.39%	-7.35%	1.60%	30.61%	-15.25%	48.28%	5.31%	45.88%	-17.76%	27.18%
NVO Novo Nordisk A/S	-9.37%	-46.43%	-10.38%	50.20%	30.26%	75.75%	13.17%	31.61%	-8.89%	34.13%

Correlation

The correlation between ML.PA and NVO is 0.08, 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	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (10Y) Calculated over the trailing 10-year period	0.08
Correlation (All Time) Calculated using the full available price history since Sep 5, 2007	0.15

The correlation between ML.PA and NVO shifts across timeframes, from 0.04 (3 years) to 0.15 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ML.PA vs. NVO — Risk / Return Rank

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

ML.PA

ML.PA Risk / Return Rank: 48
ML.PA Sharpe Ratio Rank: 53
ML.PA Sortino Ratio Rank: 44
ML.PA Omega Ratio Rank: 45
ML.PA Calmar Ratio Rank: 50
ML.PA Martin Ratio Rank: 50

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: 12
NVO Martin Ratio Rank: 16

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.

ML.PA vs. NVO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Compagnie Générale des Établissements Michelin Société en commandite par actions (ML.PA) 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.

	ML.PA	NVO	Difference
Sharpe ratio: Return per unit of total volatility	0.26	-0.85	+1.12
Sortino ratio: Return per unit of downside risk	0.51	-1.07	+1.58
Omega ratio: Gain probability vs. loss probability	1.07	0.85	+0.22
Calmar ratio: Return relative to maximum drawdown	0.29	-0.80	+1.09
Martin ratio: Return relative to average drawdown	0.63	-1.16	+1.79

ML.PA vs. NVO - Sharpe Ratio Comparison

The current ML.PA Sharpe Ratio is 0.26, which is higher than the NVO Sharpe Ratio of -0.85. The chart below compares the historical Sharpe Ratios of ML.PA 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.

Drawdowns

ML.PA vs. NVO - Drawdown Comparison

The maximum ML.PA drawdown since its inception was -73.30%, roughly equal to the maximum NVO drawdown of -76.45%. Use the drawdown chart below to compare losses from any high point for ML.PA and NVO.

Drawdown Indicators

	ML.PA	NVO	Difference
Max Drawdown Largest peak-to-trough decline	-73.30%	-76.45%	+3.15%
Max Drawdown (1Y) Largest decline over 1 year	-20.52%	-54.18%	+33.66%
Max Drawdown (3Y) Largest decline over 3 years	-29.18%	-76.45%	+47.27%
Max Drawdown (5Y) Largest decline over 5 years	-32.53%	-76.45%	+43.92%
Max Drawdown (10Y) Largest decline over 10 years	-39.30%	-76.45%	+37.15%
Current Drawdown Current decline from peak	-6.03%	-70.47%	+64.44%
Average Drawdown Average peak-to-trough decline	-14.53%	-13.81%	-0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.59%	38.02%	-28.43%

Volatility

ML.PA vs. NVO - Volatility Comparison

The current volatility for Compagnie Générale des Établissements Michelin Société en commandite par actions (ML.PA) is 5.26%, while Novo Nordisk A/S (NVO) has a volatility of 10.26%. This indicates that ML.PA 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

	ML.PA	NVO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.26%	10.26%	-5.00%
Volatility (6M) Calculated over the trailing 6-month period	16.74%	37.42%	-20.68%
Volatility (1Y) Calculated over the trailing 1-year period	22.80%	50.86%	-28.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.61%	38.01%	-13.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.62%	32.48%	-5.86%

Dividends

ML.PA vs. NVO - Dividend Comparison

ML.PA's dividend yield for the trailing twelve months is around 4.16%, more than NVO's 4.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ML.PA Compagnie Générale des Établissements Michelin Société en commandite par actions	4.16%	4.87%	4.25%	3.85%	17.31%	6.38%	7.62%	13.56%	16.38%	10.87%	10.78%	11.37%
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%

Financials

Frequently Asked Questions

Can I hold both ML.PA and NVO in my portfolio?

ML.PA and NVO have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.