MRNA vs. NVAX

Last updated Apr 2, 2026

Compare and contrast key facts about Moderna, Inc. (MRNA) and Novavax, Inc. (NVAX).

Performance

MRNA vs. NVAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Moderna, Inc. (MRNA) and Novavax, Inc. (NVAX). The values are adjusted to include any dividend payments, if applicable.

MRNA vs. NVAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MRNA Moderna, Inc.	69.65%	-29.08%	-58.19%	-44.63%	-29.28%	143.11%	434.10%	28.09%	-17.90%
NVAX Novavax, Inc.	19.35%	-16.42%	67.50%	-53.31%	-92.81%	28.30%	2,701.76%	-89.18%	-10.24%

Fundamentals

Market Cap MRNA : $19.61B NVAX : $1.39B
EPS MRNA : -$7.24 NVAX : $2.58
PS Ratio MRNA : 10.04 NVAX : 1.22
Total Revenue (TTM) MRNA : $1.94B NVAX : $1.12B
Gross Profit (TTM) MRNA : $274.00M NVAX : $1.05B
EBITDA (TTM) MRNA : -$2.61B NVAX : $452.80M

Returns By Period

In the year-to-date period, MRNA achieves a 69.65% return, which is significantly higher than NVAX's 19.35% return.

MRNA

• 1D: -1.52%
• 1M: -5.33%
• YTD: 69.65%
• 6M: 81.27%
• 1Y: 84.20%
• 3Y*: -31.19%
• 5Y*: -17.71%
• 10Y*: —

NVAX

• 1D: -1.47%
• 1M: -20.67%
• YTD: 19.35%
• 6M: -15.58%
• 1Y: 33.67%
• 3Y*: 4.99%
• 5Y*: -46.66%
• 10Y*: -23.02%

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

Return for Risk

MRNA vs. NVAX — Risk / Return Rank

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

MRNA

MRNA Risk / Return Rank: 77
MRNA Sharpe Ratio Rank: 80
MRNA Sortino Ratio Rank: 78
MRNA Omega Ratio Rank: 73
MRNA Calmar Ratio Rank: 78
MRNA Martin Ratio Rank: 74

NVAX

NVAX Risk / Return Rank: 57
NVAX Sharpe Ratio Rank: 56
NVAX Sortino Ratio Rank: 61
NVAX Omega Ratio Rank: 57
NVAX Calmar Ratio Rank: 57
NVAX Martin Ratio Rank: 56

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.

MRNA vs. NVAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Moderna, Inc. (MRNA) and Novavax, Inc. (NVAX). 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.

	MRNA	NVAX	Difference
Sharpe ratio Return per unit of total volatility	1.28	0.44	+0.83
Sortino ratio Return per unit of downside risk	2.02	1.24	+0.78
Omega ratio Gain probability vs. loss probability	1.24	1.14	+0.09
Calmar ratio Return relative to maximum drawdown	2.15	0.70	+1.46
Martin ratio Return relative to average drawdown	4.44	1.48	+2.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MRNA vs. NVAX - Sharpe Ratio Comparison

The current MRNA Sharpe Ratio is 1.28, which is higher than the NVAX Sharpe Ratio of 0.44. The chart below compares the historical Sharpe Ratios of MRNA and NVAX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MRNA	NVAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	0.44	+0.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.27	-0.44	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.20	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	-0.07	+0.28

Correlation

The correlation between MRNA and NVAX is 0.47, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

MRNA vs. NVAX - Dividend Comparison

Neither MRNA nor NVAX has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

MRNA vs. NVAX - Drawdown Comparison

The maximum MRNA drawdown since its inception was -95.38%, roughly equal to the maximum NVAX drawdown of -98.82%. Use the drawdown chart below to compare losses from any high point for MRNA and NVAX.

Drawdown Indicators

	MRNA	NVAX	Difference
Max Drawdown Largest peak-to-trough decline	-95.38%	-98.82%	+3.44%
Max Drawdown (1Y) Largest decline over 1 year	-35.51%	-35.94%	+0.43%
Max Drawdown (5Y) Largest decline over 5 years	-95.38%	-98.61%	+3.23%
Max Drawdown (10Y) Largest decline over 10 years	—	-98.82%	—
Current Drawdown Current decline from peak	-89.67%	-97.49%	+7.82%
Average Drawdown Average peak-to-trough decline	-55.87%	-70.56%	+14.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.21%	16.94%	+0.27%

Volatility

MRNA vs. NVAX - Volatility Comparison

Moderna, Inc. (MRNA) has a higher volatility of 22.27% compared to Novavax, Inc. (NVAX) at 15.78%. This indicates that MRNA's price experiences larger fluctuations and is considered to be riskier than NVAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MRNA	NVAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.27%	15.78%	+6.49%
Volatility (6M) Calculated over the trailing 6-month period	50.95%	47.46%	+3.49%
Volatility (1Y) Calculated over the trailing 1-year period	66.40%	76.52%	-10.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.59%	107.05%	-40.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.29%	115.25%	-42.96%

Financials