NOVN.SW vs. USD=X

Last updated Jun 5, 2026

NOVN.SW (Novartis AG) is a stock, while USD=X (USD Cash) is a currency. Over the past 10 years, NOVN.SW returned 9.98%/yr vs -1.87%/yr for USD=X. At a 0.14 correlation, their price movements are largely independent.

Performance

NOVN.SW vs. USD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a CHF 10,000 investment in Novartis AG (NOVN.SW) and USD Cash (USD=X). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

NOVN.SW is traded in CHF, while USD=X is traded in USD. To make them comparable, the USD=X values have been converted to CHF using the latest available exchange rates.

Returns By Period

In the year-to-date period, NOVN.SW achieves a 8.91% return, which is significantly higher than USD=X's 0.59% return. Over the past 10 years, NOVN.SW has outperformed USD=X with an annualized return of 9.98%, while USD=X has yielded a comparatively lower -1.87% annualized return.

NOVN.SW

• 1D: 2.04%
• 1M: 2.19%
• YTD: 8.91%
• 6M: 11.93%
• 1Y: 22.96%
• 3Y*: 14.41%
• 5Y*: 12.76%
• 10Y*: 9.98%

USD=X

• 1D: 0.00%
• 1M: 2.86%
• YTD: 0.59%
• 6M: -1.10%
• 1Y: -2.85%
• 3Y*: -4.05%
• 5Y*: -2.26%
• 10Y*: -1.87%

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

NOVN.SW vs. USD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NOVN.SW Novartis AG	8.91%	27.98%	8.44%	11.93%	8.75%	-0.11%	-5.39%	28.50%	6.51%	16.04%
USD=X USD Cash	0.59%	-12.62%	7.88%	-8.95%	1.37%	2.95%	-8.43%	-1.70%	0.97%	-4.25%

Correlation

The correlation between NOVN.SW and USD=X is -0.07, 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	-0.07
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.01
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Sep 1, 2007	0.14

The correlation between NOVN.SW and USD=X shifts across timeframes, from -0.07 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NOVN.SW vs. USD=X — Risk / Return Rank

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

NOVN.SW

NOVN.SW Risk / Return Rank: 75
NOVN.SW Sharpe Ratio Rank: 79
NOVN.SW Sortino Ratio Rank: 72
NOVN.SW Omega Ratio Rank: 72
NOVN.SW Calmar Ratio Rank: 77
NOVN.SW Martin Ratio Rank: 77

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.

NOVN.SW vs. USD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Novartis AG (NOVN.SW) and USD Cash (USD=X). 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.

	NOVN.SW	USD=X	Difference
Sharpe ratio: Return per unit of total volatility	1.34	-0.37	+1.71
Sortino ratio: Return per unit of downside risk	1.80	-0.44	+2.25
Omega ratio: Gain probability vs. loss probability	1.24	0.95	+0.29
Calmar ratio: Return relative to maximum drawdown	2.29	-0.38	+2.68
Martin ratio: Return relative to average drawdown	5.53	-0.76	+6.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NOVN.SW vs. USD=X - Sharpe Ratio Comparison

The current NOVN.SW Sharpe Ratio is 1.34, which is higher than the USD=X Sharpe Ratio of -0.37. The chart below compares the historical Sharpe Ratios of NOVN.SW and USD=X, 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

	NOVN.SW	USD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.34	-0.37	+1.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	-0.27	+0.99
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	-0.25	+0.80
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	-0.21	+0.69

Drawdowns

NOVN.SW vs. USD=X - Drawdown Comparison

The maximum NOVN.SW drawdown since its inception was -42.25%, roughly equal to the maximum USD=X drawdown of -41.14%. Use the drawdown chart below to compare losses from any high point for NOVN.SW and USD=X.

Drawdown Indicators

	NOVN.SW	USD=X	Difference
Max Drawdown Largest peak-to-trough decline	-42.25%	-41.14%	-1.11%
Max Drawdown (1Y) Largest decline over 1 year	-10.78%	-7.52%	-3.26%
Max Drawdown (3Y) Largest decline over 3 years	-16.86%	-17.43%	+0.57%
Max Drawdown (5Y) Largest decline over 5 years	-16.86%	-24.87%	+8.01%
Max Drawdown (10Y) Largest decline over 10 years	-24.11%	-26.13%	+2.02%
Current Drawdown Current decline from peak	-8.53%	-34.85%	+26.32%
Average Drawdown Average peak-to-trough decline	-11.40%	-21.97%	+10.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.43%	2.81%	+1.62%

Volatility

NOVN.SW vs. USD=X - Volatility Comparison

Novartis AG (NOVN.SW) has a higher volatility of 6.01% compared to USD Cash (USD=X) at 1.70%. This indicates that NOVN.SW's price experiences larger fluctuations and is considered to be riskier than USD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOVN.SW	USD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.01%	1.70%	+4.31%
Volatility (6M) Calculated over the trailing 6-month period	13.12%	5.96%	+7.16%
Volatility (1Y) Calculated over the trailing 1-year period	18.53%	6.47%	+12.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.81%	6.90%	+10.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.23%	6.32%	+11.91%

Frequently Asked Questions

Can I hold both NOVN.SW and USD=X in my portfolio?

NOVN.SW and USD=X have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.