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NOVO-B.CO vs. GLD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NOVO-B.CO vs. GLD

Last updated Jun 13, 2026

NOVO-B.CO (Novo Nordisk A/S) is a stock, while GLD (SPDR Gold Shares) is Gold fund tracking the LBMA Gold Price PM. Over the past 10 years, NOVO-B.CO returned 17.36%/yr vs 11.86%/yr for GLD. At a 0.05 correlation, their price movements are largely independent.

Performance

NOVO-B.CO vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a DKK 10,000 investment in Novo Nordisk A/S (NOVO-B.CO) and SPDR Gold Shares (GLD). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

NOVO-B.CO is traded in DKK, while GLD is traded in USD. To make them comparable, the GLD values have been converted to DKK using the latest available exchange rates.

Returns By Period

In the year-to-date period, NOVO-B.CO achieves a -8.64% return, which is significantly lower than GLD's -0.90% return. Over the past 10 years, NOVO-B.CO has outperformed GLD with an annualized return of 17.36%, while GLD has yielded a comparatively lower 11.86% annualized return.

NOVO-B.CO

1D
1.66%
1M
-3.99%
YTD
-8.64%
6M
-7.47%
1Y
-41.76%
3Y*
4.58%
5Y*
20.64%
10Y*
17.36%

GLD

1D
0.16%
1M
-8.71%
YTD
-0.90%
6M
-0.73%
1Y
22.32%
3Y*
26.07%
5Y*
18.27%
10Y*
11.86%
*Multi-year figures are annualized to reflect compound growth (CAGR)

NOVO-B.CO vs. GLD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
NOVO-B.CO
Novo Nordisk A/S		-8.64%-46.40%-9.59%205.34%31.49%79.08%15.29%36.17%-6.15%39.57%
GLD
SPDR Gold Shares		-0.90%44.50%35.08%9.59%5.42%2.88%14.08%20.61%2.91%-0.96%

Correlation

The correlation between NOVO-B.CO and GLD is 0.10, 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

0.10

Correlation (3Y)
Calculated over the trailing 3-year period

0.07

Correlation (5Y)
Calculated over the trailing 5-year period

0.05

Correlation (10Y)
Calculated over the trailing 10-year period

0.06

Correlation (All Time)
Calculated using the full available price history since Sep 7, 2007

0.05

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Novo Nordisk A/S

SPDR Gold Shares

Often compared with NOVO-B.CO:
NOVO-B.CO vs. SPYNOVO-B.CO vs. LLYNOVO-B.CO vs. QQQNOVO-B.CO vs. NOV.DENOVO-B.CO vs. SAABYNOVO-B.CO vs. LLY.DENOVO-B.CO vs. MONC.MI
Often compared with GLD:
GLD vs. IAUGLD vs. SPYGLD vs. SLVGLD vs. GOLDGLD vs. GDXGLD vs. GLDMGLD vs. SGOL

Return for Risk

NOVO-B.CO vs. GLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
NOVO-B.CO
NOVO-B.CO Risk / Return Rank: 1313
Overall Rank
NOVO-B.CO Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
NOVO-B.CO Sortino Ratio Rank: 1414
Sortino Ratio Rank
NOVO-B.CO Omega Ratio Rank: 1212
Omega Ratio Rank
NOVO-B.CO Calmar Ratio Rank: 1313
Calmar Ratio Rank
NOVO-B.CO Martin Ratio Rank: 1717
Martin Ratio Rank
GLD
GLD Risk / Return Rank: 2626
Overall Rank
GLD Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
GLD Sortino Ratio Rank: 2525
Sortino Ratio Rank
GLD Omega Ratio Rank: 3030
Omega Ratio Rank
GLD Calmar Ratio Rank: 2424
Calmar Ratio Rank
GLD Martin Ratio Rank: 2424
Martin Ratio Rank
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.

NOVO-B.CO vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Novo Nordisk A/S (NOVO-B.CO) and SPDR Gold Shares (GLD). 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.

NOVO-B.COGLDDifference
Sharpe ratioReturn per unit of total volatility
-0.78
0.94

-1.73

Sortino ratioReturn per unit of downside risk
-0.91
1.31

-2.22

Omega ratioGain probability vs. loss probability

0.87

1.20

-0.33

Calmar ratioReturn relative to maximum drawdown

-0.78

1.08

-1.86

Martin ratioReturn relative to average drawdown

-1.15

3.13

-4.28

NOVO-B.CO vs. GLD - Sharpe Ratio Comparison

The current NOVO-B.CO Sharpe Ratio is -0.78, which is lower than the GLD Sharpe Ratio of 0.94. The chart below compares the historical Sharpe Ratios of NOVO-B.CO and GLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

NOVO-B.CO vs. GLD - Drawdown Comparison

The maximum NOVO-B.CO drawdown since its inception was -76.75%, which is greater than GLD's maximum drawdown of -37.44%. Use the drawdown chart below to compare losses from any high point for NOVO-B.CO and GLD.

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Drawdown Indicators

NOVO-B.COGLDDifference

Max Drawdown

Largest peak-to-trough decline

-76.75%

-37.44%

-39.31%

Max Drawdown (1Y)

Largest decline over 1 year

-54.63%

-22.49%

-32.14%

Max Drawdown (3Y)

Largest decline over 3 years

-76.75%

-22.49%

-54.26%

Max Drawdown (5Y)

Largest decline over 5 years

-76.75%

-22.49%

-54.26%

Max Drawdown (10Y)

Largest decline over 10 years

-76.75%

-22.49%

-54.26%

Current Drawdown

Current decline from peak

-70.15%

-20.24%

-49.91%

Average Drawdown

Average peak-to-trough decline

-11.29%

-12.22%

+0.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

37.11%

7.77%

+29.34%

Volatility

NOVO-B.CO vs. GLD - Volatility Comparison

Novo Nordisk A/S (NOVO-B.CO) has a higher volatility of 11.47% compared to SPDR Gold Shares (GLD) at 6.91%. This indicates that NOVO-B.CO's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

NOVO-B.COGLDDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.47%

6.91%

+4.56%

Volatility (6M)

Calculated over the trailing 6-month period

39.57%

22.61%

+16.96%

Volatility (1Y)

Calculated over the trailing 1-year period

54.40%

25.83%

+28.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

58.56%

16.88%

+41.68%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

45.08%

14.95%

+30.13%

Dividends

NOVO-B.CO vs. GLD - Dividend Comparison

NOVO-B.CO's dividend yield for the trailing twelve months is around 4.07%, while GLD has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
GLD
SPDR Gold Shares		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
NOVO-B.CO
Novo Nordisk A/S		4.07%3.58%1.59%1.01%2.38%2.54%4.03%4.22%5.27%4.54%7.38%2.50%

Frequently Asked Questions

NOVO-B.CO and GLD have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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