NVAX vs. AMGN

Last updated Jun 3, 2026

NVAX (Novavax, Inc.) and AMGN (Amgen Inc.) are both stocks. Both are in the Healthcare sector — NVAX in Biotechnology, AMGN in Drug Manufacturers - General. Over the past 10 years, NVAX returned -21.99%/yr vs 11.09%/yr for AMGN. At a 0.21 correlation, their price movements are largely independent.

Performance

NVAX vs. AMGN - Performance Comparison

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

Returns By Period

In the year-to-date period, NVAX achieves a 51.93% return, which is significantly higher than AMGN's 4.83% return. Over the past 10 years, NVAX has underperformed AMGN with an annualized return of -21.99%, while AMGN has yielded a comparatively higher 11.09% annualized return.

NVAX

• 1D: -2.85%
• 1M: 26.99%
• YTD: 51.93%
• 6M: 54.70%
• 1Y: 44.41%
• 3Y*: 10.24%
• 5Y*: -43.27%
• 10Y*: -21.99%

AMGN

• 1D: 3.03%
• 1M: 5.23%
• YTD: 4.83%
• 6M: -0.66%
• 1Y: 20.31%
• 3Y*: 19.36%
• 5Y*: 10.82%
• 10Y*: 11.09%

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

NVAX vs. AMGN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NVAX Novavax, Inc.	51.93%	-16.42%	67.50%	-53.31%	-92.81%	28.30%	2,701.76%	-89.18%	48.39%	-1.59%
AMGN Amgen Inc.	4.83%	29.67%	-6.77%	13.46%	20.43%	0.87%	-1.99%	27.60%	15.23%	22.27%

Correlation

The correlation between NVAX and AMGN is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Dec 14, 1995	0.21

The correlation between NVAX and AMGN shifts across timeframes, from 0.21 (all time) to 0.35 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap NVAX : $1.67B AMGN : $183.99B
EPS NVAX : -$0.52 AMGN : $14.38
PS Ratio NVAX : 2.89 AMGN : 4.93
Total Revenue (TTM) NVAX : $596.34M AMGN : $37.24B
Gross Profit (TTM) NVAX : $504.72M AMGN : $26.61B
EBITDA (TTM) NVAX : -$57.01M AMGN : $17.27B

Return for Risk

NVAX vs. AMGN — Risk / Return Rank

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

NVAX

NVAX Risk / Return Rank: 61
NVAX Sharpe Ratio Rank: 61
NVAX Sortino Ratio Rank: 64
NVAX Omega Ratio Rank: 59
NVAX Calmar Ratio Rank: 62
NVAX Martin Ratio Rank: 60

AMGN

AMGN Risk / Return Rank: 62
AMGN Sharpe Ratio Rank: 64
AMGN Sortino Ratio Rank: 60
AMGN Omega Ratio Rank: 58
AMGN Calmar Ratio Rank: 65
AMGN Martin Ratio Rank: 65

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.

NVAX vs. AMGN - Risk-Adjusted Trends Comparison

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

	NVAX	AMGN	Difference
Sharpe ratio Return per unit of total volatility	0.65	0.75	-0.09
Sortino ratio Return per unit of downside risk	1.50	1.29	+0.21
Omega ratio Gain probability vs. loss probability	1.17	1.16	+0.01
Calmar ratio Return relative to maximum drawdown	1.09	1.23	-0.14
Martin ratio Return relative to average drawdown	2.13	2.91	-0.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVAX vs. AMGN - Sharpe Ratio Comparison

The current NVAX Sharpe Ratio is 0.65, which is comparable to the AMGN Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of NVAX and AMGN, 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

	NVAX	AMGN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.65	0.75	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.41	0.46	-0.87
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.19	0.45	-0.64
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	0.61	-0.67

Drawdowns

NVAX vs. AMGN - Drawdown Comparison

The maximum NVAX drawdown since its inception was -98.82%, which is greater than AMGN's maximum drawdown of -63.48%. Use the drawdown chart below to compare losses from any high point for NVAX and AMGN.

Drawdown Indicators

	NVAX	AMGN	Difference
Max Drawdown Largest peak-to-trough decline	-98.82%	-63.48%	-35.34%
Max Drawdown (1Y) Largest decline over 1 year	-35.94%	-16.57%	-19.37%
Max Drawdown (3Y) Largest decline over 3 years	-74.11%	-22.74%	-51.37%
Max Drawdown (5Y) Largest decline over 5 years	-98.61%	-24.86%	-73.75%
Max Drawdown (10Y) Largest decline over 10 years	-98.82%	-24.86%	-73.96%
Current Drawdown Current decline from peak	-96.81%	-12.21%	-84.60%
Average Drawdown Average peak-to-trough decline	-70.70%	-16.78%	-53.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.37%	7.00%	+11.37%

Volatility

NVAX vs. AMGN - Volatility Comparison

Novavax, Inc. (NVAX) has a higher volatility of 26.80% compared to Amgen Inc. (AMGN) at 6.10%. This indicates that NVAX's price experiences larger fluctuations and is considered to be riskier than AMGN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVAX	AMGN	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.80%	6.10%	+20.70%
Volatility (6M) Calculated over the trailing 6-month period	50.99%	19.13%	+31.86%
Volatility (1Y) Calculated over the trailing 1-year period	68.26%	27.24%	+41.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	106.06%	23.86%	+82.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	115.49%	24.81%	+90.68%

Dividends

NVAX vs. AMGN - Dividend Comparison

NVAX has not paid dividends to shareholders, while AMGN's dividend yield for the trailing twelve months is around 2.90%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMGN Amgen Inc.	2.90%	2.91%	3.45%	2.96%	2.95%	3.13%	2.78%	2.41%	2.71%	2.65%	2.74%	1.95%
NVAX Novavax, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

NVAX vs. AMGN - Profitability Comparison

The chart below illustrates the profitability comparison between Novavax, Inc. and Amgen Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

NVAX - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Novavax, Inc. reported a gross profit of 108.82M and revenue of 139.51M. Therefore, the gross margin over that period was 78.0%.

AMGN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Amgen Inc. reported a gross profit of 5.87B and revenue of 8.62B. Therefore, the gross margin over that period was 68.2%.

NVAX - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Novavax, Inc. reported an operating income of -15.43M and revenue of 139.51M, resulting in an operating margin of -11.1%.

AMGN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Amgen Inc. reported an operating income of 2.67B and revenue of 8.62B, resulting in an operating margin of 30.9%.

NVAX - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Novavax, Inc. reported a net income of -9.49M and revenue of 139.51M, resulting in a net margin of -6.8%.

AMGN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Amgen Inc. reported a net income of 1.82B and revenue of 8.62B, resulting in a net margin of 21.1%.

Frequently Asked Questions

Can I hold both NVAX and AMGN in my portfolio?

NVAX and AMGN have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVAX or AMGN?

NVAX has higher volatility (26.80%) compared to AMGN (6.10%). In terms of maximum drawdown, NVAX dropped -98.82% vs AMGN's -63.48%.

Which has better risk-adjusted returns?

AMGN currently has the higher Sharpe Ratio (0.75 vs 0.65), 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.