NVAX vs. MRNA

Last updated Apr 2, 2026

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

Performance

NVAX vs. MRNA - Performance Comparison

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

NVAX vs. MRNA - Yearly Performance Comparison

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

Fundamentals

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

Returns By Period

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

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%

MRNA

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

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

Return for Risk

NVAX vs. MRNA — Risk / Return Rank

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

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

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

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. MRNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Novavax, Inc. (NVAX) and Moderna, Inc. (MRNA). 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	MRNA	Difference
Sharpe ratio Return per unit of total volatility	0.44	1.28	-0.83
Sortino ratio Return per unit of downside risk	1.24	2.02	-0.78
Omega ratio Gain probability vs. loss probability	1.14	1.24	-0.09
Calmar ratio Return relative to maximum drawdown	0.70	2.15	-1.46
Martin ratio Return relative to average drawdown	1.48	4.44	-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.

NVAX vs. MRNA - Sharpe Ratio Comparison

The current NVAX Sharpe Ratio is 0.44, which is lower than the MRNA Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of NVAX and MRNA, 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

	NVAX	MRNA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.44	1.28	-0.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.44	-0.27	-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	-0.07	0.20	-0.28

Correlation

The correlation between NVAX and MRNA 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

NVAX vs. MRNA - Dividend Comparison

Neither NVAX nor MRNA has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

NVAX vs. MRNA - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

NVAX vs. MRNA - Volatility Comparison

The current volatility for Novavax, Inc. (NVAX) is 15.78%, while Moderna, Inc. (MRNA) has a volatility of 22.27%. This indicates that NVAX experiences smaller price fluctuations and is considered to be less risky than MRNA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

Financials