NVAX vs. MRNA

Last updated Jun 3, 2026

NVAX (Novavax, Inc.) and MRNA (Moderna, Inc.) are both stocks. Both operate in the Biotechnology industry within the Healthcare sector. Over the past 5 years, NVAX returned -43.27%/yr vs -24.95%/yr for MRNA. At a 0.47 correlation, their price movements are largely independent.

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.

Returns By Period

In the year-to-date period, NVAX achieves a 51.93% return, which is significantly lower than MRNA's 66.36% 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%

MRNA

• 1D: 7.49%
• 1M: 3.72%
• YTD: 66.36%
• 6M: 94.84%
• 1Y: 76.41%
• 3Y*: -27.83%
• 5Y*: -24.95%
• 10Y*: —

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

NVAX vs. MRNA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
NVAX Novavax, Inc.	51.93%	-16.42%	67.50%	-53.31%	-92.81%	28.30%	2,701.76%	-89.18%	-10.24%
MRNA Moderna, Inc.	66.36%	-29.08%	-58.19%	-44.63%	-29.28%	143.11%	434.10%	28.09%	-17.90%

Correlation

The correlation between NVAX and MRNA is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (All Time) Calculated using the full available price history since Dec 10, 2018	0.47

The correlation between NVAX and MRNA has been stable across timeframes, ranging from 0.47 to 0.57 - a consistent structural relationship.

Fundamentals

Market Cap NVAX : $1.67B MRNA : $19.38B
EPS NVAX : -$0.52 MRNA : -$8.16
PS Ratio NVAX : 2.89 MRNA : 8.63
Total Revenue (TTM) NVAX : $596.34M MRNA : $2.23B
Gross Profit (TTM) NVAX : $504.72M MRNA : -$309.00M
EBITDA (TTM) NVAX : -$57.01M MRNA : -$3.02B

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: 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

MRNA

MRNA Risk / Return Rank: 74
MRNA Sharpe Ratio Rank: 75
MRNA Sortino Ratio Rank: 75
MRNA Omega Ratio Rank: 70
MRNA Calmar Ratio Rank: 75
MRNA Martin Ratio Rank: 72

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	0.65	1.20	-0.55
Sortino ratio Return per unit of downside risk	1.50	2.06	-0.56
Omega ratio Gain probability vs. loss probability	1.17	1.23	-0.06
Calmar ratio Return relative to maximum drawdown	1.09	2.16	-1.08
Martin ratio Return relative to average drawdown	2.13	4.28	-2.16
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 0.65, which is lower than the MRNA Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of NVAX and MRNA, 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	MRNA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.65	1.20	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.41	-0.38	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	0.19	-0.26

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 (3Y) Largest decline over 3 years	-74.11%	-86.58%	+12.47%
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	-96.81%	-89.87%	-6.94%
Average Drawdown Average peak-to-trough decline	-70.70%	-56.64%	-14.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.37%	17.89%	+0.48%

Volatility

NVAX vs. MRNA - Volatility Comparison

Novavax, Inc. (NVAX) has a higher volatility of 26.80% compared to Moderna, Inc. (MRNA) at 18.09%. This indicates that NVAX's price experiences larger fluctuations and is considered to be riskier 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	26.80%	18.09%	+8.71%
Volatility (6M) Calculated over the trailing 6-month period	50.99%	47.95%	+3.04%
Volatility (1Y) Calculated over the trailing 1-year period	68.26%	63.94%	+4.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	106.06%	66.40%	+39.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	115.49%	71.92%	+43.57%

Dividends

NVAX vs. MRNA - Dividend Comparison

Neither NVAX nor MRNA has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both NVAX and MRNA in my portfolio?

NVAX and MRNA have a correlation of 0.57, 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 MRNA?

NVAX has higher volatility (26.80%) compared to MRNA (18.09%). In terms of maximum drawdown, NVAX dropped -98.82% vs MRNA's -95.38%.

Which has better risk-adjusted returns?

MRNA currently has the higher Sharpe Ratio (1.20 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.