NVAX vs. OCGN

Last updated Jun 4, 2026

NVAX (Novavax, Inc.) and OCGN (Ocugen, Inc.) are both stocks. Both operate in the Biotechnology industry within the Healthcare sector. Over the past 10 years, NVAX returned -22.00%/yr vs -36.17%/yr for OCGN. At a 0.25 correlation, their price movements are largely independent.

Performance

NVAX vs. OCGN - Performance Comparison

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

Returns By Period

In the year-to-date period, NVAX achieves a 51.79% return, which is significantly higher than OCGN's -3.70% return. Over the past 10 years, NVAX has outperformed OCGN with an annualized return of -22.00%, while OCGN has yielded a comparatively lower -36.17% annualized return.

NVAX

• 1D: -0.10%
• 1M: 27.02%
• YTD: 51.79%
• 6M: 49.12%
• 1Y: 40.50%
• 3Y*: 10.21%
• 5Y*: -43.87%
• 10Y*: -22.00%

OCGN

• 1D: -2.99%
• 1M: -29.73%
• YTD: -3.70%
• 6M: 7.44%
• 1Y: 52.65%
• 3Y*: 40.13%
• 5Y*: -31.66%
• 10Y*: -36.17%

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

NVAX vs. OCGN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NVAX Novavax, Inc.	51.79%	-16.42%	67.50%	-53.31%	-92.81%	28.30%	2,701.76%	-89.18%	48.39%	-1.59%
OCGN Ocugen, Inc.	-3.70%	67.70%	40.00%	-55.77%	-71.43%	148.63%	251.92%	-90.20%	-95.69%	22.75%

Correlation

The correlation between NVAX and OCGN is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Dec 4, 2014	0.25

The correlation between NVAX and OCGN shifts across timeframes, from 0.25 (all time) to 0.40 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap NVAX : $1.67B OCGN : $416.55M
EPS NVAX : -$0.52 OCGN : -$0.23
PS Ratio NVAX : 2.89 OCGN : 89.44
Total Revenue (TTM) NVAX : $596.34M OCGN : $4.47M
Gross Profit (TTM) NVAX : $504.72M OCGN : $2.93M
EBITDA (TTM) NVAX : -$57.01M OCGN : -$64.77M

Return for Risk

NVAX vs. OCGN — 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: 60
NVAX Sortino Ratio Rank: 63
NVAX Omega Ratio Rank: 58
NVAX Calmar Ratio Rank: 63
NVAX Martin Ratio Rank: 61

OCGN

OCGN Risk / Return Rank: 63
OCGN Sharpe Ratio Rank: 62
OCGN Sortino Ratio Rank: 65
OCGN Omega Ratio Rank: 62
OCGN Calmar Ratio Rank: 63
OCGN Martin Ratio Rank: 62

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. OCGN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Novavax, Inc. (NVAX) and Ocugen, Inc. (OCGN). 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	OCGN	Difference
Sharpe ratio Return per unit of total volatility	0.60	0.65	-0.05
Sortino ratio Return per unit of downside risk	1.43	1.50	-0.07
Omega ratio Gain probability vs. loss probability	1.16	1.18	-0.02
Calmar ratio Return relative to maximum drawdown	1.13	1.11	+0.02
Martin ratio Return relative to average drawdown	2.21	2.32	-0.11
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. OCGN - Sharpe Ratio Comparison

The current NVAX Sharpe Ratio is 0.60, which is comparable to the OCGN Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of NVAX and OCGN, 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	OCGN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.60	0.65	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.42	-0.35	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.19	-0.22	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	-0.27	+0.20

Drawdowns

NVAX vs. OCGN - Drawdown Comparison

The maximum NVAX drawdown since its inception was -98.82%, roughly equal to the maximum OCGN drawdown of -99.97%. Use the drawdown chart below to compare losses from any high point for NVAX and OCGN.

Drawdown Indicators

	NVAX	OCGN	Difference
Max Drawdown Largest peak-to-trough decline	-98.82%	-99.97%	+1.15%
Max Drawdown (1Y) Largest decline over 1 year	-35.94%	-47.58%	+11.64%
Max Drawdown (3Y) Largest decline over 3 years	-74.11%	-73.92%	-0.19%
Max Drawdown (5Y) Largest decline over 5 years	-98.61%	-97.71%	-0.90%
Max Drawdown (10Y) Largest decline over 10 years	-98.82%	-99.92%	+1.10%
Current Drawdown Current decline from peak	-96.81%	-99.82%	+3.01%
Average Drawdown Average peak-to-trough decline	-70.71%	-89.55%	+18.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.38%	22.72%	-4.34%

Volatility

NVAX vs. OCGN - Volatility Comparison

Novavax, Inc. (NVAX) has a higher volatility of 26.79% compared to Ocugen, Inc. (OCGN) at 23.90%. This indicates that NVAX's price experiences larger fluctuations and is considered to be riskier than OCGN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVAX	OCGN	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.79%	23.90%	+2.89%
Volatility (6M) Calculated over the trailing 6-month period	50.69%	63.24%	-12.55%
Volatility (1Y) Calculated over the trailing 1-year period	68.15%	81.57%	-13.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	106.06%	91.74%	+14.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	115.47%	166.50%	-51.03%

Dividends

NVAX vs. OCGN - Dividend Comparison

Neither NVAX nor OCGN has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both NVAX and OCGN in my portfolio?

NVAX and OCGN have a correlation of 0.37, 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 OCGN?

NVAX has higher volatility (26.79%) compared to OCGN (23.90%). In terms of maximum drawdown, NVAX dropped -98.82% vs OCGN's -99.97%.

Which has better risk-adjusted returns?

OCGN currently has the higher Sharpe Ratio (0.65 vs 0.60), 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.