NVO vs. AJG
NVO (Novo Nordisk A/S) and AJG (Arthur J. Gallagher & Co.) are both stocks. NVO operates in Drug Manufacturers - General (Healthcare), while AJG operates in Insurance Brokers (Financial Services). Over the past 10 years, NVO returned 6.20%/yr vs 17.92%/yr for AJG. At a 0.17 correlation, their price movements are largely independent.
Performance
NVO vs. AJG - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with NVO having a -16.56% return and AJG slightly lower at -17.35%. Over the past 10 years, NVO has underperformed AJG with an annualized return of 6.20%, while AJG has yielded a comparatively higher 17.92% annualized return.
NVO
- 1D
- -4.52%
- 1M
- -10.96%
- YTD
- -16.56%
- 6M
- -9.23%
- 1Y
- -42.47%
- 3Y*
- -17.53%
- 5Y*
- 1.78%
- 10Y*
- 6.20%
AJG
- 1D
- -1.67%
- 1M
- 7.22%
- YTD
- -17.35%
- 6M
- -10.08%
- 1Y
- -34.63%
- 3Y*
- 1.87%
- 5Y*
- 9.17%
- 10Y*
- 17.92%
NVO vs. AJG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NVO Novo Nordisk A/S | -16.56% | -39.22% | -15.93% | 54.84% | 22.66% | 63.52% | 23.33% | 28.70% | -12.98% | 52.92% |
AJG Arthur J. Gallagher & Co. | -17.35% | -8.03% | 27.34% | 20.51% | 12.44% | 39.02% | 32.12% | 31.79% | 19.19% | 25.04% |
Correlation
The correlation between NVO and AJG is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 1984 | 0.17 |
The correlation between NVO and AJG shifts across timeframes, from 0.12 (1 year) to 0.24 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
NVO:
$27.42
AJG:
$5.74
NVO:
1.50
AJG:
37.04
NVO:
0.06
AJG:
3.84
NVO:
0.56
AJG:
3.97
NVO:
$327.80B
AJG:
$13.94B
NVO:
$268.30B
AJG:
$7.63B
NVO:
$181.54B
AJG:
$3.66B
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Return for Risk
NVO vs. AJG — Risk / Return Rank
NVO
AJG
NVO vs. AJG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Novo Nordisk A/S (NVO) and Arthur J. Gallagher & Co. (AJG). 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.
| NVO | AJG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.43 | ||
| Sortino ratioReturn per unit of downside risk | +0.71 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.78 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | -0.85 | +0.08 |
| Martin ratioReturn relative to average drawdown | -1.14 | -1.47 | +0.33 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NVO | AJG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.82 | -1.25 | +0.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | 0.40 | -0.35 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | 0.78 | -0.59 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | 0.47 | 0.00 |
Drawdowns
NVO vs. AJG - Drawdown Comparison
The maximum NVO drawdown since its inception was -74.70%, which is greater than AJG's maximum drawdown of -57.49%. Use the drawdown chart below to compare losses from any high point for NVO and AJG.
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Drawdown Indicators
| NVO | AJG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.70% | -57.49% | -17.21% |
Max Drawdown (1Y)Largest decline over 1 year | -55.03% | -40.64% | -14.39% |
Max Drawdown (3Y)Largest decline over 3 years | -74.70% | -44.40% | -30.30% |
Max Drawdown (5Y)Largest decline over 5 years | -74.70% | -44.40% | -30.30% |
Max Drawdown (10Y)Largest decline over 10 years | -74.70% | -44.40% | -30.30% |
Current DrawdownCurrent decline from peak | -70.19% | -38.26% | -31.93% |
Average DrawdownAverage peak-to-trough decline | -17.77% | -12.83% | -4.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.21% | 24.06% | +13.15% |
Volatility
NVO vs. AJG - Volatility Comparison
Novo Nordisk A/S (NVO) has a higher volatility of 9.75% compared to Arthur J. Gallagher & Co. (AJG) at 8.97%. This indicates that NVO's price experiences larger fluctuations and is considered to be riskier than AJG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NVO | AJG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.75% | 8.97% | +0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 38.30% | 22.42% | +15.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.08% | 27.95% | +24.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.31% | 22.96% | +15.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.56% | 23.08% | +9.48% |
Dividends
NVO vs. AJG - Dividend Comparison
NVO's dividend yield for the trailing twelve months is around 4.39%, more than AJG's 1.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AJG Arthur J. Gallagher & Co. | 1.27% | 1.00% | 0.85% | 0.98% | 1.08% | 1.13% | 1.46% | 1.81% | 2.23% | 2.47% | 2.93% | 3.62% |
NVO Novo Nordisk A/S | 4.39% | 3.31% | 1.68% | 1.00% | 1.20% | 1.35% | 1.87% | 2.14% | 1.45% | 1.52% | 2.87% | 0.92% |
Financials
NVO vs. AJG - Financials Comparison
This section allows you to compare key financial metrics between Novo Nordisk A/S and Arthur J. Gallagher & Co.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
NVO vs. AJG - Profitability Comparison
NVO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Novo Nordisk A/S reported a gross profit of 83.23B and revenue of 96.82B. Therefore, the gross margin over that period was 86.0%.
AJG - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Arthur J. Gallagher & Co. reported a gross profit of 1.42B and revenue of 3.63B. Therefore, the gross margin over that period was 39.1%.
NVO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Novo Nordisk A/S reported an operating income of 59.62B and revenue of 96.82B, resulting in an operating margin of 61.6%.
AJG - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Arthur J. Gallagher & Co. reported an operating income of 341.00M and revenue of 3.63B, resulting in an operating margin of 9.4%.
NVO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Novo Nordisk A/S reported a net income of 48.56B and revenue of 96.82B, resulting in a net margin of 50.2%.
AJG - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Arthur J. Gallagher & Co. reported a net income of 151.00M and revenue of 3.63B, resulting in a net margin of 4.2%.
Frequently Asked Questions
NVO and AJG have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NVO has higher volatility (9.75%) compared to AJG (8.97%). In terms of maximum drawdown, NVO dropped -74.70% vs AJG's -57.49%.
NVO currently has the higher Sharpe Ratio (-0.82 vs -1.25), 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.
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