NVO vs. ARKK

Last updated Jun 13, 2026

NVO (Novo Nordisk A/S) is a stock, while ARKK (ARK Innovation ETF) is Technology Equities fund actively managed by ARK. Over the past 10 years, NVO returned 7.56%/yr vs 15.57%/yr for ARKK. At a 0.28 correlation, their price movements are largely independent.

Performance

NVO vs. ARKK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Novo Nordisk A/S (NVO) and ARK Innovation ETF (ARKK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVO achieves a -10.74% return, which is significantly lower than ARKK's -1.65% return. Over the past 10 years, NVO has underperformed ARKK with an annualized return of 7.56%, while ARKK has yielded a comparatively higher 15.57% annualized return.

NVO

• 1D: -0.18%
• 1M: -1.92%
• YTD: -10.74%
• 6M: -9.50%
• 1Y: -42.47%
• 3Y*: -15.59%
• 5Y*: 2.92%
• 10Y*: 7.56%

ARKK

• 1D: 0.25%
• 1M: -3.01%
• YTD: -1.65%
• 6M: -5.90%
• 1Y: 21.64%
• 3Y*: 19.87%
• 5Y*: -7.96%
• 10Y*: 15.57%

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

NVO vs. ARKK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NVO Novo Nordisk A/S	-10.74%	-39.22%	-15.93%	54.84%	22.66%	63.52%	23.33%	28.70%	-12.98%	52.92%
ARKK ARK Innovation ETF	-1.65%	35.49%	8.40%	69.04%	-66.97%	-23.60%	152.71%	35.08%	3.52%	87.33%

Correlation

The correlation between NVO and ARKK is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Oct 31, 2014	0.28

The correlation between NVO and ARKK shifts across timeframes, from 0.24 (3 years) to 0.36 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NVO vs. ARKK — Risk / Return Rank

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

NVO

NVO Risk / Return Rank: 12
NVO Sharpe Ratio Rank: 9
NVO Sortino Ratio Rank: 12
NVO Omega Ratio Rank: 10
NVO Calmar Ratio Rank: 12
NVO Martin Ratio Rank: 16

ARKK

ARKK Risk / Return Rank: 20
ARKK Sharpe Ratio Rank: 21
ARKK Sortino Ratio Rank: 22
ARKK Omega Ratio Rank: 20
ARKK Calmar Ratio Rank: 19
ARKK Martin Ratio Rank: 17

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.

NVO vs. ARKK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Novo Nordisk A/S (NVO) and ARK Innovation ETF (ARKK). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	NVO	ARKK	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	0.61	-1.45
Sortino ratio: Return per unit of downside risk	-1.05	1.06	-2.10
Omega ratio: Gain probability vs. loss probability	0.85	1.12	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.80	0.70	-1.50
Martin ratio: Return relative to average drawdown	-1.18	1.53	-2.71

NVO vs. ARKK - Sharpe Ratio Comparison

The current NVO Sharpe Ratio is -0.84, which is lower than the ARKK Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of NVO and ARKK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NVO vs. ARKK - Drawdown Comparison

The maximum NVO drawdown since its inception was -74.70%, smaller than the maximum ARKK drawdown of -80.97%. Use the drawdown chart below to compare losses from any high point for NVO and ARKK.

Drawdown Indicators

	NVO	ARKK	Difference
Max Drawdown Largest peak-to-trough decline	-74.70%	-80.97%	+6.27%
Max Drawdown (1Y) Largest decline over 1 year	-54.34%	-31.35%	-22.99%
Max Drawdown (3Y) Largest decline over 3 years	-74.70%	-39.56%	-35.14%
Max Drawdown (5Y) Largest decline over 5 years	-74.70%	-77.23%	+2.53%
Max Drawdown (10Y) Largest decline over 10 years	-74.70%	-80.97%	+6.27%
Current Drawdown Current decline from peak	-68.11%	-51.01%	-17.10%
Average Drawdown Average peak-to-trough decline	-17.79%	-30.16%	+12.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.62%	14.39%	+23.23%

Volatility

NVO vs. ARKK - Volatility Comparison

The current volatility for Novo Nordisk A/S (NVO) is 10.68%, while ARK Innovation ETF (ARKK) has a volatility of 11.81%. This indicates that NVO experiences smaller price fluctuations and is considered to be less risky than ARKK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVO	ARKK	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.68%	11.81%	-1.13%
Volatility (6M) Calculated over the trailing 6-month period	38.04%	26.30%	+11.74%
Volatility (1Y) Calculated over the trailing 1-year period	51.88%	36.28%	+15.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.33%	46.40%	-8.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.56%	40.34%	-7.78%

Dividends

NVO vs. ARKK - Dividend Comparison

NVO's dividend yield for the trailing twelve months is around 4.11%, while ARKK has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARKK ARK Innovation ETF	0.00%	0.00%	0.00%	0.70%	0.00%	0.55%	1.64%	0.38%	3.14%	1.32%	0.00%	2.27%
NVO Novo Nordisk A/S	4.11%	3.31%	1.68%	1.00%	1.20%	1.35%	1.87%	2.14%	1.45%	1.52%	2.87%	0.92%

Frequently Asked Questions

Can I hold both NVO and ARKK in my portfolio?

NVO and ARKK have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVO or ARKK?

ARKK has higher volatility (11.81%) compared to NVO (10.68%). In terms of maximum drawdown, NVO dropped -74.70% vs ARKK's -80.97%.

Which has better risk-adjusted returns?

ARKK currently has the higher Sharpe Ratio (0.61 vs -0.84), 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.