NVO vs. BRO
NVO (Novo Nordisk A/S) and BRO (Brown & Brown, Inc.) are both stocks. NVO operates in Drug Manufacturers - General (Healthcare), while BRO operates in Insurance Brokers (Financial Services). Over the past 10 years, NVO returned 8.18%/yr vs 15.04%/yr for BRO. At a 0.17 correlation, their price movements are largely independent.
Performance
NVO vs. BRO - Performance Comparison
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Returns By Period
In the year-to-date period, NVO achieves a 0.91% return, which is significantly higher than BRO's -13.05% return. Over the past 10 years, NVO has underperformed BRO with an annualized return of 8.18%, while BRO has yielded a comparatively higher 15.04% annualized return.
NVO
- 1D
- -1.41%
- 1M
- 14.86%
- 6M
- -17.63%
- YTD
- 0.91%
- 1Y
- -19.26%
- 3Y*
- -13.51%
- 5Y*
- 4.43%
- 10Y*
- 8.18%
- ALL TIME*
- 14.52%
BRO
- 1D
- -0.59%
- 1M
- 16.65%
- 6M
- -13.38%
- YTD
- -13.05%
- 1Y
- -33.02%
- 3Y*
- -0.37%
- 5Y*
- 6.03%
- 10Y*
- 15.04%
- ALL TIME*
- 14.93%
NVO vs. BRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NVO Novo Nordisk A/S | 0.91% | -39.22% | -15.93% | 54.84% | 22.66% | 63.52% | 23.33% | 28.70% | -12.98% | 52.92% |
BRO Brown & Brown, Inc. | -13.05% | -21.37% | 44.32% | 25.73% | -18.39% | 49.31% | 21.06% | 44.67% | 8.30% | 16.15% |
Correlation
The correlation between NVO and BRO is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Mar 3, 1992 | 0.17 |
The correlation between NVO and BRO shifts across timeframes, from 0.13 (1 year) to 0.25 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
NVO:
$220.46B
BRO:
$23.37B
NVO:
DKK 27.42
BRO:
$5.13
NVO:
11.83
BRO:
13.43
NVO:
0.51
BRO:
0.99
NVO:
4.40
BRO:
2.40
NVO:
DKK 327.80B
BRO:
$6.43B
NVO:
DKK 268.30B
BRO:
$3.82B
NVO:
DKK 181.54B
BRO:
$1.51B
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Return for Risk
NVO vs. BRO — Risk / Return Rank
NVO
BRO
NVO vs. BRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Novo Nordisk A/S (NVO) and Brown & Brown, Inc. (BRO). 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 | BRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.72 | ||
| Sortino ratioReturn per unit of downside risk | +1.30 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 0.81 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.39 | -0.71 | +0.31 |
| Martin ratioReturn relative to average drawdown | -0.61 | -1.17 | +0.56 |
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Drawdowns
NVO vs. BRO - Drawdown Comparison
The maximum NVO drawdown since its inception was -74.70%, which is greater than BRO's maximum drawdown of -55.85%. Use the drawdown chart below to compare losses from any high point for NVO and BRO.
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Drawdown Indicators
| NVO | BRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.70% | -55.85% | -18.85% |
Max Drawdown (1Y)Largest decline over 1 year | -49.17% | -46.93% | -2.24% |
Max Drawdown (3Y)Largest decline over 3 years | -74.70% | -55.85% | -18.85% |
Max Drawdown (5Y)Largest decline over 5 years | -74.70% | -55.85% | -18.85% |
Max Drawdown (10Y)Largest decline over 10 years | -74.70% | -55.85% | -18.85% |
Current DrawdownCurrent decline from peak | -63.95% | -44.02% | -19.93% |
Average DrawdownAverage peak-to-trough decline | -17.89% | -13.63% | -4.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.75% | 28.61% | +3.14% |
Volatility
NVO vs. BRO - Volatility Comparison
The current volatility for Novo Nordisk A/S (NVO) is 9.48%, while Brown & Brown, Inc. (BRO) has a volatility of 11.02%. This indicates that NVO experiences smaller price fluctuations and is considered to be less risky than BRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NVO | BRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.48% | 11.02% | -1.54% |
Volatility (6M)Calculated over the trailing 6-month period | 37.43% | 23.89% | +13.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.79% | 30.37% | +21.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.58% | 25.27% | +13.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.63% | 23.84% | +8.79% |
Dividends
NVO vs. BRO - Dividend Comparison
NVO's dividend yield for the trailing twelve months is around 3.63%, more than BRO's 0.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BRO Brown & Brown, Inc. | 0.94% | 0.77% | 0.53% | 0.67% | 0.74% | 0.54% | 0.73% | 0.82% | 1.11% | 1.08% | 1.12% | 1.41% |
NVO Novo Nordisk A/S | 3.63% | 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. BRO - Financials Comparison
This section allows you to compare key financial metrics between Novo Nordisk A/S and Brown & Brown, Inc.. 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. BRO - Profitability Comparison
NVO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 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%.
BRO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 2026, Brown & Brown, Inc. reported a gross profit of 994.00M and revenue of 1.90B. Therefore, the gross margin over that period was 52.3%.
NVO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 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%.
BRO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, Brown & Brown, Inc. reported an operating income of 0.00 and revenue of 1.90B, resulting in an operating margin of 0.0%.
NVO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jul 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%.
BRO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jul 2026, Brown & Brown, Inc. reported a net income of 426.00M and revenue of 1.90B, resulting in a net margin of 22.4%.
Frequently Asked Questions
NVO and BRO have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BRO has higher volatility (11.02%) compared to NVO (9.48%). In terms of maximum drawdown, NVO dropped -74.70% vs BRO's -55.85%.
NVO currently has the higher Sharpe Ratio (-0.37 vs -1.09), 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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