NVO vs. DBC
NVO (Novo Nordisk A/S) is a stock, while DBC (Invesco DB Commodity Index Tracking Fund) is Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. Over the past 10 years, NVO returned 8.20%/yr vs 8.90%/yr for DBC. Their 0.15 correlation means their historical movements had little consistent relationship.
Performance
NVO vs. DBC - Performance Comparison
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Returns By Period
In the year-to-date period, NVO achieves a -9.42% return, which is significantly lower than DBC's 27.37% return. Over the past 10 years, NVO has underperformed DBC with an annualized return of 8.20%, while DBC has yielded a comparatively higher 8.90% annualized return.
NVO
- 1D
- 0.56%
- 1M
- -9.60%
- 6M
- -2.34%
- YTD
- -9.42%
- 1Y
- -1.30%
- 3Y*
- -14.99%
- 5Y*
- -0.10%
- 10Y*
- 8.20%
- ALL TIME*
- 14.22%
DBC
- 1D
- 0.60%
- 1M
- 5.48%
- 6M
- 17.73%
- YTD
- 27.37%
- 1Y
- 34.92%
- 3Y*
- 9.99%
- 5Y*
- 11.48%
- 10Y*
- 8.90%
- ALL TIME*
- 1.88%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $29.84M | $30.72M | $31.47M | |
| $765.50M | $569.62M | $582.19M |
NVO vs. DBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NVO Novo Nordisk A/S | -9.42% | -39.22% | -15.93% | 54.84% | 22.66% | 63.52% | 23.33% | 28.70% | -12.98% | 52.92% |
DBC Invesco DB Commodity Index Tracking Fund | 27.37% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 11.84% | -11.63% | 4.86% |
Correlation
The correlation between NVO and DBC is -0.10, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.10 |
Correlation (3Y) Balances recent behavior with more history. | -0.03 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.01 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.06 |
Correlation (All Time) Calculated using the full available price history since Feb 6, 2006 | 0.15 |
The correlation between NVO and DBC shifts across timeframes, from -0.10 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
NVO vs. DBC — Risk / Return Rank
NVO
DBC
NVO vs. DBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Novo Nordisk A/S (NVO) and Invesco DB Commodity Index Tracking Fund (DBC). 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 | DBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.81 | ||
| Sortino ratioReturn per unit of downside risk | -2.09 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.30 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.03 | 2.12 | -2.15 |
| Martin ratioReturn relative to average drawdown | -0.05 | 6.91 | -6.96 |
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Drawdowns
NVO vs. DBC - Drawdown Comparison
The maximum NVO drawdown since its inception was -74.70%, roughly equal to the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for NVO and DBC.
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Drawdown Indicators
| NVO | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.70% | -76.36% | +1.66% |
Max Drawdown (1Y)Largest decline over 1 year | -43.67% | -16.54% | -27.13% |
Max Drawdown (3Y)Largest decline over 3 years | -74.70% | -16.54% | -58.16% |
Max Drawdown (5Y)Largest decline over 5 years | -74.70% | -27.34% | -47.36% |
Max Drawdown (10Y)Largest decline over 10 years | -74.70% | -41.71% | -32.99% |
Current DrawdownCurrent decline from peak | -67.64% | -26.32% | -41.32% |
Average DrawdownAverage peak-to-trough decline | -17.94% | -46.06% | +28.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.14% | 5.07% | +19.07% |
Volatility
NVO vs. DBC - Volatility Comparison
Novo Nordisk A/S (NVO) has a higher volatility of 12.94% compared to Invesco DB Commodity Index Tracking Fund (DBC) at 7.61%. This indicates that NVO's price experiences larger fluctuations and is considered to be riskier than DBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NVO | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.94% | 7.61% | +5.33% |
Volatility (6M)Calculated over the trailing 6-month period | 33.87% | 16.61% | +17.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.70% | 19.70% | +27.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.73% | 19.33% | +19.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.67% | 17.89% | +14.78% |
Dividends
NVO vs. DBC - Dividend Comparison
NVO's dividend yield for the trailing twelve months is around 4.05%, more than DBC's 2.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.61% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% | 0.00% | 0.00% | 0.00% |
NVO Novo Nordisk A/S | 4.05% | 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
NVO and DBC have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NVO has higher volatility (12.94%) compared to DBC (7.61%). In terms of maximum drawdown, NVO dropped -74.70% vs DBC's -76.36%.
DBC currently has the higher Sharpe Ratio (1.78 vs -0.03), 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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