NVO vs. DELL

Last updated Jun 9, 2026

NVO (Novo Nordisk A/S) and DELL (Dell Technologies Inc.) are both stocks. NVO operates in Drug Manufacturers - General (Healthcare), while DELL operates in Computer Hardware (Technology). Over the past 5 years, NVO returned 1.78%/yr vs 52.91%/yr for DELL. At a 0.20 correlation, their price movements are largely independent.

Performance

NVO vs. DELL - Performance Comparison

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

Returns By Period

In the year-to-date period, NVO achieves a -16.56% return, which is significantly lower than DELL's 220.76% 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%

DELL

• 1D: 1.62%
• 1M: 53.87%
• YTD: 220.76%
• 6M: 187.56%
• 1Y: 257.68%
• 3Y*: 107.08%
• 5Y*: 52.91%
• 10Y*: —

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

NVO vs. DELL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
NVO Novo Nordisk A/S	-16.56%	-39.22%	-15.93%	54.84%	22.66%	63.52%	23.33%	28.70%	1.59%
DELL Dell Technologies Inc.	220.76%	11.22%	52.97%	95.85%	-26.63%	51.21%	42.62%	5.16%	14.50%

Correlation

The correlation between NVO and DELL is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (All Time) Calculated using the full available price history since Dec 21, 2018	0.20

Fundamentals

Market Cap NVO : $182.49B DELL : $262.91B
EPS NVO : $27.42 DELL : $12.42
PE Ratio NVO : 1.50 DELL : 32.27
PEG Ratio NVO : 0.06 DELL : 2.05
PS Ratio NVO : 0.56 DELL : 2.02
Total Revenue (TTM) NVO : $327.80B DELL : $134.00B
Gross Profit (TTM) NVO : $268.30B DELL : $25.67B
EBITDA (TTM) NVO : $181.54B DELL : $10.64B

Return for Risk

NVO vs. DELL — 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: 13
NVO Martin Ratio Rank: 17

DELL

DELL Risk / Return Rank: 96
DELL Sharpe Ratio Rank: 98
DELL Sortino Ratio Rank: 97
DELL Omega Ratio Rank: 95
DELL Calmar Ratio Rank: 96
DELL Martin Ratio Rank: 95

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. DELL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Novo Nordisk A/S (NVO) and Dell Technologies Inc. (DELL). 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	DELL	Difference
Sharpe ratio: Return per unit of total volatility	-0.82	3.97	-4.79
Sortino ratio: Return per unit of downside risk	-1.01	4.66	-5.66
Omega ratio: Gain probability vs. loss probability	0.86	1.58	-0.72
Calmar ratio: Return relative to maximum drawdown	-0.77	8.02	-8.80
Martin ratio: Return relative to average drawdown	-1.14	18.09	-19.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVO vs. DELL - Sharpe Ratio Comparison

The current NVO Sharpe Ratio is -0.82, which is lower than the DELL Sharpe Ratio of 3.97. The chart below compares the historical Sharpe Ratios of NVO and DELL, 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

	NVO	DELL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.82	3.97	-4.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.05	1.05	-1.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	1.05	-0.58

Drawdowns

NVO vs. DELL - Drawdown Comparison

The maximum NVO drawdown since its inception was -74.70%, which is greater than DELL's maximum drawdown of -59.59%. Use the drawdown chart below to compare losses from any high point for NVO and DELL.

Drawdown Indicators

	NVO	DELL	Difference
Max Drawdown Largest peak-to-trough decline	-74.70%	-59.59%	-15.11%
Max Drawdown (1Y) Largest decline over 1 year	-55.03%	-32.34%	-22.69%
Max Drawdown (3Y) Largest decline over 3 years	-74.70%	-59.59%	-15.11%
Max Drawdown (5Y) Largest decline over 5 years	-74.70%	-59.59%	-15.11%
Max Drawdown (10Y) Largest decline over 10 years	-74.70%	—	—
Current Drawdown Current decline from peak	-70.19%	-13.99%	-56.20%
Average Drawdown Average peak-to-trough decline	-17.77%	-18.49%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.21%	14.32%	+22.89%

Volatility

NVO vs. DELL - Volatility Comparison

The current volatility for Novo Nordisk A/S (NVO) is 9.75%, while Dell Technologies Inc. (DELL) has a volatility of 37.86%. This indicates that NVO experiences smaller price fluctuations and is considered to be less risky than DELL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVO	DELL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.75%	37.86%	-28.11%
Volatility (6M) Calculated over the trailing 6-month period	38.30%	54.13%	-15.83%
Volatility (1Y) Calculated over the trailing 1-year period	52.08%	65.53%	-13.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.31%	50.75%	-12.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.56%	47.95%	-15.39%

Dividends

NVO vs. DELL - Dividend Comparison

NVO's dividend yield for the trailing twelve months is around 4.39%, more than DELL's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DELL Dell Technologies Inc.	0.55%	1.60%	1.48%	1.88%	2.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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. DELL - Profitability Comparison

The chart below illustrates the profitability comparison between Novo Nordisk A/S and Dell Technologies Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

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%.

DELL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Dell Technologies Inc. reported a gross profit of 7.78B and revenue of 43.84B. Therefore, the gross margin over that period was 17.8%.

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%.

DELL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Dell Technologies Inc. reported an operating income of 3.66B and revenue of 43.84B, resulting in an operating margin of 8.3%.

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%.

DELL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Dell Technologies Inc. reported a net income of 3.44B and revenue of 43.84B, resulting in a net margin of 7.8%.

Frequently Asked Questions

Can I hold both NVO and DELL in my portfolio?

NVO and DELL have a correlation of 0.15, 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 DELL?

DELL has higher volatility (37.86%) compared to NVO (9.75%). In terms of maximum drawdown, NVO dropped -74.70% vs DELL's -59.59%.

Which has better risk-adjusted returns?

DELL currently has the higher Sharpe Ratio (3.97 vs -0.82), 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.