NVO vs. GUNR

Last updated Jul 21, 2026

NVO (Novo Nordisk A/S) is a stock, while GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) is Natural Resources fund tracking the Morningstar Global Upstream Natural Resources Index. Over the past 10 years, NVO returned 8.18%/yr vs 9.92%/yr for GUNR. At a 0.25 correlation, their price movements are largely independent.

Performance

NVO vs. GUNR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Novo Nordisk A/S (NVO) and FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVO achieves a 0.91% return, which is significantly lower than GUNR's 12.01% return. Over the past 10 years, NVO has underperformed GUNR with an annualized return of 8.18%, while GUNR has yielded a comparatively higher 9.92% 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%

GUNR

• 1D: -0.20%
• 1M: 0.28%
• 6M: 4.81%
• YTD: 12.01%
• 1Y: 29.13%
• 3Y*: 10.19%
• 5Y*: 10.29%
• 10Y*: 9.92%
• ALL TIME*: 6.37%

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

NVO vs. GUNR - 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%
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	12.01%	30.03%	-8.37%	-2.40%	14.83%	26.06%	0.46%	18.41%	-9.42%	18.74%

Correlation

The correlation between NVO and GUNR is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.20
Correlation (All Time) Calculated using the full available price history since Sep 22, 2011	0.25

Return for Risk

NVO vs. GUNR — Risk / Return Rank

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

NVO

NVO Risk / Return Rank: 30
NVO Sharpe Ratio Rank: 29
NVO Sortino Ratio Rank: 29
NVO Omega Ratio Rank: 29
NVO Calmar Ratio Rank: 32
NVO Martin Ratio Rank: 33

GUNR

GUNR Risk / Return Rank: 70
GUNR Sharpe Ratio Rank: 77
GUNR Sortino Ratio Rank: 70
GUNR Omega Ratio Rank: 73
GUNR Calmar Ratio Rank: 67
GUNR Martin Ratio Rank: 63

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. GUNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Novo Nordisk A/S (NVO) and FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR). 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	GUNR	Difference
Sharpe ratio: Return per unit of total volatility	-0.37	1.84	-2.22
Sortino ratio: Return per unit of downside risk	-0.19	2.39	-2.58
Omega ratio: Gain probability vs. loss probability	0.97	1.32	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.39	2.50	-2.89
Martin ratio: Return relative to average drawdown	-0.61	8.16	-8.76

NVO vs. GUNR - Sharpe Ratio Comparison

The current NVO Sharpe Ratio is -0.37, which is lower than the GUNR Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of NVO and GUNR, 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. GUNR - Drawdown Comparison

The maximum NVO drawdown since its inception was -74.70%, which is greater than GUNR's maximum drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for NVO and GUNR.

Drawdown Indicators

	NVO	GUNR	Difference
Max Drawdown Largest peak-to-trough decline	-74.70%	-45.64%	-29.06%
Max Drawdown (1Y) Largest decline over 1 year	-49.17%	-11.70%	-37.47%
Max Drawdown (3Y) Largest decline over 3 years	-74.70%	-19.59%	-55.11%
Max Drawdown (5Y) Largest decline over 5 years	-74.70%	-24.06%	-50.64%
Max Drawdown (10Y) Largest decline over 10 years	-74.70%	-43.04%	-31.66%
Current Drawdown Current decline from peak	-63.95%	-8.44%	-55.51%
Average Drawdown Average peak-to-trough decline	-17.89%	-10.39%	-7.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.75%	3.58%	+28.17%

Volatility

NVO vs. GUNR - Volatility Comparison

Novo Nordisk A/S (NVO) has a higher volatility of 9.48% compared to FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) at 3.99%. This indicates that NVO's price experiences larger fluctuations and is considered to be riskier than GUNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVO	GUNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.48%	3.99%	+5.49%
Volatility (6M) Calculated over the trailing 6-month period	37.43%	13.06%	+24.37%
Volatility (1Y) Calculated over the trailing 1-year period	51.79%	15.91%	+35.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.58%	18.95%	+19.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.63%	20.31%	+12.32%

Dividends

NVO vs. GUNR - Dividend Comparison

NVO's dividend yield for the trailing twelve months is around 3.63%, more than GUNR's 2.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	2.39%	2.81%	3.39%	3.55%	4.12%	3.61%	2.79%	3.25%	3.27%	2.00%	1.73%	4.50%
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%

Frequently Asked Questions

Can I hold both NVO and GUNR in my portfolio?

NVO and GUNR have a correlation of 0.16, 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 GUNR?

NVO has higher volatility (9.48%) compared to GUNR (3.99%). In terms of maximum drawdown, NVO dropped -74.70% vs GUNR's -45.64%.

Which has better risk-adjusted returns?

GUNR currently has the higher Sharpe Ratio (1.84 vs -0.37), 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.