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NVO vs. INDA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NVO vs. INDA

Last updated Jun 13, 2026

NVO (Novo Nordisk A/S) is a stock, while INDA (iShares MSCI India ETF) is Asia Pacific Equities fund tracking the MSCI India Index. Over the past 10 years, NVO returned 7.56%/yr vs 7.09%/yr for INDA. At a 0.24 correlation, their price movements are largely independent.

Performance

NVO vs. INDA - Performance Comparison

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

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Returns By Period

The year-to-date returns for both investments are quite close, with NVO having a -10.74% return and INDA slightly higher at -10.58%. Over the past 10 years, NVO has outperformed INDA with an annualized return of 7.56%, while INDA has yielded a comparatively lower 7.09% annualized return.

NVO

1D
-0.18%
1M
-4.19%
YTD
-10.74%
6M
-9.50%
1Y
-42.47%
3Y*
-15.59%
5Y*
2.92%
10Y*
7.56%

INDA

1D
1.13%
1M
-0.06%
YTD
-10.58%
6M
-9.05%
1Y
-10.57%
3Y*
4.51%
5Y*
2.79%
10Y*
7.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

NVO vs. INDA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
INDA
iShares MSCI India ETF		-10.58%2.68%8.63%17.16%-8.94%21.36%14.83%6.49%-6.67%36.08%

Correlation

The correlation between NVO and INDA is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.28

Correlation (3Y)
Calculated over the trailing 3-year period

0.25

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 Feb 3, 2012

0.24

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Novo Nordisk A/S

iShares MSCI India ETF

Often compared with NVO:
NVO vs. LLYNVO vs. NOV.DENVO vs. NVSNVO vs. MRKNVO vs. XLVNVO vs. AZNNVO vs. REGN
Often compared with INDA:
INDA vs. FLININDA vs. INDYINDA vs. EPIINDA vs. SMININDA vs. VOOINDA vs. MCHIINDA vs. VNM

Return for Risk

NVO vs. INDA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
NVO
NVO Risk / Return Rank: 1212
Overall Rank
NVO Sharpe Ratio Rank: 99
Sharpe Ratio Rank
NVO Sortino Ratio Rank: 1212
Sortino Ratio Rank
NVO Omega Ratio Rank: 1010
Omega Ratio Rank
NVO Calmar Ratio Rank: 1212
Calmar Ratio Rank
NVO Martin Ratio Rank: 1616
Martin Ratio Rank
INDA
INDA Risk / Return Rank: 33
Overall Rank
INDA Sharpe Ratio Rank: 33
Sharpe Ratio Rank
INDA Sortino Ratio Rank: 33
Sortino Ratio Rank
INDA Omega Ratio Rank: 33
Omega Ratio Rank
INDA Calmar Ratio Rank: 44
Calmar Ratio Rank
INDA Martin Ratio Rank: 22
Martin Ratio Rank
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. INDA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Novo Nordisk A/S (NVO) and iShares MSCI India ETF (INDA). 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.

NVOINDADifference
Sharpe ratioReturn per unit of total volatility
-0.84
-0.80

-0.04

Sortino ratioReturn per unit of downside risk
-1.05
-1.10

+0.05

Omega ratioGain probability vs. loss probability

0.85

0.88

-0.03

Calmar ratioReturn relative to maximum drawdown

-0.80

-0.63

-0.17

Martin ratioReturn relative to average drawdown

-1.18

-1.46

+0.28

NVO vs. INDA - Sharpe Ratio Comparison

The current NVO Sharpe Ratio is -0.84, which is comparable to the INDA Sharpe Ratio of -0.80. The chart below compares the historical Sharpe Ratios of NVO and INDA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

NVO vs. INDA - Drawdown Comparison

The maximum NVO drawdown since its inception was -74.70%, which is greater than INDA's maximum drawdown of -45.07%. Use the drawdown chart below to compare losses from any high point for NVO and INDA.

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Drawdown Indicators

NVOINDADifference

Max Drawdown

Largest peak-to-trough decline

-74.70%

-45.07%

-29.63%

Max Drawdown (1Y)

Largest decline over 1 year

-54.34%

-18.69%

-35.65%

Max Drawdown (3Y)

Largest decline over 3 years

-74.70%

-22.72%

-51.98%

Max Drawdown (5Y)

Largest decline over 5 years

-74.70%

-22.72%

-51.98%

Max Drawdown (10Y)

Largest decline over 10 years

-74.70%

-45.07%

-29.63%

Current Drawdown

Current decline from peak

-68.11%

-17.77%

-50.34%

Average Drawdown

Average peak-to-trough decline

-17.79%

-9.59%

-8.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

37.62%

8.09%

+29.53%

Volatility

NVO vs. INDA - Volatility Comparison

Novo Nordisk A/S (NVO) has a higher volatility of 10.68% compared to iShares MSCI India ETF (INDA) at 4.16%. This indicates that NVO's price experiences larger fluctuations and is considered to be riskier than INDA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

NVOINDADifference

Volatility (1M)

Calculated over the trailing 1-month period

10.68%

4.16%

+6.52%

Volatility (6M)

Calculated over the trailing 6-month period

38.04%

12.77%

+25.27%

Volatility (1Y)

Calculated over the trailing 1-year period

51.88%

14.79%

+37.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

38.33%

15.40%

+22.93%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.56%

21.11%

+11.45%

Dividends

NVO vs. INDA - Dividend Comparison

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

PositionTTM20252024202320222021202020192018201720162015
INDA
iShares MSCI India ETF		0.00%0.00%0.76%0.16%0.00%6.44%0.27%0.99%0.94%1.09%0.90%1.19%
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

NVO and INDA have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

NVO has higher volatility (10.68%) compared to INDA (4.16%). In terms of maximum drawdown, NVO dropped -74.70% vs INDA's -45.07%.

INDA currently has the higher Sharpe Ratio (-0.80 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.

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