NVO vs. KKR

Last updated Jun 9, 2026

NVO (Novo Nordisk A/S) and KKR (KKR & Co. Inc.) are both stocks. NVO operates in Drug Manufacturers - General (Healthcare), while KKR operates in Asset Management (Financial Services). Over the past 10 years, NVO returned 6.20%/yr vs 23.50%/yr for KKR. At a 0.27 correlation, their price movements are largely independent.

Performance

NVO vs. KKR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Novo Nordisk A/S (NVO) and KKR & Co. Inc. (KKR). 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 higher than KKR's -26.61% return. Over the past 10 years, NVO has underperformed KKR with an annualized return of 6.20%, while KKR has yielded a comparatively higher 23.50% annualized 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%

KKR

• 1D: -0.20%
• 1M: -8.90%
• YTD: -26.61%
• 6M: -28.16%
• 1Y: -23.96%
• 3Y*: 19.93%
• 5Y*: 11.96%
• 10Y*: 23.50%

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

NVO vs. KKR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NVO Novo Nordisk A/S	-16.56%	-39.22%	-15.93%	54.84%	22.66%	63.52%	23.33%	28.70%	-12.98%	52.92%
KKR KKR & Co. Inc.	-26.61%	-13.32%	79.65%	80.48%	-36.98%	85.76%	41.13%	51.57%	-4.28%	41.78%

Correlation

The correlation between NVO and KKR is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jul 16, 2010	0.27

Fundamentals

Market Cap NVO : $182.49B KKR : $88.94B
EPS NVO : $27.42 KKR : $3.10
PE Ratio NVO : 1.50 KKR : 30.04
PEG Ratio NVO : 0.06 KKR : 3.17
PS Ratio NVO : 0.56 KKR : 4.45
PB Ratio NVO : 0.90 KKR : 1.10
Total Revenue (TTM) NVO : $327.80B KKR : $19.99B
Gross Profit (TTM) NVO : $268.30B KKR : $8.35B
EBITDA (TTM) NVO : $181.54B KKR : $9.97B

Return for Risk

NVO vs. KKR — 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

KKR

KKR Risk / Return Rank: 18
KKR Sharpe Ratio Rank: 14
KKR Sortino Ratio Rank: 16
KKR Omega Ratio Rank: 16
KKR Calmar Ratio Rank: 23
KKR Martin Ratio Rank: 22

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. KKR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Novo Nordisk A/S (NVO) and KKR & Co. Inc. (KKR). 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	KKR	Difference
Sharpe ratio: Return per unit of total volatility	-0.82	-0.65	-0.17
Sortino ratio: Return per unit of downside risk	-1.01	-0.74	-0.27
Omega ratio: Gain probability vs. loss probability	0.86	0.91	-0.05
Calmar ratio: Return relative to maximum drawdown	-0.77	-0.54	-0.24
Martin ratio: Return relative to average drawdown	-1.14	-0.99	-0.15
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. KKR - Sharpe Ratio Comparison

The current NVO Sharpe Ratio is -0.82, which is comparable to the KKR Sharpe Ratio of -0.65. The chart below compares the historical Sharpe Ratios of NVO and KKR, 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	KKR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.82	-0.65	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.05	0.31	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	0.64	-0.45
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.54	-0.07

Drawdowns

NVO vs. KKR - Drawdown Comparison

The maximum NVO drawdown since its inception was -74.70%, which is greater than KKR's maximum drawdown of -53.10%. Use the drawdown chart below to compare losses from any high point for NVO and KKR.

Drawdown Indicators

	NVO	KKR	Difference
Max Drawdown Largest peak-to-trough decline	-74.70%	-53.10%	-21.60%
Max Drawdown (1Y) Largest decline over 1 year	-55.03%	-44.62%	-10.41%
Max Drawdown (3Y) Largest decline over 3 years	-74.70%	-49.42%	-25.28%
Max Drawdown (5Y) Largest decline over 5 years	-74.70%	-49.42%	-25.28%
Max Drawdown (10Y) Largest decline over 10 years	-74.70%	-49.42%	-25.28%
Current Drawdown Current decline from peak	-70.19%	-43.68%	-26.51%
Average Drawdown Average peak-to-trough decline	-17.77%	-16.18%	-1.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.21%	24.21%	+13.00%

Volatility

NVO vs. KKR - Volatility Comparison

Novo Nordisk A/S (NVO) and KKR & Co. Inc. (KKR) have volatilities of 9.75% and 10.21%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVO	KKR	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.75%	10.21%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	38.30%	29.77%	+8.53%
Volatility (1Y) Calculated over the trailing 1-year period	52.08%	37.30%	+14.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.31%	39.23%	-0.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.56%	36.64%	-4.08%

Dividends

NVO vs. KKR - Dividend Comparison

NVO's dividend yield for the trailing twelve months is around 4.39%, more than KKR's 0.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KKR KKR & Co. Inc.	0.80%	0.57%	0.47%	0.78%	1.31%	0.77%	1.31%	1.71%	3.23%	3.18%	4.16%	10.13%
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. KKR - Profitability Comparison

The chart below illustrates the profitability comparison between Novo Nordisk A/S and KKR & Co. 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%.

KKR - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, KKR & Co. Inc. reported a gross profit of 3.98B and revenue of 4.00B. Therefore, the gross margin over that period was 99.5%.

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%.

KKR - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, KKR & Co. Inc. reported an operating income of 205.35M and revenue of 4.00B, resulting in an operating margin of 5.1%.

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%.

KKR - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, KKR & Co. Inc. reported a net income of 405.23M and revenue of 4.00B, resulting in a net margin of 10.1%.

Frequently Asked Questions

Can I hold both NVO and KKR in my portfolio?

NVO and KKR have a correlation of 0.30, 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 KKR?

KKR has higher volatility (10.21%) compared to NVO (9.75%). In terms of maximum drawdown, NVO dropped -74.70% vs KKR's -53.10%.

Which has better risk-adjusted returns?

KKR currently has the higher Sharpe Ratio (-0.65 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.