NVO vs. MRK
NVO (Novo Nordisk A/S) and MRK (Merck & Co., Inc.) are both stocks. Both operate in the Drug Manufacturers - General industry within the Healthcare sector. Over the past 10 years, NVO returned 8.21%/yr vs 11.47%/yr for MRK. At a 0.24 correlation, their price movements are largely independent.
Performance
NVO vs. MRK - Performance Comparison
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Returns By Period
In the year-to-date period, NVO achieves a 0.24% return, which is significantly lower than MRK's 19.56% return. Over the past 10 years, NVO has underperformed MRK with an annualized return of 8.21%, while MRK has yielded a comparatively higher 11.47% annualized return.
NVO
- 1D
- -0.40%
- 1M
- 12.31%
- 6M
- -14.80%
- YTD
- 0.24%
- 1Y
- -25.17%
- 3Y*
- -12.72%
- 5Y*
- 4.73%
- 10Y*
- 8.21%
MRK
- 1D
- 0.40%
- 1M
- 4.93%
- 6M
- 15.26%
- YTD
- 19.56%
- 1Y
- 53.76%
- 3Y*
- 8.22%
- 5Y*
- 13.31%
- 10Y*
- 11.47%
NVO vs. MRK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NVO Novo Nordisk A/S | 0.24% | -39.22% | -15.93% | 54.84% | 22.66% | 63.52% | 23.33% | 28.70% | -12.98% | 52.92% |
MRK Merck & Co., Inc. | 19.56% | 9.79% | -6.26% | 1.01% | 49.42% | 1.75% | -7.20% | 22.27% | 39.95% | -1.49% |
Correlation
The correlation between NVO and MRK is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 1982 | 0.24 |
The correlation between NVO and MRK shifts across timeframes, from 0.19 (1 year) to 0.31 (10 years), reflecting how their relationship changes across market environments.
Fundamentals
NVO:
$218.99B
MRK:
$306.33B
NVO:
DKK 27.42
MRK:
$3.59
NVO:
11.79
MRK:
34.51
NVO:
0.51
MRK:
0.03
NVO:
4.39
MRK:
4.70
NVO:
7.08
MRK:
6.68
NVO:
DKK 327.80B
MRK:
$65.59B
NVO:
DKK 268.30B
MRK:
$49.79B
NVO:
DKK 181.54B
MRK:
$22.69B
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Return for Risk
NVO vs. MRK — Risk / Return Rank
NVO
MRK
NVO vs. MRK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Novo Nordisk A/S (NVO) and Merck & Co., Inc. (MRK). 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 | MRK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.43 | ||
| Sortino ratioReturn per unit of downside risk | -3.25 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.34 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | 4.75 | -5.27 |
| Martin ratioReturn relative to average drawdown | -0.80 | 11.66 | -12.46 |
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Drawdowns
NVO vs. MRK - Drawdown Comparison
The maximum NVO drawdown since its inception was -74.70%, which is greater than MRK's maximum drawdown of -68.61%. Use the drawdown chart below to compare losses from any high point for NVO and MRK.
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Drawdown Indicators
| NVO | MRK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.70% | -68.61% | -6.09% |
Max Drawdown (1Y)Largest decline over 1 year | -49.17% | -11.37% | -37.80% |
Max Drawdown (3Y)Largest decline over 3 years | -74.70% | -43.44% | -31.26% |
Max Drawdown (5Y)Largest decline over 5 years | -74.70% | -43.44% | -31.26% |
Max Drawdown (10Y)Largest decline over 10 years | -74.70% | -43.44% | -31.26% |
Current DrawdownCurrent decline from peak | -64.19% | -4.27% | -59.92% |
Average DrawdownAverage peak-to-trough decline | -17.87% | -18.81% | +0.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.54% | 4.63% | +26.91% |
Volatility
NVO vs. MRK - Volatility Comparison
The current volatility for Novo Nordisk A/S (NVO) is 8.73%, while Merck & Co., Inc. (MRK) has a volatility of 9.28%. This indicates that NVO experiences smaller price fluctuations and is considered to be less risky than MRK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NVO | MRK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.73% | 9.28% | -0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 37.44% | 19.28% | +18.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.74% | 27.89% | +23.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.53% | 23.98% | +14.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.60% | 23.06% | +9.54% |
Dividends
NVO vs. MRK - Dividend Comparison
NVO's dividend yield for the trailing twelve months is around 3.66%, more than MRK's 2.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MRK Merck & Co., Inc. | 2.71% | 3.12% | 3.14% | 2.72% | 2.52% | 3.41% | 3.03% | 2.48% | 2.60% | 3.36% | 3.14% | 3.43% |
NVO Novo Nordisk A/S | 3.66% | 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. MRK - Financials Comparison
This section allows you to compare key financial metrics between Novo Nordisk A/S and Merck & Co., Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
NVO vs. MRK - Profitability Comparison
NVO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 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%.
MRK - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 2026, Merck & Co., Inc. reported a gross profit of 13.34B and revenue of 16.29B. Therefore, the gross margin over that period was 81.9%.
NVO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 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%.
MRK - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, Merck & Co., Inc. reported an operating income of -1.88B and revenue of 16.29B, resulting in an operating margin of -11.6%.
NVO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jul 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%.
MRK - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jul 2026, Merck & Co., Inc. reported a net income of -4.24B and revenue of 16.29B, resulting in a net margin of -26.0%.
Frequently Asked Questions
NVO and MRK have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MRK has higher volatility (9.28%) compared to NVO (8.73%). In terms of maximum drawdown, NVO dropped -74.70% vs MRK's -68.61%.
MRK currently has the higher Sharpe Ratio (1.94 vs -0.49), 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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