NVO vs. MRK

Last updated Apr 1, 2026

Compare and contrast key facts about Novo Nordisk A/S (NVO) and Merck & Co., Inc. (MRK).

Performance

NVO vs. MRK - Performance Comparison

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

NVO vs. MRK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NVO Novo Nordisk A/S	-25.12%	-39.22%	-15.93%	54.84%	22.66%	63.52%	23.33%	28.70%	-12.98%	52.92%
MRK Merck & Co., Inc.	15.13%	9.79%	-6.26%	1.01%	49.42%	1.75%	-7.20%	22.27%	39.95%	-1.49%

Fundamentals

Market Cap NVO : $163.46B MRK : $299.28B
EPS NVO : $22.15 MRK : $7.30
PE Ratio NVO : 1.66 MRK : 16.47
PEG Ratio NVO : 0.07 MRK : 0.01
PS Ratio NVO : 0.55 MRK : 4.63
PB Ratio NVO : 0.84 MRK : 5.77
Total Revenue (TTM) NVO : $297.20B MRK : $65.01B
Gross Profit (TTM) NVO : $240.66B MRK : $52.98B
EBITDA (TTM) NVO : $153.18B MRK : $28.80B

Returns By Period

In the year-to-date period, NVO achieves a -25.12% return, which is significantly lower than MRK's 15.13% return. Over the past 10 years, NVO has underperformed MRK with an annualized return of 5.13%, while MRK has yielded a comparatively higher 12.31% annualized return.

NVO

• 1D: 4.14%
• 1M: 1.73%
• YTD: -25.12%
• 6M: -31.34%
• 1Y: -44.52%
• 3Y*: -20.64%
• 5Y*: 3.88%
• 10Y*: 5.13%

MRK

• 1D: 1.85%
• 1M: -2.13%
• YTD: 15.13%
• 6M: 45.62%
• 1Y: 38.88%
• 3Y*: 7.42%
• 5Y*: 13.86%
• 10Y*: 12.31%

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

Return for Risk

NVO vs. MRK — 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: 8
NVO Sortino Ratio Rank: 11
NVO Omega Ratio Rank: 11
NVO Calmar Ratio Rank: 14
NVO Martin Ratio Rank: 14

MRK

MRK Risk / Return Rank: 79
MRK Sharpe Ratio Rank: 82
MRK Sortino Ratio Rank: 78
MRK Omega Ratio Rank: 76
MRK Calmar Ratio Rank: 80
MRK Martin Ratio Rank: 79

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. 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.

	NVO	MRK	Difference
Sharpe ratio Return per unit of total volatility	-0.82	1.34	-2.17
Sortino ratio Return per unit of downside risk	-1.02	1.96	-2.98
Omega ratio Gain probability vs. loss probability	0.86	1.25	-0.39
Calmar ratio Return relative to maximum drawdown	-0.79	2.19	-2.98
Martin ratio Return relative to average drawdown	-1.37	5.34	-6.71
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. MRK - Sharpe Ratio Comparison

The current NVO Sharpe Ratio is -0.82, which is lower than the MRK Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of NVO and MRK, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NVO	MRK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.82	1.34	-2.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.60	-0.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	0.54	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.49	-0.02

Correlation

The correlation between NVO and MRK is 0.24, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

NVO vs. MRK - Dividend Comparison

NVO's dividend yield for the trailing twelve months is around 5.06%, more than MRK's 2.76% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NVO Novo Nordisk A/S	5.06%	3.31%	1.68%	1.00%	1.20%	1.35%	1.87%	2.14%	1.45%	1.52%	2.87%	0.92%
MRK Merck & Co., Inc.	2.76%	3.12%	3.14%	2.72%	2.52%	3.41%	3.03%	2.48%	2.60%	3.36%	3.14%	3.43%

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.

Drawdown Indicators

	NVO	MRK	Difference
Max Drawdown Largest peak-to-trough decline	-74.70%	-68.61%	-6.09%
Max Drawdown (1Y) Largest decline over 1 year	-55.03%	-15.67%	-39.36%
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 Drawdown Current decline from peak	-73.25%	-4.04%	-69.21%
Average Drawdown Average peak-to-trough decline	-17.55%	-18.89%	+1.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.69%	7.44%	+24.25%

Volatility

NVO vs. MRK - Volatility Comparison

Novo Nordisk A/S (NVO) has a higher volatility of 9.88% compared to Merck & Co., Inc. (MRK) at 5.85%. This indicates that NVO's price experiences larger fluctuations and is considered to be riskier than MRK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVO	MRK	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.88%	5.85%	+4.03%
Volatility (6M) Calculated over the trailing 6-month period	38.79%	19.79%	+19.00%
Volatility (1Y) Calculated over the trailing 1-year period	54.20%	29.08%	+25.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.82%	23.30%	+14.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.29%	22.68%	+9.61%

Financials

NVO vs. MRK - Profitability Comparison

The chart below illustrates the profitability comparison between Novo Nordisk A/S and Merck & 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 Apr 2026, Novo Nordisk A/S reported a gross profit of 54.38B and revenue of 67.28B. Therefore, the gross margin over that period was 80.8%.

MRK - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Merck & Co., Inc. reported a gross profit of 15.20B and revenue of 16.40B. Therefore, the gross margin over that period was 92.7%.

NVO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Novo Nordisk A/S reported an operating income of 27.12B and revenue of 67.28B, resulting in an operating margin of 40.3%.

MRK - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Merck & Co., Inc. reported an operating income of 8.74B and revenue of 16.40B, resulting in an operating margin of 53.3%.

NVO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Novo Nordisk A/S reported a net income of 22.96B and revenue of 67.28B, resulting in a net margin of 34.1%.

MRK - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Merck & Co., Inc. reported a net income of 2.96B and revenue of 16.40B, resulting in a net margin of 18.1%.