NVO vs. MSTR

Last updated Jun 13, 2026

NVO (Novo Nordisk A/S) and MSTR (Strategy Inc) are both stocks. NVO operates in Drug Manufacturers - General (Healthcare), while MSTR operates in Software - Application (Technology). Over the past 10 years, NVO returned 7.56%/yr vs 20.92%/yr for MSTR. At a 0.18 correlation, their price movements are largely independent.

Performance

NVO vs. MSTR - Performance Comparison

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

Returns By Period

In the year-to-date period, NVO achieves a -10.74% return, which is significantly higher than MSTR's -18.41% return. Over the past 10 years, NVO has underperformed MSTR with an annualized return of 7.56%, while MSTR has yielded a comparatively higher 20.92% annualized return.

NVO

• 1D: -0.18%
• 1M: -6.80%
• YTD: -10.74%
• 6M: -9.50%
• 1Y: -43.34%
• 3Y*: -15.59%
• 5Y*: 2.92%
• 10Y*: 7.56%

MSTR

• 1D: 3.18%
• 1M: -30.37%
• YTD: -18.41%
• 6M: -29.74%
• 1Y: -67.36%
• 3Y*: 63.46%
• 5Y*: 19.14%
• 10Y*: 20.92%

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

NVO vs. MSTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
MSTR Strategy Inc	-18.41%	-47.53%	358.54%	346.15%	-74.00%	40.13%	172.42%	11.65%	-2.70%	-33.49%

Correlation

The correlation between NVO and MSTR is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jun 11, 1998	0.18

Fundamentals

Market Cap NVO : $195.21B MSTR : $41.40B
EPS NVO : DKK 27.42 MSTR : -$40.19
PS Ratio NVO : 3.85 MSTR : 77.72
PB Ratio NVO : 6.21 MSTR : 1.13
Total Revenue (TTM) NVO : DKK 327.80B MSTR : $490.47M
Gross Profit (TTM) NVO : DKK 268.30B MSTR : $334.08M
EBITDA (TTM) NVO : DKK 181.54B MSTR : $466.93M

Return for Risk

NVO vs. MSTR — 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: 12
NVO Martin Ratio Rank: 16

MSTR

MSTR Risk / Return Rank: 8
MSTR Sharpe Ratio Rank: 6
MSTR Sortino Ratio Rank: 4
MSTR Omega Ratio Rank: 7
MSTR Calmar Ratio Rank: 8
MSTR Martin Ratio Rank: 13

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. MSTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Novo Nordisk A/S (NVO) and Strategy Inc (MSTR). 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	MSTR	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	-0.95	+0.11
Sortino ratio: Return per unit of downside risk	-1.05	-1.71	+0.66
Omega ratio: Gain probability vs. loss probability	0.85	0.82	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.80	-0.88	+0.08
Martin ratio: Return relative to average drawdown	-1.18	-1.27	+0.09

NVO vs. MSTR - Sharpe Ratio Comparison

The current NVO Sharpe Ratio is -0.84, which is comparable to the MSTR Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of NVO and MSTR, 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. MSTR - Drawdown Comparison

The maximum NVO drawdown since its inception was -74.70%, smaller than the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for NVO and MSTR.

Drawdown Indicators

	NVO	MSTR	Difference
Max Drawdown Largest peak-to-trough decline	-74.70%	-99.86%	+25.16%
Max Drawdown (1Y) Largest decline over 1 year	-54.34%	-76.53%	+22.19%
Max Drawdown (3Y) Largest decline over 3 years	-74.70%	-77.42%	+2.72%
Max Drawdown (5Y) Largest decline over 5 years	-74.70%	-84.11%	+9.41%
Max Drawdown (10Y) Largest decline over 10 years	-74.70%	-89.27%	+14.57%
Current Drawdown Current decline from peak	-68.11%	-73.84%	+5.73%
Average Drawdown Average peak-to-trough decline	-17.79%	-86.45%	+68.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.62%	53.01%	-15.39%

Volatility

NVO vs. MSTR - Volatility Comparison

The current volatility for Novo Nordisk A/S (NVO) is 10.68%, while Strategy Inc (MSTR) has a volatility of 21.60%. This indicates that NVO experiences smaller price fluctuations and is considered to be less risky than MSTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVO	MSTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.68%	21.60%	-10.92%
Volatility (6M) Calculated over the trailing 6-month period	38.04%	57.34%	-19.30%
Volatility (1Y) Calculated over the trailing 1-year period	51.88%	71.15%	-19.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.33%	90.79%	-52.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.56%	73.80%	-41.24%

Dividends

NVO vs. MSTR - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSTR Strategy Inc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Financials

Frequently Asked Questions

Can I hold both NVO and MSTR in my portfolio?

NVO and MSTR have a correlation of 0.23, 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 MSTR?

MSTR has higher volatility (21.60%) compared to NVO (10.68%). In terms of maximum drawdown, NVO dropped -74.70% vs MSTR's -99.86%.

Which has better risk-adjusted returns?

NVO currently has the higher Sharpe Ratio (-0.84 vs -0.95), 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.