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NVO vs. SPYV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NVO vs. SPYV

Last updated Jun 13, 2026

NVO (Novo Nordisk A/S) is a stock, while SPYV (SPDR Portfolio S&P 500 Value ETF) is S&P 500 fund tracking the S&P 500 Value Index. Over the past 10 years, NVO returned 7.56%/yr vs 12.08%/yr for SPYV. At a 0.33 correlation, their price movements are largely independent.

Performance

NVO vs. SPYV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Novo Nordisk A/S (NVO) and SPDR Portfolio S&P 500 Value ETF (SPYV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, NVO achieves a -10.74% return, which is significantly lower than SPYV's 8.25% return. Over the past 10 years, NVO has underperformed SPYV with an annualized return of 7.56%, while SPYV has yielded a comparatively higher 12.08% 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%

SPYV

1D
0.69%
1M
1.59%
YTD
8.25%
6M
8.02%
1Y
21.87%
3Y*
15.13%
5Y*
10.98%
10Y*
12.08%
*Multi-year figures are annualized to reflect compound growth (CAGR)

NVO vs. SPYV - 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%
SPYV
SPDR Portfolio S&P 500 Value ETF		8.25%13.18%12.24%22.20%-5.28%24.91%1.38%31.70%-9.01%15.40%

Correlation

The correlation between NVO and SPYV is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.38

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

0.30

Correlation (5Y)
Calculated over the trailing 5-year period

0.30

Correlation (10Y)
Calculated over the trailing 10-year period

0.29

Correlation (All Time)
Calculated using the full available price history since Oct 2, 2000

0.33

Compare stocks, funds, or ETFs

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Novo Nordisk A/S

SPDR Portfolio S&P 500 Value ETF

Often compared with NVO:
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Often compared with SPYV:
SPYV vs. SPYGSPYV vs. VTVSPYV vs. SPYSPYV vs. SCHDSPYV vs. BRK-BSPYV vs. SPHQSPYV vs. SPYD

Return for Risk

NVO vs. SPYV — 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
SPYV
SPYV Risk / Return Rank: 7575
Overall Rank
SPYV Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
SPYV Sortino Ratio Rank: 7676
Sortino Ratio Rank
SPYV Omega Ratio Rank: 7373
Omega Ratio Rank
SPYV Calmar Ratio Rank: 7575
Calmar Ratio Rank
SPYV Martin Ratio Rank: 7777
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. SPYV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Novo Nordisk A/S (NVO) and SPDR Portfolio S&P 500 Value ETF (SPYV). 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.

NVOSPYVDifference
Sharpe ratioReturn per unit of total volatility
-0.84
2.08

-2.92

Sortino ratioReturn per unit of downside risk
-1.05
2.92

-3.97

Omega ratioGain probability vs. loss probability

0.85

1.37

-0.52

Calmar ratioReturn relative to maximum drawdown

-0.80

3.33

-4.13

Martin ratioReturn relative to average drawdown

-1.18

12.73

-13.91

NVO vs. SPYV - Sharpe Ratio Comparison

The current NVO Sharpe Ratio is -0.84, which is lower than the SPYV Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of NVO and SPYV, 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. SPYV - Drawdown Comparison

The maximum NVO drawdown since its inception was -74.70%, which is greater than SPYV's maximum drawdown of -58.45%. Use the drawdown chart below to compare losses from any high point for NVO and SPYV.

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Drawdown Indicators

NVOSPYVDifference

Max Drawdown

Largest peak-to-trough decline

-74.70%

-58.45%

-16.25%

Max Drawdown (1Y)

Largest decline over 1 year

-54.34%

-6.22%

-48.12%

Max Drawdown (3Y)

Largest decline over 3 years

-74.70%

-17.54%

-57.16%

Max Drawdown (5Y)

Largest decline over 5 years

-74.70%

-17.89%

-56.81%

Max Drawdown (10Y)

Largest decline over 10 years

-74.70%

-36.89%

-37.81%

Current Drawdown

Current decline from peak

-68.11%

-0.18%

-67.93%

Average Drawdown

Average peak-to-trough decline

-17.79%

-8.71%

-9.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

37.62%

1.63%

+35.99%

Volatility

NVO vs. SPYV - Volatility Comparison

Novo Nordisk A/S (NVO) has a higher volatility of 10.68% compared to SPDR Portfolio S&P 500 Value ETF (SPYV) at 2.70%. This indicates that NVO's price experiences larger fluctuations and is considered to be riskier than SPYV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

NVOSPYVDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.68%

2.70%

+7.98%

Volatility (6M)

Calculated over the trailing 6-month period

38.04%

7.26%

+30.78%

Volatility (1Y)

Calculated over the trailing 1-year period

51.88%

9.97%

+41.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

38.33%

14.42%

+23.91%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.56%

16.94%

+15.62%

Dividends

NVO vs. SPYV - Dividend Comparison

NVO's dividend yield for the trailing twelve months is around 4.11%, more than SPYV's 1.68% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
SPYV
SPDR Portfolio S&P 500 Value ETF		1.68%1.77%2.29%1.75%2.22%2.10%2.38%2.25%2.97%2.77%2.39%2.53%

Frequently Asked Questions

NVO and SPYV have a correlation of 0.38, 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 SPYV (2.70%). In terms of maximum drawdown, NVO dropped -74.70% vs SPYV's -58.45%.

SPYV currently has the higher Sharpe Ratio (2.08 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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