NVOH vs. MCSE

Last updated Aug 2, 2026

NVOH (Novo Nordisk A/S (B Shares) ADRhedged ETF) and MCSE (Franklin Sustainable International Equity ETF) are both Foreign Large Cap Equities funds. Both are actively managed. Over the past year, NVOH returned 2.68% vs 4.30% for MCSE. Their 0.34 correlation means their historical movements had little consistent relationship. NVOH charges 0.19%/yr vs 0.59%/yr for MCSE.

Performance

NVOH vs. MCSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Novo Nordisk A/S (B Shares) ADRhedged ETF (NVOH) and Franklin Sustainable International Equity ETF (MCSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVOH achieves a -3.13% return, which is significantly lower than MCSE's 1.12% return.

NVOH

• 1D: -8.23%
• 1M: -7.20%
• 6M: -15.76%
• YTD: -3.13%
• 1Y: 2.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -32.27%

MCSE

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 1.12%
• 1Y: 4.30%
• 3Y*: -0.12%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.07%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MCSE Franklin Sustainable International Equity ETF	$0.00	$0.00	$0.00
NVOH Novo Nordisk A/S (B Shares) ADRhedged ETF	$40.92K	$41.70K	$51.17K

NVOH vs. MCSE - Yearly Performance Comparison

	2026 (YTD)	2025
NVOH Novo Nordisk A/S (B Shares) ADRhedged ETF	-3.13%	-43.79%
MCSE Franklin Sustainable International Equity ETF	1.12%	5.94%

Correlation

The correlation between NVOH and MCSE is 0.26, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.26
Correlation (All Time) Calculated using the full available price history since Jan 7, 2025	0.34

Return for Risk

NVOH vs. MCSE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NVOH

NVOH Risk / Return Rank: 14
NVOH Sharpe Ratio Rank: 13
NVOH Sortino Ratio Rank: 15
NVOH Omega Ratio Rank: 16
NVOH Calmar Ratio Rank: 12
NVOH Martin Ratio Rank: 12

MCSE

MCSE Risk / Return Rank: 19
MCSE Sharpe Ratio Rank: 20
MCSE Sortino Ratio Rank: 18
MCSE Omega Ratio Rank: 22
MCSE Calmar Ratio Rank: 17
MCSE Martin Ratio Rank: 17

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NVOH vs. MCSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Novo Nordisk A/S (B Shares) ADRhedged ETF (NVOH) and Franklin Sustainable International Equity ETF (MCSE). 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.

	NVOH	MCSE	Difference
Sharpe ratio: Return per unit of total volatility	0.09	0.37	-0.29
Sortino ratio: Return per unit of downside risk	0.43	0.58	-0.15
Omega ratio: Gain probability vs. loss probability	1.06	1.10	-0.04
Calmar ratio: Return relative to maximum drawdown	0.09	0.37	-0.27
Martin ratio: Return relative to average drawdown	0.17	0.92	-0.75

NVOH vs. MCSE - Sharpe Ratio Comparison

The current NVOH Sharpe Ratio is 0.09, which is lower than the MCSE Sharpe Ratio of 0.37. The chart below compares the historical Sharpe Ratios of NVOH and MCSE, 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

NVOH vs. MCSE - Drawdown Comparison

The maximum NVOH drawdown since its inception was -61.60%, which is greater than MCSE's maximum drawdown of -26.36%. Use the drawdown chart below to compare losses from any high point for NVOH and MCSE.

Drawdown Indicators

	NVOH	MCSE	Difference
Max Drawdown Largest peak-to-trough decline	-61.60%	-26.36%	-35.24%
Max Drawdown (1Y) Largest decline over 1 year	-40.93%	-10.42%	-30.51%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.36%	—
Current Drawdown Current decline from peak	-49.02%	-10.51%	-38.51%
Average Drawdown Average peak-to-trough decline	-39.23%	-8.79%	-30.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.49%	4.36%	+18.13%

Volatility

NVOH vs. MCSE - Volatility Comparison

Novo Nordisk A/S (B Shares) ADRhedged ETF (NVOH) has a higher volatility of 11.19% compared to Franklin Sustainable International Equity ETF (MCSE) at 0.00%. This indicates that NVOH's price experiences larger fluctuations and is considered to be riskier than MCSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVOH	MCSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.19%	0.00%	+11.19%
Volatility (6M) Calculated over the trailing 6-month period	35.13%	1.91%	+33.22%
Volatility (1Y) Calculated over the trailing 1-year period	45.13%	10.71%	+34.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.99%	19.08%	+28.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.99%	19.08%	+28.91%

NVOH vs. MCSE - Expense Ratio Comparison

NVOH has a 0.19% expense ratio, which is lower than MCSE's 0.59% expense ratio.

Dividends

NVOH vs. MCSE - Dividend Comparison

NVOH's dividend yield for the trailing twelve months is around 6.67%, more than MCSE's 3.74% yield.

Position	TTM	2025	2024	2023	2022
MCSE Franklin Sustainable International Equity ETF	3.74%	3.78%	0.63%	0.57%	0.48%
NVOH Novo Nordisk A/S (B Shares) ADRhedged ETF	6.67%	2.38%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NVOH and MCSE in my portfolio?

NVOH and MCSE have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVOH or MCSE?

NVOH has higher volatility (11.19%) compared to MCSE (0.00%). In terms of maximum drawdown, NVOH dropped -61.60% vs MCSE's -26.36%.

Which ETF is better, NVOH or MCSE?

On 1-year performance, MCSE leads with 4.30% vs 2.68% for NVOH. On fees, NVOH is cheaper at 0.19% per year. On volatility, MCSE has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVOH or MCSE?

Over the 1-year period, MCSE has performed better with a 4.30% return vs 2.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVOH or MCSE?

NVOH is cheaper with a 0.19% expense ratio, compared with 0.59% for MCSE.

Which ETF pays a higher dividend yield, NVOH or MCSE?

NVOH has the higher dividend yield at 6.67%, compared with 3.74% for MCSE.

What is the main difference between NVOH and MCSE?

They also come from different issuers: Precidian and Franklin. Their fees differ too: 0.19% for NVOH and 0.59% for MCSE.

Which has better risk-adjusted returns?

MCSE currently has the higher Sharpe Ratio (0.37 vs 0.09), 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.