NVOH vs. PATN

Last updated Jun 23, 2026

NVOH (Novo Nordisk A/S (B Shares) ADRhedged ETF) and PATN (Pacer Nasdaq International Patent Leaders ETF) are both Foreign Large Cap Equities funds. NVOH is actively managed, while PATN is passively managed. Over the past year, NVOH returned -32.94% vs 75.77% for PATN. At a 0.31 correlation, their price movements are largely independent. NVOH charges 0.19%/yr vs 0.65%/yr for PATN.

Performance

NVOH vs. PATN - 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 Pacer Nasdaq International Patent Leaders ETF (PATN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVOH achieves a -4.50% return, which is significantly lower than PATN's 42.01% return.

NVOH

• 1D: 6.82%
• 1M: 3.96%
• YTD: -4.50%
• 6M: 1.36%
• 1Y: -32.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PATN

• 1D: 0.18%
• 1M: 9.70%
• YTD: 42.01%
• 6M: 43.79%
• 1Y: 75.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVOH vs. PATN - Yearly Performance Comparison

	2026 (YTD)	2025
NVOH Novo Nordisk A/S (B Shares) ADRhedged ETF	-4.50%	-43.79%
PATN Pacer Nasdaq International Patent Leaders ETF	42.01%	37.20%

Correlation

The correlation between NVOH and PATN is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (All Time) Calculated using the full available price history since Jan 7, 2025	0.31

Return for Risk

NVOH vs. PATN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NVOH

NVOH Risk / Return Rank: 4
NVOH Sharpe Ratio Rank: 4
NVOH Sortino Ratio Rank: 4
NVOH Omega Ratio Rank: 4
NVOH Calmar Ratio Rank: 3
NVOH Martin Ratio Rank: 3

PATN

PATN Risk / Return Rank: 91
PATN Sharpe Ratio Rank: 93
PATN Sortino Ratio Rank: 90
PATN Omega Ratio Rank: 91
PATN Calmar Ratio Rank: 90
PATN Martin Ratio Rank: 91

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.

NVOH vs. PATN - 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 Pacer Nasdaq International Patent Leaders ETF (PATN). 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	PATN	Difference
Sharpe ratio: Return per unit of total volatility	-0.67	3.27	-3.94
Sortino ratio: Return per unit of downside risk	-0.70	3.97	-4.66
Omega ratio: Gain probability vs. loss probability	0.90	1.58	-0.68
Calmar ratio: Return relative to maximum drawdown	-0.71	5.29	-6.01
Martin ratio: Return relative to average drawdown	-1.13	20.66	-21.80

NVOH vs. PATN - Sharpe Ratio Comparison

The current NVOH Sharpe Ratio is -0.67, which is lower than the PATN Sharpe Ratio of 3.27. The chart below compares the historical Sharpe Ratios of NVOH and PATN, 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. PATN - Drawdown Comparison

The maximum NVOH drawdown since its inception was -61.60%, which is greater than PATN's maximum drawdown of -16.77%. Use the drawdown chart below to compare losses from any high point for NVOH and PATN.

Drawdown Indicators

	NVOH	PATN	Difference
Max Drawdown Largest peak-to-trough decline	-61.60%	-16.77%	-44.83%
Max Drawdown (1Y) Largest decline over 1 year	-46.22%	-14.40%	-31.82%
Current Drawdown Current decline from peak	-49.74%	0.00%	-49.74%
Average Drawdown Average peak-to-trough decline	-38.69%	-3.16%	-35.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.05%	3.68%	+28.37%

Volatility

NVOH vs. PATN - Volatility Comparison

Novo Nordisk A/S (B Shares) ADRhedged ETF (NVOH) and Pacer Nasdaq International Patent Leaders ETF (PATN) have volatilities of 11.12% and 11.59%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVOH	PATN	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.12%	11.59%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	36.84%	20.64%	+16.20%
Volatility (1Y) Calculated over the trailing 1-year period	49.73%	23.34%	+26.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.86%	21.92%	+26.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.86%	21.92%	+26.94%

NVOH vs. PATN - Expense Ratio Comparison

NVOH has a 0.19% expense ratio, which is lower than PATN's 0.65% expense ratio.

Dividends

NVOH vs. PATN - Dividend Comparison

NVOH's dividend yield for the trailing twelve months is around 6.77%, more than PATN's 1.53% yield.

Position	TTM	2025	2024
NVOH Novo Nordisk A/S (B Shares) ADRhedged ETF	6.77%	2.38%	0.00%
PATN Pacer Nasdaq International Patent Leaders ETF	1.53%	2.25%	0.30%

Frequently Asked Questions

Can I hold both NVOH and PATN in my portfolio?

NVOH and PATN have a correlation of 0.28, 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 PATN?

PATN has higher volatility (11.59%) compared to NVOH (11.12%). In terms of maximum drawdown, NVOH dropped -61.60% vs PATN's -16.77%.

Which ETF is better, NVOH or PATN?

On 1-year performance, PATN leads with 75.77% vs -32.94% for NVOH. On fees, NVOH is cheaper at 0.19% per year. On volatility, NVOH has been the lower-risk option at 11.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVOH or PATN?

Over the 1-year period, PATN has performed better with a 75.77% return vs -32.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVOH or PATN?

NVOH is cheaper with a 0.19% expense ratio, compared with 0.65% for PATN.

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

NVOH has the higher dividend yield at 6.77%, compared with 1.53% for PATN.

What is the main difference between NVOH and PATN?

They also come from different issuers: Precidian and Pacer. Their fees differ too: 0.19% for NVOH and 0.65% for PATN.

Which has better risk-adjusted returns?

PATN currently has the higher Sharpe Ratio (3.27 vs -0.67), 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.