NVOH vs. SPDW

Last updated Apr 2, 2026

Compare and contrast key facts about Novo Nordisk A/S (B Shares) ADRhedged ETF (NVOH) and SPDR Portfolio World ex-US ETF (SPDW).

NVOH and SPDW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. NVOH is an actively managed fund by Precidian. It was launched on Jan 2, 2025. SPDW is a passively managed fund by State Street that tracks the performance of the S&P Developed Ex-U.S. BMI Index. It was launched on Apr 26, 2007.

Performance

NVOH vs. SPDW - 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 SPDR Portfolio World ex-US ETF (SPDW). The values are adjusted to include any dividend payments, if applicable.

NVOH vs. SPDW - Yearly Performance Comparison

	2026 (YTD)	2025
NVOH Novo Nordisk A/S (B Shares) ADRhedged ETF	-24.75%	-42.98%
SPDW SPDR Portfolio World ex-US ETF	4.50%	33.19%

Returns By Period

In the year-to-date period, NVOH achieves a -24.75% return, which is significantly lower than SPDW's 4.50% return.

NVOH

• 1D: -1.00%
• 1M: 0.42%
• YTD: -24.75%
• 6M: -34.28%
• 1Y: -46.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPDW

• 1D: 1.66%
• 1M: -5.40%
• YTD: 4.50%
• 6M: 9.57%
• 1Y: 31.56%
• 3Y*: 16.67%
• 5Y*: 8.64%
• 10Y*: 9.48%

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

NVOH vs. SPDW - Expense Ratio Comparison

NVOH has a 0.19% expense ratio, which is higher than SPDW's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

NVOH

Novo Nordisk A/S (B Shares) ADRhedged ETF

SPDW

SPDR Portfolio World ex-US ETF

Return for Risk

NVOH vs. SPDW — Risk / Return Rank

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

NVOH

NVOH Risk / Return Rank: 1
NVOH Sharpe Ratio Rank: 1
NVOH Sortino Ratio Rank: 1
NVOH Omega Ratio Rank: 1
NVOH Calmar Ratio Rank: 1
NVOH Martin Ratio Rank: 1

SPDW

SPDW Risk / Return Rank: 87
SPDW Sharpe Ratio Rank: 86
SPDW Sortino Ratio Rank: 87
SPDW Omega Ratio Rank: 87
SPDW Calmar Ratio Rank: 87
SPDW Martin Ratio Rank: 87

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. SPDW - 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 SPDR Portfolio World ex-US ETF (SPDW). 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.

	NVOH	SPDW	Difference
Sharpe ratio Return per unit of total volatility	-0.88	1.80	-2.68
Sortino ratio Return per unit of downside risk	-1.14	2.46	-3.60
Omega ratio Gain probability vs. loss probability	0.84	1.36	-0.52
Calmar ratio Return relative to maximum drawdown	-0.89	2.77	-3.66
Martin ratio Return relative to average drawdown	-1.51	10.76	-12.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVOH vs. SPDW - Sharpe Ratio Comparison

The current NVOH Sharpe Ratio is -0.88, which is lower than the SPDW Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of NVOH and SPDW, 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

	NVOH	SPDW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.88	1.80	-2.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.53	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.55	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.98	0.22	-1.20

Correlation

The correlation between NVOH and SPDW is 0.33, 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

NVOH vs. SPDW - Dividend Comparison

NVOH's dividend yield for the trailing twelve months is around 4.56%, more than SPDW's 3.16% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NVOH Novo Nordisk A/S (B Shares) ADRhedged ETF	4.56%	2.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPDW SPDR Portfolio World ex-US ETF	3.16%	3.30%	3.19%	2.75%	3.12%	3.04%	1.87%	3.13%	3.08%	1.86%	3.11%	2.78%

Drawdowns

NVOH vs. SPDW - Drawdown Comparison

The maximum NVOH drawdown since its inception was -61.60%, roughly equal to the maximum SPDW drawdown of -60.02%. Use the drawdown chart below to compare losses from any high point for NVOH and SPDW.

Drawdown Indicators

	NVOH	SPDW	Difference
Max Drawdown Largest peak-to-trough decline	-61.60%	-60.02%	-1.58%
Max Drawdown (1Y) Largest decline over 1 year	-53.00%	-11.55%	-41.45%
Max Drawdown (5Y) Largest decline over 5 years	—	-30.21%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.98%	—
Current Drawdown Current decline from peak	-60.40%	-7.11%	-53.29%
Average Drawdown Average peak-to-trough decline	-36.02%	-13.01%	-23.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.21%	2.97%	+28.24%

Volatility

NVOH vs. SPDW - Volatility Comparison

Novo Nordisk A/S (B Shares) ADRhedged ETF (NVOH) and SPDR Portfolio World ex-US ETF (SPDW) have volatilities of 8.19% and 7.85%, 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	SPDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.19%	7.85%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	37.53%	11.62%	+25.91%
Volatility (1Y) Calculated over the trailing 1-year period	52.51%	17.61%	+34.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.04%	16.27%	+34.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.04%	17.16%	+33.88%