NVOH vs. VEU

Last updated Jul 12, 2026

NVOH (Novo Nordisk A/S (B Shares) ADRhedged ETF) and VEU (Vanguard FTSE All-World ex-US ETF) are both Foreign Large Cap Equities funds. NVOH is actively managed, while VEU is passively managed. Over the past year, NVOH returned -21.73% vs 28.06% for VEU. At a 0.28 correlation, their price movements are largely independent. NVOH charges 0.19%/yr vs 0.04%/yr for VEU.

Performance

NVOH vs. VEU - 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 Vanguard FTSE All-World ex-US ETF (VEU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVOH achieves a 2.61% return, which is significantly lower than VEU's 14.22% return.

NVOH

• 1D: 1.30%
• 1M: 13.86%
• 6M: -11.72%
• YTD: 2.61%
• 1Y: -21.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VEU

• 1D: 0.40%
• 1M: 0.12%
• 6M: 10.61%
• YTD: 14.22%
• 1Y: 28.06%
• 3Y*: 19.11%
• 5Y*: 9.04%
• 10Y*: 9.85%

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

NVOH vs. VEU - Yearly Performance Comparison

	2026 (YTD)	2025
NVOH Novo Nordisk A/S (B Shares) ADRhedged ETF	2.61%	-43.79%
VEU Vanguard FTSE All-World ex-US ETF	14.22%	31.14%

Correlation

The correlation between NVOH and VEU is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (All Time) Calculated using the full available price history since Jan 7, 2025	0.28

Return for Risk

NVOH vs. VEU — Risk / Return Rank

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

NVOH

NVOH Risk / Return Rank: 5
NVOH Sharpe Ratio Rank: 5
NVOH Sortino Ratio Rank: 6
NVOH Omega Ratio Rank: 5
NVOH Calmar Ratio Rank: 5
NVOH Martin Ratio Rank: 5

VEU

VEU Risk / Return Rank: 62
VEU Sharpe Ratio Rank: 62
VEU Sortino Ratio Rank: 60
VEU Omega Ratio Rank: 63
VEU Calmar Ratio Rank: 60
VEU Martin Ratio Rank: 63

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. VEU - 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 Vanguard FTSE All-World ex-US ETF (VEU). 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	VEU	Difference
Sharpe ratio: Return per unit of total volatility	-0.49	1.65	-2.13
Sortino ratio: Return per unit of downside risk	-0.39	2.28	-2.67
Omega ratio: Gain probability vs. loss probability	0.94	1.30	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.52	2.38	-2.91
Martin ratio: Return relative to average drawdown	-0.81	8.99	-9.80

NVOH vs. VEU - Sharpe Ratio Comparison

The current NVOH Sharpe Ratio is -0.49, which is lower than the VEU Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of NVOH and VEU, 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. VEU - Drawdown Comparison

The maximum NVOH drawdown since its inception was -61.60%, roughly equal to the maximum VEU drawdown of -61.52%. Use the drawdown chart below to compare losses from any high point for NVOH and VEU.

Drawdown Indicators

	NVOH	VEU	Difference
Max Drawdown Largest peak-to-trough decline	-61.60%	-61.52%	-0.08%
Max Drawdown (1Y) Largest decline over 1 year	-46.22%	-11.43%	-34.79%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.69%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-29.14%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.98%	—
Current Drawdown Current decline from peak	-46.00%	-2.03%	-43.97%
Average Drawdown Average peak-to-trough decline	-38.97%	-13.07%	-25.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.64%	3.03%	+26.61%

Volatility

NVOH vs. VEU - Volatility Comparison

Novo Nordisk A/S (B Shares) ADRhedged ETF (NVOH) has a higher volatility of 8.79% compared to Vanguard FTSE All-World ex-US ETF (VEU) at 6.16%. This indicates that NVOH's price experiences larger fluctuations and is considered to be riskier than VEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVOH	VEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.79%	6.16%	+2.63%
Volatility (6M) Calculated over the trailing 6-month period	35.95%	14.64%	+21.31%
Volatility (1Y) Calculated over the trailing 1-year period	49.31%	16.56%	+32.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.25%	16.29%	+31.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.25%	17.03%	+31.22%

NVOH vs. VEU - Expense Ratio Comparison

NVOH has a 0.19% expense ratio, which is higher than VEU'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%.

Dividends

NVOH vs. VEU - Dividend Comparison

NVOH's dividend yield for the trailing twelve months is around 6.30%, more than VEU's 2.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NVOH Novo Nordisk A/S (B Shares) ADRhedged ETF	6.30%	2.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VEU Vanguard FTSE All-World ex-US ETF	2.54%	3.09%	3.24%	3.32%	3.12%	3.08%	2.00%	3.10%	3.27%	2.66%	2.96%	2.95%

Frequently Asked Questions

Can I hold both NVOH and VEU in my portfolio?

NVOH and VEU have a correlation of 0.25, 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 VEU?

NVOH has higher volatility (8.79%) compared to VEU (6.16%). In terms of maximum drawdown, NVOH dropped -61.60% vs VEU's -61.52%.

Which ETF is better, NVOH or VEU?

On 1-year performance, VEU leads with 28.06% vs -21.73% for NVOH. On fees, VEU is cheaper at 0.04% per year. On volatility, VEU has been the lower-risk option at 6.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVOH or VEU?

Over the 1-year period, VEU has performed better with a 28.06% return vs -21.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVOH or VEU?

VEU is cheaper with a 0.04% expense ratio, compared with 0.19% for NVOH.

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

NVOH has the higher dividend yield at 6.30%, compared with 2.54% for VEU.

What is the main difference between NVOH and VEU?

They also come from different issuers: Precidian and Vanguard. Their fees differ too: 0.19% for NVOH and 0.04% for VEU.

Which has better risk-adjusted returns?

VEU currently has the higher Sharpe Ratio (1.65 vs -0.49), 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.