NVS vs. ELV
NVS (Novartis AG) and ELV (Elevance Health, Inc.) are both stocks. Both are in the Healthcare sector — NVS in Drug Manufacturers - General, ELV in Healthcare Plans. Over the past 10 years, NVS returned 9.95%/yr vs 11.88%/yr for ELV. At a 0.29 correlation, their price movements are largely independent.
Performance
NVS vs. ELV - Performance Comparison
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Returns By Period
In the year-to-date period, NVS achieves a 11.78% return, which is significantly higher than ELV's 10.16% return. Over the past 10 years, NVS has underperformed ELV with an annualized return of 9.95%, while ELV has yielded a comparatively higher 11.88% annualized return.
NVS
- 1D
- -2.73%
- 1M
- 1.69%
- 6M
- 6.77%
- YTD
- 11.78%
- 1Y
- 34.89%
- 3Y*
- 16.47%
- 5Y*
- 14.79%
- 10Y*
- 9.95%
- ALL TIME*
- 8.95%
ELV
- 1D
- 2.44%
- 1M
- -1.61%
- 6M
- 3.01%
- YTD
- 10.16%
- 1Y
- 40.84%
- 3Y*
- -5.51%
- 5Y*
- 1.37%
- 10Y*
- 11.88%
- ALL TIME*
- 13.69%
NVS vs. ELV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NVS Novartis AG | 11.78% | 46.95% | 0.02% | 16.14% | 8.06% | -3.65% | 3.34% | 13.92% | 5.95% | 19.42% |
ELV Elevance Health, Inc. | 10.16% | -3.14% | -20.72% | -6.89% | 11.83% | 46.12% | 7.74% | 16.33% | 18.11% | 58.72% |
Correlation
The correlation between NVS and ELV is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.34 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Oct 30, 2001 | 0.29 |
The correlation between NVS and ELV shifts across timeframes, from 0.22 (1 year) to 0.34 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
NVS:
$285.37B
ELV:
$82.89B
NVS:
$7.02
ELV:
$22.41
NVS:
21.31
ELV:
17.06
NVS:
5.15
ELV:
0.42
NVS:
7.44
ELV:
1.86
NVS:
$56.05B
ELV:
$201.11B
NVS:
$42.19B
ELV:
$78.34B
NVS:
$22.40B
ELV:
$8.01B
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Return for Risk
NVS vs. ELV — Risk / Return Rank
NVS
ELV
NVS vs. ELV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Novartis AG (NVS) and Elevance Health, Inc. (ELV). 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.
| NVS | ELV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.50 | ||
| Sortino ratioReturn per unit of downside risk | +0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.22 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.77 | 1.55 | +1.22 |
| Martin ratioReturn relative to average drawdown | 6.58 | 4.03 | +2.56 |
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Drawdowns
NVS vs. ELV - Drawdown Comparison
The maximum NVS drawdown since its inception was -42.10%, smaller than the maximum ELV drawdown of -67.19%. Use the drawdown chart below to compare losses from any high point for NVS and ELV.
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Drawdown Indicators
| NVS | ELV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.10% | -67.19% | +25.09% |
Max Drawdown (1Y)Largest decline over 1 year | -12.65% | -26.49% | +13.84% |
Max Drawdown (3Y)Largest decline over 3 years | -19.95% | -50.38% | +30.43% |
Max Drawdown (5Y)Largest decline over 5 years | -20.42% | -50.38% | +29.96% |
Max Drawdown (10Y)Largest decline over 10 years | -26.03% | -50.38% | +24.35% |
Current DrawdownCurrent decline from peak | -8.60% | -29.50% | +20.90% |
Average DrawdownAverage peak-to-trough decline | -10.91% | -15.34% | +4.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.31% | 10.17% | -4.86% |
Volatility
NVS vs. ELV - Volatility Comparison
The current volatility for Novartis AG (NVS) is 8.03%, while Elevance Health, Inc. (ELV) has a volatility of 14.46%. This indicates that NVS experiences smaller price fluctuations and is considered to be less risky than ELV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NVS | ELV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.03% | 14.46% | -6.43% |
Volatility (6M)Calculated over the trailing 6-month period | 15.98% | 29.88% | -13.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.51% | 36.33% | -14.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.18% | 29.61% | -10.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.69% | 31.11% | -11.42% |
Dividends
NVS vs. ELV - Dividend Comparison
NVS's dividend yield for the trailing twelve months is around 3.19%, more than ELV's 1.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ELV Elevance Health, Inc. | 1.79% | 1.95% | 1.77% | 1.26% | 1.00% | 0.98% | 1.18% | 1.06% | 1.14% | 1.20% | 1.81% | 1.79% |
NVS Novartis AG | 3.19% | 2.90% | 3.84% | 3.44% | 3.70% | 3.86% | 3.22% | 3.03% | 3.47% | 3.24% | 3.73% | 3.10% |
Financials
NVS vs. ELV - Financials Comparison
This section allows you to compare key financial metrics between Novartis AG and Elevance Health, Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
NVS vs. ELV - Profitability Comparison
NVS - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 2026, Novartis AG reported a gross profit of 10.07B and revenue of 13.52B. Therefore, the gross margin over that period was 74.4%.
ELV - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 2026, Elevance Health, Inc. reported a gross profit of 44.98B and revenue of 50.47B. Therefore, the gross margin over that period was 89.1%.
NVS - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, Novartis AG reported an operating income of 4.24B and revenue of 13.52B, resulting in an operating margin of 31.3%.
ELV - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, Elevance Health, Inc. reported an operating income of 2.06B and revenue of 50.47B, resulting in an operating margin of 4.1%.
NVS - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jul 2026, Novartis AG reported a net income of 3.16B and revenue of 13.52B, resulting in a net margin of 23.3%.
ELV - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jul 2026, Elevance Health, Inc. reported a net income of 1.46B and revenue of 50.47B, resulting in a net margin of 2.9%.
Frequently Asked Questions
NVS and ELV have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ELV has higher volatility (14.46%) compared to NVS (8.03%). In terms of maximum drawdown, NVS dropped -42.10% vs ELV's -67.19%.
NVS currently has the higher Sharpe Ratio (1.63 vs 1.13), 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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