NVS vs. GSK

Last updated Jun 3, 2026

NVS (Novartis AG) and GSK (GlaxoSmithKline plc) are both stocks. Both operate in the Drug Manufacturers - General industry within the Healthcare sector. Over the past 10 years, NVS returned 9.83%/yr vs 3.81%/yr for GSK. At a 0.50 correlation, their price movements are largely independent.

Performance

NVS vs. GSK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Novartis AG (NVS) and GlaxoSmithKline plc (GSK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVS achieves a 7.24% return, which is significantly higher than GSK's 1.52% return. Over the past 10 years, NVS has outperformed GSK with an annualized return of 9.83%, while GSK has yielded a comparatively lower 3.81% annualized return.

NVS

• 1D: -1.51%
• 1M: -2.11%
• YTD: 7.24%
• 6M: 11.77%
• 1Y: 26.69%
• 3Y*: 17.18%
• 5Y*: 14.14%
• 10Y*: 9.83%

GSK

• 1D: -0.63%
• 1M: -4.31%
• YTD: 1.52%
• 6M: 3.13%
• 1Y: 21.87%
• 3Y*: 17.32%
• 5Y*: 4.44%
• 10Y*: 3.81%

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

NVS vs. GSK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NVS Novartis AG	7.24%	46.95%	0.02%	16.14%	8.06%	-3.65%	3.34%	13.92%	5.95%	19.42%
GSK GlaxoSmithKline plc	1.52%	51.23%	-5.14%	9.71%	-33.41%	26.74%	-17.72%	29.24%	13.79%	-2.97%

Correlation

The correlation between NVS and GSK is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Nov 8, 1996	0.50

The correlation between NVS and GSK shifts across timeframes, from 0.50 (all time) to 0.68 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap NVS : $274.91B GSK : $99.81B
EPS NVS : $6.99 GSK : $2.85
PE Ratio NVS : 20.53 GSK : 17.20
PEG Ratio NVS : 1.39 GSK : 1.15
PS Ratio NVS : 4.96 GSK : 3.06
PB Ratio NVS : 7.14 GSK : 4.24
Total Revenue (TTM) NVS : $56.05B GSK : $32.78B
Gross Profit (TTM) NVS : $42.19B GSK : $23.87B
EBITDA (TTM) NVS : $22.40B GSK : $11.30B

Return for Risk

NVS vs. GSK — Risk / Return Rank

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

NVS

NVS Risk / Return Rank: 75
NVS Sharpe Ratio Rank: 78
NVS Sortino Ratio Rank: 73
NVS Omega Ratio Rank: 70
NVS Calmar Ratio Rank: 76
NVS Martin Ratio Rank: 77

GSK

GSK Risk / Return Rank: 63
GSK Sharpe Ratio Rank: 66
GSK Sortino Ratio Rank: 60
GSK Omega Ratio Rank: 58
GSK Calmar Ratio Rank: 65
GSK Martin Ratio Rank: 66

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.

NVS vs. GSK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Novartis AG (NVS) and GlaxoSmithKline plc (GSK). 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.

	NVS	GSK	Difference
Sharpe ratio Return per unit of total volatility	1.32	0.82	+0.50
Sortino ratio Return per unit of downside risk	1.88	1.31	+0.58
Omega ratio Gain probability vs. loss probability	1.23	1.16	+0.07
Calmar ratio Return relative to maximum drawdown	2.19	1.27	+0.92
Martin ratio Return relative to average drawdown	5.58	3.02	+2.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVS vs. GSK - Sharpe Ratio Comparison

The current NVS Sharpe Ratio is 1.32, which is higher than the GSK Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of NVS and GSK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NVS	GSK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	0.82	+0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.18	+0.58
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.17	+0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.32	+0.10

Drawdowns

NVS vs. GSK - Drawdown Comparison

The maximum NVS drawdown since its inception was -42.10%, smaller than the maximum GSK drawdown of -55.70%. Use the drawdown chart below to compare losses from any high point for NVS and GSK.

Drawdown Indicators

	NVS	GSK	Difference
Max Drawdown Largest peak-to-trough decline	-42.10%	-55.70%	+13.60%
Max Drawdown (1Y) Largest decline over 1 year	-12.65%	-18.63%	+5.98%
Max Drawdown (3Y) Largest decline over 3 years	-19.95%	-28.46%	+8.51%
Max Drawdown (5Y) Largest decline over 5 years	-20.42%	-50.10%	+29.68%
Max Drawdown (10Y) Largest decline over 10 years	-26.03%	-50.10%	+24.07%
Current Drawdown Current decline from peak	-12.32%	-18.63%	+6.31%
Average Drawdown Average peak-to-trough decline	-10.93%	-18.87%	+7.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.97%	7.87%	-2.90%

Volatility

NVS vs. GSK - Volatility Comparison

Novartis AG (NVS) has a higher volatility of 5.77% compared to GlaxoSmithKline plc (GSK) at 5.30%. This indicates that NVS's price experiences larger fluctuations and is considered to be riskier than GSK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVS	GSK	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.77%	5.30%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	14.30%	18.38%	-4.08%
Volatility (1Y) Calculated over the trailing 1-year period	20.29%	26.85%	-6.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.78%	25.01%	-6.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.59%	22.86%	-3.27%

Dividends

NVS vs. GSK - Dividend Comparison

NVS's dividend yield for the trailing twelve months is around 3.33%, less than GSK's 3.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSK GlaxoSmithKline plc	3.53%	3.42%	4.60%	3.75%	5.47%	4.99%	5.59%	4.35%	5.65%	5.83%	6.86%	5.93%
NVS Novartis AG	3.33%	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. GSK - Profitability Comparison

The chart below illustrates the profitability comparison between Novartis AG and GlaxoSmithKline plc over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

NVS - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 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%.

GSK - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, GlaxoSmithKline plc reported a gross profit of 5.75B and revenue of 7.63B. Therefore, the gross margin over that period was 75.4%.

NVS - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Novartis AG reported an operating income of 4.24B and revenue of 13.52B, resulting in an operating margin of 31.3%.

GSK - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, GlaxoSmithKline plc reported an operating income of 2.29B and revenue of 7.63B, resulting in an operating margin of 30.1%.

NVS - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Novartis AG reported a net income of 3.16B and revenue of 13.52B, resulting in a net margin of 23.3%.

GSK - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, GlaxoSmithKline plc reported a net income of 1.74B and revenue of 7.63B, resulting in a net margin of 22.8%.

Frequently Asked Questions

Can I hold both NVS and GSK in my portfolio?

NVS and GSK have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVS or GSK?

NVS has higher volatility (5.77%) compared to GSK (5.30%). In terms of maximum drawdown, NVS dropped -42.10% vs GSK's -55.70%.

Which has better risk-adjusted returns?

NVS currently has the higher Sharpe Ratio (1.32 vs 0.82), 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.