NVX vs. ^GSPC

Last updated Jun 26, 2026

NVX (Novonix Ltd ADR) is a stock, while ^GSPC (S&P 500 Index) is an index. Over the past 3 years, NVX returned -44.69%/yr vs 19.34%/yr for ^GSPC. At a 0.34 correlation, their price movements are largely independent.

Performance

NVX vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Novonix Ltd ADR (NVX) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVX achieves a -55.93% return, which is significantly lower than ^GSPC's 7.48% return.

NVX

• 1D: -1.11%
• 1M: -36.13%
• YTD: -55.93%
• 6M: -59.17%
• 1Y: -57.20%
• 3Y*: -44.69%
• 5Y*: —
• 10Y*: —

^GSPC

• 1D: -0.01%
• 1M: -2.15%
• YTD: 7.48%
• 6M: 6.14%
• 1Y: 20.77%
• 3Y*: 19.34%
• 5Y*: 11.44%
• 10Y*: 13.91%

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

NVX vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NVX Novonix Ltd ADR	-55.93%	-43.89%	-7.22%	-52.68%	-82.58%
^GSPC S&P 500 Index	7.48%	16.39%	23.31%	24.23%	-15.55%

Correlation

The correlation between NVX and ^GSPC is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (All Time) Calculated using the full available price history since Feb 2, 2022	0.34

Return for Risk

NVX vs. ^GSPC — Risk / Return Rank

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

NVX

NVX Risk / Return Rank: 21
NVX Sharpe Ratio Rank: 19
NVX Sortino Ratio Rank: 22
NVX Omega Ratio Rank: 23
NVX Calmar Ratio Rank: 18
NVX Martin Ratio Rank: 23

^GSPC

^GSPC Risk / Return Rank: 70
^GSPC Sharpe Ratio Rank: 68
^GSPC Sortino Ratio Rank: 71
^GSPC Omega Ratio Rank: 71
^GSPC Calmar Ratio Rank: 62
^GSPC Martin Ratio Rank: 78

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.

NVX vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Novonix Ltd ADR (NVX) and S&P 500 Index (^GSPC). 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.

	NVX	^GSPC	Difference
Sharpe ratio: Return per unit of total volatility	-0.55	1.67	-2.22
Sortino ratio: Return per unit of downside risk	-0.48	2.29	-2.78
Omega ratio: Gain probability vs. loss probability	0.95	1.30	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.68	2.29	-2.97
Martin ratio: Return relative to average drawdown	-0.99	10.09	-11.08

NVX vs. ^GSPC - Sharpe Ratio Comparison

The current NVX Sharpe Ratio is -0.55, which is lower than the ^GSPC Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of NVX and ^GSPC, 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

NVX vs. ^GSPC - Drawdown Comparison

The maximum NVX drawdown since its inception was -98.11%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for NVX and ^GSPC.

Drawdown Indicators

	NVX	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-98.11%	-56.78%	-41.33%
Max Drawdown (1Y) Largest decline over 1 year	-84.86%	-9.10%	-75.76%
Max Drawdown (3Y) Largest decline over 3 years	-85.64%	-18.90%	-66.74%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.43%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.92%	—
Current Drawdown Current decline from peak	-98.11%	-3.32%	-94.79%
Average Drawdown Average peak-to-trough decline	-85.05%	-10.71%	-74.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	57.91%	2.06%	+55.85%

Volatility

NVX vs. ^GSPC - Volatility Comparison

Novonix Ltd ADR (NVX) has a higher volatility of 34.86% compared to S&P 500 Index (^GSPC) at 4.82%. This indicates that NVX's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVX	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	34.86%	4.82%	+30.04%
Volatility (6M) Calculated over the trailing 6-month period	63.85%	9.88%	+53.97%
Volatility (1Y) Calculated over the trailing 1-year period	104.52%	12.50%	+92.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	92.34%	17.00%	+75.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	92.34%	18.07%	+74.27%

Frequently Asked Questions

Can I hold both NVX and ^GSPC in my portfolio?

NVX and ^GSPC have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVX or ^GSPC?

NVX has higher volatility (34.86%) compared to ^GSPC (4.82%). In terms of maximum drawdown, NVX dropped -98.11% vs ^GSPC's -56.78%.

Which has better risk-adjusted returns?

^GSPC currently has the higher Sharpe Ratio (1.67 vs -0.55), 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.