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QQQ vs. NVO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QQQ vs. NVO

Last updated Jun 9, 2026

QQQ (Invesco QQQ ETF) is Nasdaq-100 fund tracking the NASDAQ-100 Index, while NVO (Novo Nordisk A/S) is a stock. Over the past 10 years, QQQ returned 21.59%/yr vs 6.20%/yr for NVO. At a 0.31 correlation, their price movements are largely independent.

Performance

QQQ vs. NVO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco QQQ ETF (QQQ) and Novo Nordisk A/S (NVO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, QQQ achieves a 16.71% return, which is significantly higher than NVO's -16.56% return. Over the past 10 years, QQQ has outperformed NVO with an annualized return of 21.59%, while NVO has yielded a comparatively lower 6.20% annualized return.

QQQ

1D
1.56%
1M
0.68%
YTD
16.71%
6M
15.00%
1Y
35.78%
3Y*
27.15%
5Y*
16.98%
10Y*
21.59%

NVO

1D
-4.52%
1M
-10.96%
YTD
-16.56%
6M
-9.23%
1Y
-42.47%
3Y*
-17.53%
5Y*
1.78%
10Y*
6.20%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QQQ vs. NVO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QQQ
Invesco QQQ ETF		16.71%20.77%25.58%54.86%-32.58%27.42%48.62%38.96%-0.13%32.66%
NVO
Novo Nordisk A/S		-16.56%-39.22%-15.93%54.84%22.66%63.52%23.33%28.70%-12.98%52.92%

Correlation

The correlation between QQQ and NVO is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.29

Correlation (3Y)
Calculated over the trailing 3-year period

0.29

Correlation (5Y)
Calculated over the trailing 5-year period

0.31

Correlation (10Y)
Calculated over the trailing 10-year period

0.33

Correlation (All Time)
Calculated using the full available price history since Mar 11, 1999

0.31

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco QQQ ETF

Novo Nordisk A/S

Often compared with QQQ:
QQQ vs. SPYQQQ vs. VOOQQQ vs. VGTQQQ vs. TQQQQQQ vs. SMHQQQ vs. QQQMQQQ vs. QQQI
Often compared with NVO:
NVO vs. LLYNVO vs. NOV.DENVO vs. NVSNVO vs. MRKNVO vs. XLVNVO vs. AZNNVO vs. LLY.DE

Return for Risk

QQQ vs. NVO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QQQ
QQQ Risk / Return Rank: 6969
Overall Rank
QQQ Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
QQQ Sortino Ratio Rank: 6767
Sortino Ratio Rank
QQQ Omega Ratio Rank: 7070
Omega Ratio Rank
QQQ Calmar Ratio Rank: 6666
Calmar Ratio Rank
QQQ Martin Ratio Rank: 6868
Martin Ratio Rank
NVO
NVO Risk / Return Rank: 1212
Overall Rank
NVO Sharpe Ratio Rank: 99
Sharpe Ratio Rank
NVO Sortino Ratio Rank: 1212
Sortino Ratio Rank
NVO Omega Ratio Rank: 1010
Omega Ratio Rank
NVO Calmar Ratio Rank: 1313
Calmar Ratio Rank
NVO Martin Ratio Rank: 1717
Martin Ratio Rank
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.

QQQ vs. NVO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco QQQ ETF (QQQ) and Novo Nordisk A/S (NVO). 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.

QQQNVODifference
Sharpe ratioReturn per unit of total volatility
2.15
-0.82

+2.97

Sortino ratioReturn per unit of downside risk
2.77
-1.01

+3.78

Omega ratioGain probability vs. loss probability

1.38

0.86

+0.52

Calmar ratioReturn relative to maximum drawdown

3.00

-0.77

+3.78

Martin ratioReturn relative to average drawdown

11.43

-1.14

+12.58

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QQQ vs. NVO - Sharpe Ratio Comparison

The current QQQ Sharpe Ratio is 2.15, which is higher than the NVO Sharpe Ratio of -0.82. The chart below compares the historical Sharpe Ratios of QQQ and NVO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

QQQNVODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.15

-0.82

+2.97

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.76

0.05

+0.71

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.97

0.19

+0.78

Sharpe Ratio (All Time)

Calculated using the full available price history

0.40

0.47

-0.06

Drawdowns

QQQ vs. NVO - Drawdown Comparison

The maximum QQQ drawdown since its inception was -82.97%, which is greater than NVO's maximum drawdown of -74.70%. Use the drawdown chart below to compare losses from any high point for QQQ and NVO.

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Drawdown Indicators

QQQNVODifference

Max Drawdown

Largest peak-to-trough decline

-82.97%

-74.70%

-8.27%

Max Drawdown (1Y)

Largest decline over 1 year

-11.96%

-55.03%

+43.07%

Max Drawdown (3Y)

Largest decline over 3 years

-22.77%

-74.70%

+51.93%

Max Drawdown (5Y)

Largest decline over 5 years

-35.12%

-74.70%

+39.58%

Max Drawdown (10Y)

Largest decline over 10 years

-35.12%

-74.70%

+39.58%

Current Drawdown

Current decline from peak

-4.03%

-70.19%

+66.16%

Average Drawdown

Average peak-to-trough decline

-32.77%

-17.77%

-15.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.14%

37.21%

-34.07%

Volatility

QQQ vs. NVO - Volatility Comparison

The current volatility for Invesco QQQ ETF (QQQ) is 6.84%, while Novo Nordisk A/S (NVO) has a volatility of 9.75%. This indicates that QQQ experiences smaller price fluctuations and is considered to be less risky than NVO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QQQNVODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.84%

9.75%

-2.91%

Volatility (6M)

Calculated over the trailing 6-month period

13.20%

38.30%

-25.10%

Volatility (1Y)

Calculated over the trailing 1-year period

16.74%

52.08%

-35.34%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.49%

38.31%

-15.82%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.36%

32.56%

-10.20%

Dividends

QQQ vs. NVO - Dividend Comparison

QQQ's dividend yield for the trailing twelve months is around 0.39%, less than NVO's 4.39% yield.

PositionTTM20252024202320222021202020192018201720162015
NVO
Novo Nordisk A/S		4.39%3.31%1.68%1.00%1.20%1.35%1.87%2.14%1.45%1.52%2.87%0.92%
QQQ
Invesco QQQ ETF		0.39%0.45%0.56%0.62%0.80%0.43%0.55%0.74%0.91%0.84%1.06%0.99%

Frequently Asked Questions

QQQ and NVO have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

NVO has higher volatility (9.75%) compared to QQQ (6.84%). In terms of maximum drawdown, QQQ dropped -82.97% vs NVO's -74.70%.

QQQ currently has the higher Sharpe Ratio (2.15 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.

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