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SPYV vs. NVO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPYV vs. NVO

Last updated Jun 14, 2026

SPYV (SPDR Portfolio S&P 500 Value ETF) is S&P 500 fund tracking the S&P 500 Value Index, while NVO (Novo Nordisk A/S) is a stock. Over the past 10 years, SPYV returned 12.08%/yr vs 7.56%/yr for NVO. At a 0.33 correlation, their price movements are largely independent.

Performance

SPYV vs. NVO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio S&P 500 Value ETF (SPYV) 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, SPYV achieves a 8.25% return, which is significantly higher than NVO's -10.74% return. Over the past 10 years, SPYV has outperformed NVO with an annualized return of 12.08%, while NVO has yielded a comparatively lower 7.56% annualized return.

SPYV

1D
0.69%
1M
1.59%
YTD
8.25%
6M
8.02%
1Y
21.87%
3Y*
15.13%
5Y*
10.98%
10Y*
12.08%

NVO

1D
-0.18%
1M
-4.19%
YTD
-10.74%
6M
-9.50%
1Y
-42.47%
3Y*
-15.59%
5Y*
2.92%
10Y*
7.56%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPYV vs. NVO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPYV
SPDR Portfolio S&P 500 Value ETF		8.25%13.18%12.24%22.20%-5.28%24.91%1.38%31.70%-9.01%15.40%
NVO
Novo Nordisk A/S		-10.74%-39.22%-15.93%54.84%22.66%63.52%23.33%28.70%-12.98%52.92%

Correlation

The correlation between SPYV and NVO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.38

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

0.30

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

0.30

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

0.29

Correlation (All Time)
Calculated using the full available price history since Oct 2, 2000

0.33

Compare stocks, funds, or ETFs

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

SPDR Portfolio S&P 500 Value ETF

Novo Nordisk A/S

Often compared with SPYV:
SPYV vs. SPYGSPYV vs. VTVSPYV vs. SPYSPYV vs. SCHDSPYV vs. BRK-BSPYV vs. SPHQSPYV vs. SPYD
Often compared with NVO:
NVO vs. LLYNVO vs. NOV.DENVO vs. NVSNVO vs. MRKNVO vs. XLVNVO vs. AZNNVO vs. LLY.DE

Return for Risk

SPYV vs. NVO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPYV
SPYV Risk / Return Rank: 7575
Overall Rank
SPYV Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
SPYV Sortino Ratio Rank: 7676
Sortino Ratio Rank
SPYV Omega Ratio Rank: 7373
Omega Ratio Rank
SPYV Calmar Ratio Rank: 7575
Calmar Ratio Rank
SPYV Martin Ratio Rank: 7777
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: 1212
Calmar Ratio Rank
NVO Martin Ratio Rank: 1616
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.

SPYV vs. NVO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio S&P 500 Value ETF (SPYV) 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.

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.

SPYVNVODifference
Sharpe ratioReturn per unit of total volatility
2.08
-0.84

+2.92

Sortino ratioReturn per unit of downside risk
2.92
-1.05

+3.97

Omega ratioGain probability vs. loss probability

1.37

0.85

+0.52

Calmar ratioReturn relative to maximum drawdown

3.33

-0.80

+4.13

Martin ratioReturn relative to average drawdown

12.73

-1.18

+13.91

SPYV vs. NVO - Sharpe Ratio Comparison

The current SPYV Sharpe Ratio is 2.08, which is higher than the NVO Sharpe Ratio of -0.84. The chart below compares the historical Sharpe Ratios of SPYV 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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Drawdowns

SPYV vs. NVO - Drawdown Comparison

The maximum SPYV drawdown since its inception was -58.45%, smaller than the maximum NVO drawdown of -74.70%. Use the drawdown chart below to compare losses from any high point for SPYV and NVO.

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Drawdown Indicators

SPYVNVODifference

Max Drawdown

Largest peak-to-trough decline

-58.45%

-74.70%

+16.25%

Max Drawdown (1Y)

Largest decline over 1 year

-6.22%

-54.34%

+48.12%

Max Drawdown (3Y)

Largest decline over 3 years

-17.54%

-74.70%

+57.16%

Max Drawdown (5Y)

Largest decline over 5 years

-17.89%

-74.70%

+56.81%

Max Drawdown (10Y)

Largest decline over 10 years

-36.89%

-74.70%

+37.81%

Current Drawdown

Current decline from peak

-0.18%

-68.11%

+67.93%

Average Drawdown

Average peak-to-trough decline

-8.71%

-17.79%

+9.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.63%

37.62%

-35.99%

Volatility

SPYV vs. NVO - Volatility Comparison

The current volatility for SPDR Portfolio S&P 500 Value ETF (SPYV) is 2.70%, while Novo Nordisk A/S (NVO) has a volatility of 10.68%. This indicates that SPYV 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

SPYVNVODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.70%

10.68%

-7.98%

Volatility (6M)

Calculated over the trailing 6-month period

7.26%

38.04%

-30.78%

Volatility (1Y)

Calculated over the trailing 1-year period

9.97%

51.88%

-41.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.42%

38.33%

-23.91%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.94%

32.56%

-15.62%

Dividends

SPYV vs. NVO - Dividend Comparison

SPYV's dividend yield for the trailing twelve months is around 1.68%, less than NVO's 4.11% yield.

PositionTTM20252024202320222021202020192018201720162015
NVO
Novo Nordisk A/S		4.11%3.31%1.68%1.00%1.20%1.35%1.87%2.14%1.45%1.52%2.87%0.92%
SPYV
SPDR Portfolio S&P 500 Value ETF		1.68%1.77%2.29%1.75%2.22%2.10%2.38%2.25%2.97%2.77%2.39%2.53%

Frequently Asked Questions

SPYV and NVO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

NVO has higher volatility (10.68%) compared to SPYV (2.70%). In terms of maximum drawdown, SPYV dropped -58.45% vs NVO's -74.70%.

SPYV currently has the higher Sharpe Ratio (2.08 vs -0.84), 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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