XLE vs. NOVO-B.CO

Last updated Jun 13, 2026

XLE (State Street Energy Select Sector SPDR ETF) is Energy Equities fund tracking the Energy Select Sector Index, while NOVO-B.CO (Novo Nordisk A/S) is a stock. Over the past 10 years, XLE returned 9.91%/yr vs 17.63%/yr for NOVO-B.CO. At a 0.13 correlation, their price movements are largely independent.

Performance

XLE vs. NOVO-B.CO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Energy Select Sector SPDR ETF (XLE) and Novo Nordisk A/S (NOVO-B.CO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XLE is traded in USD, while NOVO-B.CO is traded in DKK. To make them comparable, the NOVO-B.CO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XLE achieves a 29.56% return, which is significantly higher than NOVO-B.CO's -10.15% return. Over the past 10 years, XLE has underperformed NOVO-B.CO with an annualized return of 9.91%, while NOVO-B.CO has yielded a comparatively higher 17.63% annualized return.

XLE

• 1D: 0.75%
• 1M: -0.90%
• YTD: 29.56%
• 6M: 28.37%
• 1Y: 34.84%
• 3Y*: 16.18%
• 5Y*: 20.12%
• 10Y*: 9.91%

NOVO-B.CO

• 1D: 1.53%
• 1M: -5.28%
• YTD: -10.15%
• 6M: -8.95%
• 1Y: -41.84%
• 3Y*: 6.83%
• 5Y*: 19.41%
• 10Y*: 17.63%

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

XLE vs. NOVO-B.CO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLE State Street Energy Select Sector SPDR ETF	29.56%	7.88%	5.56%	-0.63%	64.32%	53.28%	-32.67%	11.74%	-18.22%	-0.89%
NOVO-B.CO Novo Nordisk A/S	-10.15%	-39.54%	-15.04%	214.95%	23.90%	65.39%	27.16%	32.88%	-10.64%	58.82%

Correlation

The correlation between XLE and NOVO-B.CO is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.01
Correlation (10Y) Calculated over the trailing 10-year period	0.03
Correlation (All Time) Calculated using the full available price history since Sep 7, 2007	0.13

The correlation between XLE and NOVO-B.CO shifts across timeframes, from -0.02 (3 years) to 0.13 (all time), reflecting how their relationship changes across market environments.

Return for Risk

XLE vs. NOVO-B.CO — Risk / Return Rank

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

XLE

XLE Risk / Return Rank: 61
XLE Sharpe Ratio Rank: 64
XLE Sortino Ratio Rank: 58
XLE Omega Ratio Rank: 54
XLE Calmar Ratio Rank: 71
XLE Martin Ratio Rank: 56

NOVO-B.CO

NOVO-B.CO Risk / Return Rank: 13
NOVO-B.CO Sharpe Ratio Rank: 10
NOVO-B.CO Sortino Ratio Rank: 14
NOVO-B.CO Omega Ratio Rank: 12
NOVO-B.CO Calmar Ratio Rank: 13
NOVO-B.CO Martin Ratio Rank: 17

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.

XLE vs. NOVO-B.CO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Energy Select Sector SPDR ETF (XLE) and Novo Nordisk A/S (NOVO-B.CO). 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.

	XLE	NOVO-B.CO	Difference
Sharpe ratio: Return per unit of total volatility	1.82	-0.77	+2.59
Sortino ratio: Return per unit of downside risk	2.40	-0.89	+3.29
Omega ratio: Gain probability vs. loss probability	1.30	0.88	+0.42
Calmar ratio: Return relative to maximum drawdown	3.10	-0.79	+3.89
Martin ratio: Return relative to average drawdown	8.63	-1.17	+9.81

XLE vs. NOVO-B.CO - Sharpe Ratio Comparison

The current XLE Sharpe Ratio is 1.82, which is higher than the NOVO-B.CO Sharpe Ratio of -0.77. The chart below compares the historical Sharpe Ratios of XLE and NOVO-B.CO, 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

XLE vs. NOVO-B.CO - Drawdown Comparison

The maximum XLE drawdown since its inception was -71.26%, roughly equal to the maximum NOVO-B.CO drawdown of -74.86%. Use the drawdown chart below to compare losses from any high point for XLE and NOVO-B.CO.

Drawdown Indicators

	XLE	NOVO-B.CO	Difference
Max Drawdown Largest peak-to-trough decline	-71.26%	-74.86%	+3.60%
Max Drawdown (1Y) Largest decline over 1 year	-12.05%	-54.48%	+42.43%
Max Drawdown (3Y) Largest decline over 3 years	-20.14%	-74.86%	+54.72%
Max Drawdown (5Y) Largest decline over 5 years	-26.04%	-74.86%	+48.82%
Max Drawdown (10Y) Largest decline over 10 years	-66.81%	-74.86%	+8.05%
Current Drawdown Current decline from peak	-8.01%	-67.88%	+59.87%
Average Drawdown Average peak-to-trough decline	-17.97%	-12.38%	-5.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.32%	36.72%	-32.40%

Volatility

XLE vs. NOVO-B.CO - Volatility Comparison

The current volatility for State Street Energy Select Sector SPDR ETF (XLE) is 7.26%, while Novo Nordisk A/S (NOVO-B.CO) has a volatility of 12.08%. This indicates that XLE experiences smaller price fluctuations and is considered to be less risky than NOVO-B.CO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLE	NOVO-B.CO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.26%	12.08%	-4.82%
Volatility (6M) Calculated over the trailing 6-month period	16.79%	40.71%	-23.92%
Volatility (1Y) Calculated over the trailing 1-year period	20.57%	55.70%	-35.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.05%	58.93%	-32.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.58%	45.48%	-15.90%

Dividends

XLE vs. NOVO-B.CO - Dividend Comparison

XLE's dividend yield for the trailing twelve months is around 2.59%, less than NOVO-B.CO's 4.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NOVO-B.CO Novo Nordisk A/S	4.07%	3.58%	1.59%	1.01%	2.38%	2.54%	4.03%	4.22%	5.27%	4.54%	7.38%	2.50%
XLE State Street Energy Select Sector SPDR ETF	2.59%	3.28%	3.36%	3.55%	3.68%	4.21%	5.62%	6.72%	3.54%	3.03%	2.26%	3.39%

Frequently Asked Questions

Can I hold both XLE and NOVO-B.CO in my portfolio?

XLE and NOVO-B.CO have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.