Novo Nordisk Correlations
| NVO Stock | USD 76.86 1.93 2.45% |
A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Novo Nordisk moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Novo Nordisk AS moves in either direction, the perfectly negatively correlated security will move in the opposite direction.
Novo Nordisk Correlation With Market
Good diversification
The correlation between Novo Nordisk AS and DJI is -0.12 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Novo Nordisk AS and DJI in the same portfolio, assuming nothing else is changed.
Novo |
Moving together with Novo Stock
Moving against Novo Stock
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| 0.31 | PFE | Pfizer Inc Aggressive Push | PairCorr |
| 0.69 | NYXH | Nyxoah | PairCorr |
| 0.68 | KIDS | Orthopediatrics Corp | PairCorr |
| 0.48 | FNA | Paragon 28 | PairCorr |
| 0.44 | CMRX | Chimerix | PairCorr |
| 0.42 | NVRO | Nevro Corp | PairCorr |
| 0.38 | LUCD | Lucid Diagnostics | PairCorr |
| 0.37 | CYTH | Cyclo Therapeutics | PairCorr |
| 0.34 | CPIX | Cumberland Pharmaceuticals Downward Rally | PairCorr |
Related Correlations Analysis
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
Correlation Matchups
Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.High positive correlations
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between Novo Stock performing well and Novo Nordisk Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Novo Nordisk's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.| Mean Deviation | Jensen Alpha | Sortino Ratio | Treynor Ratio | Semi Deviation | Expected Shortfall | Potential Upside | Value @Risk | Maximum Drawdown | ||
|---|---|---|---|---|---|---|---|---|---|---|
| REGN | 1.60 | (0.13) | 0.00 | (0.46) | 0.00 | 2.82 | 9.27 | |||
| CRSP | 2.64 | (0.02) | 0.00 | (0.10) | 0.00 | 5.26 | 19.32 | |||
| SRPT | 2.28 | (0.61) | 0.00 | (0.57) | 0.00 | 4.28 | 32.12 | |||
| NTLA | 3.68 | (0.56) | 0.00 | 1.01 | 0.00 | 7.76 | 20.66 | |||
| MRNA | 3.64 | (0.21) | 0.00 | (0.24) | 0.00 | 8.37 | 28.46 | |||
| CVAC | 3.33 | (0.04) | 0.00 | 0.03 | 0.00 | 8.22 | 32.27 | |||
| NVAX | 3.18 | (0.15) | 0.00 | 0.08 | 0.00 | 8.15 | 23.51 | |||
| CWBR | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| RETA | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| BNTX | 2.47 | (0.23) | 0.00 | (0.30) | 0.00 | 4.75 | 16.34 |