Novo Nordisk Correlations

NVO Stock

USD 90.95 0.36 0.40%

The current 90-days correlation between Novo Nordisk AS and Regeneron Pharmaceuticals is 0.2 (i.e., Modest diversification). 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 -0.05 (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.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Novo Nordisk AS. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in real.

Moving together with Novo Stock

0.67	EDIT	Editas Medicine Earnings Call Today	Pair Corr
0.65	EXAS	EXACT Sciences	Pair Corr
0.87	FATE	Fate Therapeutics	Pair Corr
0.65	INZY	Inozyme Pharma	Pair Corr
0.69	KURA	Kura Oncology	Pair Corr
0.85	NTLA	Intellia Therapeutics	Pair Corr
0.86	REGN	Regeneron Pharmaceuticals	Pair Corr
0.83	ABOS	Acumen Pharmaceuticals	Pair Corr
0.91	ADTX	Aditxt Inc	Pair Corr
0.65	ANAB	AnaptysBio	Pair Corr
0.8	STRO	Sutro Biopharma	Pair Corr
0.81	TCRX	Tscan Therapeutics	Pair Corr
0.81	TERN	Terns Pharmaceuticals	Pair Corr

Moving against Novo Stock

0.75	GANX	Gain Therapeutics	Pair Corr
0.65	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.64	CUE	Cue Biopharma	Pair Corr
0.6	OPT	Opthea	Pair Corr
0.55	TMO	Thermo Fisher Scientific	Pair Corr
0.55	LTRN	Lantern Pharma	Pair Corr
0.48	VERV	Verve Therapeutics	Pair Corr
0.38	FENC	Fennec Pharmaceuticals	Pair Corr
0.38	WAT	Waters	Pair Corr
0.37	A	Agilent Technologies Earnings Call Today	Pair Corr
0.82	CGTX	Cognition Therapeutics	Pair Corr
0.64	PHGE	Biomx Inc	Pair Corr
0.56	DBVT	DBV Technologies Earnings Call This Week	Pair Corr
0.38	CPRX	Catalyst Pharmaceuticals Earnings Call Today	Pair Corr

Related Correlations Analysis

	REGN	CRSP	SRPT	NTLA	MRNA	CVAC	NVAX	RETA	BNTX
REGN		0.54	0.53	0.86	0.42	-0.51	-0.09	0.0	-0.12	REGN
CRSP	0.54		0.09	0.75	0.15	-0.48	-0.25	0.0	0.11	CRSP
SRPT	0.53	0.09		0.5	0.75	-0.15	0.53	0.0	0.26	SRPT
NTLA	0.86	0.75	0.5		0.47	-0.64	-0.11	0.0	-0.08	NTLA
MRNA	0.42	0.15	0.75	0.47		-0.15	0.69	0.0	0.4	MRNA
CVAC	-0.51	-0.48	-0.15	-0.64	-0.15		0.43	0.0	0.36	CVAC
NVAX	-0.09	-0.25	0.53	-0.11	0.69	0.43		0.0	0.59	NVAX
RETA	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	RETA
BNTX	-0.12	0.11	0.26	-0.08	0.4	0.36	0.59	0.0		BNTX
	REGN	CRSP	SRPT	NTLA	MRNA	CVAC	NVAX	RETA	BNTX

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

NTLA	+ 0.86	REGN
NTLA	+ 0.75	CRSP
MRNA	+ 0.75	SRPT
NVAX	+ 0.69	MRNA
BNTX	+ 0.59	NVAX
CRSP	+ 0.54	REGN

High negative correlations

CVAC	- 0.64	NTLA
CVAC	- 0.51	REGN
CVAC	- 0.48	CRSP
NVAX	- 0.25	CRSP
CVAC	- 0.15	MRNA
CVAC	- 0.15	SRPT

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	1.41	(0.07)	0.00	(0.19)	0.00	0.00	2.15	(3.61)	8.14
CRSP	2.88	(0.03)	0.00	(0.05)	0.00	0.00	6.48	(4.98)	19.32
SRPT	1.74	0.05	0.02	0.10	2.19	(1.86)	3.98	(4.04)	19.63
NTLA	3.59	(0.33)	0.00	(0.25)	0.00	0.00	7.84	(7.15)	22.98
MRNA	3.70	(0.27)	0.00	(0.31)	0.00	0.00	8.37	(9.17)	28.46
CVAC	3.50	0.27	0.07	0.96	3.66	(4.41)	8.73	(6.53)	32.27
NVAX	2.87	(0.24)	0.00	(0.67)	0.00	0.00	8.15	(7.46)	22.04
RETA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BNTX	2.53	0.17	0.06	0.32	2.66	(2.96)	5.96	(4.92)	14.16

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC