Novo Nordisk Correlations

NVO Stock

USD 102.63 2.64 2.51%

The current 90-days correlation between Novo Nordisk AS and Regeneron Pharmaceuticals is 0.21 (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

Significant diversification

The correlation between Novo Nordisk AS and DJI is 0.07 (i.e., Significant 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

0.75	ME	23Andme Holding	Pair Corr
0.87	VALN	Valneva SE ADR Downward Rally	Pair Corr
0.76	VCNX	Vaccinex	Pair Corr
0.79	DRMA	Dermata Therapeutics	Pair Corr
0.63	DRRX	Durect	Pair Corr
0.9	DTIL	Precision BioSciences	Pair Corr
0.87	VINC	Vincerx Pharma	Pair Corr
0.7	VIRX	Viracta Therapeutics	Pair Corr
0.63	DYAI	Dyadic International	Pair Corr
0.72	VRAX	Virax Biolabs Group	Pair Corr
0.9	VRCA	Verrica Pharmaceuticals	Pair Corr
0.69	CDTTW	Conduit Pharmaceuticals	Pair Corr
0.76	VTGN	VistaGen Therapeutics	Pair Corr
0.89	EDIT	Editas Medicine	Pair Corr
0.82	EDSA	Edesa Biotech Fiscal Year End 20th of December 2024	Pair Corr
0.89	VXRT	Vaxart Inc	Pair Corr

Moving against Novo Stock

0.76	DRUG	Bright Minds Biosciences	Pair Corr
0.73	VERA	Vera Therapeutics	Pair Corr
0.73	SABSW	SAB Biotherapeutics	Pair Corr
0.66	VRDN	Viridian Therapeutics	Pair Corr
0.5	DVAX	Dynavax Technologies	Pair Corr
0.48	DSGN	Design Therapeutics	Pair Corr
0.41	DMAC	DiaMedica Therapeutics	Pair Corr
0.33	KTTAW	Pasithea Therapeutics	Pair Corr
0.87	VRNA	Verona Pharma PLC	Pair Corr
0.86	VSTM	Verastem	Pair Corr
0.81	VYNE	Vyne Therapeutics	Pair Corr
0.77	ELVN	Enliven Therapeutics	Pair Corr
0.69	ELDN	Eledon Pharmaceuticals	Pair Corr
0.66	ELTX	Elicio Therapeutics	Pair Corr
0.63	ENGN	enGene Holdings Common	Pair Corr
0.59	ENTO	Entero Therapeutics, Symbol Change	Pair Corr
0.48	VTRS	Viatris	Pair Corr
0.37	ENSC	Ensysce Biosciences	Pair Corr

Related Correlations Analysis

	REGN	CRSP	SRPT	NTLA	MRNA	CVAC	NVAX	CWBR	RETA	BNTX
REGN		-0.33	0.74	0.9	0.95	0.81	0.79	-0.71	-0.55	-0.33	REGN
CRSP	-0.33		0.01	-0.1	-0.25	0.04	-0.45	0.08	0.24	0.01	CRSP
SRPT	0.74	0.01		0.68	0.81	0.61	0.42	-0.52	-0.26	-0.51	SRPT
NTLA	0.9	-0.1	0.68		0.83	0.8	0.66	-0.57	-0.55	-0.29	NTLA
MRNA	0.95	-0.25	0.81	0.83		0.81	0.72	-0.7	-0.4	-0.45	MRNA
CVAC	0.81	0.04	0.61	0.8	0.81		0.68	-0.58	-0.58	-0.15	CVAC
NVAX	0.79	-0.45	0.42	0.66	0.72	0.68		-0.38	-0.67	0.16	NVAX
CWBR	-0.71	0.08	-0.52	-0.57	-0.7	-0.58	-0.38		0.22	0.47	CWBR
RETA	-0.55	0.24	-0.26	-0.55	-0.4	-0.58	-0.67	0.22		-0.42	RETA
BNTX	-0.33	0.01	-0.51	-0.29	-0.45	-0.15	0.16	0.47	-0.42		BNTX
	REGN	CRSP	SRPT	NTLA	MRNA	CVAC	NVAX	CWBR	RETA	BNTX

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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

MRNA	+ 0.95	REGN
NTLA	+ 0.9	REGN
MRNA	+ 0.83	NTLA
CVAC	+ 0.81	REGN
MRNA	+ 0.81	SRPT
CVAC	+ 0.81	MRNA

High negative correlations

CWBR	- 0.71	REGN
CWBR	- 0.7	MRNA
RETA	- 0.67	NVAX
RETA	- 0.58	CVAC
CWBR	- 0.58	CVAC
CWBR	- 0.57	NTLA

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	1.16	(0.78)	0.00	(0.87)	0.00	0.00	1.00	(3.28)	11.18
CRSP	1.97	(0.17)	0.00	(0.02)	0.00	0.00	4.96	(4.61)	16.95
SRPT	1.37	(0.42)	0.00	(0.47)	0.00	0.00	2.28	(3.10)	9.65
NTLA	3.12	(1.01)	0.00	(0.28)	0.00	0.00	4.83	(7.15)	27.28
MRNA	2.31	(1.28)	0.00	(3.50)	0.00	0.00	3.49	(6.86)	17.47
CVAC	2.31	(0.45)	0.00	(0.32)	0.00	0.00	4.45	(4.51)	16.27
NVAX	3.61	(0.64)	0.00	(0.99)	0.00	0.00	9.47	(7.57)	38.60
CWBR	7.34	2.41	0.33	4.33	5.34	(11.19)	5.73	(5.59)	250.97
RETA	2.22	0.25	0.03	(0.29)	3.31	(2.35)	5.24	(3.51)	28.80
BNTX	2.11	0.20	0.07	0.33	2.36	(2.36)	4.85	(3.90)	24.81

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