Novo Nordisk Correlations

NVO Stock

USD 66.45 1.29 1.98%

The current 90-days correlation between Novo Nordisk AS and Vertex 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 0.02 (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.

Build AI portfolio with Novo Stock

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

0.85	A	Agilent Technologies	Pair Corr
0.79	EQ	Equillium	Pair Corr
0.92	DMAC	DiaMedica Therapeutics Earnings Call This Week	Pair Corr
0.75	VANI	Vivani Medical	Pair Corr
0.7	DNLI	Denali Therapeutics Earnings Call This Week	Pair Corr
0.82	VCEL	Vericel Corp Ord Earnings Call This Week	Pair Corr
0.62	VCYT	Veracyte Earnings Call This Week	Pair Corr
0.75	VERV	Verve Therapeutics	Pair Corr
0.77	VERA	Vera Therapeutics	Pair Corr
0.75	DRMA	Dermata Therapeutics Earnings Call This Week	Pair Corr
0.85	CDIOW	Cardio Diagnostics	Pair Corr
0.69	DSGN	Design Therapeutics Earnings Call This Week	Pair Corr
0.82	VIGL	Vigil Neuroscience	Pair Corr
0.78	DVAX	Dynavax Technologies Earnings Call This Week	Pair Corr
0.76	VKTX	Viking Therapeutics	Pair Corr
0.77	DYAI	Dyadic International	Pair Corr
0.84	VRAX	Virax Biolabs Group	Pair Corr
0.8	VRCA	Verrica Pharmaceuticals	Pair Corr
0.75	VRDN	Viridian Therapeutics Earnings Call This Week	Pair Corr
0.65	CDTTW	Conduit Pharmaceuticals	Pair Corr
0.81	VTGN	VistaGen Therapeutics	Pair Corr
0.86	VTRS	Viatris Earnings Call This Week	Pair Corr
0.8	VTYX	Ventyx Biosciences	Pair Corr
0.72	VXRT	Vaxart Inc	Pair Corr

Moving against Novo Stock

0.32	VRTX	Vertex Pharmaceuticals Earnings Call This Week	Pair Corr
0.32	EDSA	Edesa Biotech Earnings Call This Week	Pair Corr

Related Correlations Analysis

	REGN	CRSP	SRPT	NTLA	MRNA	CVAC	NVAX	CWBR	RETA	BNTX
REGN		0.69	0.91	0.82	0.8	0.32	0.81	0.0	0.0	0.58	REGN
CRSP	0.69		0.69	0.91	0.64	0.4	0.65	0.0	0.0	0.68	CRSP
SRPT	0.91	0.69		0.84	0.83	0.55	0.87	0.0	0.0	0.74	SRPT
NTLA	0.82	0.91	0.84		0.76	0.53	0.75	0.0	0.0	0.78	NTLA
MRNA	0.8	0.64	0.83	0.76		0.5	0.9	0.0	0.0	0.61	MRNA
CVAC	0.32	0.4	0.55	0.53	0.5		0.55	0.0	0.0	0.82	CVAC
NVAX	0.81	0.65	0.87	0.75	0.9	0.55		0.0	0.0	0.7	NVAX
CWBR	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	CWBR
RETA	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	RETA
BNTX	0.58	0.68	0.74	0.78	0.61	0.82	0.7	0.0	0.0		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

SRPT	+ 0.91	REGN
NTLA	+ 0.91	CRSP
NVAX	+ 0.9	MRNA
NVAX	+ 0.87	SRPT
NTLA	+ 0.84	SRPT
MRNA	+ 0.83	SRPT

High negative correlations

BNTX	- 0.0	RETA
BNTX	- 0.0	CWBR
RETA	- 0.0	CWBR
RETA	- 0.0	NVAX
CWBR	- 0.0	NVAX
RETA	- 0.0	CVAC

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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
REGN	1.93	(0.12)	(0.33)	4.27	(4.06)	12.14
CRSP	3.01	0.08	(0.07)	9.29	(4.81)	22.33
SRPT	3.16	(0.87)	2.08	7.05	(8.15)	32.12
NTLA	4.40	0.09	(0.07)	9.54	(7.09)	22.89
MRNA	3.55	(0.51)	(0.57)	6.94	(7.42)	24.84
CVAC	2.99	(0.05)	(0.19)	7.43	(6.33)	17.02
NVAX	3.94	(0.30)	(0.44)	9.39	(7.26)	37.54
CWBR	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
BNTX	2.84	(0.08)	(0.21)	6.03	(4.56)	25.10

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