AZN vs NVS: Correlation
How closely do AstraZeneca PLC (AZN) and Novartis AG (NVS) trade together? Their weekly returns over three years give a correlation of 0.67, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AZN and NVS?
Over the past 3 years, AZN and NVS moved with a correlation of 0.67, which is strong. Recent behaviour matches the longer record: 0.76 over 1 year against 0.67 over 3. Over 5 years the correlation is 0.67, and the annualized covariance of weekly returns is 332.9 %².
In AZN's tracked universe of 14 assets, NVS sits right near the top at #1. The last year tells two different stories: NVS led by 21.6 percentage points, +4.0% for AZN against +25.6% for NVS.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AZN vs NVS: side by side
| AZN (AstraZeneca PLC) | NVS (Novartis AG) | |
|---|---|---|
| 1-year return | +4.0% | +25.6% |
| 5-year return | +54.7% | +103.5% |
| Volatility (ann.) | 25.1% | 19.6% |
| Beta vs S&P 500 | 0.21 | 0.25 |
| Max drawdown (3Y) | -27.9% | -20.0% |
| Market cap | $255.2B | $293.9B |
| P/E (trailing) | 24.9 | 23.4 |
| Dividend yield | 1.94% | 2.96% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AZN | NVS |
|---|---|---|
| 2022 | +19.2% | +8.1% |
| 2023 | +1.4% | +16.1% |
| 2024 | -0.6% | +0.0% |
| 2025 | +43.3% | +47.0% |
| 2026 | -9.6% | +15.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AZN and NVS good diversifiers for each other?
To a limited degree. At 0.67 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AZN and NVS?
The AZN/NVS correlation stands at 0.67 on a 3-year window (1 year: 0.76, 5 years: 0.67), computed from weekly returns as of 2026-08-27.
Is NVS a good diversifier for AZN?
To a limited degree. At 0.67 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.67 mean?
On the −1 to +1 scale, 0.67 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/azn-vs-nvs.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/azn-vs-nvs/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AZN correlations · NVS correlations
