BIIB vs NVS: Correlation
How closely do Biogen (BIIB) and Novartis AG (NVS) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BIIB and NVS?
Across a 3-year window, the weekly returns of BIIB and NVS correlate at 0.45, moderate. Little has changed lately, as the 1-year reading of 0.36 lands near the 3-year figure. Stretching to 5 years gives 0.41, with an annualized covariance of 267.3 %².
By 3-year correlation, NVS places #15 of the 32 assets tracked against BIIB. Their recent paths diverged sharply: over the last 12 months BIIB outperformed by 36.8 percentage points (+62.4% for BIIB against +25.6% for NVS). Risk is not evenly split, since BIIB carries 1.5 times the volatility of the other side.
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.
BIIB vs NVS: side by side
| BIIB (Biogen) | NVS (Novartis AG) | |
|---|---|---|
| 1-year return | +62.4% | +25.6% |
| 5-year return | -35.7% | +103.5% |
| Volatility (ann.) | 30.1% | 19.6% |
| Beta vs S&P 500 | 0.53 | 0.25 |
| Max drawdown (3Y) | -57.7% | -20.0% |
| Market cap | $32.7B | $293.9B |
| P/E (trailing) | 39.2 | 23.4 |
| Dividend yield | 0.00% | 2.96% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | BIIB | NVS |
|---|---|---|
| 2022 | +15.4% | +8.1% |
| 2023 | -6.6% | +16.1% |
| 2024 | -40.9% | +0.0% |
| 2025 | +15.1% | +47.0% |
| 2026 | +25.9% | +15.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BIIB and NVS good diversifiers for each other?
Reasonably. At 0.45, BIIB and NVS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BIIB and NVS?
As of 2026-08-27, the correlation of weekly returns between BIIB and NVS is 0.45 over 3 years, 0.36 over 1 year and 0.41 over 5 years.
Is NVS a good diversifier for BIIB?
Reasonably. At 0.45, BIIB and NVS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/biib-vs-nvs.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/biib-vs-nvs/)
No key needed, free to use. Full endpoint list in the API documentation.
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Hubs: BIIB correlations · NVS correlations
