IQV vs NVO: Correlation
Measured on weekly returns over the past three years, IQVIA (IQV) and Novo Nordisk A/S (NVO) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IQV and NVO?
Over the past 3 years, IQV and NVO moved with a correlation of 0.42, which is moderate. Recent behaviour matches the longer record: 0.39 over 1 year against 0.42 over 3. Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 723.0 %².
Among the 37 assets we track against IQV, NVO ranks #21 by 3-year correlation. Correlation aside, the last 12 months split them widely, with IQV ahead by 52.9 points (+39.0% versus -13.9%).
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.
IQV vs NVO: side by side
| IQV (IQVIA) | NVO (Novo Nordisk A/S) | |
|---|---|---|
| 1-year return | +39.0% | -13.9% |
| 5-year return | +0.3% | +1.3% |
| Volatility (ann.) | 37.9% | 45.9% |
| Beta vs S&P 500 | 0.93 | 1.06 |
| Max drawdown (3Y) | -47.1% | -74.7% |
| Market cap | $43.2B | $204.5B |
| P/E (trailing) | 32.6 | 11.5 |
| Dividend yield | 0.00% | 24.79% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | IQV | NVO |
|---|---|---|
| 2022 | -27.4% | +22.7% |
| 2023 | +12.9% | +54.8% |
| 2024 | -15.1% | -15.9% |
| 2025 | +14.7% | -39.2% |
| 2026 | +16.4% | -4.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IQV and NVO good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between IQV and NVO?
As of 2026-08-27, the correlation of weekly returns between IQV and NVO is 0.42 over 3 years, 0.39 over 1 year and 0.41 over 5 years.
Is NVO a good diversifier for IQV?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 mean?
A reading of 0.42 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: IQV correlations · NVO correlations
