LLY vs NVS: Correlation
Measured on weekly returns over the past three years, Lilly (Eli) (LLY) and Novartis AG (NVS) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LLY and NVS?
Across a 3-year window, the weekly returns of LLY and NVS correlate at 0.41, moderate. The link has tightened recently: the 1-year correlation (0.53) runs above the 3-year figure (0.41). Stretching to 5 years gives 0.44, with an annualized covariance of 294.2 %².
By 3-year correlation, NVS places #7 of the 29 assets tracked against LLY. Correlation aside, the last 12 months split them widely, with LLY ahead by 35.6 points (+61.2% versus +25.6%). One caveat on sizing: LLY is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
LLY vs NVS: side by side
| LLY (Lilly (Eli)) | NVS (Novartis AG) | |
|---|---|---|
| 1-year return | +61.2% | +25.6% |
| 5-year return | +369.2% | +103.5% |
| Volatility (ann.) | 36.6% | 19.6% |
| Beta vs S&P 500 | 0.57 | 0.25 |
| Max drawdown (3Y) | -34.5% | -20.0% |
| Market cap | $1,048.8B | $293.9B |
| P/E (trailing) | 40.0 | 23.4 |
| Dividend yield | 0.54% | 2.96% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | LLY | NVS |
|---|---|---|
| 2022 | +34.3% | +8.1% |
| 2023 | +60.9% | +16.1% |
| 2024 | +33.3% | +0.0% |
| 2025 | +40.2% | +47.0% |
| 2026 | +10.0% | +15.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LLY and NVS good diversifiers for each other?
Reasonably. At 0.41, LLY and NVS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between LLY and NVS?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.53 over the last year and 0.44 over 5 years.
Is NVS a good diversifier for LLY?
Reasonably. At 0.41, LLY and NVS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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/lly-vs-nvs.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/lly-vs-nvs/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: LLY correlations · NVS correlations
