NVO vs PANW: Correlation
Measured on weekly returns over the past three years, Novo Nordisk A/S (NVO) and Palo Alto Networks (PANW) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVO and PANW?
Over the past 3 years, NVO and PANW moved with a correlation of 0.38, which is moderate. Recent behaviour matches the longer record: 0.39 over 1 year against 0.38 over 3. Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 732.3 %².
Within NVO's tracked universe of 12 assets, PANW comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PANW ahead by 118.0 points (-13.9% versus +104.1%).
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.
NVO vs PANW: side by side
| NVO (Novo Nordisk A/S) | PANW (Palo Alto Networks) | |
|---|---|---|
| 1-year return | -13.9% | +104.1% |
| 5-year return | +1.3% | +400.7% |
| Volatility (ann.) | 45.9% | 42.0% |
| Beta vs S&P 500 | 1.06 | 1.32 |
| Max drawdown (3Y) | -74.7% | -36.0% |
| Market cap | $204.5B | $312.0B |
| P/E (trailing) | 11.5 | 294.5 |
| Dividend yield | 24.79% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | NVO | PANW |
|---|---|---|
| 2022 | +22.7% | -24.8% |
| 2023 | +54.8% | +111.3% |
| 2024 | -15.9% | +23.4% |
| 2025 | -39.2% | +1.2% |
| 2026 | -4.5% | +107.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVO and PANW good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NVO and PANW?
The NVO/PANW correlation stands at 0.38 on a 3-year window (1 year: 0.39, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is PANW a good diversifier for NVO?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 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/nvo-vs-panw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nvo-vs-panw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NVO correlations · PANW correlations
