NVO vs THW: Correlation
Novo Nordisk A/S (NVO) and abrdn World Healthcare Fund Shares of Beneficial Interest (THW) show a moderate relationship: their 3-year correlation of weekly returns is 0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVO and THW?
Across a 3-year window, the weekly returns of NVO and THW correlate at 0.41, moderate. The relationship has been stable: the 1-year correlation (0.37) sits close to the 3-year figure. Stretching to 5 years gives 0.39, with an annualized covariance of 401.8 %².
THW is one of the assets that tracks NVO most closely: it ranks #3 out of the 12 assets we track against NVO. Their recent paths diverged sharply: over the last 12 months THW outperformed by 47.6 percentage points (-13.9% for NVO against +33.7% for THW). Note the risk asymmetry: NVO runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 THW: side by side
| NVO (Novo Nordisk A/S) | THW (abrdn World Healthcare Fund Shares of Beneficial Interest) | |
|---|---|---|
| 1-year return | -13.9% | +33.7% |
| 5-year return | +1.3% | +40.2% |
| Volatility (ann.) | 45.9% | 21.4% |
| Beta vs S&P 500 | 1.06 | 0.75 |
| Max drawdown (3Y) | -74.7% | -25.4% |
| Market cap | $204.5B | $0.6B |
| P/E (trailing) | 11.5 | 6.6 |
| Dividend yield | 24.79% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NVO | THW |
|---|---|---|
| 2022 | +22.7% | -1.2% |
| 2023 | +54.8% | -11.5% |
| 2024 | -15.9% | +5.4% |
| 2025 | -39.2% | +31.1% |
| 2026 | -4.5% | +18.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVO and THW good diversifiers for each other?
Reasonably. At 0.41, NVO and THW keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NVO and THW?
As of 2026-08-27, the correlation of weekly returns between NVO and THW is 0.41 over 3 years, 0.37 over 1 year and 0.39 over 5 years.
Is THW a good diversifier for NVO?
Reasonably. At 0.41, NVO and THW keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 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.
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Related comparisons
Hubs: NVO correlations · THW correlations
