NVO vs TOYO: Correlation
Novo Nordisk A/S (NVO) and TOYO Co., Ltd (TOYO) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVO and TOYO?
On 3 years of weekly data the NVO/TOYO correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.35 over 1 year against -0.28 over 3. The 5-year figure is -0.25, and annualized covariance runs at -1361.5 %².
Among the 12 assets we track against NVO, TOYO sits near the bottom by co-movement, at rank #11. Twelve-month performance is nearly a tie, at -13.9% for NVO and -13.6% for TOYO. One caveat on sizing: TOYO is 2.3 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.
NVO vs TOYO: side by side
| NVO (Novo Nordisk A/S) | TOYO (TOYO Co., Ltd) | |
|---|---|---|
| 1-year return | -13.9% | -13.6% |
| 5-year return | +1.3% | -54.4% |
| Volatility (ann.) | 45.9% | 107.7% |
| Beta vs S&P 500 | 1.06 | 0.34 |
| Max drawdown (3Y) | -74.7% | -86.3% |
| Market cap | $204.5B | $0.2B |
| P/E (trailing) | 11.5 | 2.1 |
| Dividend yield | 24.79% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NVO | TOYO |
|---|---|---|
| 2022 | +22.7% | – |
| 2023 | +54.8% | +8.0% |
| 2024 | -15.9% | -69.3% |
| 2025 | -39.2% | +73.4% |
| 2026 | -4.5% | -23.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVO and TOYO good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between NVO and TOYO?
The NVO/TOYO correlation stands at -0.28 on a 3-year window (1 year: -0.35, 5 years: -0.25), computed from weekly returns as of 2026-08-27.
Is TOYO a good diversifier for NVO?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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
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Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nvo-vs-toyo/)
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Related comparisons
Hubs: NVO correlations · TOYO correlations
