Novo Nordisk A/S (B Shares) ADRhedged (NVOH) — Stock Correlations & Overview
Over the past year, NVOH has moved most closely with NVOX, NVO, EDEN. Explore the stocks most correlated and inversely correlated with NVOH below, along with its price, financials, and company profile.
Stocks correlated with NVOH
Correlation of daily returns. Higher positive values move with NVOH; negative values move opposite it. Informational only, not investment advice.
Most correlated with NVOH
| Symbol | Company | Correlation |
|---|---|---|
| NVOX | Defiance Daily Target 2x Long NVO ETF | 0.98 |
| NVO | Novo-Nordisk A/S | 0.97 |
| EDEN | iShares MSCI Denmark ETF | 0.71 |
| OZEM | Roundhill GLP-1 & Weight Loss ETF | 0.58 |
| THNR | Amplify Weight Loss Drug & Treatment ETF | 0.52 |
Most inversely correlated with NVOH
| Symbol | Company | Correlation |
|---|---|---|
| SKF | ProShares UltraShort Financials | -0.33 |
| FIAT | YieldMax Short COIN Option Income Strategy ETF | -0.33 |
| FAZ | Direxion Daily Financial Bear 3x ETF | -0.33 |
| SEF | ProShares Short Financials | -0.33 |
| CONI | GraniteShares ETF Trust GraniteShares 2x Short COIN Daily ETF | -0.32 |
Frequently asked questions about NVOH correlations
- Which stocks are most correlated with NVOH?
- Based on one year of daily returns, the stocks most correlated with Novo Nordisk A/S (B Shares) ADRhedged (NVOH) are NVOX (0.98), NVO (0.97) and EDEN (0.71). A correlation near 1.00 means the two stocks' daily moves have tracked each other closely over the period.
- Which stocks are inversely correlated with NVOH?
- Over the past year, the stocks most inversely correlated with Novo Nordisk A/S (B Shares) ADRhedged (NVOH) are SKF (-0.33), FIAT (-0.33) and FAZ (-0.33). A negative correlation means the two stocks have tended to move in opposite directions.
- What does a correlation of 0.8 mean for a stock?
- Correlation measures how closely two stocks' daily returns move together, on a scale from -1 to 1. At 0.8, the two stocks have moved in the same direction on most days — though not by identical amounts. A value near 0 means their moves have been unrelated, and a negative value means they have tended to move in opposite directions. Correlation reflects past behavior and can change over time.
- How are these NVOH correlations calculated?
- We compute the correlation of daily returns between NVOH and roughly 9,000 other US-listed stocks and ETFs over the trailing one-year window, then rank the strongest positive and negative relationships. The data is refreshed monthly. It is informational and educational only — not investment advice.
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