Tax-loss harvesting alternatives for NVO

Among the 30 Pharmaceuticals peers screened, PFE (Pfizer Inc.) has tracked NVO most closely over the past year, with a return correlation of 0.27. The strongest fund stand-in is PPH (VanEck Pharma ETF) at 0.42 over the past year. Correlations are computed from daily closing-price returns aligned by trading day.

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STOCKS

Single-name peers

Ticker	Name	Sub-industry	1Y	3Y	5Y	10Y
PFE	Pfizer Inc.	Pharmaceuticals	0.27	0.20	0.20	0.26
AZN	AstraZeneca	Pharmaceuticals	0.27	0.26	0.30	0.35
PTCT	PTC Therapeutics, Inc.	Pharmaceuticals	0.27	0.11	0.12	0.13
ABBV	AbbVie Inc.	Pharmaceuticals	0.25	0.21	0.20	0.26
VTRS	Viatris	Pharmaceuticals	0.23	0.22	0.20	0.21
LLY	Eli Lilly	Pharmaceuticals	0.22	0.33	0.38	0.38
ACAD	Acadia Pharmaceuticals	Pharmaceuticals	0.19	0.14	0.13	0.12
AMPH	Amphstar Pharmaceuticals, Inc.	Pharmaceuticals	0.19	0.19	0.18	0.21
ALKS	Alkermes plc	Pharmaceuticals	0.17	0.13	0.15	0.17
OGN	Organon & Co.	Pharmaceuticals	0.17	0.14	0.18	—
ELAN	Elanco	Pharmaceuticals	0.17	0.21	0.20	0.21
ANIP	ANI Pharmaceuticals, Inc.	Pharmaceuticals	0.17	0.18	0.15	0.16
SUPN	Supernus Pharmaceuticals, Inc.	Pharmaceuticals	0.16	0.03	0.08	0.12
SNY	Sanofi S.A.	Pharmaceuticals	0.16	0.21	0.23	0.31
BMY	Bristol-Myers Squibb	Pharmaceuticals	0.16	0.17	0.18	0.23
CORT	Corcept Therapeutics Incorporated	Pharmaceuticals	0.15	0.10	0.09	0.12
GSK	GSK plc	Pharmaceuticals	0.15	0.22	0.25	0.31
JAZZ	Jazz Pharmaceuticals	Pharmaceuticals	0.14	0.17	0.18	0.20
PRGO	Perrigo	Pharmaceuticals	0.14	0.14	0.17	0.19
ZTS	Zoetis Inc.	Pharmaceuticals	0.14	0.18	0.23	0.29
AMRX	Amneal Pharmaceuticals	Pharmaceuticals	0.13	0.16	0.12	0.14
MRK	Merck & Co.	Pharmaceuticals	0.13	0.21	0.23	0.29
LQDA	Liquidia Corporation	Pharmaceuticals	0.12	0.15	0.12	0.12
PBH	Prestige Consumer Healthcare	Pharmaceuticals	0.12	0.13	0.13	0.17
INDV	Indivior	Pharmaceuticals	0.11	0.09	0.04	0.05
JNJ	Johnson & Johnson	Pharmaceuticals	0.09	0.08	0.12	0.22
COLL	Collegium Pharmaceutical, Inc.	Pharmaceuticals	0.07	0.16	0.14	0.14
PCRX	Pacira BioSciences, Inc.	Pharmaceuticals	0.07	0.07	0.08	0.10
PAHC	Phibro Animal Health	Pharmaceuticals	0.03	0.10	0.12	0.15
INVA	Innoviva, Inc.	Pharmaceuticals	0.03	0.12	0.10	0.16

ETFS

Fund stand-ins

An ETF is generally not 'substantially identical' to a single stock, which is why funds are the standard wash-sale-aware replacement.

Ticker	Name	Focus	Match	1Y	3Y	5Y	10Y
PPH	VanEck Pharma ETF	Pharmaceuticals	INDUSTRY	0.42	0.50	0.51	0.52
VHT	Vanguard Health Care ETF	Health Care Sector	SECTOR	0.36	0.39	0.40	0.43
FHLC	Fidelity MSCI Health Care ETF	Health Care Sector	SECTOR	0.36	0.39	0.40	0.43
IYH	iShares US Healthcare ETF	Health Care Sector	SECTOR	0.35	0.39	0.40	0.43
IBB	iShares Biotechnology ETF	Biotechnology	INDUSTRY	0.35	0.34	0.33	0.38
XLV	Health Care Select Sector SPDR	Health Care Sector	SECTOR	0.33	0.38	0.39	0.42
XPH	SPDR S&P Pharmaceuticals	Pharmaceuticals (Equal Wt)	INDUSTRY	0.32	0.32	0.33	0.36
XBI	SPDR S&P Biotech ETF	Biotechnology (Equal Wt)	INDUSTRY	0.31	0.27	0.25	0.30
IHE	iShares US Pharmaceuticals ETF	Pharmaceuticals	INDUSTRY	0.30	0.36	0.39	0.41
XHE	SPDR S&P Health Care Equipment	Medical Devices (Equal Wt)	SUB-IND	0.29	0.26	0.26	0.30
IHF	iShares Health Care Providers	Health Care Providers	INDUSTRY	0.26	0.23	0.25	0.30
IHI	iShares Medical Devices ETF	Medical Devices	SUB-IND	0.23	0.26	0.28	0.33

NEXT STEPS

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Replacement research for NVO's peers

PFE AZN PTCT ABBV VTRS LLY ACAD AMPH ALKS OGN ELAN ANIP SUPN SNY BMY CORT GSK JAZZ PRGO ZTS AMRX MRK LQDA PBH INDV JNJ COLL PCRX PAHC INVA

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Method: Pearson correlation of daily closing-price returns, Yahoo Finance data, series aligned by trading day, refreshed weekly. A cell is blank when overlapping history covers less than 60% of its window. Correlation is descriptive, not predictive. Wash-sale treatment depends on facts and circumstances — confirm with a tax professional. Not investment advice.