Tax-loss harvesting alternatives for NVO

Among the 30 Pharmaceuticals peers screened, PTCT (PTC Therapeutics, Inc.) has tracked NVO most closely over the past year, with a return correlation of 0.26. The strongest fund stand-in is PPH (VanEck Pharma ETF) at 0.40 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
PTCT	PTC Therapeutics, Inc.	Pharmaceuticals	0.26	0.11	0.11	0.13
PFE	Pfizer Inc.	Pharmaceuticals	0.25	0.19	0.19	0.26
AZN	AstraZeneca	Pharmaceuticals	0.25	0.26	0.30	0.35
ABBV	AbbVie Inc.	Pharmaceuticals	0.24	0.21	0.20	0.26
VTRS	Viatris	Pharmaceuticals	0.23	0.22	0.20	0.21
LLY	Eli Lilly	Pharmaceuticals	0.20	0.33	0.38	0.38
AMPH	Amphstar Pharmaceuticals, Inc.	Pharmaceuticals	0.19	0.20	0.18	0.21
ALKS	Alkermes plc	Pharmaceuticals	0.19	0.13	0.15	0.17
ANIP	ANI Pharmaceuticals, Inc.	Pharmaceuticals	0.18	0.19	0.15	0.17
ACAD	Acadia Pharmaceuticals	Pharmaceuticals	0.18	0.13	0.13	0.12
OGN	Organon & Co.	Pharmaceuticals	0.18	0.14	0.18	—
CORT	Corcept Therapeutics Incorporated	Pharmaceuticals	0.17	0.10	0.09	0.12
AMRX	Amneal Pharmaceuticals	Pharmaceuticals	0.17	0.16	0.13	0.14
SUPN	Supernus Pharmaceuticals, Inc.	Pharmaceuticals	0.16	0.02	0.07	0.13
ELAN	Elanco	Pharmaceuticals	0.16	0.21	0.20	0.21
PRGO	Perrigo	Pharmaceuticals	0.16	0.15	0.17	0.20
PBH	Prestige Consumer Healthcare	Pharmaceuticals	0.14	0.13	0.14	0.17
ZTS	Zoetis Inc.	Pharmaceuticals	0.14	0.19	0.23	0.29
SNY	Sanofi S.A.	Pharmaceuticals	0.14	0.21	0.23	0.31
GSK	GSK plc	Pharmaceuticals	0.13	0.22	0.25	0.31
JAZZ	Jazz Pharmaceuticals	Pharmaceuticals	0.13	0.16	0.18	0.20
BMY	Bristol-Myers Squibb	Pharmaceuticals	0.13	0.17	0.18	0.23
LQDA	Liquidia Corporation	Pharmaceuticals	0.11	0.15	0.12	0.12
MRK	Merck & Co.	Pharmaceuticals	0.11	0.21	0.22	0.29
INDV	Indivior	Pharmaceuticals	0.09	0.09	0.04	0.05
COLL	Collegium Pharmaceutical, Inc.	Pharmaceuticals	0.07	0.16	0.14	0.14
PCRX	Pacira BioSciences, Inc.	Pharmaceuticals	0.06	0.07	0.08	0.10
JNJ	Johnson & Johnson	Pharmaceuticals	0.04	0.07	0.12	0.22
INVA	Innoviva, Inc.	Pharmaceuticals	0.04	0.12	0.10	0.16
PAHC	Phibro Animal Health	Pharmaceuticals	0.03	0.10	0.12	0.15

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	0.40	0.50	0.51	0.52
VHT	Vanguard Health Care ETF	Health Care Sector	SECTOR	0.34	0.39	0.40	0.43
FHLC	Fidelity MSCI Health Care ETF	Health Care Sector	SECTOR	0.34	0.39	0.40	0.43
IBB	iShares Biotechnology ETF	Biotechnology	INDUSTRY	0.33	0.34	0.33	0.38
IYH	iShares US Healthcare ETF	Health Care Sector	SECTOR	0.32	0.39	0.40	0.43
XLV	Health Care Select Sector SPDR	Health Care Sector	SECTOR	0.31	0.38	0.39	0.43
XPH	SPDR S&P Pharmaceuticals	Pharmaceuticals (Equal Wt)	INDUSTRY	0.30	0.32	0.33	0.36
XBI	SPDR S&P Biotech ETF	Biotechnology (Equal Wt)	INDUSTRY	0.30	0.27	0.25	0.30
XHE	SPDR S&P Health Care Equipment	Medical Devices (Equal Wt)	SUB-IND	0.29	0.26	0.26	0.30
IHE	iShares US Pharmaceuticals ETF	Pharmaceuticals	INDUSTRY	0.28	0.36	0.39	0.41
IHF	iShares Health Care Providers	Health Care Providers	INDUSTRY	0.24	0.23	0.25	0.30
IHI	iShares Medical Devices ETF	Medical Devices	SUB-IND	0.22	0.26	0.28	0.34

NEXT STEPS

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Replacement research for NVO's peers

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

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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.