ASWC.DE vs. NATO

Last updated Jun 4, 2026

ASWC.DE (HANetf Future of Defence UCITS ETF Acc EUR) and NATO (Themes Transatlantic Defense ETF) are both Aerospace & Defense funds - ASWC.DE tracks the EQM Future of Defence Index while NATO tracks the Solactive Transatlantic Aerospace and Defense Index. Both are passively managed. Over the past year, ASWC.DE returned 18.85% vs 11.24% for NATO. A 0.61 correlation means they provide meaningful diversification when combined. ASWC.DE charges 0.49%/yr vs 0.35%/yr for NATO.

Performance

ASWC.DE vs. NATO - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in HANetf Future of Defence UCITS ETF Acc EUR (ASWC.DE) and Themes Transatlantic Defense ETF (NATO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ASWC.DE is traded in EUR, while NATO is traded in USD. To make them comparable, the NATO values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, ASWC.DE achieves a 14.82% return, which is significantly higher than NATO's 2.61% return.

ASWC.DE

• 1D: -1.30%
• 1M: 9.81%
• YTD: 14.82%
• 6M: 18.74%
• 1Y: 18.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NATO

• 1D: -1.66%
• 1M: 2.78%
• YTD: 2.61%
• 6M: 8.41%
• 1Y: 11.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ASWC.DE vs. NATO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ASWC.DE HANetf Future of Defence UCITS ETF Acc EUR	14.82%	38.30%	6.53%
NATO Themes Transatlantic Defense ETF	2.61%	33.04%	6.01%

Correlation

The correlation between ASWC.DE and NATO is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (All Time) Calculated using the full available price history since Oct 14, 2024	0.61

The correlation between ASWC.DE and NATO has been stable across timeframes, ranging from 0.61 to 0.62 - a consistent structural relationship.

Return for Risk

ASWC.DE vs. NATO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ASWC.DE

ASWC.DE Risk / Return Rank: 28
ASWC.DE Sharpe Ratio Rank: 27
ASWC.DE Sortino Ratio Rank: 27
ASWC.DE Omega Ratio Rank: 26
ASWC.DE Calmar Ratio Rank: 32
ASWC.DE Martin Ratio Rank: 26

NATO

NATO Risk / Return Rank: 19
NATO Sharpe Ratio Rank: 19
NATO Sortino Ratio Rank: 20
NATO Omega Ratio Rank: 19
NATO Calmar Ratio Rank: 20
NATO Martin Ratio Rank: 19

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ASWC.DE vs. NATO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HANetf Future of Defence UCITS ETF Acc EUR (ASWC.DE) and Themes Transatlantic Defense ETF (NATO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ASWC.DE	NATO	Difference
Sharpe ratio Return per unit of total volatility	0.99	0.56	+0.43
Sortino ratio Return per unit of downside risk	1.49	0.93	+0.56
Omega ratio Gain probability vs. loss probability	1.18	1.11	+0.07
Calmar ratio Return relative to maximum drawdown	1.60	0.74	+0.85
Martin ratio Return relative to average drawdown	3.65	1.82	+1.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ASWC.DE vs. NATO - Sharpe Ratio Comparison

The current ASWC.DE Sharpe Ratio is 0.99, which is higher than the NATO Sharpe Ratio of 0.56. The chart below compares the historical Sharpe Ratios of ASWC.DE and NATO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ASWC.DE	NATO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.99	0.56	+0.43
Sharpe Ratio (All Time) Calculated using the full available price history	1.95	1.12	+0.83

Drawdowns

ASWC.DE vs. NATO - Drawdown Comparison

The maximum ASWC.DE drawdown since its inception was -12.58%, smaller than the maximum NATO drawdown of -15.19%. Use the drawdown chart below to compare losses from any high point for ASWC.DE and NATO.

Drawdown Indicators

	ASWC.DE	NATO	Difference
Max Drawdown Largest peak-to-trough decline	-12.58%	-15.19%	+2.61%
Max Drawdown (1Y) Largest decline over 1 year	-12.58%	-15.19%	+2.61%
Current Drawdown Current decline from peak	-1.30%	-11.68%	+10.38%
Average Drawdown Average peak-to-trough decline	-2.47%	-3.80%	+1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.51%	6.19%	-0.68%

Volatility

ASWC.DE vs. NATO - Volatility Comparison

The current volatility for HANetf Future of Defence UCITS ETF Acc EUR (ASWC.DE) is 5.67%, while Themes Transatlantic Defense ETF (NATO) has a volatility of 7.27%. This indicates that ASWC.DE experiences smaller price fluctuations and is considered to be less risky than NATO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASWC.DE	NATO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.67%	7.27%	-1.60%
Volatility (6M) Calculated over the trailing 6-month period	15.84%	16.85%	-1.01%
Volatility (1Y) Calculated over the trailing 1-year period	20.34%	20.15%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.13%	22.83%	-3.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.13%	22.83%	-3.70%

ASWC.DE vs. NATO - Expense Ratio Comparison

ASWC.DE has a 0.49% expense ratio, which is higher than NATO's 0.35% expense ratio.

Dividends

ASWC.DE vs. NATO - Dividend Comparison

ASWC.DE has not paid dividends to shareholders, while NATO's dividend yield for the trailing twelve months is around 0.44%.

Position	TTM	2025	2024
ASWC.DE HANetf Future of Defence UCITS ETF Acc EUR	0.00%	0.00%	0.00%
NATO Themes Transatlantic Defense ETF	0.44%	0.45%	0.08%

Frequently Asked Questions

Can I hold both ASWC.DE and NATO in my portfolio?

ASWC.DE and NATO have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ASWC.DE or NATO?

On fees, NATO is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ASWC.DE or NATO?

NATO is cheaper with a 0.35% expense ratio, compared with 0.49% for ASWC.DE.

What is the main difference between ASWC.DE and NATO?

ASWC.DE tracks EQM Future of Defence Index, while NATO tracks Solactive Transatlantic Aerospace and Defense Index. They also come from different issuers: HANetf and Themes. Their fees differ too: 0.49% for ASWC.DE and 0.35% for NATO.