CMCX.L vs. NATO

Last updated Jun 16, 2026

CMCX.L (CMC Markets plc) is a stock, while NATO (Themes Transatlantic Defense ETF) is Aerospace & Defense fund tracking the Solactive Transatlantic Aerospace and Defense Index. Over the past year, CMCX.L returned 91.39% vs 20.69% for NATO. At a 0.13 correlation, their price movements are largely independent.

Performance

CMCX.L vs. NATO - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in CMC Markets plc (CMCX.L) and Themes Transatlantic Defense ETF (NATO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CMCX.L is traded in GBp, while NATO is traded in USD. To make them comparable, the NATO values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, CMCX.L achieves a 53.85% return, which is significantly higher than NATO's 6.13% return.

CMCX.L

• 1D: -0.86%
• 1M: 21.37%
• YTD: 53.85%
• 6M: 63.41%
• 1Y: 91.39%
• 3Y*: 45.92%
• 5Y*: 5.39%
• 10Y*: 9.59%

NATO

• 1D: 1.44%
• 1M: 6.82%
• YTD: 6.13%
• 6M: 8.48%
• 1Y: 20.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CMCX.L vs. NATO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CMCX.L CMC Markets plc	53.85%	27.16%	-15.46%
NATO Themes Transatlantic Defense ETF	6.13%	40.20%	4.92%

Correlation

The correlation between CMCX.L and NATO is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (All Time) Calculated using the full available price history since Oct 11, 2024	0.13

Return for Risk

CMCX.L vs. NATO — Risk / Return Rank

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

CMCX.L

CMCX.L Risk / Return Rank: 93
CMCX.L Sharpe Ratio Rank: 90
CMCX.L Sortino Ratio Rank: 97
CMCX.L Omega Ratio Rank: 95
CMCX.L Calmar Ratio Rank: 93
CMCX.L Martin Ratio Rank: 92

NATO

NATO Risk / Return Rank: 27
NATO Sharpe Ratio Rank: 28
NATO Sortino Ratio Rank: 28
NATO Omega Ratio Rank: 27
NATO Calmar Ratio Rank: 27
NATO Martin Ratio Rank: 24

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.

CMCX.L vs. NATO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CMC Markets plc (CMCX.L) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CMCX.L	NATO	Difference
Sharpe ratio: Return per unit of total volatility	2.17	1.02	+1.15
Sortino ratio: Return per unit of downside risk	4.59	1.56	+3.03
Omega ratio: Gain probability vs. loss probability	1.53	1.19	+0.35
Calmar ratio: Return relative to maximum drawdown	5.34	1.32	+4.02
Martin ratio: Return relative to average drawdown	13.73	3.19	+10.54

CMCX.L vs. NATO - Sharpe Ratio Comparison

The current CMCX.L Sharpe Ratio is 2.17, which is higher than the NATO Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of CMCX.L 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.

Drawdowns

CMCX.L vs. NATO - Drawdown Comparison

The maximum CMCX.L drawdown since its inception was -81.04%, which is greater than NATO's maximum drawdown of -15.79%. Use the drawdown chart below to compare losses from any high point for CMCX.L and NATO.

Drawdown Indicators

	CMCX.L	NATO	Difference
Max Drawdown Largest peak-to-trough decline	-81.04%	-15.79%	-65.25%
Max Drawdown (1Y) Largest decline over 1 year	-17.02%	-15.79%	-1.23%
Max Drawdown (3Y) Largest decline over 3 years	-45.29%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-78.60%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-81.04%	—	—
Current Drawdown Current decline from peak	-1.08%	-8.67%	+7.59%
Average Drawdown Average peak-to-trough decline	-40.50%	-3.67%	-36.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.63%	6.49%	+0.14%

Volatility

CMCX.L vs. NATO - Volatility Comparison

CMC Markets plc (CMCX.L) has a higher volatility of 17.70% compared to Themes Transatlantic Defense ETF (NATO) at 7.68%. This indicates that CMCX.L's price experiences larger fluctuations and is considered to be riskier than NATO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMCX.L	NATO	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.70%	7.68%	+10.02%
Volatility (6M) Calculated over the trailing 6-month period	24.28%	16.89%	+7.39%
Volatility (1Y) Calculated over the trailing 1-year period	41.98%	20.32%	+21.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.80%	21.85%	+24.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.36%	21.85%	+24.51%

Dividends

CMCX.L vs. NATO - Dividend Comparison

CMCX.L's dividend yield for the trailing twelve months is around 3.00%, more than NATO's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CMCX.L CMC Markets plc	3.00%	4.62%	4.19%	4.67%	5.53%	9.46%	5.47%	2.41%	6.94%	5.95%
NATO Themes Transatlantic Defense ETF	0.43%	0.45%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CMCX.L and NATO in my portfolio?

CMCX.L and NATO have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.