COPA vs. NATO

Last updated Jun 4, 2026

COPA (Themes Copper Miners ETF) and NATO (Themes Transatlantic Defense ETF) are both exchange-traded funds - COPA is a Commodity Producers Equities fund tracking the BITA Global Copper Mining Select Index, while NATO is a Aerospace & Defense fund tracking the Solactive Transatlantic Aerospace and Defense Index. Both are passively managed. Over the past year, COPA returned 125.91% vs 13.50% for NATO. At a 0.35 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.

Performance

COPA vs. NATO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Copper Miners ETF (COPA) and Themes Transatlantic Defense ETF (NATO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, COPA achieves a 25.73% return, which is significantly higher than NATO's 1.39% return.

COPA

• 1D: -2.67%
• 1M: 19.35%
• YTD: 25.73%
• 6M: 38.86%
• 1Y: 125.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NATO

• 1D: -1.87%
• 1M: 2.05%
• YTD: 1.39%
• 6M: 7.82%
• 1Y: 13.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

COPA vs. NATO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
COPA Themes Copper Miners ETF	25.73%	100.86%	-16.43%
NATO Themes Transatlantic Defense ETF	1.39%	50.95%	0.35%

Correlation

The correlation between COPA and NATO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (All Time) Calculated using the full available price history since Oct 14, 2024	0.35

Return for Risk

COPA vs. NATO — Risk / Return Rank

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

COPA

COPA Risk / Return Rank: 82
COPA Sharpe Ratio Rank: 92
COPA Sortino Ratio Rank: 78
COPA Omega Ratio Rank: 77
COPA Calmar Ratio Rank: 84
COPA Martin Ratio Rank: 78

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.

COPA vs. NATO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Copper Miners ETF (COPA) 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.

	COPA	NATO	Difference
Sharpe ratio: Return per unit of total volatility	3.25	0.65	+2.59
Sortino ratio: Return per unit of downside risk	3.48	1.07	+2.41
Omega ratio: Gain probability vs. loss probability	1.46	1.13	+0.33
Calmar ratio: Return relative to maximum drawdown	4.52	0.85	+3.67
Martin ratio: Return relative to average drawdown	15.06	2.19	+12.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

COPA vs. NATO - Sharpe Ratio Comparison

The current COPA Sharpe Ratio is 3.25, which is higher than the NATO Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of COPA 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

	COPA	NATO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.25	0.65	+2.59
Sharpe Ratio (All Time) Calculated using the full available price history	1.53	1.34	+0.19

Drawdowns

COPA vs. NATO - Drawdown Comparison

The maximum COPA drawdown since its inception was -34.72%, which is greater than NATO's maximum drawdown of -15.99%. Use the drawdown chart below to compare losses from any high point for COPA and NATO.

Drawdown Indicators

	COPA	NATO	Difference
Max Drawdown Largest peak-to-trough decline	-34.72%	-15.99%	-18.73%
Max Drawdown (1Y) Largest decline over 1 year	-28.05%	-15.99%	-12.06%
Current Drawdown Current decline from peak	-2.67%	-12.30%	+9.63%
Average Drawdown Average peak-to-trough decline	-9.62%	-3.71%	-5.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.39%	6.17%	+2.22%

Volatility

COPA vs. NATO - Volatility Comparison

Themes Copper Miners ETF (COPA) has a higher volatility of 14.11% compared to Themes Transatlantic Defense ETF (NATO) at 7.97%. This indicates that COPA'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

	COPA	NATO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.11%	7.97%	+6.14%
Volatility (6M) Calculated over the trailing 6-month period	33.12%	17.65%	+15.47%
Volatility (1Y) Calculated over the trailing 1-year period	38.98%	20.71%	+18.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.12%	22.61%	+15.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.12%	22.61%	+15.51%

COPA vs. NATO - Expense Ratio Comparison

Both COPA and NATO have an expense ratio of 0.35%.

Dividends

COPA vs. NATO - Dividend Comparison

COPA's dividend yield for the trailing twelve months is around 3.39%, more than NATO's 0.44% yield.

Position	TTM	2025	2024
COPA Themes Copper Miners ETF	3.39%	4.26%	1.33%
NATO Themes Transatlantic Defense ETF	0.44%	0.45%	0.08%

Frequently Asked Questions

Can I hold both COPA and NATO in my portfolio?

COPA and NATO have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, COPA or NATO?

COPA has higher volatility (14.11%) compared to NATO (7.97%). In terms of maximum drawdown, COPA dropped -34.72% vs NATO's -15.99%.

Which ETF is better, COPA or NATO?

On 1-year performance, COPA leads with 125.91% vs 13.50% for NATO. Both ETFs have the same 0.35% expense ratio. On volatility, NATO has been the lower-risk option at 7.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COPA or NATO?

Over the 1-year period, COPA has performed better with a 125.91% return vs 13.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COPA or NATO?

COPA and NATO have the same expense ratio: 0.35% per year.

Which ETF pays a higher dividend yield, COPA or NATO?

COPA has the higher dividend yield at 3.39%, compared with 0.44% for NATO.

What is the main difference between COPA and NATO?

COPA is categorized as Commodity Producers Equities, while NATO is Aerospace & Defense. COPA tracks BITA Global Copper Mining Select Index, while NATO tracks Solactive Transatlantic Aerospace and Defense Index.

Which has better risk-adjusted returns?

COPA currently has the higher Sharpe Ratio (3.25 vs 0.65), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.