DFND vs. NATO

Last updated Jul 14, 2026

DFND (Siren DIVCON Dividend Defender ETF) and NATO (Themes Transatlantic Defense ETF) are both exchange-traded funds - DFND is a Large Cap Blend Equities fund tracking the Siren DIVCON Dividend Defender Index, while NATO is a Aerospace & Defense fund tracking the Solactive Transatlantic Aerospace and Defense Index. Both are passively managed. At a 0.07 correlation, their price movements are largely independent. DFND charges 1.50%/yr vs 0.35%/yr for NATO.

Performance

DFND vs. NATO - Performance Comparison

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

Returns By Period

DFND

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

NATO

• 1D: -1.91%
• 1M: 0.11%
• 6M: -6.12%
• YTD: 4.20%
• 1Y: 10.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFND vs. NATO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DFND Siren DIVCON Dividend Defender ETF	0.00%	10.37%	-8.52%
NATO Themes Transatlantic Defense ETF	4.20%	50.95%	0.51%

Correlation

The correlation between DFND and NATO is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (All Time) Calculated using the full available price history since Oct 11, 2024	0.07

Return for Risk

DFND vs. NATO — Risk / Return Rank

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

DFND

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

NATO

NATO Risk / Return Rank: 19
NATO Sharpe Ratio Rank: 19
NATO Sortino Ratio Rank: 19
NATO Omega Ratio Rank: 18
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.

DFND vs. NATO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Siren DIVCON Dividend Defender ETF (DFND) 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.

	DFND	NATO	Difference
Sharpe ratio: Return per unit of total volatility	—	0.51	—
Sortino ratio: Return per unit of downside risk	—	0.89	—
Omega ratio: Gain probability vs. loss probability	—	1.10	—
Calmar ratio: Return relative to maximum drawdown	—	0.69	—
Martin ratio: Return relative to average drawdown	—	1.61	—

Drawdowns

Drawdown Indicators

	DFND	NATO	Difference
Max Drawdown Largest peak-to-trough decline	—	-15.99%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-15.99%	—
Current Drawdown Current decline from peak	—	-9.88%	—
Average Drawdown Average peak-to-trough decline	—	-4.02%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.83%	—

Volatility

Volatility by Period

	DFND	NATO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.48%	—
Volatility (6M) Calculated over the trailing 6-month period	—	18.46%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	21.81%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	22.74%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	22.74%	—

DFND vs. NATO - Expense Ratio Comparison

DFND has a 1.50% expense ratio, which is higher than NATO's 0.35% expense ratio.

Dividends

DFND vs. NATO - Dividend Comparison

DFND has not paid dividends to shareholders, while NATO's dividend yield for the trailing twelve months is around 0.43%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFND Siren DIVCON Dividend Defender ETF	0.29%	1.10%	1.64%	1.84%	0.29%	0.00%	0.00%	0.77%	0.53%	0.02%
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 DFND and NATO in my portfolio?

DFND and NATO have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DFND 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, DFND or NATO?

NATO is cheaper with a 0.35% expense ratio, compared with 1.50% for DFND.

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

NATO has the higher dividend yield at 0.43%, compared with 0.29% for DFND.

What is the main difference between DFND and NATO?

DFND is categorized as Large Cap Blend Equities, while NATO is Aerospace & Defense. DFND tracks Siren DIVCON Dividend Defender Index, while NATO tracks Solactive Transatlantic Aerospace and Defense Index. They also come from different issuers: SRN Advisors and Themes. Their fees differ too: 1.50% for DFND and 0.35% for NATO.