DUTY vs. NATO

Last updated Jul 28, 2026

DUTY (U.S. Defense ETF) and NATO (Themes Transatlantic Defense ETF) are both Aerospace & Defense funds - DUTY tracks the Solactive U.S. Defense Index while NATO tracks the Solactive Transatlantic Aerospace and Defense Index. Both are passively managed. Their 0.55 correlation means they have sometimes moved together and sometimes differently. DUTY charges 0.45%/yr vs 0.35%/yr for NATO.

Performance

DUTY vs. NATO - Performance Comparison

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

Returns By Period

DUTY

• 1D: 1.16%
• 1M: 5.55%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

NATO

• 1D: 1.47%
• 1M: 4.45%
• 6M: -2.06%
• YTD: 8.45%
• 1Y: 13.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 32.06%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DUTY U.S. Defense ETF	$29.21K	$43.98K	$68.41K
NATO Themes Transatlantic Defense ETF	$812.12K	$838.71K	$1.19M

DUTY vs. NATO - Yearly Performance Comparison

	2026 (YTD)
DUTY U.S. Defense ETF	3.10%
NATO Themes Transatlantic Defense ETF	4.93%

Correlation

The correlation between DUTY and NATO is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026	0.55

Return for Risk

DUTY vs. NATO — Risk / Return Rank

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

DUTY

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

NATO

NATO Risk / Return Rank: 26
NATO Sharpe Ratio Rank: 26
NATO Sortino Ratio Rank: 27
NATO Omega Ratio Rank: 25
NATO Calmar Ratio Rank: 26
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.

DUTY vs. NATO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for U.S. Defense ETF (DUTY) 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.

	DUTY	NATO	Difference
Sharpe ratio: Return per unit of total volatility	—	0.61	—
Sortino ratio: Return per unit of downside risk	—	1.03	—
Omega ratio: Gain probability vs. loss probability	—	1.12	—
Calmar ratio: Return relative to maximum drawdown	—	0.84	—
Martin ratio: Return relative to average drawdown	—	1.89	—

Drawdowns

DUTY vs. NATO - Drawdown Comparison

The maximum DUTY drawdown since its inception was -13.42%, smaller than the maximum NATO drawdown of -15.99%. Use the drawdown chart below to compare losses from any high point for DUTY and NATO.

Drawdown Indicators

	DUTY	NATO	Difference
Max Drawdown Largest peak-to-trough decline	-13.42%	-15.99%	+2.57%
Max Drawdown (1Y) Largest decline over 1 year	—	-15.99%	—
Current Drawdown Current decline from peak	-6.51%	-6.20%	-0.31%
Average Drawdown Average peak-to-trough decline	-4.93%	-4.14%	-0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.09%	—

Volatility

Volatility by Period

	DUTY	NATO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.32%	—
Volatility (6M) Calculated over the trailing 6-month period	—	18.38%	—
Volatility (1Y) Calculated over the trailing 1-year period	26.02%	21.86%	+4.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.02%	22.62%	+3.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.02%	22.62%	+3.40%

DUTY vs. NATO - Expense Ratio Comparison

DUTY has a 0.45% expense ratio, which is higher than NATO's 0.35% expense ratio.

Dividends

DUTY vs. NATO - Dividend Comparison

DUTY has not paid dividends to shareholders, while NATO's dividend yield for the trailing twelve months is around 0.42%.

Position	TTM	2025	2024
DUTY U.S. Defense ETF	0.00%	0.00%	0.00%
NATO Themes Transatlantic Defense ETF	0.42%	0.45%	0.08%

Frequently Asked Questions

Can I hold both DUTY and NATO in my portfolio?

DUTY and NATO have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DUTY 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, DUTY or NATO?

NATO is cheaper with a 0.35% expense ratio, compared with 0.45% for DUTY.

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

NATO has the higher dividend yield at 0.42%, compared with 0.00% for DUTY.

What is the main difference between DUTY and NATO?

DUTY tracks Solactive U.S. Defense Index, while NATO tracks Solactive Transatlantic Aerospace and Defense Index. They also come from different issuers: Aura and Themes. Their fees differ too: 0.45% for DUTY and 0.35% for NATO.