EUNL.DE vs. NATO.L
EUNL.DE (iShares Core MSCI World UCITS ETF USD (Acc)) and NATO.L (HANetf Future of Defence UCITS ETF - Accumulating) are both exchange-traded funds - EUNL.DE is a Global Equities fund tracking the MSCI World Index, while NATO.L is a Aerospace & Defense fund tracking the EQM Future of Defence Index. Both are passively managed. Over the past year, EUNL.DE returned 23.39% vs 17.30% for NATO.L. A 0.62 correlation means they provide meaningful diversification when combined. EUNL.DE charges 0.20%/yr vs 0.49%/yr for NATO.L.
Performance
EUNL.DE vs. NATO.L - Performance Comparison
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Different Trading Currencies
EUNL.DE is traded in EUR, while NATO.L is traded in USD. To make them comparable, the NATO.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, EUNL.DE achieves a 9.95% return, which is significantly lower than NATO.L's 11.99% return.
EUNL.DE
- 1D
- 1.66%
- 1M
- 2.05%
- YTD
- 9.95%
- 6M
- 11.17%
- 1Y
- 23.39%
- 3Y*
- 16.77%
- 5Y*
- 12.47%
- 10Y*
- 12.99%
NATO.L
- 1D
- 0.00%
- 1M
- 6.49%
- YTD
- 11.99%
- 6M
- 12.58%
- 1Y
- 17.30%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EUNL.DE vs. NATO.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
EUNL.DE iShares Core MSCI World UCITS ETF USD (Acc) | 9.95% | 7.91% | 25.93% | 6.55% |
NATO.L HANetf Future of Defence UCITS ETF - Accumulating | 11.99% | 36.45% | 40.70% | 15.33% |
Correlation
The correlation between EUNL.DE and NATO.L is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Jul 3, 2023 | 0.62 |
The correlation between EUNL.DE and NATO.L shifts across timeframes, from 0.47 (1 year) to 0.62 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EUNL.DE vs. NATO.L — Risk / Return Rank
EUNL.DE
NATO.L
EUNL.DE vs. NATO.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI World UCITS ETF USD (Acc) (EUNL.DE) and HANetf Future of Defence UCITS ETF - Accumulating (NATO.L). 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.
| EUNL.DE | NATO.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.23 | ||
| Sortino ratioReturn per unit of downside risk | +1.60 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.16 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 3.74 | 1.39 | +2.35 |
| Martin ratioReturn relative to average drawdown | 15.11 | 3.11 | +12.00 |
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Drawdowns
EUNL.DE vs. NATO.L - Drawdown Comparison
The maximum EUNL.DE drawdown since its inception was -33.63%, which is greater than NATO.L's maximum drawdown of -13.59%. Use the drawdown chart below to compare losses from any high point for EUNL.DE and NATO.L.
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Drawdown Indicators
| EUNL.DE | NATO.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.63% | -13.59% | -20.04% |
Max Drawdown (1Y)Largest decline over 1 year | -6.22% | -12.37% | +6.15% |
Max Drawdown (3Y)Largest decline over 3 years | -21.73% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -21.73% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -33.63% | — | — |
Current DrawdownCurrent decline from peak | -1.13% | -3.87% | +2.74% |
Average DrawdownAverage peak-to-trough decline | -4.22% | -2.53% | -1.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.54% | 5.56% | -4.02% |
Volatility
EUNL.DE vs. NATO.L - Volatility Comparison
The current volatility for iShares Core MSCI World UCITS ETF USD (Acc) (EUNL.DE) is 3.08%, while HANetf Future of Defence UCITS ETF - Accumulating (NATO.L) has a volatility of 6.81%. This indicates that EUNL.DE experiences smaller price fluctuations and is considered to be less risky than NATO.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EUNL.DE | NATO.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.08% | 6.81% | -3.73% |
Volatility (6M)Calculated over the trailing 6-month period | 7.98% | 16.16% | -8.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.31% | 20.56% | -9.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.18% | 19.28% | -5.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.16% | 19.28% | -4.12% |
EUNL.DE vs. NATO.L - Expense Ratio Comparison
EUNL.DE has a 0.20% expense ratio, which is lower than NATO.L's 0.49% expense ratio.
Dividends
EUNL.DE vs. NATO.L - Dividend Comparison
Neither EUNL.DE nor NATO.L has paid dividends to shareholders.
Frequently Asked Questions
EUNL.DE and NATO.L have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EUNL.DE is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EUNL.DE is cheaper with a 0.20% expense ratio, compared with 0.49% for NATO.L.
EUNL.DE is categorized as Global Equities, while NATO.L is Aerospace & Defense. EUNL.DE tracks MSCI World Index, while NATO.L tracks EQM Future of Defence Index. They also come from different issuers: iShares and HANetf. Their fees differ too: 0.20% for EUNL.DE and 0.49% for NATO.L.
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