IPRP.L vs. NATO

Last updated Jun 14, 2026

IPRP.L (iShares European Property Yield UCITS ETF) and NATO (Themes Transatlantic Defense ETF) are both exchange-traded funds - IPRP.L is a REIT fund tracking the FTSE EPRA Nareit Developed Europe TR EUR, while NATO is a Aerospace & Defense fund tracking the Solactive Transatlantic Aerospace and Defense Index. Both are passively managed. Over the past year, IPRP.L returned 2.32% vs 18.97% for NATO. At a 0.10 correlation, their price movements are largely independent. IPRP.L charges 0.40%/yr vs 0.35%/yr for NATO.

Performance

IPRP.L vs. NATO - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares European Property Yield UCITS ETF (IPRP.L) and Themes Transatlantic Defense ETF (NATO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IPRP.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, IPRP.L achieves a 0.47% return, which is significantly lower than NATO's 4.62% return.

IPRP.L

• 1D: 1.60%
• 1M: 0.47%
• YTD: 0.47%
• 6M: 2.67%
• 1Y: 2.32%
• 3Y*: 11.51%
• 5Y*: -4.25%
• 10Y*: 1.88%

NATO

• 1D: -0.81%
• 1M: 5.30%
• YTD: 4.62%
• 6M: 7.03%
• 1Y: 18.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IPRP.L vs. NATO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IPRP.L iShares European Property Yield UCITS ETF	0.47%	13.63%	-7.94%
NATO Themes Transatlantic Defense ETF	4.62%	40.20%	4.92%

Correlation

The correlation between IPRP.L and NATO is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (All Time) Calculated using the full available price history since Oct 11, 2024	0.10

Return for Risk

IPRP.L vs. NATO — Risk / Return Rank

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

IPRP.L

IPRP.L Risk / Return Rank: 10
IPRP.L Sharpe Ratio Rank: 11
IPRP.L Sortino Ratio Rank: 10
IPRP.L Omega Ratio Rank: 10
IPRP.L Calmar Ratio Rank: 10
IPRP.L Martin Ratio Rank: 10

NATO

NATO Risk / Return Rank: 26
NATO Sharpe Ratio Rank: 27
NATO Sortino Ratio Rank: 28
NATO Omega Ratio Rank: 26
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares European Property Yield UCITS ETF (IPRP.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.

	IPRP.L	NATO	Difference
Sharpe ratio: Return per unit of total volatility	0.08	0.99	-0.90
Sortino ratio: Return per unit of downside risk	0.23	1.51	-1.28
Omega ratio: Gain probability vs. loss probability	1.03	1.18	-0.15
Calmar ratio: Return relative to maximum drawdown	0.08	1.27	-1.19
Martin ratio: Return relative to average drawdown	0.21	3.08	-2.88

IPRP.L vs. NATO - Sharpe Ratio Comparison

The current IPRP.L Sharpe Ratio is 0.08, which is lower than the NATO Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of IPRP.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

IPRP.L vs. NATO - Drawdown Comparison

The maximum IPRP.L drawdown since its inception was -64.48%, which is greater than NATO's maximum drawdown of -15.79%. Use the drawdown chart below to compare losses from any high point for IPRP.L and NATO.

Drawdown Indicators

	IPRP.L	NATO	Difference
Max Drawdown Largest peak-to-trough decline	-64.48%	-15.79%	-48.69%
Max Drawdown (1Y) Largest decline over 1 year	-16.12%	-15.79%	-0.33%
Max Drawdown (3Y) Largest decline over 3 years	-16.12%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-48.77%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-48.77%	—	—
Current Drawdown Current decline from peak	-23.83%	-9.97%	-13.86%
Average Drawdown Average peak-to-trough decline	-16.67%	-3.65%	-13.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.28%	6.47%	-0.19%

Volatility

IPRP.L vs. NATO - Volatility Comparison

The current volatility for iShares European Property Yield UCITS ETF (IPRP.L) is 4.23%, while Themes Transatlantic Defense ETF (NATO) has a volatility of 7.57%. This indicates that IPRP.L experiences smaller price fluctuations and is considered to be less risky than NATO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPRP.L	NATO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.23%	7.57%	-3.34%
Volatility (6M) Calculated over the trailing 6-month period	13.05%	16.85%	-3.80%
Volatility (1Y) Calculated over the trailing 1-year period	15.28%	20.25%	-4.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.53%	21.85%	-0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.35%	21.85%	-2.50%

IPRP.L vs. NATO - Expense Ratio Comparison

IPRP.L has a 0.40% expense ratio, which is higher than NATO's 0.35% expense ratio.

Dividends

IPRP.L vs. NATO - Dividend Comparison

IPRP.L's dividend yield for the trailing twelve months is around 0.50%, more than NATO's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPRP.L iShares European Property Yield UCITS ETF	0.50%	2.83%	2.79%	2.62%	4.20%	2.11%	2.68%	3.07%	3.24%	2.81%	2.49%	2.59%
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%	0.00%	0.00%

Frequently Asked Questions

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

IPRP.L and NATO have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IPRP.L 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, IPRP.L or NATO?

NATO is cheaper with a 0.35% expense ratio, compared with 0.40% for IPRP.L.

What is the main difference between IPRP.L and NATO?

IPRP.L is categorized as REIT, while NATO is Aerospace & Defense. IPRP.L tracks FTSE EPRA Nareit Developed Europe TR EUR, while NATO tracks Solactive Transatlantic Aerospace and Defense Index. They also come from different issuers: iShares and Themes. Their fees differ too: 0.40% for IPRP.L and 0.35% for NATO.