JEDI vs. NATO

Last updated Apr 2, 2026

Compare and contrast key facts about Defiance Drone & Modern Warfare ETF (JEDI) and Themes Transatlantic Defense ETF (NATO).

JEDI and NATO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. NATO is a passively managed fund by Themes that tracks the performance of the Solactive Transatlantic Aerospace and Defense Index. It was launched on Oct 10, 2024. Both JEDI and NATO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

JEDI vs. NATO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Drone & Modern Warfare ETF (JEDI) and Themes Transatlantic Defense ETF (NATO). The values are adjusted to include any dividend payments, if applicable.

JEDI vs. NATO - Yearly Performance Comparison

	2026 (YTD)	2025
JEDI Defiance Drone & Modern Warfare ETF	8.03%	-3.73%
NATO Themes Transatlantic Defense ETF	4.74%	-0.45%

Returns By Period

In the year-to-date period, JEDI achieves a 8.03% return, which is significantly higher than NATO's 4.74% return.

JEDI

• 1D: 2.50%
• 1M: -3.18%
• YTD: 8.03%
• 6M: -1.22%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

NATO

• 1D: 3.93%
• 1M: -9.41%
• YTD: 4.74%
• 6M: 2.91%
• 1Y: 38.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JEDI vs. NATO - Expense Ratio Comparison

JEDI has a 0.69% expense ratio, which is higher than NATO's 0.35% expense ratio.

JEDI

Defiance Drone & Modern Warfare ETF

NATO

Themes Transatlantic Defense ETF

Return for Risk

JEDI vs. NATO — Risk / Return Rank

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

NATO

NATO Risk / Return Rank: 83
NATO Sharpe Ratio Rank: 83
NATO Sortino Ratio Rank: 85
NATO Omega Ratio Rank: 81
NATO Calmar Ratio Rank: 83
NATO Martin Ratio Rank: 81

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.

JEDI vs. NATO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Drone & Modern Warfare ETF (JEDI) 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.

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

Sharpe Ratios by Period

	JEDI	NATO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.69	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	1.70	-1.48

Correlation

The correlation between JEDI and NATO is 0.83, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

JEDI vs. NATO - Dividend Comparison

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

	TTM	2025	2024
JEDI Defiance Drone & Modern Warfare ETF	0.00%	0.00%	0.00%
NATO Themes Transatlantic Defense ETF	0.43%	0.45%	0.08%

Drawdowns

JEDI vs. NATO - Drawdown Comparison

The maximum JEDI drawdown since its inception was -21.67%, which is greater than NATO's maximum drawdown of -15.99%. Use the drawdown chart below to compare losses from any high point for JEDI and NATO.

Drawdown Indicators

	JEDI	NATO	Difference
Max Drawdown Largest peak-to-trough decline	-21.67%	-15.99%	-5.68%
Max Drawdown (1Y) Largest decline over 1 year	—	-15.99%	—
Current Drawdown Current decline from peak	-13.19%	-9.41%	-3.78%
Average Drawdown Average peak-to-trough decline	-10.27%	-2.88%	-7.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.30%	—

Volatility

Volatility by Period

	JEDI	NATO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.42%	—
Volatility (6M) Calculated over the trailing 6-month period	—	15.43%	—
Volatility (1Y) Calculated over the trailing 1-year period	35.94%	22.94%	+13.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.94%	21.95%	+13.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.94%	21.95%	+13.99%