LIMI vs. NATO

Last updated Jun 5, 2026

LIMI (Themes Lithium & Battery Metal Miners ETF) and NATO (Themes Transatlantic Defense ETF) are both exchange-traded funds - LIMI is a Commodity Producers Equities fund tracking the BITA Global Lithium and Battery Metals Select Index, while NATO is a Aerospace & Defense fund tracking the Solactive Transatlantic Aerospace and Defense Index. Both are passively managed. Over the past year, LIMI returned 146.39% vs 15.44% for NATO. At a 0.21 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.

Performance

LIMI vs. NATO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Lithium & Battery Metal Miners ETF (LIMI) and Themes Transatlantic Defense ETF (NATO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LIMI achieves a 16.59% return, which is significantly higher than NATO's 3.53% return.

LIMI

• 1D: -2.22%
• 1M: -10.38%
• YTD: 16.59%
• 6M: 33.44%
• 1Y: 146.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NATO

• 1D: 2.10%
• 1M: 3.55%
• YTD: 3.53%
• 6M: 8.84%
• 1Y: 15.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LIMI vs. NATO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
LIMI Themes Lithium & Battery Metal Miners ETF	16.59%	91.22%	-17.18%
NATO Themes Transatlantic Defense ETF	3.53%	50.95%	0.35%

Correlation

The correlation between LIMI and NATO is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Oct 14, 2024	0.21

Return for Risk

LIMI vs. NATO — Risk / Return Rank

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

LIMI

LIMI Risk / Return Rank: 87
LIMI Sharpe Ratio Rank: 93
LIMI Sortino Ratio Rank: 82
LIMI Omega Ratio Rank: 77
LIMI Calmar Ratio Rank: 93
LIMI Martin Ratio Rank: 89

NATO

NATO Risk / Return Rank: 22
NATO Sharpe Ratio Rank: 22
NATO Sortino Ratio Rank: 23
NATO Omega Ratio Rank: 22
NATO Calmar Ratio Rank: 22
NATO Martin Ratio Rank: 22

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.

LIMI vs. NATO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Lithium & Battery Metal Miners ETF (LIMI) 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.

	LIMI	NATO	Difference
Sharpe ratio: Return per unit of total volatility	3.38	0.75	+2.63
Sortino ratio: Return per unit of downside risk	3.60	1.20	+2.40
Omega ratio: Gain probability vs. loss probability	1.45	1.14	+0.31
Calmar ratio: Return relative to maximum drawdown	6.40	0.97	+5.43
Martin ratio: Return relative to average drawdown	19.51	2.50	+17.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LIMI vs. NATO - Sharpe Ratio Comparison

The current LIMI Sharpe Ratio is 3.38, which is higher than the NATO Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of LIMI 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.

Sharpe Ratios by Period

	LIMI	NATO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.38	0.75	+2.63
Sharpe Ratio (All Time) Calculated using the full available price history	1.45	1.41	+0.04

Drawdowns

LIMI vs. NATO - Drawdown Comparison

The maximum LIMI drawdown since its inception was -43.77%, which is greater than NATO's maximum drawdown of -15.99%. Use the drawdown chart below to compare losses from any high point for LIMI and NATO.

Drawdown Indicators

	LIMI	NATO	Difference
Max Drawdown Largest peak-to-trough decline	-43.77%	-15.99%	-27.78%
Max Drawdown (1Y) Largest decline over 1 year	-23.00%	-15.99%	-7.01%
Current Drawdown Current decline from peak	-13.65%	-10.46%	-3.19%
Average Drawdown Average peak-to-trough decline	-13.03%	-3.73%	-9.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.53%	6.20%	+1.33%

Volatility

LIMI vs. NATO - Volatility Comparison

Themes Lithium & Battery Metal Miners ETF (LIMI) has a higher volatility of 9.85% compared to Themes Transatlantic Defense ETF (NATO) at 8.20%. This indicates that LIMI's price experiences larger fluctuations and is considered to be riskier than NATO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LIMI	NATO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.85%	8.20%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	29.23%	17.74%	+11.49%
Volatility (1Y) Calculated over the trailing 1-year period	43.73%	20.80%	+22.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.40%	22.64%	+18.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.40%	22.64%	+18.76%

LIMI vs. NATO - Expense Ratio Comparison

Both LIMI and NATO have an expense ratio of 0.35%.

Dividends

LIMI vs. NATO - Dividend Comparison

LIMI's dividend yield for the trailing twelve months is around 0.46%, more than NATO's 0.44% yield.

Position	TTM	2025	2024
LIMI Themes Lithium & Battery Metal Miners ETF	0.46%	0.54%	8.14%
NATO Themes Transatlantic Defense ETF	0.44%	0.45%	0.08%

Frequently Asked Questions

Can I hold both LIMI and NATO in my portfolio?

LIMI and NATO have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LIMI or NATO?

LIMI has higher volatility (9.85%) compared to NATO (8.20%). In terms of maximum drawdown, LIMI dropped -43.77% vs NATO's -15.99%.

Which ETF is better, LIMI or NATO?

On 1-year performance, LIMI leads with 146.39% vs 15.44% for NATO. Both ETFs have the same 0.35% expense ratio. On volatility, NATO has been the lower-risk option at 8.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LIMI or NATO?

Over the 1-year period, LIMI has performed better with a 146.39% return vs 15.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LIMI or NATO?

LIMI and NATO have the same expense ratio: 0.35% per year.

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

LIMI has the higher dividend yield at 0.46%, compared with 0.44% for NATO.

What is the main difference between LIMI and NATO?

LIMI is categorized as Commodity Producers Equities, while NATO is Aerospace & Defense. LIMI tracks BITA Global Lithium and Battery Metals Select Index, while NATO tracks Solactive Transatlantic Aerospace and Defense Index.

Which has better risk-adjusted returns?

LIMI currently has the higher Sharpe Ratio (3.38 vs 0.75), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.