NASA vs. NATO

Last updated Jun 28, 2026

NASA (Tema Space Innovators ETF) and NATO (Themes Transatlantic Defense ETF) are both Aerospace & Defense funds. NASA is actively managed, while NATO is passively managed. A 0.53 correlation means they provide meaningful diversification when combined. NASA charges 0.75%/yr vs 0.35%/yr for NATO.

Performance

NASA vs. NATO - Performance Comparison

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

Returns By Period

NASA

• 1D: 0.61%
• 1M: -36.46%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

NATO

• 1D: -0.24%
• 1M: -2.91%
• YTD: 3.83%
• 6M: 3.28%
• 1Y: 12.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NASA vs. NATO - Yearly Performance Comparison

	2026 (YTD)
NASA Tema Space Innovators ETF	10.29%
NATO Themes Transatlantic Defense ETF	6.89%

Correlation

The correlation between NASA and NATO is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 31, 2026	0.53

Return for Risk

NASA vs. NATO — Risk / Return Rank

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

NASA

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

NATO

NATO Risk / Return Rank: 20
NATO Sharpe Ratio Rank: 20
NATO Sortino Ratio Rank: 21
NATO Omega Ratio Rank: 19
NATO Calmar Ratio Rank: 21
NATO Martin Ratio Rank: 20

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.

NASA vs. NATO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema Space Innovators ETF (NASA) 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.

	NASA	NATO	Difference
Sharpe ratio: Return per unit of total volatility	—	0.67	—
Sortino ratio: Return per unit of downside risk	—	1.12	—
Omega ratio: Gain probability vs. loss probability	—	1.13	—
Calmar ratio: Return relative to maximum drawdown	—	0.90	—
Martin ratio: Return relative to average drawdown	—	2.15	—

Drawdowns

NASA vs. NATO - Drawdown Comparison

The maximum NASA drawdown since its inception was -36.93%, which is greater than NATO's maximum drawdown of -15.99%. Use the drawdown chart below to compare losses from any high point for NASA and NATO.

Drawdown Indicators

	NASA	NATO	Difference
Max Drawdown Largest peak-to-trough decline	-36.93%	-15.99%	-20.94%
Max Drawdown (1Y) Largest decline over 1 year	—	-15.99%	—
Current Drawdown Current decline from peak	-36.55%	-10.20%	-26.35%
Average Drawdown Average peak-to-trough decline	-8.93%	-3.94%	-4.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.67%	—

Volatility

Volatility by Period

	NASA	NATO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.38%	—
Volatility (6M) Calculated over the trailing 6-month period	—	18.20%	—
Volatility (1Y) Calculated over the trailing 1-year period	66.98%	21.47%	+45.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.98%	22.65%	+44.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.98%	22.65%	+44.33%

NASA vs. NATO - Expense Ratio Comparison

NASA has a 0.75% expense ratio, which is higher than NATO's 0.35% expense ratio.

Dividends

NASA vs. NATO - Dividend Comparison

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

Position	TTM	2025	2024
NASA Tema Space Innovators ETF	0.00%	0.00%	0.00%
NATO Themes Transatlantic Defense ETF	0.43%	0.45%	0.08%

Frequently Asked Questions

Can I hold both NASA and NATO in my portfolio?

NASA and NATO have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NASA 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, NASA or NATO?

NATO is cheaper with a 0.35% expense ratio, compared with 0.75% for NASA.

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

NATO has the higher dividend yield at 0.43%, compared with 0.00% for NASA.

What is the main difference between NASA and NATO?

They also come from different issuers: Tema and Themes. Their fees differ too: 0.75% for NASA and 0.35% for NATO.