NATO.L vs. CEMS.DE
NATO.L (HANetf Future of Defence UCITS ETF - Accumulating) and CEMS.DE (iShares Edge MSCI Europe Value Factor UCITS ETF) are both exchange-traded funds - NATO.L is a Aerospace & Defense fund tracking the EQM Future of Defence Index, while CEMS.DE is a Europe Equities fund tracking the MSCI Europe Enhanced Value. Both are passively managed. Over the past year, NATO.L returned 17.19% vs 32.63% for CEMS.DE. At a 0.42 correlation, their price movements are largely independent. NATO.L charges 0.49%/yr vs 0.25%/yr for CEMS.DE.
Performance
NATO.L vs. CEMS.DE - Performance Comparison
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Different Trading Currencies
NATO.L is traded in USD, while CEMS.DE is traded in EUR. To make them comparable, the CEMS.DE values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, NATO.L achieves a 10.38% return, which is significantly lower than CEMS.DE's 12.61% return.
NATO.L
- 1D
- 0.00%
- 1M
- 5.24%
- YTD
- 10.38%
- 6M
- 11.03%
- 1Y
- 17.19%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CEMS.DE
- 1D
- 2.38%
- 1M
- 2.12%
- YTD
- 12.61%
- 6M
- 15.40%
- 1Y
- 32.63%
- 3Y*
- 24.00%
- 5Y*
- 13.35%
- 10Y*
- 11.96%
NATO.L vs. CEMS.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
NATO.L HANetf Future of Defence UCITS ETF - Accumulating | 10.38% | 54.83% | 31.99% | 16.64% |
CEMS.DE iShares Edge MSCI Europe Value Factor UCITS ETF | 12.61% | 53.53% | 3.64% | 5.27% |
Correlation
The correlation between NATO.L and CEMS.DE is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Jul 3, 2023 | 0.42 |
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Return for Risk
NATO.L vs. CEMS.DE — Risk / Return Rank
NATO.L
CEMS.DE
NATO.L vs. CEMS.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HANetf Future of Defence UCITS ETF - Accumulating (NATO.L) and iShares Edge MSCI Europe Value Factor UCITS ETF (CEMS.DE). 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.
| NATO.L | CEMS.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.17 | ||
| Sortino ratioReturn per unit of downside risk | -1.50 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.36 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.34 | 2.74 | -1.41 |
| Martin ratioReturn relative to average drawdown | 3.23 | 9.80 | -6.56 |
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Drawdowns
NATO.L vs. CEMS.DE - Drawdown Comparison
The maximum NATO.L drawdown since its inception was -12.87%, smaller than the maximum CEMS.DE drawdown of -46.41%. Use the drawdown chart below to compare losses from any high point for NATO.L and CEMS.DE.
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Drawdown Indicators
| NATO.L | CEMS.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.87% | -46.41% | +33.54% |
Max Drawdown (1Y)Largest decline over 1 year | -12.79% | -11.84% | -0.95% |
Max Drawdown (3Y)Largest decline over 3 years | — | -17.52% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -31.19% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -46.41% | — |
Current DrawdownCurrent decline from peak | -4.45% | -1.31% | -3.14% |
Average DrawdownAverage peak-to-trough decline | -2.59% | -9.92% | +7.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.31% | 3.32% | +1.99% |
Volatility
NATO.L vs. CEMS.DE - Volatility Comparison
HANetf Future of Defence UCITS ETF - Accumulating (NATO.L) has a higher volatility of 7.02% compared to iShares Edge MSCI Europe Value Factor UCITS ETF (CEMS.DE) at 5.54%. This indicates that NATO.L's price experiences larger fluctuations and is considered to be riskier than CEMS.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NATO.L | CEMS.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.02% | 5.54% | +1.48% |
Volatility (6M)Calculated over the trailing 6-month period | 16.02% | 13.14% | +2.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.17% | 16.07% | +4.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.14% | 18.48% | +0.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.14% | 19.58% | -0.44% |
NATO.L vs. CEMS.DE - Expense Ratio Comparison
NATO.L has a 0.49% expense ratio, which is higher than CEMS.DE's 0.25% expense ratio.
Dividends
NATO.L vs. CEMS.DE - Dividend Comparison
Neither NATO.L nor CEMS.DE has paid dividends to shareholders.
Frequently Asked Questions
NATO.L and CEMS.DE have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CEMS.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CEMS.DE is cheaper with a 0.25% expense ratio, compared with 0.49% for NATO.L.
NATO.L is categorized as Aerospace & Defense, while CEMS.DE is Europe Equities. NATO.L tracks EQM Future of Defence Index, while CEMS.DE tracks MSCI Europe Enhanced Value. They also come from different issuers: HANetf and iShares. Their fees differ too: 0.49% for NATO.L and 0.25% for CEMS.DE.
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