NATO.L vs. IWDA.AS
NATO.L (HANetf Future of Defence UCITS ETF - Accumulating) and IWDA.AS (iShares Core MSCI World UCITS ETF USD (Acc)) are both exchange-traded funds - NATO.L is a Aerospace & Defense fund tracking the EQM Future of Defence Index, while IWDA.AS is a Global Equities fund tracking the MSCI ACWI NR USD. Both are passively managed. Over the past year, NATO.L returned 20.56% vs 26.41% for IWDA.AS. A 0.62 correlation means they provide meaningful diversification when combined. NATO.L charges 0.49%/yr vs 0.20%/yr for IWDA.AS.
Performance
NATO.L vs. IWDA.AS - Performance Comparison
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Different Trading Currencies
NATO.L is traded in USD, while IWDA.AS is traded in EUR. To make them comparable, the IWDA.AS 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 13.05% return, which is significantly higher than IWDA.AS's 9.77% return.
NATO.L
- 1D
- -0.78%
- 1M
- 8.86%
- YTD
- 13.05%
- 6M
- 17.53%
- 1Y
- 20.56%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IWDA.AS
- 1D
- -0.56%
- 1M
- 4.80%
- YTD
- 9.77%
- 6M
- 10.97%
- 1Y
- 26.41%
- 3Y*
- 20.87%
- 5Y*
- 11.83%
- 10Y*
- 13.12%
NATO.L vs. IWDA.AS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
NATO.L HANetf Future of Defence UCITS ETF - Accumulating | 13.05% | 54.83% | 31.99% | 16.64% |
IWDA.AS iShares Core MSCI World UCITS ETF USD (Acc) | 9.77% | 21.46% | 19.36% | 7.02% |
Correlation
The correlation between NATO.L and IWDA.AS is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jul 4, 2023 | 0.62 |
The correlation between NATO.L and IWDA.AS shifts across timeframes, from 0.50 (1 year) to 0.62 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
NATO.L vs. IWDA.AS — Risk / Return Rank
NATO.L
IWDA.AS
NATO.L vs. IWDA.AS - 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 Core MSCI World UCITS ETF USD (Acc) (IWDA.AS). 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.
| NATO.L | IWDA.AS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.24 | ||
| Sortino ratioReturn per unit of downside risk | -1.80 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.41 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.60 | 3.11 | -1.51 |
| Martin ratioReturn relative to average drawdown | 3.91 | 13.42 | -9.51 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NATO.L | IWDA.AS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.02 | 2.27 | -1.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.75 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.82 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.46 | 0.68 | +0.78 |
Drawdowns
NATO.L vs. IWDA.AS - Drawdown Comparison
The maximum NATO.L drawdown since its inception was -21.84%, smaller than the maximum IWDA.AS drawdown of -34.11%. Use the drawdown chart below to compare losses from any high point for NATO.L and IWDA.AS.
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Drawdown Indicators
| NATO.L | IWDA.AS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.84% | -34.11% | +12.27% |
Max Drawdown (1Y)Largest decline over 1 year | -12.79% | -8.39% | -4.40% |
Max Drawdown (3Y)Largest decline over 3 years | — | -17.83% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.94% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.11% | — |
Current DrawdownCurrent decline from peak | -2.14% | -0.56% | -1.58% |
Average DrawdownAverage peak-to-trough decline | -2.63% | -4.64% | +2.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.25% | 1.95% | +3.30% |
Volatility
NATO.L vs. IWDA.AS - Volatility Comparison
HANetf Future of Defence UCITS ETF - Accumulating (NATO.L) has a higher volatility of 6.19% compared to iShares Core MSCI World UCITS ETF USD (Acc) (IWDA.AS) at 3.28%. This indicates that NATO.L's price experiences larger fluctuations and is considered to be riskier than IWDA.AS 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 | IWDA.AS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.19% | 3.28% | +2.91% |
Volatility (6M)Calculated over the trailing 6-month period | 15.99% | 8.59% | +7.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.05% | 11.52% | +8.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.57% | 15.47% | +12.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.57% | 15.80% | +11.77% |
NATO.L vs. IWDA.AS - Expense Ratio Comparison
NATO.L has a 0.49% expense ratio, which is higher than IWDA.AS's 0.20% expense ratio.
Dividends
NATO.L vs. IWDA.AS - Dividend Comparison
Neither NATO.L nor IWDA.AS has paid dividends to shareholders.
Frequently Asked Questions
NATO.L and IWDA.AS have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IWDA.AS is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IWDA.AS is cheaper with a 0.20% expense ratio, compared with 0.49% for NATO.L.
NATO.L is categorized as Aerospace & Defense, while IWDA.AS is Global Equities. NATO.L tracks EQM Future of Defence Index, while IWDA.AS tracks MSCI ACWI NR USD. They also come from different issuers: HANetf and iShares. Their fees differ too: 0.49% for NATO.L and 0.20% for IWDA.AS.
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