NATO vs. NOK
NATO (Themes Transatlantic Defense ETF) is Aerospace & Defense fund tracking the Solactive Transatlantic Aerospace and Defense Index, while NOK (Nokia Corporation) is a stock. Over the past year, NATO returned 17.50% vs 192.75% for NOK. At a 0.24 correlation, their price movements are largely independent.
Performance
NATO vs. NOK - Performance Comparison
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Returns By Period
In the year-to-date period, NATO achieves a 4.09% return, which is significantly lower than NOK's 130.99% return.
NATO
- 1D
- -0.90%
- 1M
- 5.95%
- YTD
- 4.09%
- 6M
- 7.29%
- 1Y
- 17.50%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
NOK
- 1D
- 5.04%
- 1M
- 6.09%
- YTD
- 130.99%
- 6M
- 138.36%
- 1Y
- 192.75%
- 3Y*
- 58.70%
- 5Y*
- 25.23%
- 10Y*
- 13.24%
NATO vs. NOK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
NATO Themes Transatlantic Defense ETF | 4.09% | 50.95% | 0.51% |
NOK Nokia Corporation | 130.99% | 50.85% | 1.14% |
Correlation
The correlation between NATO and NOK is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2024 | 0.24 |
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Return for Risk
NATO vs. NOK — Risk / Return Rank
NATO
NOK
NATO vs. NOK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Themes Transatlantic Defense ETF (NATO) and Nokia Corporation (NOK). 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 | NOK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.64 | ||
| Sortino ratioReturn per unit of downside risk | -2.64 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.54 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | 1.13 | 7.64 | -6.51 |
| Martin ratioReturn relative to average drawdown | 2.81 | 15.38 | -12.57 |
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Drawdowns
NATO vs. NOK - Drawdown Comparison
The maximum NATO drawdown since its inception was -15.99%, smaller than the maximum NOK drawdown of -95.99%. Use the drawdown chart below to compare losses from any high point for NATO and NOK.
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Drawdown Indicators
| NATO | NOK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.99% | -95.99% | +80.00% |
Max Drawdown (1Y)Largest decline over 1 year | -15.99% | -24.45% | +8.46% |
Max Drawdown (3Y)Largest decline over 3 years | — | -29.74% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -50.56% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -62.56% | — |
Current DrawdownCurrent decline from peak | -9.97% | -50.10% | +40.13% |
Average DrawdownAverage peak-to-trough decline | -3.83% | -64.85% | +61.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.44% | 12.22% | -5.78% |
Volatility
NATO vs. NOK - Volatility Comparison
The current volatility for Themes Transatlantic Defense ETF (NATO) is 8.57%, while Nokia Corporation (NOK) has a volatility of 24.75%. This indicates that NATO experiences smaller price fluctuations and is considered to be less risky than NOK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NATO | NOK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.57% | 24.75% | -16.18% |
Volatility (6M)Calculated over the trailing 6-month period | 18.32% | 41.33% | -23.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.36% | 53.49% | -32.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.81% | 37.14% | -14.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.81% | 40.54% | -17.73% |
Dividends
NATO vs. NOK - Dividend Comparison
NATO's dividend yield for the trailing twelve months is around 0.43%, less than NOK's 1.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NATO Themes Transatlantic Defense ETF | 0.43% | 0.45% | 0.08% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
NOK Nokia Corporation | 1.11% | 2.45% | 3.17% | 3.51% | 1.32% | 0.00% | 0.00% | 3.01% | 4.06% | 4.07% | 6.02% | 2.22% |
Frequently Asked Questions
NATO and NOK have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NOK has higher volatility (24.75%) compared to NATO (8.57%). In terms of maximum drawdown, NATO dropped -15.99% vs NOK's -95.99%.
NOK currently has the higher Sharpe Ratio (3.49 vs 0.85), 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.
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