NATO vs. SPDW
Compare and contrast key facts about Themes Transatlantic Defense ETF (NATO) and SPDR Portfolio World ex-US ETF (SPDW).
NATO and SPDW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. NATO is a passively managed fund by Themes that tracks the performance of the Solactive Transatlantic Aerospace and Defense Index. It was launched on Oct 10, 2024. SPDW is a passively managed fund by State Street that tracks the performance of the S&P Developed Ex-U.S. BMI Index. It was launched on Apr 26, 2007. Both NATO and SPDW are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
NATO vs. SPDW - Performance Comparison
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NATO vs. SPDW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
NATO Themes Transatlantic Defense ETF | 0.78% | 50.95% | 0.35% |
SPDW SPDR Portfolio World ex-US ETF | 2.79% | 34.75% | -6.58% |
Returns By Period
In the year-to-date period, NATO achieves a 0.78% return, which is significantly lower than SPDW's 2.79% return.
NATO
- 1D
- 3.75%
- 1M
- -11.24%
- YTD
- 0.78%
- 6M
- -1.05%
- 1Y
- 34.54%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPDW
- 1D
- 3.30%
- 1M
- -8.46%
- YTD
- 2.79%
- 6M
- 8.61%
- 1Y
- 29.84%
- 3Y*
- 16.03%
- 5Y*
- 8.28%
- 10Y*
- 9.30%
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NATO vs. SPDW - Expense Ratio Comparison
NATO has a 0.35% expense ratio, which is higher than SPDW's 0.04% expense ratio.
Return for Risk
NATO vs. SPDW — Risk / Return Rank
NATO
SPDW
NATO vs. SPDW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Themes Transatlantic Defense ETF (NATO) and SPDR Portfolio World ex-US ETF (SPDW). 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 | SPDW | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.53 | 1.71 | -0.17 |
Sortino ratioReturn per unit of downside risk | 2.14 | 2.34 | -0.20 |
Omega ratioGain probability vs. loss probability | 1.30 | 1.34 | -0.05 |
Calmar ratioReturn relative to maximum drawdown | 2.15 | 2.49 | -0.33 |
Martin ratioReturn relative to average drawdown | 8.09 | 9.76 | -1.68 |
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 | SPDW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.53 | 1.71 | -0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.51 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.54 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.56 | 0.21 | +1.34 |
Correlation
The correlation between NATO and SPDW is 0.52, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
NATO vs. SPDW - Dividend Comparison
NATO's dividend yield for the trailing twelve months is around 0.45%, less than SPDW's 3.21% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NATO Themes Transatlantic Defense ETF | 0.45% | 0.45% | 0.08% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPDW SPDR Portfolio World ex-US ETF | 3.21% | 3.30% | 3.19% | 2.75% | 3.12% | 3.04% | 1.87% | 3.13% | 3.08% | 1.86% | 3.11% | 2.78% |
Drawdowns
NATO vs. SPDW - Drawdown Comparison
The maximum NATO drawdown since its inception was -15.99%, smaller than the maximum SPDW drawdown of -60.02%. Use the drawdown chart below to compare losses from any high point for NATO and SPDW.
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Drawdown Indicators
| NATO | SPDW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.99% | -60.02% | +44.03% |
Max Drawdown (1Y)Largest decline over 1 year | -15.99% | -11.55% | -4.44% |
Max Drawdown (5Y)Largest decline over 5 years | — | -30.21% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.98% | — |
Current DrawdownCurrent decline from peak | -12.83% | -8.63% | -4.20% |
Average DrawdownAverage peak-to-trough decline | -2.86% | -13.01% | +10.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.26% | 2.94% | +1.32% |
Volatility
NATO vs. SPDW - Volatility Comparison
Themes Transatlantic Defense ETF (NATO) and SPDR Portfolio World ex-US ETF (SPDW) have volatilities of 8.45% and 8.31%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NATO | SPDW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.45% | 8.31% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 15.04% | 11.51% | +3.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.63% | 17.57% | +5.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.75% | 16.26% | +5.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.75% | 17.15% | +4.60% |