URAN vs. NATO

Last updated Apr 2, 2026

Compare and contrast key facts about Themes Uranium & Nuclear ETF (URAN) and Themes Transatlantic Defense ETF (NATO).

URAN and NATO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. URAN is a passively managed fund by Themes that tracks the performance of the BITA Global Uranium and Nuclear Select Index. It was launched on Sep 23, 2024. 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. Both URAN and NATO 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

URAN vs. NATO - Performance Comparison

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

URAN vs. NATO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
URAN Themes Uranium & Nuclear ETF	6.65%	49.05%	-1.71%
NATO Themes Transatlantic Defense ETF	4.74%	50.95%	0.35%

Returns By Period

In the year-to-date period, URAN achieves a 6.65% return, which is significantly higher than NATO's 4.74% return.

URAN

• 1D: 1.98%
• 1M: -13.54%
• YTD: 6.65%
• 6M: -0.80%
• 1Y: 72.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NATO

• 1D: 3.93%
• 1M: -9.41%
• YTD: 4.74%
• 6M: 2.91%
• 1Y: 38.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

URAN vs. NATO - Expense Ratio Comparison

Both URAN and NATO have an expense ratio of 0.35%.

URAN

Themes Uranium & Nuclear ETF

NATO

Themes Transatlantic Defense ETF

Return for Risk

URAN vs. NATO — Risk / Return Rank

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

URAN

URAN Risk / Return Rank: 81
URAN Sharpe Ratio Rank: 86
URAN Sortino Ratio Rank: 86
URAN Omega Ratio Rank: 77
URAN Calmar Ratio Rank: 90
URAN Martin Ratio Rank: 67

NATO

NATO Risk / Return Rank: 83
NATO Sharpe Ratio Rank: 83
NATO Sortino Ratio Rank: 85
NATO Omega Ratio Rank: 81
NATO Calmar Ratio Rank: 83
NATO Martin Ratio Rank: 81

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.

URAN vs. NATO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Uranium & Nuclear ETF (URAN) 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.

	URAN	NATO	Difference
Sharpe ratio Return per unit of total volatility	1.80	1.69	+0.11
Sortino ratio Return per unit of downside risk	2.40	2.34	+0.06
Omega ratio Gain probability vs. loss probability	1.30	1.33	-0.02
Calmar ratio Return relative to maximum drawdown	3.10	2.49	+0.61
Martin ratio Return relative to average drawdown	7.08	9.26	-2.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

URAN vs. NATO - Sharpe Ratio Comparison

The current URAN Sharpe Ratio is 1.80, which is comparable to the NATO Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of URAN and NATO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	URAN	NATO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	1.69	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	1.01	1.70	-0.69

Correlation

The correlation between URAN and NATO is 0.45, 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

URAN vs. NATO - Dividend Comparison

URAN's dividend yield for the trailing twelve months is around 2.40%, more than NATO's 0.43% yield.

	TTM	2025	2024
URAN Themes Uranium & Nuclear ETF	2.40%	2.56%	0.21%
NATO Themes Transatlantic Defense ETF	0.43%	0.45%	0.08%

Drawdowns

URAN vs. NATO - Drawdown Comparison

The maximum URAN drawdown since its inception was -31.96%, which is greater than NATO's maximum drawdown of -15.99%. Use the drawdown chart below to compare losses from any high point for URAN and NATO.

Drawdown Indicators

	URAN	NATO	Difference
Max Drawdown Largest peak-to-trough decline	-31.96%	-15.99%	-15.97%
Max Drawdown (1Y) Largest decline over 1 year	-23.89%	-15.99%	-7.90%
Current Drawdown Current decline from peak	-19.04%	-9.41%	-9.63%
Average Drawdown Average peak-to-trough decline	-10.00%	-2.88%	-7.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.47%	4.30%	+6.17%

Volatility

URAN vs. NATO - Volatility Comparison

Themes Uranium & Nuclear ETF (URAN) has a higher volatility of 12.00% compared to Themes Transatlantic Defense ETF (NATO) at 9.42%. This indicates that URAN's price experiences larger fluctuations and is considered to be riskier than NATO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	URAN	NATO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.00%	9.42%	+2.58%
Volatility (6M) Calculated over the trailing 6-month period	30.74%	15.43%	+15.31%
Volatility (1Y) Calculated over the trailing 1-year period	40.35%	22.94%	+17.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.21%	21.95%	+17.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.21%	21.95%	+17.26%