NATO vs SPY
Comparison between THEMES TRANSATLANTIC DEFENSE ETF (NATO, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).
NATO vs SPY - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
NATO
$99M
Winner
SPY
$735B
Expense Ratio
NATO
0.35%
Winner
SPY
0.09%
Max Drawdown
Winner
NATO
15.99%
SPY
56.47%
Sharpe Ratio
NATO
0.54
Winner
SPY
1.62
5Y Beta
Winner
NATO
0.83
SPY
1.00
P/E Ratio
NATO
92.41
Winner
SPY
28.99
Forward P/E
NATO
28.98
Winner
SPY
22.37
5Y Dividends CAGR
NATO
N/A
SPY
5.43%
5Y EPS CAGR
NATO
N/A
SPY
26.05%
Debt to Equity
NATO
152.09%
Winner
SPY
32.40%
P/S Ratio
Winner
NATO
3.02
SPY
3.74
P/B Ratio
NATO
6.38
Winner
SPY
5.61
NATO vs SPY - Holdings Comparison
NATO and SPY have 15 common holdings. Overlap is 2.31%
NATO's top 25 holdings weight is 89.55%. SPY's top 25 holdings weight is 52.37%.
| Rank | NATO | SPY |
|---|---|---|
| #1 | RTX CORP (RTX) - 8.45% | NVIDIA CORP (NVDA) - 8.10% |
| #2 | GE AEROSPACE (GE) - 7.82% | APPLE INC (AAPL) - 7.02% |
| #3 | BOEING CO (BA) - 7.10% | MICROSOFT CORP (MSFT) - 4.79% |
| #4 | ROLLS-ROYCE HOLDINGS PLC (n/a) - 6.14% | AMAZON.COM INC (AMZN) - 4.02% |
| #5 | LOCKHEED MARTIN CORP (LMT) - 5.76% | ALPHABET INC CLASS A (GOOGL) - 3.51% |
| #6 | SAFRAN SA (n/a) - 5.44% | BROADCOM INC (AVGO) - 3.10% |
| #7 | HONEYWELL INTERNATIONAL INC (HON) - 5.24% | ALPHABET INC CLASS C (GOOG) - 2.79% |
| #8 | AIRBUS SE (n/a) - 5.02% | META PLATFORMS INC CLASS A (META) - 2.08% |
| #9 | NORTHROP GRUMMAN CORP (NOC) - 4.71% | TESLA INC (TSLA) - 1.89% |
| #10 | HOWMET AEROSPACE INC (HWM) - 4.51% | MICRON TECHNOLOGY INC (MU) - 1.56% |
| #11 | BAE SYSTEMS PLC (n/a) - 3.90% | BERKSHIRE HATHAWAY INC CLASS B (BRK-B) - 1.37% |
| #12 | RHEINMETALL AG (n/a) - 3.64% | ELI LILLY AND CO (LLY) - 1.31% |
| #13 | GENERAL DYNAMICS CORP (GD) - 3.53% | JPMORGAN CHASE & CO (JPM) - 1.28% |
| #14 | TRANSDIGM GROUP INC (TDG) - 3.17% | ADVANCED MICRO DEVICES INC (AMD) - 1.27% |
| #15 | L3HARRIS TECHNOLOGIES INC (LHX) - 3.01% | EXXON MOBIL CORP (XOM) - 0.97% |
| #16 | AXON ENTERPRISE INC (AXON) - 1.88% | INTEL CORP (INTC) - 0.90% |
| #17 | ROCKET LAB CORP (RKLB) - 1.49% | JOHNSON & JOHNSON (JNJ) - 0.86% |
| #18 | TELEDYNE TECHNOLOGIES INC (TDY) - 1.38% | VISA INC CLASS A (V) - 0.85% |
| #19 | FTAI AVIATION LTD (FTAI) - 1.25% | WALMART INC (WMT) - 0.81% |
| #20 | LEONARDO SPA AZ NOM POST RAGGRUPPAMENTO (n/a) - 1.16% | CISCO SYSTEMS INC (CSCO) - 0.72% |
| #21 | CURTISS-WRIGHT CORP (CW) - 1.15% | COSTCO WHOLESALE CORP (COST) - 0.69% |
| #22 | THALES (n/a) - 1.10% | CATERPILLAR INC (CAT) - 0.66% |
| #23 | MTU AERO ENGINES AG (n/a) - 0.95% | MASTERCARD INC CLASS A (MA) - 0.62% |
| #24 | SAAB AB CLASS B (n/a) - 0.92% | LAM RESEARCH CORP (LRCX) - 0.62% |
| #25 | BWX TECHNOLOGIES INC (BWXT) - 0.83% | ABBVIE INC (ABBV) - 0.58% |
| Total Holdings | 90 | 505 |
NATO vs SPY - Historical Returns
Returns include dividend reinvestment.
1M
Winner
NATO
+1.94%
SPY
+1.90%
3M
NATO
-7.96%
Winner
SPY
+8.55%
6M
NATO
+7.91%
Winner
SPY
+8.18%
1Y
NATO
+13.61%
Winner
SPY
+25.79%
5Y(CAGR)
NATO
N/A
SPY
+13.32%
10Y(CAGR)
NATO
N/A
SPY
+15.19%
Max(CAGR)
Winner
NATO
+30.14%
SPY
+8.47%
NATO vs SPY - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | NATO | SPY |
|---|---|---|
| 2026 | -0.13% | +8.26% |
| 2025 | +51.85% | +18.00% |
| 2024 | +0.35% | +25.59% |
| 2023 | N/A | +26.72% |
| 2022 | N/A | -18.64% |
| 2021 | N/A | +30.52% |
| 2020 | N/A | +17.28% |
| 2019 | N/A | +31.09% |
| 2018 | N/A | -5.24% |
| 2017 | N/A | +20.78% |
| 2016 | N/A | +13.59% |
| 2015 | N/A | +1.31% |
| 2014 | N/A | +14.56% |
| 2013 | N/A | +29.00% |
| 2012 | N/A | +14.17% |
| 2011 | N/A | +0.85% |
| 2010 | N/A | +13.14% |
| 2009 | N/A | +22.67% |
| 2008 | N/A | -36.25% |
| 2007 | N/A | +5.32% |
| 2006 | N/A | +13.85% |
| 2005 | N/A | +5.32% |
| 2004 | N/A | +10.75% |
| 2003 | N/A | +24.18% |
| 2002 | N/A | -22.42% |
| 2001 | N/A | -10.13% |
| 2000 | N/A | -8.84% |
| 1999 | N/A | +8.61% |
NATO vs SPY Drawdown Comparison
The maximum drawdown for NATO was -15.99%, occurring on Mar 30, 2026. This drawdown has not yet recovered.
The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.
The current NATO drawdown is -11.85%. The current SPY drawdown is -2.90%.
| Rank | NATO | SPY |
|---|---|---|
| #1 | -15.99% Mar 2, 2026 - Mar 30, 2026 | -55.20% Oct 9, 2007 - Aug 16, 2012 |
| #2 | -13.28% Mar 19, 2025 - Apr 29, 2025 | -47.50% Mar 24, 2000 - Oct 26, 2006 |
| #3 | -10.85% Oct 8, 2025 - Jan 5, 2026 | -33.70% Feb 19, 2020 - Aug 10, 2020 |
| #4 | -7.21% Nov 11, 2024 - Feb 18, 2025 | -24.50% Jan 3, 2022 - Dec 13, 2023 |
| #5 | -7.16% Jan 16, 2026 - Feb 20, 2026 | -19.34% Sep 20, 2018 - Apr 12, 2019 |
| #6 | -4.72% Oct 18, 2024 - Nov 6, 2024 | -18.76% Feb 19, 2025 - Jun 26, 2025 |
| #7 | -4.03% Mar 5, 2025 - Mar 17, 2025 | -13.02% Jul 20, 2015 - Apr 18, 2016 |
| #8 | -3.96% Feb 18, 2025 - Feb 28, 2025 | -10.10% Jan 26, 2018 - Aug 6, 2018 |
| #9 | -3.23% Jul 23, 2025 - Sep 11, 2025 | -9.44% Sep 2, 2020 - Nov 11, 2020 |
| #10 | -1.91% Jun 5, 2025 - Jun 26, 2025 | -9.30% Jan 19, 2000 - Mar 17, 2000 |
| #11 | -1.84% Jun 30, 2025 - Jul 9, 2025 | -9.05% Jul 19, 2007 - Oct 5, 2007 |
| #12 | -1.79% May 19, 2025 - May 27, 2025 | -8.88% Jan 27, 2026 - Apr 14, 2026 |
| #13 | -1.55% Jul 18, 2025 - Jul 23, 2025 | -8.41% Jul 16, 2024 - Sep 19, 2024 |
| #14 | -1.26% Mar 3, 2025 - Mar 5, 2025 | -7.35% Sep 14, 2012 - Jan 2, 2013 |
| #15 | -1.26% Feb 20, 2026 - Mar 2, 2026 | -7.27% Sep 18, 2014 - Oct 31, 2014 |
Correlation
Correlation between NATO and SPY is 0.85 which considered as a strong positive correlation - the stocks tend to move together.
0.85
-101
Dividend Comparison (1999 - 2026)
NATO vs SPY dividend yield comparison.
| Year | NATO | SPY |
|---|---|---|
| 2026 | 0.00% | 0.24% |
| 2025 | 0.45% | 1.07% |
| 2024 | 0.08% | 1.21% |
| 2023 | 0.00% | 1.40% |
| 2022 | 0.00% | 1.65% |
| 2021 | 0.00% | 1.20% |
| 2020 | 0.00% | 1.52% |
| 2019 | 0.00% | 1.75% |
| 2018 | 0.00% | 2.04% |
| 2017 | 0.00% | 1.80% |
| 2016 | 0.00% | 2.03% |
| 2015 | 0.00% | 2.06% |
| 2014 | 0.00% | 1.87% |
| 2013 | 0.00% | 1.81% |
| 2012 | 0.00% | 2.18% |
| 2011 | 0.00% | 2.05% |
| 2010 | 0.00% | 1.80% |
| 2009 | 0.00% | 1.95% |
| 2008 | 0.00% | 3.02% |
| 2007 | 0.00% | 1.85% |
| 2006 | 0.00% | 1.73% |
| 2005 | 0.00% | 1.73% |
| 2004 | 0.00% | 1.82% |
| 2003 | 0.00% | 1.47% |
| 2002 | 0.00% | 1.70% |
| 2001 | 0.00% | 1.25% |
| 2000 | 0.00% | 1.15% |
| 1999 | 0.00% | 0.24% |
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