Themes Transatlantic Defense ETF (NATO) Performance
NATO total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −6.7% since Dec 31, 2025
- 1 year
- −8.3% total return
- Since first price
- +41.3% since 2024
NATO trailing returns vs SPY, QQQ, AGG
| Period | NATO total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −6.1% | −6.1% | −1.0% | −5.0% | +0.9% |
| 3 months | −11.8% | −11.8% | +3.2% | +1.9% | −0.4% |
| 6 months | −7.4% | −7.4% | +7.8% | +8.4% | −1.5% |
| YTD | −6.7% | −6.7% | +12.3% | +15.1% | −1.0% |
| 1 year | −8.3% | −8.7% | +14.4% | +15.9% | −1.1% |
| Since inceptionOct 11, 2024 | +41.3% | +40.5% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: NATO vs SPY
From Oct 11, 2024: NATO grew to $14,127, SPY to $13,415.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
NATO returns by calendar year
1 of 1 full years positive. Best 2025 (+51.0%), worst 2025 (+51.0%). 2026 is year to date.
NATO annual returns table
| Year | NATO | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −6.7% | −19.3% | +12.3% | +15.1% | −1.0% |
| 2025 | +51.0% | −13.3% | +17.7% | +20.8% | +7.2% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
NATO largest drawdowns
Now 19.3% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Mar 2, 2026 | −19.3% | Oct 23, 2026 | not yet | 8 months | 8 months so far |
| Mar 19, 2025 | −13.3% | Apr 7, 2025 | Apr 29, 2025 | 19 days | 41 days |
| Oct 8, 2025 | −10.9% | Nov 24, 2025 | Jan 5, 2026 | 47 days | 3 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
NATO risk statistics
| Statistic | Since 2024 |
|---|---|
| Annualized return | +23.0% |
| Volatility (annualized) | 20.0% |
| Sharpe ratio | 0.95 |
| Sortino ratio | 1.55 |
| Best month | +12.4% |
| Worst month | −11.2% |
| Best 12 months | +55.9% |
| Worst 12 months | −5.6% |
| Positive months | 70% |
| Beta vs S&P 500 | — |
| Correlation with S&P 500 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
NATO rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 13 | −7.3% | +29.4% | +55.9% | 85% |
Every holding period starting at a month-end since 2024. Returns for 3 years and longer are annualized.
NATO performance overview
Themes Transatlantic Defense ETF (NATO) returned −8.3% over the past year, with distributions reinvested. Since its first recorded price on Oct 11, 2024 it has returned +41.3%. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −19.3%, from Mar 2, 2026 to Oct 23, 2026; the fund has not yet regained that high. Volatility has been 20.0% a year.
Related: NATO chart, NATO holdings, NATO dividends. See the NATO overview for the latest quote and fund facts.
NATO performance FAQ
What is the NATO return over the past year?
NATO returned −8.3% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 8.7%.
How much would $10,000 invested in NATO be worth?
$10,000 invested in NATO at its first recorded close on October 11, 2024 would be worth about $14,127 on October 23, 2026 with distributions reinvested.
What is the biggest drawdown of NATO?
The largest peak-to-trough decline was −19.3% between March 2, 2026 and October 23, 2026. It has not yet recovered to that high; it is 19.3% below its peak.
How volatile is NATO?
Over the past history NATO had an annualized volatility of 20.0% and a Sharpe ratio of 0.95 (excess return over 1–3 month T-bills per unit of risk).