Data as of .
GCAD vs NATO: which is really different?
GCAD and NATO hold 40% of their weight in the same names, and GCAD returned more over the year.
ETFIQ Off-Index Score: NATO scores higher
How much of it is not the index it is sold as an alternative to?
A percentile among the 379 thematic ETFs with a holdings filing. It is a position in a set, not a rating, and neither end of it is a recommendation. All thematic ETFs ranked by it · How it is computed
40% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, GCAD and NATO hold 40% of their money in the same securities at the same weight.
| Holding | GCAD | NATO |
|---|---|---|
| BOEING COMPANY (THE) | 5.20% | 7.28% |
| RTX CORP | 4.14% | 7.61% |
| LOCKHEED MARTIN CORP | 3.98% | 5.19% |
| NORTHROP GRUMMAN CORP | 3.48% | 3.37% |
| HOWMET AEROSPACE INC | 2.61% | 4.85% |
| L3HARRIS TECHNOLOGIES INC | 4.01% | 2.52% |
| GENERAL DYNAMICS CORP | 2.40% | 3.63% |
| TRANSDIGM GROUP INC | 2.04% | 3.40% |
| HONEYWELL INTERNATIONAL INC | 2.01% | 3.15% |
| HONEYWELL AEROSPACE INC | 1.99% | 3.11% |
| AAR CORP | 1.67% | 5.10% |
| GE AEROSPACE | 1.55% | 9.73% |
| Only in GCAD | Only in NATO |
|---|---|
| ALBANY INTERNATIONAL CORP 6.84% | Rolls-Royce Holdings PLC 7.16% |
| UNITED STATES OF AMERICA - BUREAU OF THE 3.09% | Safran SA 4.89% |
| ATI INC 2.29% | BAE Systems PLC 3.38% |
| WOODWARD INC 2.10% | Rocket Lab Corp 2.51% |
| CARPENTER TECHNOLOGY CORP 1.41% | Axon Enterprise Inc 1.91% |
| ECHOSTAR CORP 1.30% | Teledyne Technologies Inc 1.44% |
| CAE INC 1.04% | FTAI Aviation Ltd 1.27% |
| STANDARDAERO INC 0.94% | Thales SA 1.03% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated Jun 30, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| GCAD | NATO | GCAD | NATO | GCAD | NATO | |
| 3 months | −11.3% | −6.6% | −13.5 pts | −8.9 pts | −8.8 pts | −4.1 pts |
| 6 months | −0.8% | −3.4% | −18.8 pts | −21.5 pts | −25.0 pts | −27.7 pts |
| 1 year | +14.2% | +0.6% | −2.4 pts | −16.0 pts | −7.6 pts | −21.2 pts |
| 3 years | +120.8% | not published | +42.4 pts | not published | +22.6 pts | not published |
| Since launch | +121.0% | +49.9% | +12.9 pts | +15.4 pts | −56.0 pts | +2.3 pts |
| GCAD Gabelli Commercial Aerospace and Defense ETF Holds 54 stocks in defense, 40% of its weight in S&P 500 companies | NATO Themes Transatlantic Defense ETF Holds 84 stocks in defense, 58% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Gabelli | Themes |
| Theme | Defense | Defense |
| In the S&P 500 | 40.2% | 58.4% |
| Active share vs the S&P 500 | 97.2% | 97.6% |
| In the Nasdaq-100 | 2.5% | 5.1% |
| Holdings | 54 | 84 |
| Top ten, share of the fund | 47.5% | 58.8% |
| Expense ratio | 0.90% | 0.35% |
| Fee for the differing part | 0.93% | 0.36% |
| Total return, 1 year | +14.2% | +0.6% |
| vs the S&P 500 | −2.4 pts | −16.0 pts |
| vs the Nasdaq-100 | −7.6 pts | −21.2 pts |
| Below its high | −14.2% | −14.4% |
| Net assets | $44m | $95m |
GCAD in plain words
By weight, 40% of GCAD's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 97%. The top ten holdings are 48% of the fund across 54 positions, as filed for Jun 30, 2026. Over the year to Sep 18, 2026 the fund returned +14.2% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 2.4 pts. It sits 14.2% below its all-time high of Aug 14, 2026.
NATO in plain words
By weight, 58% of NATO's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 98%. The top ten holdings are 59% of the fund across 84 positions, as filed for Jun 30, 2026. Over the year to Sep 18, 2026 the fund returned +0.6% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 16.0 pts. It sits 14.4% below its all-time high of Mar 2, 2026.
Questions people ask
- Do GCAD and NATO hold the same stocks?
- By their latest filings, 40% of their books are the same securities at the same weight, which is a meaningful overlap. Overlap is the sum of the smaller weight of every security they share.
- Which is more different from the S&P 500, GCAD or NATO?
- GCAD has 40% of its weight in S&P 500 names and NATO has 58%, so NATO differs more from the index.
- Which is cheaper, GCAD or NATO?
- GCAD charges 0.90% a year and NATO charges 0.35%, so NATO is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, GCAD against NATO, data as of Sep 18, 2026. https://etfiq.com/compare/themes/gcad-vs-nato Free to use with attribution; the underlying files are at Open data.