Do KDEF and NATO hold the same stocks?

By their latest filings, 0% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.

Which is more different from the S&P 500, KDEF or NATO?

KDEF has 0% of its weight in S&P 500 names and NATO has 54%, so KDEF differs more from the index.

Which is cheaper, KDEF or NATO?

KDEF charges 0.65% a year and NATO charges 0.35%, so NATO is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

KDEF vs NATO: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, KDEF returned −28.3% to NATO's −1.8%; 0% of their weight is in the same names.

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Net assets: $113m on Aug 31, 2026 for PLUS Korea Defense Industry Index ETF, and $88m on Nov 4, 2026 for Themes Transatlantic Defense ETF.

KDEF on its own →NATO on its own →

At a glance

0.0%

KDEF in the S&P 500

54.5%

NATO in the S&P 500

−28.3%

KDEF total return, 1 year

−1.8%

NATO total return, 1 year

KDEF · 1 year to Nov 4, 2026 100% of its weight is outside the S&P 500

0% of KDEF's weight is in S&P 500 companies and 100% is outside the index. Holdings as of Aug 31, 2026.

NATO · 1 year to Nov 4, 2026 46% of its weight is outside the S&P 500

55% of NATO's weight is in S&P 500 companies and 46% is outside the index. Holdings as of Nov 4, 2026.

Pair scorecard

NATO costs 0.30 points a year less; their one-year returns differ by 26.5 points.

Points (pts) are percentage points.

KDEF vs NATO: Holdings Overlap & Returns
Measure	KDEF	NATO
Return
Measure	KDEF	NATO
Total return, 1 year	−28.3%	−1.8%
Drawdown
Measure	KDEF	NATO
Below its all-time high	50.7%, high on May 5, 2026	16.1%, high on Mar 2, 2026
Against its benchmark
Measure	KDEF	NATO
What it tracks	Defense	Defense
Its benchmark, total return, 1 year		+15.0%
Against its benchmark, 1 year		behind by 16.8 pts
Cost and size
Measure	KDEF	NATO
Expense ratio	0.65%	0.35%
Net assets, KDEF as of Aug 31, 2026 and NATO as of Nov 4, 2026	$113m	$88m
Holdings
Measure	KDEF	NATO
Holdings in common	0%

Method

Risk and return

Feb 14, 2025 to Oct 23, 2026 · 88 weekly returns

KDEF NATO

Return

Total return edge KDEF +45.3% +35.2%

Annualized edge KDEF +24.7% +19.5%

Price return edge KDEF (slight) +36.6% +34.6%

Risk

Volatility edge NATO 50.8% 23.5%

Max drawdown edge NATO −47.3% −18.4%

Risk-adjusted

Sharpe edge NATO 0.61 0.71

Sortino edge NATO 0.90 1.05

Calmar edge NATO 0.52 1.06

Reading

From Feb 2025 to Oct 2026, KDEF returned more: +45.3% to +35.2%. NATO swung less: 23.5% to 50.8%. NATO fell less at its worst: −18.4% to −47.3%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: KDEF vs NATO: Holdings Overlap & Returns
Measure	KDEF	NATO	Edge	How it is measured
Return
Total return	+45.3%	+35.2%	KDEF	Price change plus distributions, reinvested.
Annualized	+24.7%	+19.5%	KDEF	Total return as a yearly rate.
Price return	+36.6%	+34.6%	KDEF (slight)	Price change alone, distributions left out.
Risk
Volatility	50.8%	23.5%	NATO	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	34.3%	15.8%	NATO	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−47.3%	−18.4%	NATO	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	0.61	0.71	NATO	Return above Treasury bills per unit of volatility.
Sortino	0.90	1.05	NATO	Return above Treasury bills per unit of downside deviation.
Calmar	0.52	1.06	NATO	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 88 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, KDEF and NATO hold 0% of their money in the same securities at the same weight. Holdings dated Aug 31, 2026 and Nov 4, 2026.

50%

0 half 100%

half

0% in common

Positions both hold · largest shared weight first KDEF NATO

Only in one fund ↓

Only in KDEF

HANWHA AEROSPACE CO LTD 23.38%

HYUNDAI ROTEM COMPANY 7.63%

KOREA AEROSPACE INDUSTRIES LTD 6.71%

LIG DEFENSE & AEROSPACE CO LTD 6.67%

POONGSAN CORP 6.04%

SK OCEANPLANT CO LTD 4.33%

SNT MOTIV CO LTD 4.25%

SNT DYNAMICS CO LTD 3.94%

Only in NATO

RTX Corp 8.53%

GE AEROSPACE 8.40%

Rolls-Royce Holdings PLC 7.09%

Boeing Co 6.81%

AIRBUS GROUP SE 6.66%

Safran SA 5.75%

Lockheed Martin Corp 5.19%

General Dynamics Corp 4.36%

Check overlap with more funds →

Window by window

Window by window: KDEF vs NATO: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	KDEF	NATO	KDEF	NATO
3 months	−22.9%	−14.7%	not measured	−13.4 pts vs ACWI
6 months	−49.1%	−6.9%	not measured	−9.5 pts vs ACWI
1 year	−28.3%	−1.8%	not measured	−16.8 pts vs ACWI
Since launchNot the same days: KDEF Feb 2025 · NATO Oct 2024	+60.9%	+47.0%	not measured	+10.9 pts vs ACWI

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Side by side

KDEF PLUS Korea Defense Industry Index ETF · Holds 20 stocks in defense, 0% of its weight in S&P 500 companies NATO Themes Transatlantic Defense ETF · Holds 83 stocks in defense, 54% of its weight in S&P 500 companies

Issuer PLUS Themes

Theme Defense Defense

In the S&P 500 0.0% 54.5%

Active share vs the S&P 500 100.0% 97.7%

In the Nasdaq-100 0.0% 5.9%

Holdings 20 83

Top ten, share of the fund 70.4% 61.2%

Expense ratio 0.65% 0.35%

Fee for the differing part 0.65% 0.36%

Total return, 1 year −28.3% −1.8%

vs its benchmark not measured −16.8 pts vs ACWI

Below its high −50.7% −16.1%

Net assets, KDEF as of Aug 31, 2026 and NATO as of Nov 4, 2026 $113m $88m

As of Nov 4, 2026. Source: ETFIQ.

0% of the two portfolios are the same securities at the same weight.

Client brief:

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About each fund

KDEF

By weight, 0% of KDEF's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 70% of the fund across 20 positions, as filed for Aug 31, 2026. Over the year to Nov 4, 2026 the fund returned −28.3% with distributions reinvested. It sits 50.7% below its all-time high of May 5, 2026.

NATO

By weight, 54% 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 61% of the fund across 83 positions, as published by its issuer for Nov 4, 2026. Over the year to Nov 4, 2026 the fund returned −1.8% with distributions reinvested against +15.0% for its benchmark, the MSCI ACWI Net Total Return Index, so a holder was behind by 16.8 pts. It sits 16.1% below its all-time high of Mar 2, 2026.

Questions people ask

Do KDEF and NATO hold the same stocks?: By their latest filings, 0% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, KDEF or NATO?: KDEF has 0% of its weight in S&P 500 names and NATO has 54%, so KDEF differs more from the index.
Which is cheaper, KDEF or NATO?: KDEF charges 0.65% a year and NATO charges 0.35%, so NATO is cheaper. Fees come from each fund's prospectus.

Other comparisons

KDEF vs MISL KDEF vs WDGF KDEF vs AMMO KDEF vs WR NATO vs AMMO NATO vs WDEF NATO vs WAR NATO vs WDAF

Where to next

All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →KDEF on its own →NATO on its own →KDEF dividend history →KDEF holdings →NATO dividend history →NATO holdings →Method →Standards and sources →

Sources and dates

KDEF filings on SEC EDGAR ↗

KDEF prospectus with the expense ratio (SEC) ↗

PLUS website ↗

NATO filings on SEC EDGAR ↗

NATO prospectus with the expense ratio (SEC) ↗

Themes page for NATO ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, KDEF against NATO, data as of Nov 4, 2026. https://etfiq.com/compare/themes/kdef-vs-nato

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.