Data as of Nov 4, 2026.
NATO vs SHLD: Holdings Overlap & Returns
Over the year to Nov 4, 2026, NATO returned −1.8% to SHLD's −8.5%; 40% of their weight is in the same names.
askIQ about this page
askIQ about NATO and SHLD
Net assets: $88m on Nov 4, 2026 for Themes Transatlantic Defense ETF, and $6.3bn on Oct 12, 2026 for Global X Defense Tech ETF.
55% of NATO's weight is in S&P 500 companies and 46% is outside the index. Holdings as of Nov 4, 2026.
53% of SHLD's weight is in S&P 500 companies and 47% is outside the index. Holdings as of Aug 31, 2026.
Pair scorecard
NATO costs 0.15 points a year less; their one-year returns differ by 6.7 points.
Points (pts) are percentage points.
| Measure | NATO | SHLD |
|---|---|---|
| Return | ||
| Total return, 1 year | −1.8% | −8.5% |
| Drawdown | ||
| Below its all-time high | 16.1%, high on Mar 2, 2026 | 21.4%, high on Mar 9, 2026 |
| Against its benchmark | ||
| 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 | ||
| Expense ratio | 0.35% | 0.50% |
| Net assets, NATO as of Nov 4, 2026 and SHLD as of Oct 12, 2026 | $88m | $6.3bn |
| Holdings | ||
| Holdings in common | 40% | |
How different its holdings are from the S&P 500, ranked against 114 thematic ETFs with at least half their money in S&P 500 companies. 100 is best. How it is computed
Weight not shared with the S&P 500 only; it says nothing about returns, fees or whether the theme pays off. All thematic ETFs ranked by it →
Risk and return
Oct 18, 2024 to Oct 30, 2026 · 106 weekly returnsFrom Oct 2024 to Oct 2026, SHLD returned more: +65.6% to +41.4%. NATO swung less: 22.6% to 27.5%. NATO fell less at its worst: −18.4% to −25.1%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | NATO | SHLD | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +41.4% | +65.6% | SHLD | Price change plus distributions, reinvested. |
| Annualized | +18.5% | +28.1% | SHLD | Total return as a yearly rate. |
| Price return | +40.7% | +63.6% | SHLD | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 22.6% | 27.5% | NATO | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 15.0% | 15.8% | NATO (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −18.4% | −25.1% | NATO | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.69 | 0.89 | SHLD | Return above Treasury bills per unit of volatility. |
| Sortino | 1.04 | 1.55 | SHLD | Return above Treasury bills per unit of downside deviation. |
| Calmar | 1.01 | 1.12 | SHLD | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 106 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, NATO and SHLD hold 40% of their money in the same securities at the same weight. Holdings dated Aug 31, 2026 and Nov 4, 2026.
half
40% in common
Only in one fund ↓
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | NATO | SHLD | NATO | SHLD |
| 3 months | −14.7% | −9.2% | −13.4 pts vs ACWI | not measured |
| 6 months | −6.9% | −9.7% | −9.5 pts vs ACWI | not measured |
| 1 year | −1.8% | −8.5% | −16.8 pts vs ACWI | not measured |
| 3 years | – | +133.6% | – | not measured |
| Since launchNot the same days: NATO Oct 2024 · SHLD Sep 2023 | +47.0% | +151.4% | +10.9 pts vs ACWI | not measured |
– means no data for this window. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
40% of the two portfolios are the same securities at the same weight.
Client brief:
The two-page PDF for this pair is coming. Save the comparison to follow its changes. Free. It needs an email sign-in, once.
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.
SHLD
By weight, 53% of SHLD's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 99%. The top ten holdings are 65% of the fund across 50 positions, as filed for Aug 31, 2026. Over the year to Nov 4, 2026 the fund returned −8.5% with distributions reinvested. It sits 21.4% below its all-time high of Mar 9, 2026.
Questions people ask
- Do NATO and SHLD hold the same stocks?
- By their latest filings, 40% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
It is a place in a set, not a rating or a recommendation.
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, NATO against SHLD, data as of Nov 4, 2026. https://etfiq.com/compare/themes/nato-vs-shld
ETFIQ. (Nov 4, 2026). NATO against SHLD. Retrieved from https://etfiq.com/compare/themes/nato-vs-shld
[NATO against SHLD (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/themes/nato-vs-shld)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.