Data as of .
NATO vs WDEF: which is really different?
NATO and WDEF hold 30% of their weight in the same names, and NATO returned more over the year.
ETFIQ Off-Index Score: WDEF 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
30% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, NATO and WDEF hold 30% of their money in the same securities at the same weight.
| Holding | NATO | WDEF |
|---|---|---|
| Rolls-Royce Holdings PLC | 7.16% | 5.57% |
| Airbus SE | 5.10% | 5.34% |
| Safran SA | 4.89% | 5.62% |
| BAE Systems PLC | 3.38% | 10.21% |
| Rheinmetall AG | 2.41% | 8.70% |
| Thales SA | 1.03% | 10.14% |
| Leonardo SpA | 0.99% | 4.79% |
| Saab AB | 0.72% | 4.83% |
| Melrose Industries PLC | 0.37% | 2.54% |
| Dassault Aviation SA | 0.27% | 4.14% |
| Hensoldt AG | 0.22% | 4.13% |
| RENK Group AG | 0.18% | 2.51% |
| Only in NATO | Only in WDEF |
|---|---|
| General Electric Co 9.73% | KONGSBERG GRUPPEN ASA 4.61% |
| RTX Corp 7.61% | BABCOCK INTERNATIONAL GROUP PLC 3.10% |
| Boeing Co/The 7.28% | INDRA SISTEMAS SA 2.98% |
| Lockheed Martin Corp 5.19% | TKMS AG & CO. KGAA 2.96% |
| Howmet Aerospace Inc 4.85% | EXOSENS SA 1.70% |
| General Dynamics Corp 3.63% | FINCANTIERI SPA 1.30% |
| TransDigm Group Inc 3.40% | THEON INTERNATIONAL PLC 1.27% |
| Northrop Grumman Corp 3.37% | SERCO GROUP PLC 0.94% |
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 | |||
|---|---|---|---|---|---|---|
| NATO | WDEF | NATO | WDEF | NATO | WDEF | |
| 3 months | −6.6% | +2.9% | −8.9 pts | +0.7 pts | −4.1 pts | +5.4 pts |
| 6 months | −3.4% | −6.0% | −21.5 pts | −24.1 pts | −27.7 pts | −30.3 pts |
| 1 year | +0.6% | −7.6% | −16.0 pts | −24.1 pts | −21.2 pts | −29.4 pts |
| Since launch | +49.9% | −2.7% | +15.4 pts | −25.7 pts | +2.3 pts | −31.8 pts |
| NATO Themes Transatlantic Defense ETF Holds 84 stocks in defense, 58% of its weight in S&P 500 companies | WDEF WisdomTree Europe Defense Fund Holds 42 stocks in defense, 0% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Themes | WisdomTree |
| Theme | Defense | Defense |
| In the S&P 500 | 58.4% | 0.0% |
| Active share vs the S&P 500 | 97.6% | 100.0% |
| In the Nasdaq-100 | 5.1% | 0.0% |
| Holdings | 84 | 42 |
| Top ten, share of the fund | 58.8% | 63.9% |
| Expense ratio | 0.35% | 0.45% |
| Fee for the differing part | 0.36% | 0.45% |
| Total return, 1 year | +0.6% | −7.6% |
| vs the S&P 500 | −16.0 pts | −24.1 pts |
| vs the Nasdaq-100 | −21.2 pts | −29.4 pts |
| Below its high | −14.4% | −15.7% |
| Net assets | $95m | $83m |
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.
WDEF in plain words
By weight, 0% of WDEF'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 64% of the fund across 42 positions, as filed for Jun 30, 2026. Over the year to Sep 18, 2026 the fund returned −7.6% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 24.1 pts. It sits 15.7% below its all-time high of Jan 27, 2026.
Questions people ask
- Do NATO and WDEF hold the same stocks?
- By their latest filings, 30% 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, NATO or WDEF?
- NATO has 58% of its weight in S&P 500 names and WDEF has 0%, so WDEF differs more from the index.
- Which is cheaper, NATO or WDEF?
- NATO charges 0.35% a year and WDEF charges 0.45%, 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, NATO against WDEF, data as of Sep 18, 2026. https://etfiq.com/compare/themes/nato-vs-wdef Free to use with attribution; the underlying files are at Open data.