Do NATO and WDEF hold the same stocks?

By their latest filings, 28% 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, NATO or WDEF?

NATO has 54% 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.

Data as of Nov 4, 2026.

Thematic ETFs

NATO vs WDEF: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, NATO returned −1.8% to WDEF's −5.6%; 28% of their weight is in the same names.

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Net assets: $88m on Nov 4, 2026 for Themes Transatlantic Defense ETF, and $88m on Jun 30, 2026 for WisdomTree Europe Defense Fund.

NATO on its own →WDEF on its own →

At a glance

54.5%

NATO in the S&P 500

0.0%

WDEF in the S&P 500

−1.8%

NATO total return, 1 year

−5.6%

WDEF total return, 1 year

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.

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

0% of WDEF's weight is in S&P 500 companies and 100% is outside the index. Holdings as of Jun 30, 2026.

Pair scorecard

NATO costs 0.10 points a year less; their one-year returns differ by 3.8 points.

Points (pts) are percentage points.

NATO vs WDEF: Holdings Overlap & Returns
Measure	NATO	WDEF
Return
Measure	NATO	WDEF
Total return, 1 year	−1.8%	−5.6%
Drawdown
Measure	NATO	WDEF
Below its all-time high	16.1%, high on Mar 2, 2026	17.3%, high on Jan 27, 2026
Against its benchmark
Measure	NATO	WDEF
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	NATO	WDEF
Expense ratio	0.35%	0.45%
Net assets, NATO as of Nov 4, 2026 and WDEF as of Jun 30, 2026	$88m	$88m
Holdings
Measure	NATO	WDEF
Holdings in common	28%

Method

What they share

28%

By the books each fund has filed, NATO and WDEF hold 28% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Nov 4, 2026.

50%

0 half 100%

half

28% in common

Positions both hold · largest shared weight first NATO WDEF

Safran SA 5.75% 5.57%

Rolls-Royce Holdings PLC 7.09% 5.51%

AIRBUS GROUP SE 6.66% 5.29%

BAE Systems PLC 4.19% 10.11%

Rheinmetall AG 2.75% 8.62%

Thales SA 1.16% 10.04%

Saab AB 1.06% 4.78%

Kongsberg Gruppen ASA 0.83% 4.56%

Melrose Industries PLC 0.41% 2.52%

Dassault Aviation SA 0.30% 4.10%

Hensoldt AG 0.29% 4.09%

QinetiQ Group PLC 0.17% 1.39%

Only in one fund ↓

Only in NATO

RTX Corp 8.53%

GE AEROSPACE 8.40%

Boeing Co 6.81%

Lockheed Martin Corp 5.19%

General Dynamics Corp 4.36%

Howmet Aerospace Inc 4.18%

Northrop Grumman Corp 3.90%

TransDigm Group Inc 3.45%

Only in WDEF

LEONARDO SPA 4.74%

BABCOCK INTERNATIONAL GROUP PLC 3.07%

INDRA SISTEMAS SA 2.96%

TKMS AG & CO. KGAA 2.93%

EXOSENS SA 1.68%

FINCANTIERI SPA 1.29%

THEON INTERNATIONAL PLC 1.26%

SERCO GROUP PLC 0.93%

Check overlap with more funds →

Window by window

Window by window: NATO vs WDEF: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	NATO	WDEF	NATO	WDEF
3 months	−14.7%	−10.7%	−13.4 pts vs ACWI	not measured
6 months	−6.9%	−9.1%	−9.5 pts vs ACWI	not measured
1 year	−1.8%	−5.6%	−16.8 pts vs ACWI	not measured
Since launchNot the same days: NATO Oct 2024 · WDEF Jul 2025	+47.0%	−4.6%	+10.9 pts vs ACWI	not measured

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Side by side

NATO Themes Transatlantic Defense ETF · Holds 83 stocks in defense, 54% 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 54.5% 0.0%

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

In the Nasdaq-100 5.9% 0.0%

Holdings 83 42

Top ten, share of the fund 61.2% 63.3%

Expense ratio 0.35% 0.45%

Fee for the differing part 0.36% 0.45%

Total return, 1 year −1.8% −5.6%

vs its benchmark −16.8 pts vs ACWI not measured

Below its high −16.1% −17.3%

Net assets, NATO as of Nov 4, 2026 and WDEF as of Jun 30, 2026 $88m $88m

As of Nov 4, 2026. Source: ETFIQ.

28% of the two portfolios are the same securities at the same weight.

Alert

About each fund

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.

WDEF

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 63% of the fund across 42 positions, as filed for Jun 30, 2026. Over the year to Nov 4, 2026 the fund returned −5.6% with distributions reinvested. It sits 17.3% below its all-time high of Jan 27, 2026.

Questions people ask

Do NATO and WDEF hold the same stocks?: By their latest filings, 28% 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, NATO or WDEF?: NATO has 54% 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

NATO vs EUAD NATO vs IDEF NATO vs XAR NATO vs SHLD WDEF vs FOWF WDEF vs ARMY WDEF vs WDGF WDEF vs XDEF

Where to next

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

Sources and dates

NATO filings on SEC EDGAR ↗

NATO prospectus with the expense ratio (SEC) ↗

Themes page for NATO ↗

WDEF filings on SEC EDGAR ↗

WDEF prospectus with the expense ratio (SEC) ↗

WisdomTree page for WDEF ↗

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

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