Data as of .
NATO vs WR: which is really different?
NATO and WR hold 21% of their weight in the same names.
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
21% 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 WR hold 21% of their money in the same securities at the same weight.
| Holding | NATO | WR |
|---|---|---|
| RTX Corp | 8.53% | 5.04% |
| Lockheed Martin Corp | 4.87% | 3.55% |
| General Dynamics Corp | 4.02% | 2.87% |
| Howmet Aerospace Inc | 4.07% | 2.55% |
| TransDigm Group Inc | 3.04% | 1.61% |
| Rocket Lab Corp | 1.93% | 1.34% |
| BWX Technologies Inc | 0.69% | 0.76% |
| Moog Inc | 0.52% | 0.81% |
| Huntington Ingalls Industries Inc | 0.51% | 0.81% |
| Kratos Defense & Security Solutions Inc | 0.43% | 0.74% |
| Hexcel Corp | 0.34% | 0.65% |
| AeroVironment Inc | 0.26% | 0.59% |
| Only in NATO | Only in WR |
|---|---|
| Rolls-Royce Holdings PLC 8.01% | ExxonMobil Holdings Corp 8.60% |
| GE AEROSPACE 7.56% | Chevron Corp 6.37% |
| Boeing Co/The 7.41% | Palantir Technologies Inc 5.66% |
| AIRBUS GROUP SE 6.44% | Marathon Petroleum Corp 4.41% |
| Safran SA 6.35% | Valero Energy Corp 4.29% |
| BAE Systems PLC 4.16% | Phillips 66 4.04% |
| Northrop Grumman Corp 3.82% | ConocoPhillips 3.90% |
| Honeywell International Inc 3.34% | EOG Resources Inc 2.67% |
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 Sep 18, 2026 and Sep 21, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| NATO | WR | NATO | WR | NATO | WR | |
| 3 months | −6.6% | +11.1% | −8.9 pts | +8.8 pts | −4.1 pts | +13.6 pts |
| 6 months | −3.4% | not published | −21.5 pts | not published | −27.7 pts | not published |
| 1 year | +0.6% | not published | −16.0 pts | not published | −21.2 pts | not published |
| Since launch | +49.9% | +7.9% | +15.4 pts | +3.6 pts | +2.3 pts | +4.1 pts |
| NATO Themes Transatlantic Defense ETF Holds 84 stocks in defense, 58% of its weight in S&P 500 companies | WR Corgi U.S. War Machine ETF Holds 57 stocks in defense, 70% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Themes | Corgi |
| Theme | Defense | Defense |
| In the S&P 500 | 58.4% | 70.0% |
| Active share vs the S&P 500 | 97.6% | 96.6% |
| In the Nasdaq-100 | 5.1% | 9.2% |
| Holdings | 84 | 57 |
| Top ten, share of the fund | 58.8% | 48.7% |
| Expense ratio | 0.35% | not published |
| Fee for the differing part | 0.36% | not published |
| Total return, 1 year | +0.6% | +7.9% (since launch on May 6, 2026) |
| vs the S&P 500 | −16.0 pts | +3.6 pts |
| vs the Nasdaq-100 | −21.2 pts | +4.1 pts |
| Below its high | −14.4% | −3.9% |
| Net assets | $95m | $945,672 |
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 published by its issuer for Sep 21, 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.
WR in plain words
By weight, 70% of WR'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 49% of the fund across 57 positions, as published by its issuer for Sep 18, 2026. Since it launched on May 6, 2026 the fund returned +7.9% with distributions reinvested against +4.3% for the S&P 500, so a holder was ahead by 3.6 pts.
Questions people ask
- Do NATO and WR hold the same stocks?
- By their latest filings, 21% 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 WR?
- NATO has 58% of its weight in S&P 500 names and WR has 70%, so NATO differs more from the index.
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 WR, data as of Sep 18, 2026. https://etfiq.com/compare/themes/nato-vs-wr Free to use with attribution; the underlying files are at Open data.