Data as of .
NATO vs XDEF: which is really different?
NATO and XDEF hold 32% of their weight in the same names.
ETFIQ Off-Index Score: XDEF 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
32% 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 XDEF hold 32% of their money in the same securities at the same weight.
| Holding | NATO | XDEF |
|---|---|---|
| Rolls-Royce Holdings PLC | 7.16% | 8.64% |
| Airbus SE | 5.10% | 8.69% |
| Safran SA | 4.89% | 8.26% |
| BAE Systems PLC | 3.38% | 7.30% |
| Rheinmetall AG | 2.41% | 6.95% |
| MTU Aero Engines AG | 1.03% | 4.29% |
| Thales SA | 1.03% | 4.40% |
| Leonardo SpA | 0.99% | 3.98% |
| Saab AB | 0.72% | 3.87% |
| Melrose Industries PLC | 0.37% | 4.28% |
| Dassault Aviation SA | 0.27% | 3.71% |
| Hensoldt AG | 0.22% | 3.63% |
| Only in NATO | Only in XDEF |
|---|---|
| General Electric Co 9.73% | DSV A/S 4.70% |
| RTX Corp 7.61% | KONGSBERG GRUPPEN ASA 3.92% |
| Boeing Co/The 7.28% | BABCOCK INTERNATIONAL GROUP PLC 3.69% |
| Lockheed Martin Corp 5.19% | INDRA SISTEMAS SA 3.41% |
| Howmet Aerospace Inc 4.85% | SES SA 2.22% |
| General Dynamics Corp 3.63% | SERCO GROUP PLC 2.09% |
| TransDigm Group Inc 3.40% | EUTELSAT COMMUNICATIONS SA 0.93% |
| Northrop Grumman Corp 3.37% | KONGSBERG MARITIME ASA 0.69% |
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 and May 31, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| NATO | XDEF | NATO | XDEF | NATO | XDEF | |
| 3 months | −6.6% | +1.8% | −8.9 pts | −0.5 pts | −4.1 pts | +4.3 pts |
| 6 months | −3.4% | −0.4% | −21.5 pts | −18.5 pts | −27.7 pts | −24.7 pts |
| 1 year | +0.6% | not published | −16.0 pts | not published | −21.2 pts | not published |
| Since launch | +49.9% | −99.1% | +15.4 pts | −111.5 pts | +2.3 pts | −117.1 pts |
| NATO Themes Transatlantic Defense ETF Holds 84 stocks in defense, 58% of its weight in S&P 500 companies | XDEF Xtrackers Europe Defense Technologies ETF Holds 30 stocks in defense, 0% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Themes | Xtrackers |
| 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 | 30 |
| Top ten, share of the fund | 58.8% | 61.5% |
| Expense ratio | 0.35% | 0.35% |
| Fee for the differing part | 0.36% | 0.35% |
| Total return, 1 year | +0.6% | −99.1% (since launch on Jan 2, 2026) |
| vs the S&P 500 | −16.0 pts | −111.5 pts |
| vs the Nasdaq-100 | −21.2 pts | −117.1 pts |
| Below its high | −14.4% | −99.2% |
| Net assets | $95m | $4m |
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.
XDEF in plain words
By weight, 0% of XDEF'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 62% of the fund across 30 positions, as filed for May 31, 2026. Since it launched on Jan 2, 2026 the fund returned −99.1% with distributions reinvested against +12.4% for the S&P 500, so a holder was behind by 111.5 pts. It sits 99.2% below its all-time high of Jan 16, 2026.
Questions people ask
- Do NATO and XDEF hold the same stocks?
- By their latest filings, 32% 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 XDEF?
- NATO has 58% of its weight in S&P 500 names and XDEF has 0%, so XDEF differs more from the index.
- Which is cheaper, NATO or XDEF?
- NATO charges 0.35% a year and XDEF charges 0.35%, 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 XDEF, data as of Sep 18, 2026. https://etfiq.com/compare/themes/nato-vs-xdef Free to use with attribution; the underlying files are at Open data.