NATOvsXLIETF Comparison
ETF 1
NATO
Themes Transatlantic Defense ETF
VS
Themes Transatlantic Defense ETF (NATO) belongs to the segment. State Street Industrial Select Sector SPDR ETF (XLI) is part of the US Industrials segment. NATO's top 3 sector exposures are Industrials, Information Technology and Consumer Discretionary. In contrast, XLI's top sector exposures are Industrials, Information Technology NATO is more expensive with a Total Expense Ratio (TER) of 0.35%, versus 0.08% for XLI. NATO is up 5.19% year-to-date (YTD) with +$39M in YTD flows. XLI performs better with 13.95% YTD performance, and +$1.94B in YTD flows. Run a side-by-side ETF comparison of NATO and XLI below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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NATO vs XLI performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 06/12/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | NATO XLI | +2.16%+1.09% | -2.94%+6.94% | +5.19%+13.95% | +18.71%+24.12% | n/a+78.69% | n/a+84.55% |
| Flows | NATO XLI | --$335M | -$1M+$537M | +$39M+$1.94B | +$61M+$4.52B | -+$6.29B | -+$217M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | NATO XLI | +28.33%+21.52% | +20.12%+16.20% | n/a+16.42% | n/a+17.60% |
| Max drawdown | NATO XLI | -9.67%-5.63% | -14.82%-12.21% | n/a-18.43% | n/a-21.70% |
| Max drawdown duration | NATO XLI | 59d21d | 102d102d | n/a165d | n/a526d |
Trading data
NATO | XLI | |
Last sale 6/15/2026 at 2:17 PM | $40.30 | $179.10 |
| Previous close 06/12/2026 | $39.81 | $176.18 |
| Consolidated volume 06/12/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of May 29, 2026
1-year trailing difference
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NATO | XLI | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 6/15/2026 at 2:17 PM
Live
Closed
NATO | XLI | |
|---|---|---|
| Last price | $40.30 | $179.10 |
| 1D performance | +1.23% | +1.66% |
| AuM | $98.99 M | $31.07 B |
| E/R | 0.35% | 0.08% |
Characteristics
NATO | XLI | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Themes Management Company | State Street Investment Management |
| Benchmark | Solactive Transatlantic Aerospace and Defense Index | S&P Industrial Select Sector Index |
| N° of holdings | 59 | 77 |
| Asset class | - | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 10, 2024 | December 16, 1998 |
| ESG | No | No |
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Exposure
Countries
NATO
USA
66.07%
United Kingdom
11.1%
Other
22.83%
XLI
USA
92.73%
Ireland
7.19%
Other
0.08%
Sectors
NATO
Industrials
90.96%
Other
9.04%
XLI
Industrials
91.43%
Other
8.57%
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Diversification
NATO
Total weight of top 15 holdings out of 15
76.57%
XLI
Total weight of top 15 holdings out of 15
50.62%
Top 15 holdings
Data as of April 30, 2026
NATO
BOEING U
8.27%
RAYTHEON TECHNOLOGIES CORPORD
7.99%
GENERAL ELECTRIC
7.53%
ROLLS-ROYCE HOLDINGS
6.08%
AIRBUS SE
5.40%
SAFRAN
5.28%
HONEYWELL INTL
5.13%
LOCKHEED MARTIN
4.97%
HOWMET AEROSPACE INC
4.74%
BAE SYSTEMS
4.09%
NORTHROP GRUMMAN
4.04%
RHEINMETALL
3.56%
GENERAL DYNAMICS
3.40%
TRANSDIGM GROUP
3.14%
L3 HARRIS TECHNOLOGIES
2.95%
XLI
CATERPILLAR
7.61%
GENERAL ELECTRIC
5.59%
US36828A1016
5.36%
RAYTHEON TECHNOLOGIES CORPORD
4.34%
BOEING U
3.30%
EATON CORP PLC
3.09%
UNION PACIFIC U
2.94%
UBER TECHNOLOGIES INC
2.82%
DEERE
2.73%
HONEYWELL INTL
2.50%
VERTIV HOLDINGS
2.31%
PARKER HANNIFIN
2.11%
TRANE TECHNOLOGIES PLC
2.00%
QUANTA SERVICES
1.99%
LOCKHEED MARTIN
1.93%
Frequently asked questions about NATO and XLI
How have the NATO and XLI ETFs performed in 2026?
As of June 12, 2026, NATO is up 5.19% year-to-date (YTD), while XLI has returned 13.95%. That puts XLI better performer ahead so far this year.
Which ETF is attracting more investor money: NATO or XLI?
Year-to-date, the NATO ETF saw +$39M in flows, compared to +$1.94B for XLI.
Which ETF is more volatile: NATO or XLI?
Over the past year, NATO had a volatility of 20.12%, while XLI experienced 16.2%.
Which ETF is bigger: NATO or XLI?
As of June 12, 2026, NATO holds $98.99 M in assets under management (AUM), while XLI manages $31.07 B.
What sectors do the NATO and XLI ETFs invest in?
NATO leans toward sectors like Industrials. Meanwhile, XLI focuses on Industrials.
What are the top holdings of the NATO ETF and XLI ETF?
NATO top holdings include BOEING U, RAYTHEON TECHNOLOGIES CORPORD and GENERAL ELECTRIC. XLI holds in its top three: CATERPILLAR, GENERAL ELECTRIC and US36828A1016.
Which ETF is more diversified: NATO or XLI?
NATO holds 76 securities with 76.57% of its assets in the top 15. XLI has 79 securities and a top 15 weight of 50.62%.
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Latest news about NATO & XLI
ETFs Reveal a Growing Gap in U.S. vs. EU Defense Stock Performance
March 5, 2025
NATO
Investing in Sector ETFs: Energy, Industrials, & Materials
September 6, 2024
XLI
Tony's ETF Buyer's Guide: Sector ETFs (Vanguard versus State Street SPDR)
December 1, 2023
XLI
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