AA vs. COPX

Last updated Jun 13, 2026

AA (Alcoa Corporation) is a stock, while COPX (Global X Copper Miners ETF) is Materials fund tracking the Solactive Global Copper Miners Total Return Index. Over the past 5 years, AA returned 14.08%/yr vs 19.28%/yr for COPX. A 0.63 correlation means they provide meaningful diversification when combined.

Performance

AA vs. COPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alcoa Corporation (AA) and Global X Copper Miners ETF (COPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AA achieves a 29.83% return, which is significantly higher than COPX's 19.75% return.

AA

• 1D: -0.30%
• 1M: 0.64%
• YTD: 29.83%
• 6M: 49.53%
• 1Y: 140.52%
• 3Y*: 24.73%
• 5Y*: 14.08%
• 10Y*: —

COPX

• 1D: 3.38%
• 1M: -6.46%
• YTD: 19.75%
• 6M: 29.13%
• 1Y: 103.76%
• 3Y*: 33.96%
• 5Y*: 19.28%
• 10Y*: 21.86%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AA vs. COPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AA Alcoa Corporation	29.83%	42.46%	12.43%	-24.33%	-23.12%	159.05%	7.16%	-19.07%	-50.66%	91.84%
COPX Global X Copper Miners ETF	19.75%	93.50%	3.57%	8.38%	-0.76%	23.39%	51.66%	12.48%	-31.31%	38.92%

Correlation

The correlation between AA and COPX is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Nov 1, 2016	0.63

The correlation between AA and COPX has been stable across timeframes, ranging from 0.62 to 0.67 - a consistent structural relationship.

Return for Risk

AA vs. COPX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AA

AA Risk / Return Rank: 92
AA Sharpe Ratio Rank: 94
AA Sortino Ratio Rank: 90
AA Omega Ratio Rank: 87
AA Calmar Ratio Rank: 95
AA Martin Ratio Rank: 96

COPX

COPX Risk / Return Rank: 76
COPX Sharpe Ratio Rank: 85
COPX Sortino Ratio Rank: 69
COPX Omega Ratio Rank: 70
COPX Calmar Ratio Rank: 81
COPX Martin Ratio Rank: 72

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AA vs. COPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alcoa Corporation (AA) and Global X Copper Miners ETF (COPX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AA	COPX	Difference
Sharpe ratio: Return per unit of total volatility	2.60	2.39	+0.21
Sortino ratio: Return per unit of downside risk	3.05	2.70	+0.35
Omega ratio: Gain probability vs. loss probability	1.36	1.36	0.00
Calmar ratio: Return relative to maximum drawdown	6.49	3.75	+2.74
Martin ratio: Return relative to average drawdown	20.55	11.60	+8.95

AA vs. COPX - Sharpe Ratio Comparison

The current AA Sharpe Ratio is 2.60, which is comparable to the COPX Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of AA and COPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AA vs. COPX - Drawdown Comparison

The maximum AA drawdown since its inception was -90.90%, which is greater than COPX's maximum drawdown of -83.16%. Use the drawdown chart below to compare losses from any high point for AA and COPX.

Drawdown Indicators

	AA	COPX	Difference
Max Drawdown Largest peak-to-trough decline	-90.90%	-83.16%	-7.74%
Max Drawdown (1Y) Largest decline over 1 year	-21.77%	-27.82%	+6.05%
Max Drawdown (3Y) Largest decline over 3 years	-52.25%	-39.72%	-12.53%
Max Drawdown (5Y) Largest decline over 5 years	-75.46%	-42.12%	-33.34%
Max Drawdown (10Y) Largest decline over 10 years	—	-65.41%	—
Current Drawdown Current decline from peak	-24.27%	-10.17%	-14.10%
Average Drawdown Average peak-to-trough decline	-46.12%	-39.28%	-6.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.87%	8.98%	-2.11%

Volatility

AA vs. COPX - Volatility Comparison

Alcoa Corporation (AA) has a higher volatility of 21.35% compared to Global X Copper Miners ETF (COPX) at 19.30%. This indicates that AA's price experiences larger fluctuations and is considered to be riskier than COPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AA	COPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.35%	19.30%	+2.05%
Volatility (6M) Calculated over the trailing 6-month period	41.11%	38.15%	+2.96%
Volatility (1Y) Calculated over the trailing 1-year period	54.44%	43.66%	+10.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	56.26%	37.00%	+19.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.66%	35.75%	+19.91%

Dividends

AA vs. COPX - Dividend Comparison

AA's dividend yield for the trailing twelve months is around 0.58%, less than COPX's 2.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AA Alcoa Corporation	0.58%	0.75%	1.06%	1.18%	0.88%	0.17%	0.00%	0.00%	0.00%	0.00%	0.32%	0.00%
COPX Global X Copper Miners ETF	2.24%	2.68%	1.80%	2.39%	3.14%	1.48%	1.30%	1.37%	2.59%	1.57%	0.60%	1.20%

Frequently Asked Questions

Can I hold both AA and COPX in my portfolio?

AA and COPX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AA or COPX?

AA has higher volatility (21.35%) compared to COPX (19.30%). In terms of maximum drawdown, AA dropped -90.90% vs COPX's -83.16%.

Which has better risk-adjusted returns?

AA currently has the higher Sharpe Ratio (2.60 vs 2.39), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.