COAL vs. ION

Last updated Jun 4, 2026

COAL (Range Global Coal Index ETF) and ION (Proshares S&P Global Core Battery Metals ETF) are both Energy Equities funds - COAL tracks the VettaFi Global Coal Index while ION tracks the S&P Global Core Battery Metals Index - Benchmark TR Net. Both are passively managed. Over the past year, COAL returned 68.37% vs 123.41% for ION. At a 0.46 correlation, their price movements are largely independent. COAL charges 0.85%/yr vs 0.58%/yr for ION.

Performance

COAL vs. ION - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Range Global Coal Index ETF (COAL) and Proshares S&P Global Core Battery Metals ETF (ION). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, COAL achieves a 21.77% return, which is significantly higher than ION's 14.02% return.

COAL

• 1D: -0.70%
• 1M: 8.24%
• YTD: 21.77%
• 6M: 24.50%
• 1Y: 68.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ION

• 1D: -3.20%
• 1M: -9.27%
• YTD: 14.02%
• 6M: 27.44%
• 1Y: 123.41%
• 3Y*: 18.91%
• 5Y*: —
• 10Y*: —

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

COAL vs. ION - Yearly Performance Comparison

	2026 (YTD)	2025	2024
COAL Range Global Coal Index ETF	21.77%	12.65%	-16.01%
ION Proshares S&P Global Core Battery Metals ETF	14.02%	108.37%	-10.52%

Correlation

The correlation between COAL and ION is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (All Time) Calculated using the full available price history since Jan 25, 2024	0.46

The correlation between COAL and ION shifts across timeframes, from 0.34 (1 year) to 0.46 (all time), reflecting how their relationship changes across market environments.

COAL vs. ION - Sectors Allocation Comparison

Sectors	COAL	ION
Energy	50.3%	2.4%
Basic Materials	43.2%	14.5%
Industrials	6.6%	1.6%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	13.0%
Healthcare	-	1.7%
Real Estate	-	2.4%
Technology	-	-
Utilities	-	-

Return for Risk

COAL vs. ION — Risk / Return Rank

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

COAL

COAL Risk / Return Rank: 70
COAL Sharpe Ratio Rank: 72
COAL Sortino Ratio Rank: 70
COAL Omega Ratio Rank: 63
COAL Calmar Ratio Rank: 83
COAL Martin Ratio Rank: 60

ION

ION Risk / Return Rank: 84
ION Sharpe Ratio Rank: 91
ION Sortino Ratio Rank: 76
ION Omega Ratio Rank: 75
ION Calmar Ratio Rank: 89
ION Martin Ratio Rank: 87

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.

COAL vs. ION - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Range Global Coal Index ETF (COAL) and Proshares S&P Global Core Battery Metals ETF (ION). 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.

	COAL	ION	Difference
Sharpe ratio: Return per unit of total volatility	2.34	3.27	-0.94
Sortino ratio: Return per unit of downside risk	3.15	3.45	-0.30
Omega ratio: Gain probability vs. loss probability	1.38	1.45	-0.07
Calmar ratio: Return relative to maximum drawdown	4.46	5.33	-0.87
Martin ratio: Return relative to average drawdown	10.51	18.79	-8.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

COAL vs. ION - Sharpe Ratio Comparison

The current COAL Sharpe Ratio is 2.34, which is comparable to the ION Sharpe Ratio of 3.27. The chart below compares the historical Sharpe Ratios of COAL and ION, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	COAL	ION	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	3.27	-0.94
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.39	-0.16

Drawdowns

COAL vs. ION - Drawdown Comparison

The maximum COAL drawdown since its inception was -42.29%, smaller than the maximum ION drawdown of -52.08%. Use the drawdown chart below to compare losses from any high point for COAL and ION.

Drawdown Indicators

	COAL	ION	Difference
Max Drawdown Largest peak-to-trough decline	-42.29%	-52.08%	+9.79%
Max Drawdown (1Y) Largest decline over 1 year	-15.42%	-23.30%	+7.88%
Max Drawdown (3Y) Largest decline over 3 years	—	-46.47%	—
Current Drawdown Current decline from peak	-2.20%	-13.99%	+11.79%
Average Drawdown Average peak-to-trough decline	-14.14%	-23.70%	+9.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.52%	6.59%	-0.07%

Volatility

COAL vs. ION - Volatility Comparison

The current volatility for Range Global Coal Index ETF (COAL) is 10.59%, while Proshares S&P Global Core Battery Metals ETF (ION) has a volatility of 12.06%. This indicates that COAL experiences smaller price fluctuations and is considered to be less risky than ION based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COAL	ION	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.59%	12.06%	-1.47%
Volatility (6M) Calculated over the trailing 6-month period	21.26%	29.90%	-8.64%
Volatility (1Y) Calculated over the trailing 1-year period	29.39%	37.92%	-8.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.60%	31.08%	-3.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.60%	31.08%	-3.48%

COAL vs. ION - Expense Ratio Comparison

COAL has a 0.85% expense ratio, which is higher than ION's 0.58% expense ratio.

Dividends

COAL vs. ION - Dividend Comparison

COAL's dividend yield for the trailing twelve months is around 2.16%, more than ION's 1.40% yield.

Position	TTM	2025	2024	2023	2022
COAL Range Global Coal Index ETF	2.16%	2.63%	1.80%	0.00%	0.00%
ION Proshares S&P Global Core Battery Metals ETF	1.40%	1.63%	1.74%	2.23%	0.13%

Frequently Asked Questions

Can I hold both COAL and ION in my portfolio?

COAL and ION have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, COAL or ION?

ION has higher volatility (12.06%) compared to COAL (10.59%). In terms of maximum drawdown, COAL dropped -42.29% vs ION's -52.08%.

Which ETF is better, COAL or ION?

On 1-year performance, ION leads with 123.41% vs 68.37% for COAL. On fees, ION is cheaper at 0.58% per year. On volatility, COAL has been the lower-risk option at 10.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COAL or ION?

Over the 1-year period, ION has performed better with a 123.41% return vs 68.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COAL or ION?

ION is cheaper with a 0.58% expense ratio, compared with 0.85% for COAL.

Which ETF pays a higher dividend yield, COAL or ION?

COAL has the higher dividend yield at 2.16%, compared with 1.40% for ION.

What is the main difference between COAL and ION?

COAL tracks VettaFi Global Coal Index, while ION tracks S&P Global Core Battery Metals Index - Benchmark TR Net. They also come from different issuers: Exchange Traded Concepts and ProShares. Their fees differ too: 0.85% for COAL and 0.58% for ION.

Which has better risk-adjusted returns?

ION currently has the higher Sharpe Ratio (3.27 vs 2.34), 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.