COPA vs. CLOD

Last updated Jun 23, 2026

COPA (Themes Copper Miners ETF) and CLOD (Themes Cloud Computing ETF) are both exchange-traded funds - COPA is a Copper fund tracking the BITA Global Copper Mining Select Index, while CLOD is a Technology Equities fund tracking the Solactive Cloud Technology Index. Both are passively managed. Over the past year, COPA returned 114.93% vs -7.95% for CLOD. At a 0.31 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.

Performance

COPA vs. CLOD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Copper Miners ETF (COPA) and Themes Cloud Computing ETF (CLOD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, COPA achieves a 22.04% return, which is significantly higher than CLOD's -8.59% return.

COPA

• 1D: -0.32%
• 1M: 6.15%
• YTD: 22.04%
• 6M: 25.51%
• 1Y: 114.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CLOD

• 1D: -2.06%
• 1M: -5.54%
• YTD: -8.59%
• 6M: -10.41%
• 1Y: -7.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

COPA vs. CLOD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
COPA Themes Copper Miners ETF	22.04%	100.86%	-13.18%
CLOD Themes Cloud Computing ETF	-8.59%	7.53%	9.35%

Correlation

The correlation between COPA and CLOD is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (All Time) Calculated using the full available price history since Sep 24, 2024	0.31

Return for Risk

COPA vs. CLOD — Risk / Return Rank

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

COPA

COPA Risk / Return Rank: 77
COPA Sharpe Ratio Rank: 89
COPA Sortino Ratio Rank: 71
COPA Omega Ratio Rank: 72
COPA Calmar Ratio Rank: 81
COPA Martin Ratio Rank: 73

CLOD

CLOD Risk / Return Rank: 6
CLOD Sharpe Ratio Rank: 6
CLOD Sortino Ratio Rank: 6
CLOD Omega Ratio Rank: 6
CLOD Calmar Ratio Rank: 6
CLOD Martin Ratio Rank: 6

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.

COPA vs. CLOD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Copper Miners ETF (COPA) and Themes Cloud Computing ETF (CLOD). 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.

	COPA	CLOD	Difference
Sharpe ratio: Return per unit of total volatility	2.81	-0.31	+3.12
Sortino ratio: Return per unit of downside risk	3.09	-0.26	+3.35
Omega ratio: Gain probability vs. loss probability	1.41	0.97	+0.44
Calmar ratio: Return relative to maximum drawdown	4.12	-0.25	+4.38
Martin ratio: Return relative to average drawdown	13.41	-0.55	+13.96

COPA vs. CLOD - Sharpe Ratio Comparison

The current COPA Sharpe Ratio is 2.81, which is higher than the CLOD Sharpe Ratio of -0.31. The chart below compares the historical Sharpe Ratios of COPA and CLOD, 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

COPA vs. CLOD - Drawdown Comparison

The maximum COPA drawdown since its inception was -34.72%, which is greater than CLOD's maximum drawdown of -31.36%. Use the drawdown chart below to compare losses from any high point for COPA and CLOD.

Drawdown Indicators

	COPA	CLOD	Difference
Max Drawdown Largest peak-to-trough decline	-34.72%	-31.36%	-3.36%
Max Drawdown (1Y) Largest decline over 1 year	-28.05%	-31.36%	+3.31%
Current Drawdown Current decline from peak	-5.52%	-17.51%	+11.99%
Average Drawdown Average peak-to-trough decline	-9.54%	-7.61%	-1.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.60%	14.59%	-5.99%

Volatility

COPA vs. CLOD - Volatility Comparison

Themes Copper Miners ETF (COPA) has a higher volatility of 15.99% compared to Themes Cloud Computing ETF (CLOD) at 11.59%. This indicates that COPA's price experiences larger fluctuations and is considered to be riskier than CLOD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COPA	CLOD	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.99%	11.59%	+4.40%
Volatility (6M) Calculated over the trailing 6-month period	35.47%	22.37%	+13.10%
Volatility (1Y) Calculated over the trailing 1-year period	41.17%	25.79%	+15.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.97%	24.56%	+14.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.97%	24.56%	+14.41%

COPA vs. CLOD - Expense Ratio Comparison

Both COPA and CLOD have an expense ratio of 0.35%.

Dividends

COPA vs. CLOD - Dividend Comparison

COPA's dividend yield for the trailing twelve months is around 3.49%, more than CLOD's 1.61% yield.

Position	TTM	2025	2024
CLOD Themes Cloud Computing ETF	1.61%	1.47%	0.00%
COPA Themes Copper Miners ETF	3.49%	4.26%	1.33%

Frequently Asked Questions

Can I hold both COPA and CLOD in my portfolio?

COPA and CLOD have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, COPA or CLOD?

COPA has higher volatility (15.99%) compared to CLOD (11.59%). In terms of maximum drawdown, COPA dropped -34.72% vs CLOD's -31.36%.

Which ETF is better, COPA or CLOD?

On 1-year performance, COPA leads with 114.93% vs -7.95% for CLOD. Both ETFs have the same 0.35% expense ratio. On volatility, CLOD has been the lower-risk option at 11.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COPA or CLOD?

Over the 1-year period, COPA has performed better with a 114.93% return vs -7.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COPA or CLOD?

COPA and CLOD have the same expense ratio: 0.35% per year.

Which ETF pays a higher dividend yield, COPA or CLOD?

COPA has the higher dividend yield at 3.49%, compared with 1.61% for CLOD.

What is the main difference between COPA and CLOD?

COPA is categorized as Copper, while CLOD is Technology Equities. COPA tracks BITA Global Copper Mining Select Index, while CLOD tracks Solactive Cloud Technology Index.

Which has better risk-adjusted returns?

COPA currently has the higher Sharpe Ratio (2.81 vs -0.31), 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.