COPA vs. CPER

Last updated Jun 25, 2026

COPA (Themes Copper Miners ETF) and CPER (United States Copper Index Fund) are both Copper funds - COPA tracks the BITA Global Copper Mining Select Index while CPER tracks the SummerHaven Copper Index Total Return. Both are passively managed. Over the past year, COPA returned 89.46% vs 18.31% for CPER. A 0.76 correlation means they provide meaningful diversification when combined. COPA charges 0.35%/yr vs 1.06%/yr for CPER.

Performance

COPA vs. CPER - Performance Comparison

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

Returns By Period

In the year-to-date period, COPA achieves a 9.18% return, which is significantly higher than CPER's 3.86% return.

COPA

• 1D: -4.21%
• 1M: -5.04%
• YTD: 9.18%
• 6M: 10.29%
• 1Y: 89.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPER

• 1D: -2.71%
• 1M: -6.71%
• YTD: 3.86%
• 6M: 6.17%
• 1Y: 18.31%
• 3Y*: 15.54%
• 5Y*: 6.60%
• 10Y*: 10.07%

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

COPA vs. CPER - Yearly Performance Comparison

	2026 (YTD)	2025	2024
COPA Themes Copper Miners ETF	9.18%	100.86%	-13.18%
CPER United States Copper Index Fund	3.86%	38.95%	-7.53%

Correlation

The correlation between COPA and CPER is 0.77, 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	0.77
Correlation (All Time) Calculated using the full available price history since Sep 24, 2024	0.76

The correlation between COPA and CPER has been stable across timeframes, ranging from 0.76 to 0.77 - a consistent structural relationship.

Return for Risk

COPA vs. CPER — Risk / Return Rank

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

COPA

COPA Risk / Return Rank: 68
COPA Sharpe Ratio Rank: 77
COPA Sortino Ratio Rank: 63
COPA Omega Ratio Rank: 63
COPA Calmar Ratio Rank: 73
COPA Martin Ratio Rank: 65

CPER

CPER Risk / Return Rank: 18
CPER Sharpe Ratio Rank: 17
CPER Sortino Ratio Rank: 17
CPER Omega Ratio Rank: 21
CPER Calmar Ratio Rank: 18
CPER Martin Ratio Rank: 16

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. CPER - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Copper Miners ETF (COPA) and United States Copper Index Fund (CPER). 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	CPER	Difference
Sharpe ratio: Return per unit of total volatility	2.15	0.52	+1.62
Sortino ratio: Return per unit of downside risk	2.54	0.86	+1.68
Omega ratio: Gain probability vs. loss probability	1.33	1.14	+0.19
Calmar ratio: Return relative to maximum drawdown	3.21	0.74	+2.46
Martin ratio: Return relative to average drawdown	10.33	1.53	+8.80

COPA vs. CPER - Sharpe Ratio Comparison

The current COPA Sharpe Ratio is 2.15, which is higher than the CPER Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of COPA and CPER, 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. CPER - Drawdown Comparison

The maximum COPA drawdown since its inception was -34.72%, smaller than the maximum CPER drawdown of -54.04%. Use the drawdown chart below to compare losses from any high point for COPA and CPER.

Drawdown Indicators

	COPA	CPER	Difference
Max Drawdown Largest peak-to-trough decline	-34.72%	-54.04%	+19.32%
Max Drawdown (1Y) Largest decline over 1 year	-28.05%	-24.77%	-3.28%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.77%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.75%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-38.42%	—
Current Drawdown Current decline from peak	-15.48%	-10.57%	-4.91%
Average Drawdown Average peak-to-trough decline	-9.56%	-25.32%	+15.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.69%	11.99%	-3.30%

Volatility

COPA vs. CPER - Volatility Comparison

Themes Copper Miners ETF (COPA) has a higher volatility of 18.01% compared to United States Copper Index Fund (CPER) at 9.62%. This indicates that COPA's price experiences larger fluctuations and is considered to be riskier than CPER based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COPA	CPER	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.01%	9.62%	+8.39%
Volatility (6M) Calculated over the trailing 6-month period	36.37%	23.77%	+12.60%
Volatility (1Y) Calculated over the trailing 1-year period	41.91%	35.16%	+6.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.37%	27.09%	+12.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.37%	24.12%	+15.25%

COPA vs. CPER - Expense Ratio Comparison

COPA has a 0.35% expense ratio, which is lower than CPER's 1.06% expense ratio.

Dividends

COPA vs. CPER - Dividend Comparison

COPA's dividend yield for the trailing twelve months is around 3.90%, while CPER has not paid dividends to shareholders.

Position	TTM	2025	2024
COPA Themes Copper Miners ETF	3.90%	4.26%	1.33%
CPER United States Copper Index Fund	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both COPA and CPER in my portfolio?

COPA and CPER have a correlation of 0.77, 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 CPER?

COPA has higher volatility (18.01%) compared to CPER (9.62%). In terms of maximum drawdown, COPA dropped -34.72% vs CPER's -54.04%.

Which ETF is better, COPA or CPER?

On 1-year performance, COPA leads with 89.46% vs 18.31% for CPER. On fees, COPA is cheaper at 0.35% per year. On volatility, CPER has been the lower-risk option at 9.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COPA or CPER?

Over the 1-year period, COPA has performed better with a 89.46% return vs 18.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COPA or CPER?

COPA is cheaper with a 0.35% expense ratio, compared with 1.06% for CPER.

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

COPA has the higher dividend yield at 3.90%, compared with 0.00% for CPER.

What is the main difference between COPA and CPER?

COPA tracks BITA Global Copper Mining Select Index, while CPER tracks SummerHaven Copper Index Total Return. They also come from different issuers: Themes and USCF. Their fees differ too: 0.35% for COPA and 1.06% for CPER.

Which has better risk-adjusted returns?

COPA currently has the higher Sharpe Ratio (2.15 vs 0.52), 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.