COPA vs. CSNR

Last updated Jul 11, 2026

COPA (Themes Copper Miners ETF) and CSNR (Cohen & Steers Natural Resources Active ETF) are both exchange-traded funds - COPA is a Copper fund tracking the BITA Global Copper Mining Select Index, while CSNR is a Natural Resources fund actively managed by Cohen & Steers. COPA is passively managed, while CSNR is actively managed. Over the past year, COPA returned 78.58% vs 27.41% for CSNR. A 0.65 correlation means they provide meaningful diversification when combined. COPA charges 0.35%/yr vs 0.50%/yr for CSNR.

Performance

COPA vs. CSNR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Copper Miners ETF (COPA) and Cohen & Steers Natural Resources Active ETF (CSNR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, COPA achieves a 10.32% return, which is significantly lower than CSNR's 11.21% return.

COPA

• 1D: 0.92%
• 1M: -8.11%
• 6M: 4.69%
• YTD: 10.32%
• 1Y: 78.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CSNR

• 1D: 0.56%
• 1M: -6.01%
• 6M: 7.19%
• YTD: 11.21%
• 1Y: 27.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

COPA vs. CSNR - Yearly Performance Comparison

	2026 (YTD)	2025
COPA Themes Copper Miners ETF	10.32%	97.44%
CSNR Cohen & Steers Natural Resources Active ETF	11.21%	26.83%

Correlation

The correlation between COPA and CSNR is 0.64, 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	0.64
Correlation (All Time) Calculated using the full available price history since Feb 5, 2025	0.65

The correlation between COPA and CSNR has been stable across timeframes, ranging from 0.64 to 0.65 - a consistent structural relationship.

Return for Risk

COPA vs. CSNR — Risk / Return Rank

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

COPA

COPA Risk / Return Rank: 64
COPA Sharpe Ratio Rank: 72
COPA Sortino Ratio Rank: 60
COPA Omega Ratio Rank: 61
COPA Calmar Ratio Rank: 69
COPA Martin Ratio Rank: 60

CSNR

CSNR Risk / Return Rank: 56
CSNR Sharpe Ratio Rank: 58
CSNR Sortino Ratio Rank: 54
CSNR Omega Ratio Rank: 57
CSNR Calmar Ratio Rank: 56
CSNR Martin Ratio Rank: 57

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. CSNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Copper Miners ETF (COPA) and Cohen & Steers Natural Resources Active ETF (CSNR). 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	CSNR	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.57	+0.27
Sortino ratio: Return per unit of downside risk	2.27	2.10	+0.17
Omega ratio: Gain probability vs. loss probability	1.30	1.28	+0.02
Calmar ratio: Return relative to maximum drawdown	2.76	2.24	+0.52
Martin ratio: Return relative to average drawdown	8.38	7.88	+0.51

COPA vs. CSNR - Sharpe Ratio Comparison

The current COPA Sharpe Ratio is 1.84, which is comparable to the CSNR Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of COPA and CSNR, 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. CSNR - Drawdown Comparison

The maximum COPA drawdown since its inception was -34.72%, which is greater than CSNR's maximum drawdown of -15.33%. Use the drawdown chart below to compare losses from any high point for COPA and CSNR.

Drawdown Indicators

	COPA	CSNR	Difference
Max Drawdown Largest peak-to-trough decline	-34.72%	-15.33%	-19.39%
Max Drawdown (1Y) Largest decline over 1 year	-28.05%	-12.43%	-15.62%
Current Drawdown Current decline from peak	-14.60%	-10.05%	-4.55%
Average Drawdown Average peak-to-trough decline	-9.69%	-2.28%	-7.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.22%	3.53%	+5.69%

Volatility

COPA vs. CSNR - Volatility Comparison

Themes Copper Miners ETF (COPA) has a higher volatility of 14.94% compared to Cohen & Steers Natural Resources Active ETF (CSNR) at 4.83%. This indicates that COPA's price experiences larger fluctuations and is considered to be riskier than CSNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COPA	CSNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.94%	4.83%	+10.11%
Volatility (6M) Calculated over the trailing 6-month period	36.46%	14.40%	+22.06%
Volatility (1Y) Calculated over the trailing 1-year period	42.04%	17.77%	+24.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.30%	19.82%	+19.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.30%	19.82%	+19.48%

COPA vs. CSNR - Expense Ratio Comparison

COPA has a 0.35% expense ratio, which is lower than CSNR's 0.50% expense ratio.

Dividends

COPA vs. CSNR - Dividend Comparison

COPA's dividend yield for the trailing twelve months is around 3.86%, more than CSNR's 1.97% yield.

Position	TTM	2025	2024
COPA Themes Copper Miners ETF	3.86%	4.26%	1.33%
CSNR Cohen & Steers Natural Resources Active ETF	1.97%	2.39%	0.00%

Frequently Asked Questions

Can I hold both COPA and CSNR in my portfolio?

COPA and CSNR have a correlation of 0.64, 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 CSNR?

COPA has higher volatility (14.94%) compared to CSNR (4.83%). In terms of maximum drawdown, COPA dropped -34.72% vs CSNR's -15.33%.

Which ETF is better, COPA or CSNR?

On 1-year performance, COPA leads with 78.58% vs 27.41% for CSNR. On fees, COPA is cheaper at 0.35% per year. On volatility, CSNR has been the lower-risk option at 4.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COPA or CSNR?

Over the 1-year period, COPA has performed better with a 78.58% return vs 27.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COPA or CSNR?

COPA is cheaper with a 0.35% expense ratio, compared with 0.50% for CSNR.

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

COPA has the higher dividend yield at 3.86%, compared with 1.97% for CSNR.

What is the main difference between COPA and CSNR?

COPA is categorized as Copper, while CSNR is Natural Resources. They also come from different issuers: Themes and Cohen & Steers. Their fees differ too: 0.35% for COPA and 0.50% for CSNR.

Which has better risk-adjusted returns?

COPA currently has the higher Sharpe Ratio (1.84 vs 1.57), 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.