COPA vs. FMTL

Last updated Jul 15, 2026

COPA (Themes Copper Miners ETF) and FMTL (First Trust Indxx Critical Metals ETF) are both exchange-traded funds - COPA is a Copper fund tracking the BITA Global Copper Mining Select Index, while FMTL is a Rare Earth & Strategic Metals fund tracking the Indxx Global Critical Metals Index. Both are passively managed. Their correlation of 0.92 suggests significant overlap in exposure. COPA charges 0.35%/yr vs 0.65%/yr for FMTL.

Performance

COPA vs. FMTL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Copper Miners ETF (COPA) and First Trust Indxx Critical Metals ETF (FMTL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with COPA having a 12.61% return and FMTL slightly lower at 12.33%.

COPA

• 1D: 5.49%
• 1M: -6.21%
• 6M: 3.49%
• YTD: 12.61%
• 1Y: 81.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FMTL

• 1D: 2.57%
• 1M: -8.37%
• 6M: 0.07%
• YTD: 12.33%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

COPA vs. FMTL - Yearly Performance Comparison

	2026 (YTD)	2025
COPA Themes Copper Miners ETF	12.61%	28.59%
FMTL First Trust Indxx Critical Metals ETF	12.33%	21.85%

Correlation

The correlation between COPA and FMTL is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 5, 2025	0.92

Return for Risk

COPA vs. FMTL — 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: 76
COPA Sortino Ratio Rank: 63
COPA Omega Ratio Rank: 63
COPA Calmar Ratio Rank: 72
COPA Martin Ratio Rank: 63

FMTL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. FMTL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Copper Miners ETF (COPA) and First Trust Indxx Critical Metals ETF (FMTL). 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	FMTL	Difference
Sharpe ratio: Return per unit of total volatility	1.94	—	—
Sortino ratio: Return per unit of downside risk	2.36	—	—
Omega ratio: Gain probability vs. loss probability	1.31	—	—
Calmar ratio: Return relative to maximum drawdown	2.94	—	—
Martin ratio: Return relative to average drawdown	8.83	—	—

Drawdowns

COPA vs. FMTL - Drawdown Comparison

The maximum COPA drawdown since its inception was -34.72%, which is greater than FMTL's maximum drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for COPA and FMTL.

Drawdown Indicators

	COPA	FMTL	Difference
Max Drawdown Largest peak-to-trough decline	-34.72%	-22.44%	-12.28%
Max Drawdown (1Y) Largest decline over 1 year	-28.05%	—	—
Current Drawdown Current decline from peak	-12.83%	-15.78%	+2.95%
Average Drawdown Average peak-to-trough decline	-9.71%	-6.20%	-3.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.32%	—	—

Volatility

Volatility by Period

	COPA	FMTL	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.02%	—	—
Volatility (6M) Calculated over the trailing 6-month period	36.89%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	42.47%	39.80%	+2.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.50%	39.80%	-0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.50%	39.80%	-0.30%

COPA vs. FMTL - Expense Ratio Comparison

COPA has a 0.35% expense ratio, which is lower than FMTL's 0.65% expense ratio.

Dividends

COPA vs. FMTL - Dividend Comparison

COPA's dividend yield for the trailing twelve months is around 3.78%, more than FMTL's 1.65% yield.

Position	TTM	2025	2024
COPA Themes Copper Miners ETF	3.78%	4.26%	1.33%
FMTL First Trust Indxx Critical Metals ETF	1.65%	0.06%	0.00%

Frequently Asked Questions

Can I hold both COPA and FMTL in my portfolio?

With a correlation of 0.92, COPA and FMTL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, COPA or FMTL?

On fees, COPA is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, COPA or FMTL?

COPA is cheaper with a 0.35% expense ratio, compared with 0.65% for FMTL.

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

COPA has the higher dividend yield at 3.78%, compared with 1.65% for FMTL.

What is the main difference between COPA and FMTL?

COPA is categorized as Copper, while FMTL is Rare Earth & Strategic Metals. COPA tracks BITA Global Copper Mining Select Index, while FMTL tracks Indxx Global Critical Metals Index. They also come from different issuers: Themes and First Trust. Their fees differ too: 0.35% for COPA and 0.65% for FMTL.