COPA vs. GUNR
COPA (Themes Copper Miners ETF) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both exchange-traded funds - COPA is a Copper fund tracking the BITA Global Copper Mining Select Index, while GUNR is a Natural Resources fund tracking the Morningstar Global Upstream Natural Resources Index. Both are passively managed. Over the past year, COPA returned 114.93% vs 28.93% for GUNR. A 0.68 correlation means they provide meaningful diversification when combined. COPA charges 0.35%/yr vs 0.46%/yr for GUNR.
Performance
COPA vs. GUNR - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, COPA achieves a 22.04% return, which is significantly higher than GUNR's 11.59% return.
COPA
- 1D
- -0.32%
- 1M
- 6.15%
- YTD
- 22.04%
- 6M
- 25.51%
- 1Y
- 114.93%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GUNR
- 1D
- -0.10%
- 1M
- -6.06%
- YTD
- 11.59%
- 6M
- 11.39%
- 1Y
- 28.93%
- 3Y*
- 12.18%
- 5Y*
- 9.52%
- 10Y*
- 10.65%
COPA vs. GUNR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
COPA Themes Copper Miners ETF | 22.04% | 100.86% | -13.18% |
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund | 11.59% | 30.03% | -8.86% |
Correlation
The correlation between COPA and GUNR 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 Sep 24, 2024 | 0.68 |
The correlation between COPA and GUNR has been stable across timeframes, ranging from 0.64 to 0.68 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
COPA vs. GUNR — Risk / Return Rank
COPA
GUNR
COPA vs. GUNR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Themes Copper Miners ETF (COPA) and FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR). 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 | GUNR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.98 | ||
| Sortino ratioReturn per unit of downside risk | +0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.32 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 4.12 | 3.31 | +0.81 |
| Martin ratioReturn relative to average drawdown | 13.41 | 12.68 | +0.74 |
Loading charts...
Drawdowns
COPA vs. GUNR - Drawdown Comparison
The maximum COPA drawdown since its inception was -34.72%, smaller than the maximum GUNR drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for COPA and GUNR.
Loading charts...
Drawdown Indicators
| COPA | GUNR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.72% | -45.64% | +10.92% |
Max Drawdown (1Y)Largest decline over 1 year | -28.05% | -8.78% | -19.27% |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.59% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.06% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -43.04% | — |
Current DrawdownCurrent decline from peak | -5.52% | -8.78% | +3.26% |
Average DrawdownAverage peak-to-trough decline | -9.54% | -10.39% | +0.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.60% | 2.29% | +6.31% |
Volatility
COPA vs. GUNR - Volatility Comparison
Themes Copper Miners ETF (COPA) has a higher volatility of 15.99% compared to FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) at 5.11%. This indicates that COPA's price experiences larger fluctuations and is considered to be riskier than GUNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| COPA | GUNR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.99% | 5.11% | +10.88% |
Volatility (6M)Calculated over the trailing 6-month period | 35.47% | 13.19% | +22.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.17% | 15.86% | +25.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.97% | 19.01% | +19.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.97% | 20.43% | +18.54% |
COPA vs. GUNR - Expense Ratio Comparison
COPA has a 0.35% expense ratio, which is lower than GUNR's 0.46% expense ratio.
Dividends
COPA vs. GUNR - Dividend Comparison
COPA's dividend yield for the trailing twelve months is around 3.49%, more than GUNR's 2.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
COPA Themes Copper Miners ETF | 3.49% | 4.26% | 1.33% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund | 2.40% | 2.81% | 3.39% | 3.55% | 4.12% | 3.61% | 2.79% | 3.25% | 3.27% | 2.00% | 1.73% | 4.50% |
Frequently Asked Questions
COPA and GUNR 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.
COPA has higher volatility (15.99%) compared to GUNR (5.11%). In terms of maximum drawdown, COPA dropped -34.72% vs GUNR's -45.64%.
On 1-year performance, COPA leads with 114.93% vs 28.93% for GUNR. On fees, COPA is cheaper at 0.35% per year. On volatility, GUNR has been the lower-risk option at 5.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, COPA has performed better with a 114.93% return vs 28.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
COPA is cheaper with a 0.35% expense ratio, compared with 0.46% for GUNR.
COPA has the higher dividend yield at 3.49%, compared with 2.40% for GUNR.
COPA is categorized as Copper, while GUNR is Natural Resources. COPA tracks BITA Global Copper Mining Select Index, while GUNR tracks Morningstar Global Upstream Natural Resources Index. They also come from different issuers: Themes and Northern Trust. Their fees differ too: 0.35% for COPA and 0.46% for GUNR.
COPA currently has the higher Sharpe Ratio (2.81 vs 1.84), 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.
Find the right allocation for COPA and GUNR
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer