COPA vs. ICOP

Last updated Jun 4, 2026

COPA (Themes Copper Miners ETF) and ICOP (iShares Copper and Metals Mining ETF) are both Commodity Producers Equities funds - COPA tracks the BITA Global Copper Mining Select Index while ICOP tracks the STOXX Global Copper and Metals Mining Index. Both are passively managed. Over the past year, COPA returned 125.91% vs 102.60% for ICOP. Their correlation of 0.94 suggests significant overlap in exposure. COPA charges 0.35%/yr vs 0.47%/yr for ICOP.

Performance

COPA vs. ICOP - Performance Comparison

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

Returns By Period

In the year-to-date period, COPA achieves a 25.73% return, which is significantly lower than ICOP's 27.29% return.

COPA

• 1D: -2.67%
• 1M: 19.35%
• YTD: 25.73%
• 6M: 38.86%
• 1Y: 125.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICOP

• 1D: -3.29%
• 1M: 17.09%
• YTD: 27.29%
• 6M: 37.08%
• 1Y: 102.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

COPA vs. ICOP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
COPA Themes Copper Miners ETF	25.73%	100.86%	-14.59%
ICOP iShares Copper and Metals Mining ETF	27.29%	78.01%	-17.61%

Correlation

The correlation between COPA and ICOP is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (All Time) Calculated using the full available price history since Sep 25, 2024	0.94

The correlation between COPA and ICOP has been stable across timeframes, ranging from 0.94 to 0.94 - a consistent structural relationship.

Return for Risk

COPA vs. ICOP — Risk / Return Rank

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

COPA

COPA Risk / Return Rank: 82
COPA Sharpe Ratio Rank: 92
COPA Sortino Ratio Rank: 78
COPA Omega Ratio Rank: 77
COPA Calmar Ratio Rank: 84
COPA Martin Ratio Rank: 78

ICOP

ICOP Risk / Return Rank: 74
ICOP Sharpe Ratio Rank: 83
ICOP Sortino Ratio Rank: 66
ICOP Omega Ratio Rank: 68
ICOP Calmar Ratio Rank: 77
ICOP Martin Ratio Rank: 75

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. ICOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Copper Miners ETF (COPA) and iShares Copper and Metals Mining ETF (ICOP). 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.

	COPA	ICOP	Difference
Sharpe ratio: Return per unit of total volatility	3.25	2.77	+0.48
Sortino ratio: Return per unit of downside risk	3.48	3.11	+0.37
Omega ratio: Gain probability vs. loss probability	1.46	1.42	+0.04
Calmar ratio: Return relative to maximum drawdown	4.52	3.95	+0.57
Martin ratio: Return relative to average drawdown	15.06	14.50	+0.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

COPA vs. ICOP - Sharpe Ratio Comparison

The current COPA Sharpe Ratio is 3.25, which is comparable to the ICOP Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of COPA and ICOP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	COPA	ICOP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.25	2.77	+0.48
Sharpe Ratio (All Time) Calculated using the full available price history	1.53	1.08	+0.45

Drawdowns

COPA vs. ICOP - Drawdown Comparison

The maximum COPA drawdown since its inception was -34.72%, smaller than the maximum ICOP drawdown of -38.67%. Use the drawdown chart below to compare losses from any high point for COPA and ICOP.

Drawdown Indicators

	COPA	ICOP	Difference
Max Drawdown Largest peak-to-trough decline	-34.72%	-38.67%	+3.95%
Max Drawdown (1Y) Largest decline over 1 year	-28.05%	-26.13%	-1.92%
Current Drawdown Current decline from peak	-2.67%	-3.29%	+0.62%
Average Drawdown Average peak-to-trough decline	-9.62%	-11.67%	+2.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.39%	7.10%	+1.29%

Volatility

COPA vs. ICOP - Volatility Comparison

Themes Copper Miners ETF (COPA) and iShares Copper and Metals Mining ETF (ICOP) have volatilities of 14.11% and 13.69%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COPA	ICOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.11%	13.69%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	33.12%	32.28%	+0.84%
Volatility (1Y) Calculated over the trailing 1-year period	38.98%	37.29%	+1.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.12%	33.77%	+4.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.12%	33.77%	+4.35%

COPA vs. ICOP - Expense Ratio Comparison

COPA has a 0.35% expense ratio, which is lower than ICOP's 0.47% expense ratio.

Dividends

COPA vs. ICOP - Dividend Comparison

COPA's dividend yield for the trailing twelve months is around 3.39%, more than ICOP's 1.63% yield.

Position	TTM	2025	2024	2023
COPA Themes Copper Miners ETF	3.39%	4.26%	1.33%	0.00%
ICOP iShares Copper and Metals Mining ETF	1.63%	2.08%	1.87%	2.15%

Frequently Asked Questions

Can I hold both COPA and ICOP in my portfolio?

With a correlation of 0.94, COPA and ICOP 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 is riskier, COPA or ICOP?

COPA has higher volatility (14.11%) compared to ICOP (13.69%). In terms of maximum drawdown, COPA dropped -34.72% vs ICOP's -38.67%.

Which ETF is better, COPA or ICOP?

On 1-year performance, COPA leads with 125.91% vs 102.60% for ICOP. On fees, COPA is cheaper at 0.35% per year. On volatility, ICOP has been the lower-risk option at 13.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COPA or ICOP?

Over the 1-year period, COPA has performed better with a 125.91% return vs 102.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COPA or ICOP?

COPA is cheaper with a 0.35% expense ratio, compared with 0.47% for ICOP.

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

COPA has the higher dividend yield at 3.39%, compared with 1.63% for ICOP.

What is the main difference between COPA and ICOP?

COPA tracks BITA Global Copper Mining Select Index, while ICOP tracks STOXX Global Copper and Metals Mining Index. They also come from different issuers: Themes and iShares. Their fees differ too: 0.35% for COPA and 0.47% for ICOP.

Which has better risk-adjusted returns?

COPA currently has the higher Sharpe Ratio (3.25 vs 2.77), 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.