COPA vs. NANR
COPA (Themes Copper Miners ETF) and NANR (SPDR S&P North American Natural Resources ETF) are both exchange-traded funds - COPA is a Copper fund tracking the BITA Global Copper Mining Select Index, while NANR is a Natural Resources fund tracking the S&P BMI North American Natural Resources Index. Both are passively managed. Over the past year, COPA returned 85.34% vs 43.82% for NANR. Their 0.63 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.35% expense ratio.
Performance
COPA vs. NANR - Performance Comparison
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Returns By Period
In the year-to-date period, COPA achieves a 11.80% return, which is significantly lower than NANR's 18.96% return.
COPA
- 1D
- 0.58%
- 1M
- 0.04%
- 6M
- -1.55%
- YTD
- 11.80%
- 1Y
- 85.34%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 43.28%
NANR
- 1D
- -0.16%
- 1M
- 5.17%
- 6M
- 6.34%
- YTD
- 18.96%
- 1Y
- 43.82%
- 3Y*
- 16.43%
- 5Y*
- 17.93%
- 10Y*
- 11.55%
- ALL TIME*
- 14.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $160.04K | $142.88K | $165.97K | |
| $3.01M | $2.18M | $2.39M |
COPA vs. NANR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
COPA Themes Copper Miners ETF | 11.80% | 100.86% | -13.18% |
NANR SPDR S&P North American Natural Resources ETF | 18.96% | 35.35% | -8.35% |
Correlation
The correlation between COPA and NANR is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.62 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2024 | 0.63 |
The correlation between COPA and NANR has been stable across timeframes, ranging from 0.62 to 0.63 - a consistent structural relationship.
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Return for Risk
COPA vs. NANR — Risk / Return Rank
COPA
NANR
COPA vs. NANR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Themes Copper Miners ETF (COPA) and SPDR S&P North American Natural Resources ETF (NANR). 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 | NANR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.39 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.06 | 3.58 | -0.52 |
| Martin ratioReturn relative to average drawdown | 8.61 | 10.33 | -1.72 |
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Drawdowns
COPA vs. NANR - Drawdown Comparison
The maximum COPA drawdown since its inception was -34.72%, smaller than the maximum NANR drawdown of -49.15%. Use the drawdown chart below to compare losses from any high point for COPA and NANR.
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Drawdown Indicators
| COPA | NANR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.72% | -49.15% | +14.43% |
Max Drawdown (1Y)Largest decline over 1 year | -28.05% | -12.31% | -15.74% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.42% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -26.42% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -49.15% | — |
Current DrawdownCurrent decline from peak | -13.45% | -6.37% | -7.08% |
Average DrawdownAverage peak-to-trough decline | -9.87% | -8.39% | -1.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.94% | 4.25% | +5.69% |
Volatility
COPA vs. NANR - Volatility Comparison
Themes Copper Miners ETF (COPA) has a higher volatility of 13.64% compared to SPDR S&P North American Natural Resources ETF (NANR) at 4.11%. This indicates that COPA's price experiences larger fluctuations and is considered to be riskier than NANR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| COPA | NANR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.64% | 4.11% | +9.53% |
Volatility (6M)Calculated over the trailing 6-month period | 35.80% | 14.51% | +21.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.18% | 19.19% | +23.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.53% | 22.80% | +16.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.53% | 23.56% | +15.97% |
COPA vs. NANR - Expense Ratio Comparison
Both COPA and NANR have an expense ratio of 0.35%.
Dividends
COPA vs. NANR - Dividend Comparison
COPA's dividend yield for the trailing twelve months is around 3.81%, more than NANR's 1.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
COPA Themes Copper Miners ETF | 3.81% | 4.26% | 1.33% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
NANR SPDR S&P North American Natural Resources ETF | 1.77% | 1.77% | 2.20% | 2.78% | 2.70% | 2.61% | 2.73% | 2.02% | 1.95% | 1.83% | 5.01% | 0.01% |
Frequently Asked Questions
COPA and NANR have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
COPA has higher volatility (13.64%) compared to NANR (4.11%). In terms of maximum drawdown, COPA dropped -34.72% vs NANR's -49.15%.
On 1-year performance, COPA leads with 85.34% vs 43.82% for NANR. Both ETFs have the same 0.35% expense ratio. On volatility, NANR has been the lower-risk option at 4.11%. 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 85.34% return vs 43.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
COPA and NANR have the same expense ratio: 0.35% per year.
COPA has the higher dividend yield at 3.81%, compared with 1.77% for NANR.
COPA is categorized as Copper, while NANR is Natural Resources. COPA tracks BITA Global Copper Mining Select Index, while NANR tracks S&P BMI North American Natural Resources Index. They also come from different issuers: Themes and State Street.
NANR currently has the higher Sharpe Ratio (2.30 vs 1.99), 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.
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