COPA vs. USOY

Last updated Jun 4, 2026

COPA (Themes Copper Miners ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - COPA is a Commodity Producers Equities fund tracking the BITA Global Copper Mining Select Index, while USOY is a Derivative Income fund actively managed by Defiance. COPA is passively managed, while USOY is actively managed. Over the past year, COPA returned 125.91% vs 57.29% for USOY. At a correlation of -0.01, they often move in opposite directions. COPA charges 0.35%/yr vs 1.22%/yr for USOY.

Performance

COPA vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Copper Miners ETF (COPA) and Defiance Oil Enhanced Options Income ETF (USOY). 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 USOY's 62.18% return.

COPA

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

USOY

• 1D: 1.45%
• 1M: -3.43%
• YTD: 62.18%
• 6M: 59.35%
• 1Y: 57.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

COPA vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
COPA Themes Copper Miners ETF	25.73%	100.86%	-14.59%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-7.93%	10.54%

Correlation

The correlation between COPA and USOY is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.18
Correlation (All Time) Calculated using the full available price history since Sep 25, 2024	-0.01

The correlation between COPA and USOY shifts across timeframes, from -0.18 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

COPA vs. USOY — 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

USOY

USOY Risk / Return Rank: 56
USOY Sharpe Ratio Rank: 55
USOY Sortino Ratio Rank: 46
USOY Omega Ratio Rank: 55
USOY Calmar Ratio Rank: 78
USOY Martin Ratio Rank: 46

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. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Copper Miners ETF (COPA) and Defiance Oil Enhanced Options Income ETF (USOY). 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	USOY	Difference
Sharpe ratio: Return per unit of total volatility	3.25	1.89	+1.36
Sortino ratio: Return per unit of downside risk	3.48	2.30	+1.18
Omega ratio: Gain probability vs. loss probability	1.46	1.35	+0.11
Calmar ratio: Return relative to maximum drawdown	4.52	4.03	+0.49
Martin ratio: Return relative to average drawdown	15.06	7.74	+7.32
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. USOY - Sharpe Ratio Comparison

The current COPA Sharpe Ratio is 3.25, which is higher than the USOY Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of COPA and USOY, 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	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.25	1.89	+1.36
Sharpe Ratio (All Time) Calculated using the full available price history	1.53	0.99	+0.53

Drawdowns

COPA vs. USOY - Drawdown Comparison

The maximum COPA drawdown since its inception was -34.72%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for COPA and USOY.

Drawdown Indicators

	COPA	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-34.72%	-17.46%	-17.26%
Max Drawdown (1Y) Largest decline over 1 year	-28.05%	-14.29%	-13.76%
Current Drawdown Current decline from peak	-2.67%	-5.11%	+2.44%
Average Drawdown Average peak-to-trough decline	-9.62%	-6.47%	-3.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.39%	7.42%	+0.97%

Volatility

COPA vs. USOY - Volatility Comparison

Themes Copper Miners ETF (COPA) has a higher volatility of 14.11% compared to Defiance Oil Enhanced Options Income ETF (USOY) at 11.62%. This indicates that COPA's price experiences larger fluctuations and is considered to be riskier than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COPA	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.11%	11.62%	+2.49%
Volatility (6M) Calculated over the trailing 6-month period	33.12%	27.18%	+5.94%
Volatility (1Y) Calculated over the trailing 1-year period	38.98%	30.44%	+8.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.12%	26.13%	+11.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.12%	26.13%	+11.99%

COPA vs. USOY - Expense Ratio Comparison

COPA has a 0.35% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

COPA vs. USOY - Dividend Comparison

COPA's dividend yield for the trailing twelve months is around 3.39%, less than USOY's 54.16% yield.

Position	TTM	2025	2024
COPA Themes Copper Miners ETF	3.39%	4.26%	1.33%
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%

Frequently Asked Questions

Can I hold both COPA and USOY in my portfolio?

COPA and USOY have a correlation of -0.18, 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 USOY?

COPA has higher volatility (14.11%) compared to USOY (11.62%). In terms of maximum drawdown, COPA dropped -34.72% vs USOY's -17.46%.

Which ETF is better, COPA or USOY?

On 1-year performance, COPA leads with 125.91% vs 57.29% for USOY. On fees, COPA is cheaper at 0.35% per year. On volatility, USOY has been the lower-risk option at 11.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COPA or USOY?

Over the 1-year period, COPA has performed better with a 125.91% return vs 57.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COPA or USOY?

COPA is cheaper with a 0.35% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 54.16%, compared with 3.39% for COPA.

What is the main difference between COPA and USOY?

COPA is categorized as Commodity Producers Equities, while USOY is Derivative Income. They also come from different issuers: Themes and Defiance. Their fees differ too: 0.35% for COPA and 1.22% for USOY.

Which has better risk-adjusted returns?

COPA currently has the higher Sharpe Ratio (3.25 vs 1.89), 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.