COPJ vs. SLV

Last updated Jul 21, 2026

COPJ (Sprott Junior Copper Miners ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - COPJ is a Copper fund tracking the Nasdaq Sprott Junior Copper Miners Index, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 3 years, COPJ returned 34.22%/yr vs 31.21%/yr for SLV. A 0.58 correlation means they provide meaningful diversification when combined. COPJ charges 0.78%/yr vs 0.50%/yr for SLV.

Performance

COPJ vs. SLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Junior Copper Miners ETF (COPJ) and iShares Silver Trust (SLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, COPJ achieves a -4.07% return, which is significantly higher than SLV's -20.86% return.

COPJ

• 1D: 0.23%
• 1M: -11.32%
• 6M: -15.71%
• YTD: -4.07%
• 1Y: 64.49%
• 3Y*: 34.22%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 28.75%

SLV

• 1D: 0.39%
• 1M: -14.33%
• 6M: -37.08%
• YTD: -20.86%
• 1Y: 47.30%
• 3Y*: 31.21%
• 5Y*: 16.83%
• 10Y*: 10.57%
• ALL TIME*: 7.03%

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

COPJ vs. SLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
COPJ Sprott Junior Copper Miners ETF	-4.07%	140.63%	11.07%	-6.47%
SLV iShares Silver Trust	-20.86%	144.66%	20.89%	-1.36%

Correlation

The correlation between COPJ and SLV is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.58

The correlation between COPJ and SLV has been stable across timeframes, ranging from 0.58 to 0.67 - a consistent structural relationship.

Return for Risk

COPJ vs. SLV — Risk / Return Rank

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

COPJ

COPJ Risk / Return Rank: 50
COPJ Sharpe Ratio Rank: 56
COPJ Sortino Ratio Rank: 49
COPJ Omega Ratio Rank: 52
COPJ Calmar Ratio Rank: 53
COPJ Martin Ratio Rank: 40

SLV

SLV Risk / Return Rank: 28
SLV Sharpe Ratio Rank: 28
SLV Sortino Ratio Rank: 29
SLV Omega Ratio Rank: 37
SLV Calmar Ratio Rank: 25
SLV Martin Ratio Rank: 22

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.

COPJ vs. SLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Junior Copper Miners ETF (COPJ) and iShares Silver Trust (SLV). 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.

	COPJ	SLV	Difference
Sharpe ratio: Return per unit of total volatility	1.41	0.78	+0.64
Sortino ratio: Return per unit of downside risk	1.88	1.23	+0.64
Omega ratio: Gain probability vs. loss probability	1.25	1.19	+0.05
Calmar ratio: Return relative to maximum drawdown	2.01	0.91	+1.10
Martin ratio: Return relative to average drawdown	4.80	1.85	+2.95

COPJ vs. SLV - Sharpe Ratio Comparison

The current COPJ Sharpe Ratio is 1.41, which is higher than the SLV Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of COPJ and SLV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

COPJ vs. SLV - Drawdown Comparison

The maximum COPJ drawdown since its inception was -32.28%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for COPJ and SLV.

Drawdown Indicators

	COPJ	SLV	Difference
Max Drawdown Largest peak-to-trough decline	-32.28%	-76.28%	+44.00%
Max Drawdown (1Y) Largest decline over 1 year	-32.28%	-52.28%	+20.00%
Max Drawdown (3Y) Largest decline over 3 years	-32.28%	-52.28%	+20.00%
Max Drawdown (5Y) Largest decline over 5 years	—	-52.28%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-52.28%	—
Current Drawdown Current decline from peak	-26.67%	-51.72%	+25.05%
Average Drawdown Average peak-to-trough decline	-12.26%	-44.67%	+32.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.49%	25.64%	-12.15%

Volatility

COPJ vs. SLV - Volatility Comparison

Sprott Junior Copper Miners ETF (COPJ) and iShares Silver Trust (SLV) have volatilities of 12.52% and 12.54%, 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

	COPJ	SLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.52%	12.54%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	39.13%	56.50%	-17.37%
Volatility (1Y) Calculated over the trailing 1-year period	45.92%	61.24%	-15.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.79%	36.87%	-1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.79%	32.18%	+3.61%

COPJ vs. SLV - Expense Ratio Comparison

COPJ has a 0.78% expense ratio, which is higher than SLV's 0.50% expense ratio.

Dividends

COPJ vs. SLV - Dividend Comparison

COPJ's dividend yield for the trailing twelve months is around 12.06%, while SLV has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
COPJ Sprott Junior Copper Miners ETF	12.06%	11.57%	11.64%	2.48%
SLV iShares Silver Trust	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both COPJ and SLV in my portfolio?

COPJ and SLV have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, COPJ or SLV?

SLV has higher volatility (12.54%) compared to COPJ (12.52%). In terms of maximum drawdown, COPJ dropped -32.28% vs SLV's -76.28%.

Which ETF is better, COPJ or SLV?

On 3-year performance, COPJ leads with 34.22% vs 31.21% for SLV. On fees, SLV is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COPJ or SLV?

Over the 3-year period, COPJ has performed better with a 34.22% return vs 31.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COPJ or SLV?

SLV is cheaper with a 0.50% expense ratio, compared with 0.78% for COPJ.

Which ETF pays a higher dividend yield, COPJ or SLV?

COPJ has the higher dividend yield at 12.06%, compared with 0.00% for SLV.

What is the main difference between COPJ and SLV?

COPJ is categorized as Copper, while SLV is Silver. COPJ tracks Nasdaq Sprott Junior Copper Miners Index, while SLV tracks LBMA Silver Price. They also come from different issuers: Sprott and iShares. Their fees differ too: 0.78% for COPJ and 0.50% for SLV.

Which has better risk-adjusted returns?

COPJ currently has the higher Sharpe Ratio (1.41 vs 0.78), 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.