COPM.AS vs. ICOP

Last updated Jun 4, 2026

COPM.AS (iShares Copper Miners UCITS ETF) and ICOP (iShares Copper and Metals Mining ETF) are both Commodity Producers Equities funds from iShares - COPM.AS tracks the STOXX Global Copper Miners Index while ICOP tracks the STOXX Global Copper and Metals Mining Index. Both are passively managed. Over the past year, COPM.AS returned 110.00% vs 102.60% for ICOP. A 0.76 correlation means they provide meaningful diversification when combined. COPM.AS charges 0.55%/yr vs 0.47%/yr for ICOP.

Performance

COPM.AS vs. ICOP - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with COPM.AS having a 27.79% return and ICOP slightly lower at 27.29%.

COPM.AS

• 1D: -2.44%
• 1M: 16.46%
• YTD: 27.79%
• 6M: 38.45%
• 1Y: 110.00%
• 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)

COPM.AS vs. ICOP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
COPM.AS iShares Copper Miners UCITS ETF	27.79%	82.17%	0.45%	4.71%
ICOP iShares Copper and Metals Mining ETF	27.29%	78.01%	1.10%	6.74%

Correlation

The correlation between COPM.AS and ICOP is 0.81, 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	0.81
Correlation (All Time) Calculated using the full available price history since Jun 27, 2023	0.76

The correlation between COPM.AS and ICOP has been stable across timeframes, ranging from 0.76 to 0.81 - a consistent structural relationship.

Return for Risk

COPM.AS vs. ICOP — Risk / Return Rank

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

COPM.AS

COPM.AS Risk / Return Rank: 80
COPM.AS Sharpe Ratio Rank: 88
COPM.AS Sortino Ratio Rank: 77
COPM.AS Omega Ratio Rank: 71
COPM.AS Calmar Ratio Rank: 82
COPM.AS Martin Ratio Rank: 80

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.

COPM.AS vs. ICOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Copper Miners UCITS ETF (COPM.AS) 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.

	COPM.AS	ICOP	Difference
Sharpe ratio: Return per unit of total volatility	2.91	2.77	+0.14
Sortino ratio: Return per unit of downside risk	3.45	3.11	+0.34
Omega ratio: Gain probability vs. loss probability	1.42	1.42	0.00
Calmar ratio: Return relative to maximum drawdown	4.32	3.95	+0.37
Martin ratio: Return relative to average drawdown	15.56	14.50	+1.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

COPM.AS vs. ICOP - Sharpe Ratio Comparison

The current COPM.AS Sharpe Ratio is 2.91, which is comparable to the ICOP Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of COPM.AS 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

	COPM.AS	ICOP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.91	2.77	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	1.13	1.08	+0.05

Drawdowns

COPM.AS vs. ICOP - Drawdown Comparison

The maximum COPM.AS drawdown since its inception was -37.12%, roughly equal to the maximum ICOP drawdown of -38.67%. Use the drawdown chart below to compare losses from any high point for COPM.AS and ICOP.

Drawdown Indicators

	COPM.AS	ICOP	Difference
Max Drawdown Largest peak-to-trough decline	-37.12%	-38.67%	+1.55%
Max Drawdown (1Y) Largest decline over 1 year	-25.05%	-26.13%	+1.08%
Current Drawdown Current decline from peak	-2.44%	-3.29%	+0.85%
Average Drawdown Average peak-to-trough decline	-11.55%	-11.67%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.98%	7.10%	-0.12%

Volatility

COPM.AS vs. ICOP - Volatility Comparison

iShares Copper Miners UCITS ETF (COPM.AS) has a higher volatility of 14.68% compared to iShares Copper and Metals Mining ETF (ICOP) at 13.69%. This indicates that COPM.AS's price experiences larger fluctuations and is considered to be riskier than ICOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COPM.AS	ICOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.68%	13.69%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	31.95%	32.28%	-0.33%
Volatility (1Y) Calculated over the trailing 1-year period	37.22%	37.29%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.34%	33.77%	+0.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.34%	33.77%	+0.57%

COPM.AS vs. ICOP - Expense Ratio Comparison

COPM.AS has a 0.55% expense ratio, which is higher than ICOP's 0.47% expense ratio.

Dividends

COPM.AS vs. ICOP - Dividend Comparison

COPM.AS has not paid dividends to shareholders, while ICOP's dividend yield for the trailing twelve months is around 1.63%.

Position	TTM	2025	2024	2023
COPM.AS iShares Copper Miners UCITS ETF	0.00%	0.00%	0.00%	0.00%
ICOP iShares Copper and Metals Mining ETF	1.63%	2.08%	1.87%	2.15%

Frequently Asked Questions

Can I hold both COPM.AS and ICOP in my portfolio?

COPM.AS and ICOP have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, COPM.AS or ICOP?

On fees, ICOP is cheaper at 0.47% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, COPM.AS or ICOP?

ICOP is cheaper with a 0.47% expense ratio, compared with 0.55% for COPM.AS.

What is the main difference between COPM.AS and ICOP?

COPM.AS tracks STOXX Global Copper Miners Index, while ICOP tracks STOXX Global Copper and Metals Mining Index. Their fees differ too: 0.55% for COPM.AS and 0.47% for ICOP.