COPP vs. BNO
COPP (Sprott Copper Miners ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - COPP is a Commodity Producers Equities fund tracking the Nasdaq Sprott Copper Miners Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past year, COPP returned 111.49% vs 91.89% for BNO. At a 0.05 correlation, their price movements are largely independent. COPP charges 0.65%/yr vs 0.90%/yr for BNO.
Performance
COPP vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, COPP achieves a 26.69% return, which is significantly lower than BNO's 90.47% return.
COPP
- 1D
- -3.50%
- 1M
- 22.98%
- YTD
- 26.69%
- 6M
- 39.51%
- 1Y
- 111.49%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BNO
- 1D
- 1.99%
- 1M
- -10.29%
- YTD
- 90.47%
- 6M
- 86.00%
- 1Y
- 91.89%
- 3Y*
- 27.93%
- 5Y*
- 24.16%
- 10Y*
- 13.60%
COPP vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
COPP Sprott Copper Miners ETF | 26.69% | 74.02% | 4.18% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | -0.56% |
Correlation
The correlation between COPP and BNO is -0.23, 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 | -0.23 |
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024 | 0.05 |
The correlation between COPP and BNO shifts across timeframes, from -0.23 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
COPP vs. BNO — Risk / Return Rank
COPP
BNO
COPP vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Copper Miners ETF (COPP) and United States Brent Oil Fund LP (BNO). 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.
| COPP | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.39 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.38 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.88 | 5.17 | -1.29 |
| Martin ratioReturn relative to average drawdown | 13.39 | 9.76 | +3.63 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| COPP | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.62 | 2.23 | +0.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.69 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.37 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.11 | 0.14 | +0.97 |
Drawdowns
COPP vs. BNO - Drawdown Comparison
The maximum COPP drawdown since its inception was -44.37%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for COPP and BNO.
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Drawdown Indicators
| COPP | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.37% | -87.06% | +42.69% |
Max Drawdown (1Y)Largest decline over 1 year | -28.91% | -17.87% | -11.04% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.75% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -3.50% | -10.29% | +6.79% |
Average DrawdownAverage peak-to-trough decline | -14.02% | -40.17% | +26.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.35% | 9.45% | -1.10% |
Volatility
COPP vs. BNO - Volatility Comparison
Sprott Copper Miners ETF (COPP) has a higher volatility of 15.22% compared to United States Brent Oil Fund LP (BNO) at 14.22%. This indicates that COPP's price experiences larger fluctuations and is considered to be riskier than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| COPP | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.22% | 14.22% | +1.00% |
Volatility (6M)Calculated over the trailing 6-month period | 36.30% | 36.10% | +0.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.84% | 41.46% | +1.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 40.80% | 35.38% | +5.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.80% | 36.68% | +4.12% |
COPP vs. BNO - Expense Ratio Comparison
COPP has a 0.65% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
COPP vs. BNO - Dividend Comparison
COPP's dividend yield for the trailing twelve months is around 1.87%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% |
COPP Sprott Copper Miners ETF | 1.87% | 2.37% | 2.59% |
Frequently Asked Questions
COPP and BNO have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
COPP has higher volatility (15.22%) compared to BNO (14.22%). In terms of maximum drawdown, COPP dropped -44.37% vs BNO's -87.06%.
On 1-year performance, COPP leads with 111.49% vs 91.89% for BNO. On fees, COPP is cheaper at 0.65% per year. On volatility, BNO has been the lower-risk option at 14.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, COPP has performed better with a 111.49% return vs 91.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
COPP is cheaper with a 0.65% expense ratio, compared with 0.90% for BNO.
COPP has the higher dividend yield at 1.87%, compared with 0.00% for BNO.
COPP is categorized as Commodity Producers Equities, while BNO is Oil & Gas. COPP tracks Nasdaq Sprott Copper Miners Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Sprott and Concierge Technologies. Their fees differ too: 0.65% for COPP and 0.90% for BNO.
COPP currently has the higher Sharpe Ratio (2.62 vs 2.23), 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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