COPP vs. ICOP

Last updated Jun 23, 2026

COPP (Sprott Copper Miners ETF) and ICOP (iShares Copper and Metals Mining ETF) are both Copper funds - COPP tracks the Nasdaq Sprott Copper Miners Index while ICOP tracks the STOXX Global Copper and Metals Mining Index. Both are passively managed. Over the past year, COPP returned 97.45% vs 94.43% for ICOP. With a 0.96 correlation, they move nearly in lockstep. COPP charges 0.65%/yr vs 0.47%/yr for ICOP.

Performance

COPP vs. ICOP - Performance Comparison

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

Returns By Period

In the year-to-date period, COPP achieves a 19.28% return, which is significantly lower than ICOP's 20.35% return.

COPP

• 1D: -1.28%
• 1M: 4.93%
• YTD: 19.28%
• 6M: 21.19%
• 1Y: 97.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICOP

• 1D: -1.49%
• 1M: 2.28%
• YTD: 20.35%
• 6M: 20.43%
• 1Y: 94.43%
• 3Y*: 32.78%
• 5Y*: —
• 10Y*: —

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

COPP vs. ICOP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
COPP Sprott Copper Miners ETF	19.28%	74.02%	4.25%
ICOP iShares Copper and Metals Mining ETF	20.35%	78.01%	5.77%

Correlation

The correlation between COPP and ICOP is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (All Time) Calculated using the full available price history since Mar 6, 2024	0.96

The correlation between COPP and ICOP has been stable across timeframes, ranging from 0.96 to 0.96 - a consistent structural relationship.

COPP vs. ICOP - Sectors Allocation Comparison

Sectors	COPP	ICOP
Basic Materials	99.1%	100.0%
Financial Services	0.3%	-
Consumer Cyclical	0.1%	-
Industrials	0.1%	-
Energy	0.1%	-
Technology	0.1%	-
Consumer Defensive	0.1%	-
Healthcare	0.1%	-
Communication Services	0.1%	-
Utilities	0.0%	-
Real Estate	0.0%	-

Return for Risk

COPP vs. ICOP — Risk / Return Rank

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

COPP

COPP Risk / Return Rank: 63
COPP Sharpe Ratio Rank: 70
COPP Sortino Ratio Rank: 56
COPP Omega Ratio Rank: 56
COPP Calmar Ratio Rank: 70
COPP Martin Ratio Rank: 64

ICOP

ICOP Risk / Return Rank: 70
ICOP Sharpe Ratio Rank: 79
ICOP Sortino Ratio Rank: 61
ICOP Omega Ratio Rank: 65
ICOP Calmar Ratio Rank: 74
ICOP Martin Ratio Rank: 71

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.

COPP vs. ICOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Copper Miners ETF (COPP) 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.

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.

	COPP	ICOP	Difference
Sharpe ratio: Return per unit of total volatility	2.19	2.42	-0.23
Sortino ratio: Return per unit of downside risk	2.58	2.78	-0.19
Omega ratio: Gain probability vs. loss probability	1.34	1.37	-0.04
Calmar ratio: Return relative to maximum drawdown	3.39	3.63	-0.24
Martin ratio: Return relative to average drawdown	11.35	12.87	-1.52

COPP vs. ICOP - Sharpe Ratio Comparison

The current COPP Sharpe Ratio is 2.19, which is comparable to the ICOP Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of COPP 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.

Drawdowns

COPP vs. ICOP - Drawdown Comparison

The maximum COPP drawdown since its inception was -44.37%, which is greater than ICOP's maximum drawdown of -38.67%. Use the drawdown chart below to compare losses from any high point for COPP and ICOP.

Drawdown Indicators

	COPP	ICOP	Difference
Max Drawdown Largest peak-to-trough decline	-44.37%	-38.67%	-5.70%
Max Drawdown (1Y) Largest decline over 1 year	-28.91%	-26.13%	-2.78%
Max Drawdown (3Y) Largest decline over 3 years	—	-38.67%	—
Current Drawdown Current decline from peak	-9.15%	-8.56%	-0.59%
Average Drawdown Average peak-to-trough decline	-13.89%	-11.60%	-2.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.61%	7.36%	+1.25%

Volatility

COPP vs. ICOP - Volatility Comparison

Sprott Copper Miners ETF (COPP) has a higher volatility of 17.34% compared to iShares Copper and Metals Mining ETF (ICOP) at 15.37%. This indicates that COPP'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

	COPP	ICOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.34%	15.37%	+1.97%
Volatility (6M) Calculated over the trailing 6-month period	38.75%	34.55%	+4.20%
Volatility (1Y) Calculated over the trailing 1-year period	44.90%	39.35%	+5.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.44%	34.32%	+7.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.44%	34.32%	+7.12%

COPP vs. ICOP - Expense Ratio Comparison

COPP has a 0.65% expense ratio, which is higher than ICOP's 0.47% expense ratio.

Dividends

COPP vs. ICOP - Dividend Comparison

COPP's dividend yield for the trailing twelve months is around 1.98%, more than ICOP's 1.68% yield.

Position	TTM	2025	2024	2023
COPP Sprott Copper Miners ETF	1.98%	2.37%	2.59%	0.00%
ICOP iShares Copper and Metals Mining ETF	1.68%	2.08%	1.87%	2.15%

Frequently Asked Questions

Can I hold both COPP and ICOP in my portfolio?

With a correlation of 0.96, COPP and ICOP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, COPP or ICOP?

COPP has higher volatility (17.34%) compared to ICOP (15.37%). In terms of maximum drawdown, COPP dropped -44.37% vs ICOP's -38.67%.

Which ETF is better, COPP or ICOP?

On 1-year performance, COPP leads with 97.45% vs 94.43% for ICOP. On fees, ICOP is cheaper at 0.47% per year. On volatility, ICOP has been the lower-risk option at 15.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COPP or ICOP?

Over the 1-year period, COPP has performed better with a 97.45% return vs 94.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COPP or ICOP?

ICOP is cheaper with a 0.47% expense ratio, compared with 0.65% for COPP.

Which ETF pays a higher dividend yield, COPP or ICOP?

COPP has the higher dividend yield at 1.98%, compared with 1.68% for ICOP.

What is the main difference between COPP and ICOP?

COPP tracks Nasdaq Sprott Copper Miners Index, while ICOP tracks STOXX Global Copper and Metals Mining Index. They also come from different issuers: Sprott and iShares. Their fees differ too: 0.65% for COPP and 0.47% for ICOP.

Which has better risk-adjusted returns?

ICOP currently has the higher Sharpe Ratio (2.42 vs 2.19), 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.