COPP vs. ION

Last updated Jun 4, 2026

COPP (Sprott Copper Miners ETF) and ION (Proshares S&P Global Core Battery Metals ETF) are both exchange-traded funds - COPP is a Commodity Producers Equities fund tracking the Nasdaq Sprott Copper Miners Index, while ION is a Energy Equities fund tracking the S&P Global Core Battery Metals Index - Benchmark TR Net. Both are passively managed. Over the past year, COPP returned 111.49% vs 123.41% for ION. A 0.70 correlation means they provide meaningful diversification when combined. COPP charges 0.65%/yr vs 0.58%/yr for ION.

Performance

COPP vs. ION - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Copper Miners ETF (COPP) and Proshares S&P Global Core Battery Metals ETF (ION). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, COPP achieves a 26.69% return, which is significantly higher than ION's 14.02% return.

COPP

• 1D: -3.50%
• 1M: 22.98%
• YTD: 26.69%
• 6M: 39.51%
• 1Y: 111.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ION

• 1D: -3.20%
• 1M: -9.27%
• YTD: 14.02%
• 6M: 27.44%
• 1Y: 123.41%
• 3Y*: 18.91%
• 5Y*: —
• 10Y*: —

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

COPP vs. ION - Yearly Performance Comparison

	2026 (YTD)	2025	2024
COPP Sprott Copper Miners ETF	26.69%	74.02%	4.18%
ION Proshares S&P Global Core Battery Metals ETF	14.02%	108.37%	-12.42%

Correlation

The correlation between COPP and ION is 0.65, 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	0.65
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.70

The correlation between COPP and ION has been stable across timeframes, ranging from 0.65 to 0.70 - a consistent structural relationship.

COPP vs. ION - Sectors Allocation Comparison

Sectors	COPP	ION
Basic Materials	92.0%	14.5%
Financial Services	0.9%	13.0%
Consumer Cyclical	0.1%	-
Industrials	0.1%	1.6%
Energy	0.1%	2.4%
Technology	0.1%	-
Consumer Defensive	0.1%	-
Healthcare	0.1%	1.7%
Communication Services	0.1%	-
Utilities	0.1%	-
Real Estate	0.0%	2.4%

Return for Risk

COPP vs. ION — Risk / Return Rank

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

COPP

COPP Risk / Return Rank: 70
COPP Sharpe Ratio Rank: 79
COPP Sortino Ratio Rank: 62
COPP Omega Ratio Rank: 61
COPP Calmar Ratio Rank: 76
COPP Martin Ratio Rank: 70

ION

ION Risk / Return Rank: 84
ION Sharpe Ratio Rank: 91
ION Sortino Ratio Rank: 76
ION Omega Ratio Rank: 75
ION Calmar Ratio Rank: 89
ION Martin Ratio Rank: 87

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. ION - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Copper Miners ETF (COPP) and Proshares S&P Global Core Battery Metals ETF (ION). 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	ION	Difference
Sharpe ratio: Return per unit of total volatility	2.62	3.27	-0.66
Sortino ratio: Return per unit of downside risk	2.98	3.45	-0.47
Omega ratio: Gain probability vs. loss probability	1.38	1.45	-0.07
Calmar ratio: Return relative to maximum drawdown	3.88	5.33	-1.45
Martin ratio: Return relative to average drawdown	13.39	18.79	-5.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

COPP vs. ION - Sharpe Ratio Comparison

The current COPP Sharpe Ratio is 2.62, which is comparable to the ION Sharpe Ratio of 3.27. The chart below compares the historical Sharpe Ratios of COPP and ION, 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

	COPP	ION	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.62	3.27	-0.66
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	0.39	+0.72

Drawdowns

COPP vs. ION - Drawdown Comparison

The maximum COPP drawdown since its inception was -44.37%, smaller than the maximum ION drawdown of -52.08%. Use the drawdown chart below to compare losses from any high point for COPP and ION.

Drawdown Indicators

	COPP	ION	Difference
Max Drawdown Largest peak-to-trough decline	-44.37%	-52.08%	+7.71%
Max Drawdown (1Y) Largest decline over 1 year	-28.91%	-23.30%	-5.61%
Max Drawdown (3Y) Largest decline over 3 years	—	-46.47%	—
Current Drawdown Current decline from peak	-3.50%	-13.99%	+10.49%
Average Drawdown Average peak-to-trough decline	-14.02%	-23.70%	+9.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.35%	6.59%	+1.76%

Volatility

COPP vs. ION - Volatility Comparison

Sprott Copper Miners ETF (COPP) has a higher volatility of 15.22% compared to Proshares S&P Global Core Battery Metals ETF (ION) at 12.06%. This indicates that COPP's price experiences larger fluctuations and is considered to be riskier than ION based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COPP	ION	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.22%	12.06%	+3.16%
Volatility (6M) Calculated over the trailing 6-month period	36.30%	29.90%	+6.40%
Volatility (1Y) Calculated over the trailing 1-year period	42.84%	37.92%	+4.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.80%	31.08%	+9.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.80%	31.08%	+9.72%

COPP vs. ION - Expense Ratio Comparison

COPP has a 0.65% expense ratio, which is higher than ION's 0.58% expense ratio.

Dividends

COPP vs. ION - Dividend Comparison

COPP's dividend yield for the trailing twelve months is around 1.87%, more than ION's 1.40% yield.

Position	TTM	2025	2024	2023	2022
COPP Sprott Copper Miners ETF	1.87%	2.37%	2.59%	0.00%	0.00%
ION Proshares S&P Global Core Battery Metals ETF	1.40%	1.63%	1.74%	2.23%	0.13%

Frequently Asked Questions

Can I hold both COPP and ION in my portfolio?

COPP and ION have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, COPP or ION?

COPP has higher volatility (15.22%) compared to ION (12.06%). In terms of maximum drawdown, COPP dropped -44.37% vs ION's -52.08%.

Which ETF is better, COPP or ION?

On 1-year performance, ION leads with 123.41% vs 111.49% for COPP. On fees, ION is cheaper at 0.58% per year. On volatility, ION has been the lower-risk option at 12.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COPP or ION?

Over the 1-year period, ION has performed better with a 123.41% return vs 111.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COPP or ION?

ION is cheaper with a 0.58% expense ratio, compared with 0.65% for COPP.

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

COPP has the higher dividend yield at 1.87%, compared with 1.40% for ION.

What is the main difference between COPP and ION?

COPP is categorized as Commodity Producers Equities, while ION is Energy Equities. COPP tracks Nasdaq Sprott Copper Miners Index, while ION tracks S&P Global Core Battery Metals Index - Benchmark TR Net. They also come from different issuers: Sprott and ProShares. Their fees differ too: 0.65% for COPP and 0.58% for ION.

Which has better risk-adjusted returns?

ION currently has the higher Sharpe Ratio (3.27 vs 2.62), 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.