COPP vs. USO
COPP (Sprott Copper Miners ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - COPP is a Commodity Producers Equities fund tracking the Nasdaq Sprott Copper Miners Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past year, COPP returned 111.49% vs 101.55% for USO. At a 0.04 correlation, their price movements are largely independent. COPP charges 0.65%/yr vs 0.86%/yr for USO.
Performance
COPP vs. USO - 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 USO's 103.67% return.
COPP
- 1D
- -3.50%
- 1M
- 22.98%
- YTD
- 26.69%
- 6M
- 39.51%
- 1Y
- 111.49%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USO
- 1D
- 2.62%
- 1M
- -4.57%
- YTD
- 103.67%
- 6M
- 99.35%
- 1Y
- 101.55%
- 3Y*
- 29.98%
- 5Y*
- 24.41%
- 10Y*
- 4.07%
COPP vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
COPP Sprott Copper Miners ETF | 26.69% | 74.02% | 4.18% |
USO United States Oil Fund LP | 103.67% | -8.46% | 1.63% |
Correlation
The correlation between COPP and USO 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 | 0.04 |
The correlation between COPP and USO shifts across timeframes, from -0.23 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
COPP vs. USO — Risk / Return Rank
COPP
USO
COPP vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Copper Miners ETF (COPP) and United States Oil Fund LP (USO). 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 | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.38 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.88 | 5.01 | -1.13 |
| Martin ratioReturn relative to average drawdown | 13.39 | 9.42 | +3.97 |
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 | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.62 | 2.31 | +0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.68 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.10 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.11 | -0.18 | +1.28 |
Drawdowns
COPP vs. USO - Drawdown Comparison
The maximum COPP drawdown since its inception was -44.37%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for COPP and USO.
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Drawdown Indicators
| COPP | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.37% | -98.19% | +53.82% |
Max Drawdown (1Y)Largest decline over 1 year | -28.91% | -20.39% | -8.52% |
Max Drawdown (3Y)Largest decline over 3 years | — | -26.05% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.23% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -3.50% | -85.01% | +81.51% |
Average DrawdownAverage peak-to-trough decline | -14.02% | -75.30% | +61.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.35% | 10.82% | -2.47% |
Volatility
COPP vs. USO - Volatility Comparison
Sprott Copper Miners ETF (COPP) and United States Oil Fund LP (USO) have volatilities of 15.22% and 14.87%, 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.
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Volatility by Period
| COPP | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.22% | 14.87% | +0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 36.30% | 38.23% | -1.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.84% | 44.20% | -1.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 40.80% | 36.06% | +4.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.80% | 39.00% | +1.80% |
COPP vs. USO - Expense Ratio Comparison
COPP has a 0.65% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
COPP vs. USO - Dividend Comparison
COPP's dividend yield for the trailing twelve months is around 1.87%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
COPP Sprott Copper Miners ETF | 1.87% | 2.37% | 2.59% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
COPP and USO 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 USO (14.87%). In terms of maximum drawdown, COPP dropped -44.37% vs USO's -98.19%.
On 1-year performance, COPP leads with 111.49% vs 101.55% for USO. On fees, COPP is cheaper at 0.65% per year. On volatility, USO has been the lower-risk option at 14.87%. 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 101.55%. 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 0.86% for USO.
COPP has the higher dividend yield at 1.87%, compared with 0.00% for USO.
COPP is categorized as Commodity Producers Equities, while USO is Oil & Gas. COPP tracks Nasdaq Sprott Copper Miners Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Sprott and USCF. Their fees differ too: 0.65% for COPP and 0.86% for USO.
COPP currently has the higher Sharpe Ratio (2.62 vs 2.31), 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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