COPX vs. COPA

Last updated Jun 23, 2026

COPX (Global X Copper Miners ETF) and COPA (Themes Copper Miners ETF) are both Copper funds - COPX tracks the Solactive Global Copper Miners Total Return Index while COPA tracks the BITA Global Copper Mining Select Index. Both are passively managed. Over the past year, COPX returned 108.10% vs 114.93% for COPA. With a 0.95 correlation, they move nearly in lockstep. COPX charges 0.65%/yr vs 0.35%/yr for COPA.

Performance

COPX vs. COPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Copper Miners ETF (COPX) and Themes Copper Miners ETF (COPA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, COPX achieves a 18.25% return, which is significantly lower than COPA's 22.04% return.

COPX

• 1D: -0.69%
• 1M: 1.85%
• YTD: 18.25%
• 6M: 19.75%
• 1Y: 108.10%
• 3Y*: 34.51%
• 5Y*: 20.78%
• 10Y*: 21.61%

COPA

• 1D: -0.32%
• 1M: 6.15%
• YTD: 22.04%
• 6M: 25.51%
• 1Y: 114.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

COPX vs. COPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
COPX Global X Copper Miners ETF	18.25%	93.50%	-11.41%
COPA Themes Copper Miners ETF	22.04%	100.86%	-13.18%

Correlation

The correlation between COPX and COPA is 0.95 - 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	0.95
Correlation (All Time) Calculated using the full available price history since Sep 24, 2024	0.95

The correlation between COPX and COPA has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.

Return for Risk

COPX vs. COPA — Risk / Return Rank

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

COPX

COPX Risk / Return Rank: 70
COPX Sharpe Ratio Rank: 81
COPX Sortino Ratio Rank: 61
COPX Omega Ratio Rank: 63
COPX Calmar Ratio Rank: 78
COPX Martin Ratio Rank: 67

COPA

COPA Risk / Return Rank: 77
COPA Sharpe Ratio Rank: 89
COPA Sortino Ratio Rank: 71
COPA Omega Ratio Rank: 72
COPA Calmar Ratio Rank: 81
COPA Martin Ratio Rank: 73

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.

COPX vs. COPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Copper Miners ETF (COPX) and Themes Copper Miners ETF (COPA). 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.

	COPX	COPA	Difference
Sharpe ratio: Return per unit of total volatility	2.48	2.81	-0.34
Sortino ratio: Return per unit of downside risk	2.77	3.09	-0.32
Omega ratio: Gain probability vs. loss probability	1.37	1.41	-0.04
Calmar ratio: Return relative to maximum drawdown	3.91	4.12	-0.21
Martin ratio: Return relative to average drawdown	11.97	13.41	-1.44

COPX vs. COPA - Sharpe Ratio Comparison

The current COPX Sharpe Ratio is 2.48, which is comparable to the COPA Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of COPX and COPA, 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

COPX vs. COPA - Drawdown Comparison

The maximum COPX drawdown since its inception was -83.16%, which is greater than COPA's maximum drawdown of -34.72%. Use the drawdown chart below to compare losses from any high point for COPX and COPA.

Drawdown Indicators

	COPX	COPA	Difference
Max Drawdown Largest peak-to-trough decline	-83.16%	-34.72%	-48.44%
Max Drawdown (1Y) Largest decline over 1 year	-27.82%	-28.05%	+0.23%
Max Drawdown (3Y) Largest decline over 3 years	-39.72%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-42.12%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-65.41%	—	—
Current Drawdown Current decline from peak	-11.30%	-5.52%	-5.78%
Average Drawdown Average peak-to-trough decline	-39.24%	-9.54%	-29.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.06%	8.60%	+0.46%

Volatility

COPX vs. COPA - Volatility Comparison

Global X Copper Miners ETF (COPX) has a higher volatility of 17.85% compared to Themes Copper Miners ETF (COPA) at 15.99%. This indicates that COPX's price experiences larger fluctuations and is considered to be riskier than COPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COPX	COPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.85%	15.99%	+1.86%
Volatility (6M) Calculated over the trailing 6-month period	38.53%	35.47%	+3.06%
Volatility (1Y) Calculated over the trailing 1-year period	44.00%	41.17%	+2.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.93%	38.97%	-2.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.76%	38.97%	-3.21%

COPX vs. COPA - Expense Ratio Comparison

COPX has a 0.65% expense ratio, which is higher than COPA's 0.35% expense ratio.

Dividends

COPX vs. COPA - Dividend Comparison

COPX's dividend yield for the trailing twelve months is around 2.26%, less than COPA's 3.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COPA Themes Copper Miners ETF	3.49%	4.26%	1.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
COPX Global X Copper Miners ETF	2.26%	2.68%	1.80%	2.39%	3.14%	1.48%	1.30%	1.37%	2.59%	1.57%	0.60%	1.20%

Frequently Asked Questions

Can I hold both COPX and COPA in my portfolio?

With a correlation of 0.95, COPX and COPA 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, COPX or COPA?

COPX has higher volatility (17.85%) compared to COPA (15.99%). In terms of maximum drawdown, COPX dropped -83.16% vs COPA's -34.72%.

Which ETF is better, COPX or COPA?

On 1-year performance, COPA leads with 114.93% vs 108.10% for COPX. On fees, COPA is cheaper at 0.35% per year. On volatility, COPA has been the lower-risk option at 15.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COPX or COPA?

Over the 1-year period, COPA has performed better with a 114.93% return vs 108.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COPX or COPA?

COPA is cheaper with a 0.35% expense ratio, compared with 0.65% for COPX.

Which ETF pays a higher dividend yield, COPX or COPA?

COPA has the higher dividend yield at 3.49%, compared with 2.26% for COPX.

What is the main difference between COPX and COPA?

COPX tracks Solactive Global Copper Miners Total Return Index, while COPA tracks BITA Global Copper Mining Select Index. They also come from different issuers: Global X and Themes. Their fees differ too: 0.65% for COPX and 0.35% for COPA.

Which has better risk-adjusted returns?

COPA currently has the higher Sharpe Ratio (2.81 vs 2.48), 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.