COPX vs. CPER
COPX (Global X Copper Miners ETF) and CPER (United States Copper Index Fund) are both Copper funds - COPX tracks the Solactive Global Copper Miners Total Return Index while CPER tracks the SummerHaven Copper Index Total Return. Both are passively managed. Over the past 10 years, COPX returned 21.04%/yr vs 10.89%/yr for CPER. A 0.63 correlation means they provide meaningful diversification when combined. COPX charges 0.65%/yr vs 1.06%/yr for CPER.
Performance
COPX vs. CPER - Performance Comparison
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Returns By Period
In the year-to-date period, COPX achieves a 19.07% return, which is significantly higher than CPER's 11.16% return. Over the past 10 years, COPX has outperformed CPER with an annualized return of 21.04%, while CPER has yielded a comparatively lower 10.89% annualized return.
COPX
- 1D
- -1.48%
- 1M
- 2.96%
- YTD
- 19.07%
- 6M
- 24.45%
- 1Y
- 109.54%
- 3Y*
- 32.31%
- 5Y*
- 22.63%
- 10Y*
- 21.04%
CPER
- 1D
- 0.57%
- 1M
- 0.73%
- YTD
- 11.16%
- 6M
- 15.65%
- 1Y
- 28.29%
- 3Y*
- 17.64%
- 5Y*
- 8.79%
- 10Y*
- 10.89%
COPX vs. CPER - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
COPX Global X Copper Miners ETF | 19.07% | 93.50% | 3.57% | 8.38% | -0.76% | 23.39% | 51.66% | 12.48% | -31.31% | 38.92% |
CPER United States Copper Index Fund | 11.16% | 38.95% | 4.23% | 4.55% | -15.14% | 25.21% | 23.90% | 6.66% | -21.91% | 28.80% |
Correlation
The correlation between COPX and CPER is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2011 | 0.63 |
The correlation between COPX and CPER shifts across timeframes, from 0.63 (all time) to 0.78 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
COPX vs. CPER — Risk / Return Rank
COPX
CPER
COPX vs. CPER - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Copper Miners ETF (COPX) and United States Copper Index Fund (CPER). 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 | CPER | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.58 | ||
| Sortino ratioReturn per unit of downside risk | +1.54 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.19 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 3.78 | 1.14 | +2.64 |
| Martin ratioReturn relative to average drawdown | 11.61 | 2.35 | +9.26 |
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Drawdowns
COPX vs. CPER - Drawdown Comparison
The maximum COPX drawdown since its inception was -83.16%, which is greater than CPER's maximum drawdown of -54.04%. Use the drawdown chart below to compare losses from any high point for COPX and CPER.
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Drawdown Indicators
| COPX | CPER | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.16% | -54.04% | -29.12% |
Max Drawdown (1Y)Largest decline over 1 year | -27.82% | -24.77% | -3.05% |
Max Drawdown (3Y)Largest decline over 3 years | -39.72% | -24.77% | -14.95% |
Max Drawdown (5Y)Largest decline over 5 years | -42.12% | -34.75% | -7.37% |
Max Drawdown (10Y)Largest decline over 10 years | -65.41% | -38.42% | -26.99% |
Current DrawdownCurrent decline from peak | -10.68% | -4.29% | -6.39% |
Average DrawdownAverage peak-to-trough decline | -39.25% | -25.33% | -13.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.03% | 11.96% | -2.93% |
Volatility
COPX vs. CPER - Volatility Comparison
Global X Copper Miners ETF (COPX) has a higher volatility of 18.16% compared to United States Copper Index Fund (CPER) at 8.81%. This indicates that COPX's price experiences larger fluctuations and is considered to be riskier than CPER based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| COPX | CPER | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.16% | 8.81% | +9.35% |
Volatility (6M)Calculated over the trailing 6-month period | 38.53% | 23.28% | +15.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.99% | 34.86% | +9.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.95% | 27.01% | +9.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.76% | 24.08% | +11.68% |
COPX vs. CPER - Expense Ratio Comparison
COPX has a 0.65% expense ratio, which is lower than CPER's 1.06% expense ratio.
Dividends
COPX vs. CPER - Dividend Comparison
COPX's dividend yield for the trailing twelve months is around 2.25%, while CPER has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
COPX Global X Copper Miners ETF | 2.25% | 2.68% | 1.80% | 2.39% | 3.14% | 1.48% | 1.30% | 1.37% | 2.59% | 1.57% | 0.60% | 1.20% |
CPER United States Copper Index Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
COPX and CPER have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
COPX has higher volatility (18.16%) compared to CPER (8.81%). In terms of maximum drawdown, COPX dropped -83.16% vs CPER's -54.04%.
On 10-year performance, COPX leads with 21.04% vs 10.89% for CPER. On fees, COPX is cheaper at 0.65% per year. On volatility, CPER has been the lower-risk option at 8.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, COPX has performed better with a 21.04% return vs 10.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
COPX is cheaper with a 0.65% expense ratio, compared with 1.06% for CPER.
COPX has the higher dividend yield at 2.25%, compared with 0.00% for CPER.
COPX tracks Solactive Global Copper Miners Total Return Index, while CPER tracks SummerHaven Copper Index Total Return. They also come from different issuers: Global X and USCF. Their fees differ too: 0.65% for COPX and 1.06% for CPER.
COPX currently has the higher Sharpe Ratio (2.39 vs 0.81), 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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