COPX vs. CSH2.L

Last updated Jul 21, 2026

COPX (Global X Copper Miners ETF) and CSH2.L (Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc) are both exchange-traded funds - COPX is a Copper fund tracking the Solactive Global Copper Miners Total Return Index, while CSH2.L is a Money Market fund tracking the SONIA Compounded (GBP Hedged). Both are passively managed. Over the past 10 years, COPX returned 18.38%/yr vs 2.36%/yr for CSH2.L. At a 0.37 correlation, their price movements are largely independent. COPX charges 0.65%/yr vs 0.10%/yr for CSH2.L.

Performance

COPX vs. CSH2.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Copper Miners ETF (COPX) and Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc (CSH2.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

COPX is traded in USD, while CSH2.L is traded in GBp. To make them comparable, the CSH2.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, COPX achieves a 3.23% return, which is significantly higher than CSH2.L's 2.06% return. Over the past 10 years, COPX has outperformed CSH2.L with an annualized return of 18.38%, while CSH2.L has yielded a comparatively lower 2.36% annualized return.

COPX

• 1D: 0.70%
• 1M: -13.30%
• 6M: -8.24%
• YTD: 3.23%
• 1Y: 72.90%
• 3Y*: 26.21%
• 5Y*: 18.50%
• 10Y*: 18.38%
• ALL TIME*: 5.35%

CSH2.L

• 1D: -0.12%
• 1M: 1.86%
• 6M: 2.13%
• YTD: 2.06%
• 1Y: 4.50%
• 3Y*: 6.51%
• 5Y*: 3.34%
• 10Y*: 2.36%
• ALL TIME*: 0.80%

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

COPX vs. CSH2.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
COPX Global X Copper Miners ETF	3.23%	93.50%	3.57%	8.38%	-0.76%	23.39%	51.66%	12.48%	-31.31%	38.92%
CSH2.L Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc	2.06%	12.57%	3.85%	10.24%	-9.32%	-0.78%	3.37%	4.86%	-5.00%	9.98%

Correlation

The correlation between COPX and CSH2.L is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since May 29, 2015	0.37

The correlation between COPX and CSH2.L shifts across timeframes, from 0.37 (all time) to 0.47 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

COPX vs. CSH2.L — Risk / Return Rank

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

COPX

COPX Risk / Return Rank: 61
COPX Sharpe Ratio Rank: 66
COPX Sortino Ratio Rank: 56
COPX Omega Ratio Rank: 56
COPX Calmar Ratio Rank: 71
COPX Martin Ratio Rank: 54

CSH2.L

CSH2.L Risk / Return Rank: 99
CSH2.L Sharpe Ratio Rank: 99
CSH2.L Sortino Ratio Rank: 99
CSH2.L Omega Ratio Rank: 99
CSH2.L Calmar Ratio Rank: 99
CSH2.L Martin Ratio Rank: 99

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. CSH2.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Copper Miners ETF (COPX) and Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc (CSH2.L). 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	CSH2.L	Difference
Sharpe ratio: Return per unit of total volatility	1.61	0.68	+0.94
Sortino ratio: Return per unit of downside risk	2.05	1.04	+1.01
Omega ratio: Gain probability vs. loss probability	1.26	1.12	+0.14
Calmar ratio: Return relative to maximum drawdown	2.63	1.09	+1.54
Martin ratio: Return relative to average drawdown	6.88	2.35	+4.53

COPX vs. CSH2.L - Sharpe Ratio Comparison

The current COPX Sharpe Ratio is 1.61, which is higher than the CSH2.L Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of COPX and CSH2.L, 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. CSH2.L - Drawdown Comparison

The maximum COPX drawdown since its inception was -83.16%, which is greater than CSH2.L's maximum drawdown of -29.83%. Use the drawdown chart below to compare losses from any high point for COPX and CSH2.L.

Drawdown Indicators

	COPX	CSH2.L	Difference
Max Drawdown Largest peak-to-trough decline	-83.16%	-29.83%	-53.33%
Max Drawdown (1Y) Largest decline over 1 year	-27.82%	-4.11%	-23.71%
Max Drawdown (3Y) Largest decline over 3 years	-39.72%	-7.81%	-31.91%
Max Drawdown (5Y) Largest decline over 5 years	-42.12%	-22.77%	-19.35%
Max Drawdown (10Y) Largest decline over 10 years	-65.41%	-24.10%	-41.31%
Current Drawdown Current decline from peak	-22.56%	-1.07%	-21.49%
Average Drawdown Average peak-to-trough decline	-39.16%	-12.59%	-26.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.63%	1.91%	+8.72%

Volatility

COPX vs. CSH2.L - Volatility Comparison

Global X Copper Miners ETF (COPX) has a higher volatility of 13.65% compared to Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc (CSH2.L) at 1.72%. This indicates that COPX's price experiences larger fluctuations and is considered to be riskier than CSH2.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COPX	CSH2.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.65%	1.72%	+11.93%
Volatility (6M) Calculated over the trailing 6-month period	39.63%	5.07%	+34.56%
Volatility (1Y) Calculated over the trailing 1-year period	45.47%	6.66%	+38.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.21%	8.54%	+28.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.81%	8.81%	+27.00%

COPX vs. CSH2.L - Expense Ratio Comparison

COPX has a 0.65% expense ratio, which is higher than CSH2.L's 0.10% expense ratio.

Dividends

COPX vs. CSH2.L - Dividend Comparison

COPX's dividend yield for the trailing twelve months is around 2.61%, while CSH2.L 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	2.61%	2.68%	1.80%	2.39%	3.14%	1.48%	1.30%	1.37%	2.59%	1.57%	0.60%	1.20%
CSH2.L Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc	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

Can I hold both COPX and CSH2.L in my portfolio?

COPX and CSH2.L have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, COPX or CSH2.L?

On fees, CSH2.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, COPX or CSH2.L?

CSH2.L is cheaper with a 0.10% expense ratio, compared with 0.65% for COPX.

What is the main difference between COPX and CSH2.L?

COPX is categorized as Copper, while CSH2.L is Money Market. COPX tracks Solactive Global Copper Miners Total Return Index, while CSH2.L tracks SONIA Compounded (GBP Hedged). They also come from different issuers: Global X and Amundi. Their fees differ too: 0.65% for COPX and 0.10% for CSH2.L.