COPX vs. EPU

Last updated Jun 14, 2026

COPX (Global X Copper Miners ETF) and EPU (iShares MSCI Peru ETF) are both exchange-traded funds - COPX is a Copper fund tracking the Solactive Global Copper Miners Total Return Index, while EPU is a Mid Cap Blend Equities fund tracking the MSCI All Peru Capped Index. Both are passively managed. Over the past 10 years, COPX returned 21.86%/yr vs 15.16%/yr for EPU. A 0.72 correlation means they provide meaningful diversification when combined. COPX charges 0.65%/yr vs 0.59%/yr for EPU.

Performance

COPX vs. EPU - Performance Comparison

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

Returns By Period

In the year-to-date period, COPX achieves a 19.75% return, which is significantly lower than EPU's 21.02% return. Over the past 10 years, COPX has outperformed EPU with an annualized return of 21.86%, while EPU has yielded a comparatively lower 15.16% annualized return.

COPX

• 1D: 3.38%
• 1M: -3.82%
• YTD: 19.75%
• 6M: 29.13%
• 1Y: 106.27%
• 3Y*: 33.96%
• 5Y*: 19.28%
• 10Y*: 21.86%

EPU

• 1D: 2.12%
• 1M: 4.37%
• YTD: 21.02%
• 6M: 26.87%
• 1Y: 85.51%
• 3Y*: 46.38%
• 5Y*: 28.15%
• 10Y*: 15.16%

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

COPX vs. EPU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
COPX Global X Copper Miners ETF	19.75%	93.50%	3.57%	8.38%	-0.76%	23.39%	51.66%	12.48%	-31.31%	38.92%
EPU iShares MSCI Peru ETF	21.02%	86.87%	21.73%	25.34%	2.05%	-11.81%	-4.31%	7.30%	-12.17%	29.70%

Correlation

The correlation between COPX and EPU is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Apr 20, 2010	0.72

The correlation between COPX and EPU shifts across timeframes, from 0.72 (all time) to 0.83 (1 year), reflecting how their relationship changes across market environments.

COPX vs. EPU - Sectors Allocation Comparison

Sectors	COPX	EPU
Basic Materials	96.7%	54.2%
Industrials	3.3%	2.6%
Communication Services	-	1.5%
Consumer Cyclical	-	4.1%
Consumer Defensive	-	3.0%
Energy	-	-
Financial Services	-	27.9%
Healthcare	-	0.9%
Real Estate	-	3.0%
Technology	-	-
Utilities	-	2.8%

Return for Risk

COPX vs. EPU — Risk / Return Rank

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

COPX

COPX Risk / Return Rank: 76
COPX Sharpe Ratio Rank: 85
COPX Sortino Ratio Rank: 69
COPX Omega Ratio Rank: 70
COPX Calmar Ratio Rank: 81
COPX Martin Ratio Rank: 72

EPU

EPU Risk / Return Rank: 82
EPU Sharpe Ratio Rank: 91
EPU Sortino Ratio Rank: 81
EPU Omega Ratio Rank: 83
EPU Calmar Ratio Rank: 85
EPU Martin Ratio Rank: 72

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. EPU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Copper Miners ETF (COPX) and iShares MSCI Peru ETF (EPU). 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	EPU	Difference
Sharpe ratio: Return per unit of total volatility	2.39	2.73	-0.34
Sortino ratio: Return per unit of downside risk	2.70	3.14	-0.44
Omega ratio: Gain probability vs. loss probability	1.36	1.43	-0.07
Calmar ratio: Return relative to maximum drawdown	3.75	4.07	-0.32
Martin ratio: Return relative to average drawdown	11.60	11.73	-0.13

COPX vs. EPU - Sharpe Ratio Comparison

The current COPX Sharpe Ratio is 2.39, which is comparable to the EPU Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of COPX and EPU, 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. EPU - Drawdown Comparison

The maximum COPX drawdown since its inception was -83.16%, which is greater than EPU's maximum drawdown of -60.62%. Use the drawdown chart below to compare losses from any high point for COPX and EPU.

Drawdown Indicators

	COPX	EPU	Difference
Max Drawdown Largest peak-to-trough decline	-83.16%	-60.62%	-22.54%
Max Drawdown (1Y) Largest decline over 1 year	-27.82%	-20.85%	-6.97%
Max Drawdown (3Y) Largest decline over 3 years	-39.72%	-20.85%	-18.87%
Max Drawdown (5Y) Largest decline over 5 years	-42.12%	-35.59%	-6.53%
Max Drawdown (10Y) Largest decline over 10 years	-65.41%	-50.97%	-14.44%
Current Drawdown Current decline from peak	-10.17%	-6.69%	-3.48%
Average Drawdown Average peak-to-trough decline	-39.28%	-18.81%	-20.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.98%	7.22%	+1.76%

Volatility

COPX vs. EPU - Volatility Comparison

Global X Copper Miners ETF (COPX) has a higher volatility of 19.30% compared to iShares MSCI Peru ETF (EPU) at 13.52%. This indicates that COPX's price experiences larger fluctuations and is considered to be riskier than EPU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COPX	EPU	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.30%	13.52%	+5.78%
Volatility (6M) Calculated over the trailing 6-month period	38.15%	26.94%	+11.21%
Volatility (1Y) Calculated over the trailing 1-year period	43.66%	31.04%	+12.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.00%	25.11%	+11.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.75%	23.64%	+12.11%

COPX vs. EPU - Expense Ratio Comparison

COPX has a 0.65% expense ratio, which is higher than EPU's 0.59% expense ratio.

Dividends

COPX vs. EPU - Dividend Comparison

COPX's dividend yield for the trailing twelve months is around 2.24%, more than EPU's 1.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COPX Global X Copper Miners ETF	2.24%	2.68%	1.80%	2.39%	3.14%	1.48%	1.30%	1.37%	2.59%	1.57%	0.60%	1.20%
EPU iShares MSCI Peru ETF	1.35%	1.63%	5.78%	4.17%	5.56%	3.13%	1.91%	2.67%	1.53%	3.30%	0.85%	1.90%

Frequently Asked Questions

Can I hold both COPX and EPU in my portfolio?

COPX and EPU have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, COPX or EPU?

COPX has higher volatility (19.30%) compared to EPU (13.52%). In terms of maximum drawdown, COPX dropped -83.16% vs EPU's -60.62%.

Which ETF is better, COPX or EPU?

On 10-year performance, COPX leads with 21.86% vs 15.16% for EPU. On fees, EPU is cheaper at 0.59% per year. On volatility, EPU has been the lower-risk option at 13.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COPX or EPU?

Over the 10-year period, COPX has performed better with a 21.86% return vs 15.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COPX or EPU?

EPU is cheaper with a 0.59% expense ratio, compared with 0.65% for COPX.

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

COPX has the higher dividend yield at 2.24%, compared with 1.35% for EPU.

What is the main difference between COPX and EPU?

COPX is categorized as Copper, while EPU is Mid Cap Blend Equities. COPX tracks Solactive Global Copper Miners Total Return Index, while EPU tracks MSCI All Peru Capped Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.65% for COPX and 0.59% for EPU.

Which has better risk-adjusted returns?

EPU currently has the higher Sharpe Ratio (2.73 vs 2.39), 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.