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COPX vs. EWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

COPX vs. EWM

Last updated Jun 13, 2026

COPX (Global X Copper Miners ETF) and EWM (iShares MSCI Malaysia ETF) are both exchange-traded funds - COPX is a Materials fund tracking the Solactive Global Copper Miners Total Return Index, while EWM is a Asia Pacific Equities fund tracking the MSCI Malaysia Index. Both are passively managed. Over the past 10 years, COPX returned 21.86%/yr vs 2.79%/yr for EWM. A 0.53 correlation means they provide meaningful diversification when combined. COPX charges 0.65%/yr vs 0.49%/yr for EWM.

Performance

COPX vs. EWM - Performance Comparison

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

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Returns By Period

In the year-to-date period, COPX achieves a 19.75% return, which is significantly higher than EWM's 2.89% return. Over the past 10 years, COPX has outperformed EWM with an annualized return of 21.86%, while EWM has yielded a comparatively lower 2.79% annualized return.

COPX

1D
3.38%
1M
-6.46%
YTD
19.75%
6M
29.13%
1Y
103.76%
3Y*
33.96%
5Y*
19.28%
10Y*
21.86%

EWM

1D
0.25%
1M
-6.82%
YTD
2.89%
6M
6.00%
1Y
19.03%
3Y*
14.97%
5Y*
4.69%
10Y*
2.79%
*Multi-year figures are annualized to reflect compound growth (CAGR)

COPX vs. EWM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
EWM
iShares MSCI Malaysia ETF		2.89%15.74%19.46%-3.61%-6.00%-7.40%3.12%-1.41%-6.28%24.25%

Correlation

The correlation between COPX and EWM 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

0.44

Correlation (5Y)
Calculated over the trailing 5-year period

0.46

Correlation (10Y)
Calculated over the trailing 10-year period

0.47

Correlation (All Time)
Calculated using the full available price history since Apr 20, 2010

0.53

The correlation between COPX and EWM has been stable across timeframes, ranging from 0.44 to 0.53 - a consistent structural relationship.

COPX vs. EWM - Sectors Allocation Comparison

Sectors
COPX
EWM

Basic Materials

96.3%
8.9%

Industrials

3.7%
11.1%

Communication Services

-

6.6%

Consumer Cyclical

-

1.1%

Consumer Defensive

-

7.3%

Energy

-

3.9%

Financial Services

-

46.6%

Healthcare

-

3.8%

Real Estate

-

-

Technology

-

-

Utilities

-

10.8%

Basic Materials

COPX
96.3%
EWM
8.9%

Industrials

COPX
3.7%
EWM
11.1%

Communication Services

COPX

-

EWM
6.6%

Consumer Cyclical

COPX

-

EWM
1.1%

Consumer Defensive

COPX

-

EWM
7.3%

Energy

COPX

-

EWM
3.9%

Financial Services

COPX

-

EWM
46.6%

Healthcare

COPX

-

EWM
3.8%

Real Estate

COPX

-

EWM

-

Technology

COPX

-

EWM

-

Utilities

COPX

-

EWM
10.8%

Compare stocks, funds, or ETFs

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Global X Copper Miners ETF

iShares MSCI Malaysia ETF

Often compared with COPX:
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Often compared with EWM:
EWM vs. EIDOEWM vs. EWYEWM vs. EWTEWM vs. EPIEWM vs. AAXJEWM vs. VOOEWM vs. SCHD

Return for Risk

COPX vs. EWM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
COPX
COPX Risk / Return Rank: 7676
Overall Rank
COPX Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
COPX Sortino Ratio Rank: 6969
Sortino Ratio Rank
COPX Omega Ratio Rank: 7070
Omega Ratio Rank
COPX Calmar Ratio Rank: 8181
Calmar Ratio Rank
COPX Martin Ratio Rank: 7272
Martin Ratio Rank
EWM
EWM Risk / Return Rank: 4444
Overall Rank
EWM Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
EWM Sortino Ratio Rank: 4343
Sortino Ratio Rank
EWM Omega Ratio Rank: 4141
Omega Ratio Rank
EWM Calmar Ratio Rank: 4848
Calmar Ratio Rank
EWM Martin Ratio Rank: 4646
Martin Ratio Rank
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. EWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Copper Miners ETF (COPX) and iShares MSCI Malaysia ETF (EWM). 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.

COPXEWMDifference
Sharpe ratioReturn per unit of total volatility
2.39
1.36

+1.03

Sortino ratioReturn per unit of downside risk
2.70
1.92

+0.78

Omega ratioGain probability vs. loss probability

1.36

1.24

+0.12

Calmar ratioReturn relative to maximum drawdown

3.75

2.09

+1.66

Martin ratioReturn relative to average drawdown

11.60

6.65

+4.95

COPX vs. EWM - Sharpe Ratio Comparison

The current COPX Sharpe Ratio is 2.39, which is higher than the EWM Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of COPX and EWM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

COPX vs. EWM - Drawdown Comparison

The maximum COPX drawdown since its inception was -83.16%, smaller than the maximum EWM drawdown of -89.19%. Use the drawdown chart below to compare losses from any high point for COPX and EWM.

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Drawdown Indicators

COPXEWMDifference

Max Drawdown

Largest peak-to-trough decline

-83.16%

-89.19%

+6.03%

Max Drawdown (1Y)

Largest decline over 1 year

-27.82%

-9.14%

-18.68%

Max Drawdown (3Y)

Largest decline over 3 years

-39.72%

-21.31%

-18.41%

Max Drawdown (5Y)

Largest decline over 5 years

-42.12%

-22.76%

-19.36%

Max Drawdown (10Y)

Largest decline over 10 years

-65.41%

-43.81%

-21.60%

Current Drawdown

Current decline from peak

-10.17%

-9.08%

-1.09%

Average Drawdown

Average peak-to-trough decline

-39.28%

-31.80%

-7.48%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.98%

2.87%

+6.11%

Volatility

COPX vs. EWM - Volatility Comparison

Global X Copper Miners ETF (COPX) has a higher volatility of 19.30% compared to iShares MSCI Malaysia ETF (EWM) at 3.97%. This indicates that COPX's price experiences larger fluctuations and is considered to be riskier than EWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

COPXEWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

19.30%

3.97%

+15.33%

Volatility (6M)

Calculated over the trailing 6-month period

38.15%

10.95%

+27.20%

Volatility (1Y)

Calculated over the trailing 1-year period

43.66%

14.10%

+29.56%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

37.00%

13.72%

+23.28%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

35.75%

16.27%

+19.48%

COPX vs. EWM - Expense Ratio Comparison

COPX has a 0.65% expense ratio, which is higher than EWM's 0.49% expense ratio.

Dividends

COPX vs. EWM - Dividend Comparison

COPX's dividend yield for the trailing twelve months is around 2.24%, less than EWM's 3.32% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
EWM
iShares MSCI Malaysia ETF		3.32%3.41%3.32%3.47%3.00%6.48%1.89%2.91%3.84%5.58%5.97%37.54%

Frequently Asked Questions

COPX and EWM 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.

COPX has higher volatility (19.30%) compared to EWM (3.97%). In terms of maximum drawdown, COPX dropped -83.16% vs EWM's -89.19%.

On 10-year performance, COPX leads with 21.86% vs 2.79% for EWM. On fees, EWM is cheaper at 0.49% per year. On volatility, EWM has been the lower-risk option at 3.97%. 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 21.86% return vs 2.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWM is cheaper with a 0.49% expense ratio, compared with 0.65% for COPX.

EWM has the higher dividend yield at 3.32%, compared with 2.24% for COPX.

COPX is categorized as Materials, while EWM is Asia Pacific Equities. COPX tracks Solactive Global Copper Miners Total Return Index, while EWM tracks MSCI Malaysia Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.65% for COPX and 0.49% for EWM.

COPX currently has the higher Sharpe Ratio (2.39 vs 1.36), 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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