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COPX vs. EZA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

COPX vs. EZA

Last updated Jun 13, 2026

COPX (Global X Copper Miners ETF) and EZA (iShares MSCI South Africa ETF) are both exchange-traded funds - COPX is a Materials fund tracking the Solactive Global Copper Miners Total Return Index, while EZA is a Emerging Markets Equities fund tracking the MSCI South Africa Index. Both are passively managed. Over the past 10 years, COPX returned 21.86%/yr vs 8.12%/yr for EZA. A 0.64 correlation means they provide meaningful diversification when combined. COPX charges 0.65%/yr vs 0.59%/yr for EZA.

Performance

COPX vs. EZA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Copper Miners ETF (COPX) and iShares MSCI South Africa ETF (EZA). 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 EZA's -2.81% return. Over the past 10 years, COPX has outperformed EZA with an annualized return of 21.86%, while EZA has yielded a comparatively lower 8.12% 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%

EZA

1D
0.89%
1M
-5.51%
YTD
-2.81%
6M
2.77%
1Y
30.30%
3Y*
23.45%
5Y*
9.50%
10Y*
8.12%
*Multi-year figures are annualized to reflect compound growth (CAGR)

COPX vs. EZA - 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%
EZA
iShares MSCI South Africa ETF		-2.81%75.20%7.16%1.51%-5.18%7.91%-5.19%9.83%-25.24%36.03%

Correlation

The correlation between COPX and EZA is 0.73, 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

0.73

Correlation (3Y)
Calculated over the trailing 3-year period

0.68

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

0.67

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

0.62

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

0.64

The correlation between COPX and EZA shifts across timeframes, from 0.62 (10 years) to 0.73 (1 year), reflecting how their relationship changes across market environments.

COPX vs. EZA - Sectors Allocation Comparison

Sectors
COPX
EZA

Basic Materials

96.3%
39.7%

Industrials

3.7%
1.5%

Communication Services

-

6.7%

Consumer Cyclical

-

14.7%

Consumer Defensive

-

2.4%

Energy

-

-

Financial Services

-

32.1%

Healthcare

-

1.2%

Real Estate

-

1.6%

Technology

-

-

Utilities

-

-

Basic Materials

COPX
96.3%
EZA
39.7%

Industrials

COPX
3.7%
EZA
1.5%

Communication Services

COPX

-

EZA
6.7%

Consumer Cyclical

COPX

-

EZA
14.7%

Consumer Defensive

COPX

-

EZA
2.4%

Energy

COPX

-

EZA

-

Financial Services

COPX

-

EZA
32.1%

Healthcare

COPX

-

EZA
1.2%

Real Estate

COPX

-

EZA
1.6%

Technology

COPX

-

EZA

-

Utilities

COPX

-

EZA

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Global X Copper Miners ETF

iShares MSCI South Africa ETF

Often compared with COPX:
COPX vs. CPERCOPX vs. ICOPCOPX vs. COPPCOPX vs. COPA.LCOPX vs. COPJCOPX vs. GDXCOPX vs. REMX
Often compared with EZA:
EZA vs. AFKEZA vs. KSAEZA vs. SPYEZA vs. PAF.LEZA vs. VTIEZA vs. SCHDEZA vs. INDA

Return for Risk

COPX vs. EZA — 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
EZA
EZA Risk / Return Rank: 2929
Overall Rank
EZA Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
EZA Sortino Ratio Rank: 2828
Sortino Ratio Rank
EZA Omega Ratio Rank: 3030
Omega Ratio Rank
EZA Calmar Ratio Rank: 3131
Calmar Ratio Rank
EZA Martin Ratio Rank: 2828
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. EZA - Risk-Adjusted Trends Comparison

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

COPXEZADifference
Sharpe ratioReturn per unit of total volatility
2.39
0.95

+1.44

Sortino ratioReturn per unit of downside risk
2.70
1.41

+1.29

Omega ratioGain probability vs. loss probability

1.36

1.18

+0.18

Calmar ratioReturn relative to maximum drawdown

3.75

1.31

+2.44

Martin ratioReturn relative to average drawdown

11.60

3.41

+8.19

COPX vs. EZA - Sharpe Ratio Comparison

The current COPX Sharpe Ratio is 2.39, which is higher than the EZA Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of COPX and EZA, 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. EZA - Drawdown Comparison

The maximum COPX drawdown since its inception was -83.16%, which is greater than EZA's maximum drawdown of -64.64%. Use the drawdown chart below to compare losses from any high point for COPX and EZA.

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Drawdown Indicators

COPXEZADifference

Max Drawdown

Largest peak-to-trough decline

-83.16%

-64.64%

-18.52%

Max Drawdown (1Y)

Largest decline over 1 year

-27.82%

-23.31%

-4.51%

Max Drawdown (3Y)

Largest decline over 3 years

-39.72%

-23.31%

-16.41%

Max Drawdown (5Y)

Largest decline over 5 years

-42.12%

-34.94%

-7.18%

Max Drawdown (10Y)

Largest decline over 10 years

-65.41%

-62.25%

-3.16%

Current Drawdown

Current decline from peak

-10.17%

-18.05%

+7.88%

Average Drawdown

Average peak-to-trough decline

-39.28%

-16.92%

-22.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.98%

8.93%

+0.05%

Volatility

COPX vs. EZA - Volatility Comparison

Global X Copper Miners ETF (COPX) has a higher volatility of 19.30% compared to iShares MSCI South Africa ETF (EZA) at 11.34%. This indicates that COPX's price experiences larger fluctuations and is considered to be riskier than EZA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

COPXEZADifference

Volatility (1M)

Calculated over the trailing 1-month period

19.30%

11.34%

+7.96%

Volatility (6M)

Calculated over the trailing 6-month period

38.15%

27.03%

+11.12%

Volatility (1Y)

Calculated over the trailing 1-year period

43.66%

31.92%

+11.74%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

37.00%

28.86%

+8.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

35.75%

31.43%

+4.32%

COPX vs. EZA - Expense Ratio Comparison

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

Dividends

COPX vs. EZA - Dividend Comparison

COPX's dividend yield for the trailing twelve months is around 2.24%, less than EZA's 6.34% 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%
EZA
iShares MSCI South Africa ETF		6.34%6.16%7.26%2.84%3.90%2.05%5.51%12.27%3.81%1.55%4.10%3.03%

Frequently Asked Questions

COPX and EZA have a correlation of 0.73, 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 EZA (11.34%). In terms of maximum drawdown, COPX dropped -83.16% vs EZA's -64.64%.

On 10-year performance, COPX leads with 21.86% vs 8.12% for EZA. On fees, EZA is cheaper at 0.59% per year. On volatility, EZA has been the lower-risk option at 11.34%. 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 8.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

EZA has the higher dividend yield at 6.34%, compared with 2.24% for COPX.

COPX is categorized as Materials, while EZA is Emerging Markets Equities. COPX tracks Solactive Global Copper Miners Total Return Index, while EZA tracks MSCI South Africa Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.65% for COPX and 0.59% for EZA.

COPX currently has the higher Sharpe Ratio (2.39 vs 0.95), 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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