COPX vs. HG=F

Last updated Jun 5, 2026

COPX (Global X Copper Miners ETF) is Materials fund tracking the Solactive Global Copper Miners Total Return Index, while HG=F (Copper) is an asset. Over the past 10 years, COPX returned 21.46%/yr vs 11.90%/yr for HG=F. A 0.64 correlation means they provide meaningful diversification when combined.

Performance

COPX vs. HG=F - Performance Comparison

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

Returns By Period

In the year-to-date period, COPX achieves a 25.67% return, which is significantly higher than HG=F's 15.98% return. Over the past 10 years, COPX has outperformed HG=F with an annualized return of 21.46%, while HG=F has yielded a comparatively lower 11.90% annualized return.

COPX

• 1D: -0.03%
• 1M: 15.36%
• YTD: 25.67%
• 6M: 37.40%
• 1Y: 118.00%
• 3Y*: 37.98%
• 5Y*: 19.86%
• 10Y*: 21.46%

HG=F

• 1D: 0.75%
• 1M: 9.87%
• YTD: 15.98%
• 6M: 21.51%
• 1Y: 33.62%
• 3Y*: 20.05%
• 5Y*: 7.58%
• 10Y*: 11.90%

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

COPX vs. HG=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
COPX Global X Copper Miners ETF	25.67%	93.50%	3.57%	8.38%	-0.76%	23.39%	51.66%	12.48%	-31.31%	38.92%
HG=F Copper	15.98%	39.82%	3.50%	2.10%	-14.63%	26.84%	25.81%	6.31%	-20.28%	31.73%

Correlation

The correlation between COPX and HG=F is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Apr 21, 2010	0.64

The correlation between COPX and HG=F has been stable across timeframes, ranging from 0.64 to 0.70 - a consistent structural relationship.

Return for Risk

COPX vs. HG=F — Risk / Return Rank

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

COPX

COPX Risk / Return Rank: 77
COPX Sharpe Ratio Rank: 87
COPX Sortino Ratio Rank: 70
COPX Omega Ratio Rank: 70
COPX Calmar Ratio Rank: 82
COPX Martin Ratio Rank: 74

HG=F

HG=F Risk / Return Rank: 23
HG=F Sharpe Ratio Rank: 21
HG=F Sortino Ratio Rank: 19
HG=F Omega Ratio Rank: 35
HG=F Calmar Ratio Rank: 17
HG=F Martin Ratio Rank: 22

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. HG=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Copper Miners ETF (COPX) and Copper (HG=F). 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.

	COPX	HG=F	Difference
Sharpe ratio: Return per unit of total volatility	2.87	0.83	+2.03
Sortino ratio: Return per unit of downside risk	3.12	1.21	+1.92
Omega ratio: Gain probability vs. loss probability	1.41	1.21	+0.20
Calmar ratio: Return relative to maximum drawdown	4.27	1.17	+3.09
Martin ratio: Return relative to average drawdown	13.66	2.57	+11.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

COPX vs. HG=F - Sharpe Ratio Comparison

The current COPX Sharpe Ratio is 2.87, which is higher than the HG=F Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of COPX and HG=F, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	COPX	HG=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.87	0.83	+2.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.27	+0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.48	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.21	-0.02

Drawdowns

COPX vs. HG=F - Drawdown Comparison

The maximum COPX drawdown since its inception was -83.16%, which is greater than HG=F's maximum drawdown of -68.86%. Use the drawdown chart below to compare losses from any high point for COPX and HG=F.

Drawdown Indicators

	COPX	HG=F	Difference
Max Drawdown Largest peak-to-trough decline	-83.16%	-68.86%	-14.30%
Max Drawdown (1Y) Largest decline over 1 year	-27.82%	-25.17%	-2.65%
Max Drawdown (3Y) Largest decline over 3 years	-39.72%	-25.17%	-14.55%
Max Drawdown (5Y) Largest decline over 5 years	-42.12%	-34.96%	-7.16%
Max Drawdown (10Y) Largest decline over 10 years	-65.41%	-36.54%	-28.87%
Current Drawdown Current decline from peak	-5.73%	-1.80%	-3.93%
Average Drawdown Average peak-to-trough decline	-39.29%	-29.58%	-9.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.67%	12.17%	-3.50%

Volatility

COPX vs. HG=F - Volatility Comparison

Global X Copper Miners ETF (COPX) has a higher volatility of 15.34% compared to Copper (HG=F) at 8.62%. This indicates that COPX's price experiences larger fluctuations and is considered to be riskier than HG=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COPX	HG=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.34%	8.62%	+6.72%
Volatility (6M) Calculated over the trailing 6-month period	35.68%	21.89%	+13.79%
Volatility (1Y) Calculated over the trailing 1-year period	41.41%	35.56%	+5.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.50%	26.87%	+9.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.54%	23.67%	+11.87%

Frequently Asked Questions

Can I hold both COPX and HG=F in my portfolio?

COPX and HG=F have a correlation of 0.70, 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 HG=F?

COPX has higher volatility (15.34%) compared to HG=F (8.62%). In terms of maximum drawdown, COPX dropped -83.16% vs HG=F's -68.86%.

Which has better risk-adjusted returns?

COPX currently has the higher Sharpe Ratio (2.87 vs 0.83), 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.