COPX vs. ICOP

Last updated Jun 6, 2026

COPX (Global X Copper Miners ETF) and ICOP (iShares Copper and Metals Mining ETF) are both exchange-traded funds - COPX is a Materials fund tracking the Solactive Global Copper Miners Total Return Index, while ICOP is a Commodity Producers Equities fund tracking the STOXX Global Copper and Metals Mining Index. Both are passively managed. Over the past year, COPX returned 91.56% vs 77.35% for ICOP. With a 0.96 correlation, they move nearly in lockstep. COPX charges 0.65%/yr vs 0.47%/yr for ICOP.

Performance

COPX vs. ICOP - Performance Comparison

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

Returns By Period

In the year-to-date period, COPX achieves a 12.33% return, which is significantly lower than ICOP's 15.17% return.

COPX

• 1D: -10.62%
• 1M: -3.51%
• YTD: 12.33%
• 6M: 21.35%
• 1Y: 91.56%
• 3Y*: 32.23%
• 5Y*: 17.20%
• 10Y*: 20.17%

ICOP

• 1D: -9.06%
• 1M: -2.50%
• YTD: 15.17%
• 6M: 23.43%
• 1Y: 77.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

COPX vs. ICOP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
COPX Global X Copper Miners ETF	12.33%	93.50%	3.57%	2.70%
ICOP iShares Copper and Metals Mining ETF	15.17%	78.01%	1.10%	8.08%

Correlation

The correlation between COPX and ICOP is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 26, 2023	0.96

The correlation between COPX and ICOP has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

COPX vs. ICOP - Sectors Allocation Comparison

Sectors	COPX	ICOP
Basic Materials	96.3%	100.0%
Industrials	3.7%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

COPX vs. ICOP — Risk / Return Rank

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

COPX

COPX Risk / Return Rank: 60
COPX Sharpe Ratio Rank: 66
COPX Sortino Ratio Rank: 52
COPX Omega Ratio Rank: 55
COPX Calmar Ratio Rank: 68
COPX Martin Ratio Rank: 60

ICOP

ICOP Risk / Return Rank: 58
ICOP Sharpe Ratio Rank: 62
ICOP Sortino Ratio Rank: 51
ICOP Omega Ratio Rank: 55
ICOP Calmar Ratio Rank: 62
ICOP Martin Ratio Rank: 62

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. ICOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Copper Miners ETF (COPX) and iShares Copper and Metals Mining ETF (ICOP). 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	ICOP	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.02	+0.13
Sortino ratio: Return per unit of downside risk	2.50	2.44	+0.06
Omega ratio: Gain probability vs. loss probability	1.34	1.33	+0.01
Calmar ratio: Return relative to maximum drawdown	3.31	2.98	+0.33
Martin ratio: Return relative to average drawdown	10.53	10.86	-0.33
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. ICOP - Sharpe Ratio Comparison

The current COPX Sharpe Ratio is 2.15, which is comparable to the ICOP Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of COPX and ICOP, 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	ICOP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	2.02	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.93	-0.76

Drawdowns

COPX vs. ICOP - Drawdown Comparison

The maximum COPX drawdown since its inception was -83.16%, which is greater than ICOP's maximum drawdown of -38.67%. Use the drawdown chart below to compare losses from any high point for COPX and ICOP.

Drawdown Indicators

	COPX	ICOP	Difference
Max Drawdown Largest peak-to-trough decline	-83.16%	-38.67%	-44.49%
Max Drawdown (1Y) Largest decline over 1 year	-27.82%	-26.13%	-1.69%
Max Drawdown (3Y) Largest decline over 3 years	-39.72%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-42.12%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-65.41%	—	—
Current Drawdown Current decline from peak	-15.74%	-12.50%	-3.24%
Average Drawdown Average peak-to-trough decline	-39.29%	-11.66%	-27.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.72%	7.15%	+1.57%

Volatility

COPX vs. ICOP - Volatility Comparison

Global X Copper Miners ETF (COPX) has a higher volatility of 18.20% compared to iShares Copper and Metals Mining ETF (ICOP) at 15.74%. This indicates that COPX's price experiences larger fluctuations and is considered to be riskier than ICOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COPX	ICOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.20%	15.74%	+2.46%
Volatility (6M) Calculated over the trailing 6-month period	37.26%	33.57%	+3.69%
Volatility (1Y) Calculated over the trailing 1-year period	42.83%	38.43%	+4.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.80%	34.15%	+2.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.68%	34.15%	+1.53%

COPX vs. ICOP - Expense Ratio Comparison

COPX has a 0.65% expense ratio, which is higher than ICOP's 0.47% expense ratio.

Dividends

COPX vs. ICOP - Dividend Comparison

COPX's dividend yield for the trailing twelve months is around 2.38%, more than ICOP's 1.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COPX Global X Copper Miners ETF	2.38%	2.68%	1.80%	2.39%	3.14%	1.48%	1.30%	1.37%	2.59%	1.57%	0.60%	1.20%
ICOP iShares Copper and Metals Mining ETF	1.81%	2.08%	1.87%	2.15%	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 ICOP in my portfolio?

With a correlation of 0.97, COPX and ICOP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, COPX or ICOP?

COPX has higher volatility (18.20%) compared to ICOP (15.74%). In terms of maximum drawdown, COPX dropped -83.16% vs ICOP's -38.67%.

Which ETF is better, COPX or ICOP?

On 1-year performance, COPX leads with 91.56% vs 77.35% for ICOP. On fees, ICOP is cheaper at 0.47% per year. On volatility, ICOP has been the lower-risk option at 15.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COPX or ICOP?

Over the 1-year period, COPX has performed better with a 91.56% return vs 77.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COPX or ICOP?

ICOP is cheaper with a 0.47% expense ratio, compared with 0.65% for COPX.

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

COPX has the higher dividend yield at 2.38%, compared with 1.81% for ICOP.

What is the main difference between COPX and ICOP?

COPX is categorized as Materials, while ICOP is Commodity Producers Equities. COPX tracks Solactive Global Copper Miners Total Return Index, while ICOP tracks STOXX Global Copper and Metals Mining Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.65% for COPX and 0.47% for ICOP.

Which has better risk-adjusted returns?

COPX currently has the higher Sharpe Ratio (2.15 vs 2.02), 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.