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COPX vs. ICOP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

COPX vs. ICOP

Last updated Aug 5, 2026
Documentation

COPX (Global X Copper Miners ETF) and ICOP (iShares Copper and Metals Mining ETF) are both Copper funds - COPX tracks the Solactive Global Copper Miners Total Return Index while ICOP tracks the STOXX Global Copper and Metals Mining Index. Both are passively managed. Over the past 3 years, COPX returned 30.56%/yr vs 29.80%/yr for ICOP. Their 0.96 correlation means they have historically moved very closely together. 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.

Loading charts...

Returns By Period

In the year-to-date period, COPX achieves a 17.39% return, which is significantly lower than ICOP's 19.81% return.

COPX

1D
5.83%
1M
9.58%
6M
-7.14%
YTD
17.39%
1Y
98.51%
3Y*
30.56%
5Y*
20.46%
10Y*
19.71%
ALL TIME*
6.17%

ICOP

1D
5.06%
1M
7.26%
6M
-3.32%
YTD
19.81%
1Y
83.74%
3Y*
29.80%
5Y*
—
10Y*
—
ALL TIME*
31.20%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

COPX

Global X Copper Miners ETF
$203.51M$201.31M$296.38M

ICOP

iShares Copper and Metals Mining ETF
$3.96M$3.50M$5.54M

COPX vs. ICOP - Yearly Performance Comparison

2026 (YTD)202520242023
COPX
Global X Copper Miners ETF		17.39%93.50%3.57%-0.13%
ICOP
iShares Copper and Metals Mining ETF		19.81%78.01%1.10%8.08%

Correlation

The correlation between COPX and ICOP is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.97

Correlation (3Y)
Balances recent behavior with more history.

0.97

Correlation (All Time)
Calculated using the full available price history since Jun 23, 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

96.9%
100.0%

Industrials

3.1%

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Basic Materials

COPX
96.9%
ICOP
100.0%

Industrials

COPX
3.1%
ICOP

-

Communication Services

COPX

-

ICOP

-

Consumer Cyclical

COPX

-

ICOP

-

Consumer Defensive

COPX

-

ICOP

-

Energy

COPX

-

ICOP

-

Financial Services

COPX

-

ICOP

-

Healthcare

COPX

-

ICOP

-

Real Estate

COPX

-

ICOP

-

Technology

COPX

-

ICOP

-

Utilities

COPX

-

ICOP

-

Compare stocks, funds, or ETFs

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Global X Copper Miners ETF

iShares Copper and Metals Mining ETF

Often compared with COPX:
COPX vs. CPERCOPX vs. COPPCOPX vs. COPA.LCOPX vs. GDXCOPX vs. COPJCOPX vs. REMXCOPX vs. HG=F
Often compared with ICOP:
ICOP vs. CPERICOP vs. COPPICOP vs. PICKICOP vs. COPJICOP vs. IAUICOP vs. NIKLICOP vs. SCCO

Return for Risk

COPX vs. ICOP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
COPX
COPX Risk / Return Rank: 7474
Overall Rank
COPX Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
COPX Sortino Ratio Rank: 6969
Sortino Ratio Rank
COPX Omega Ratio Rank: 6969
Omega Ratio Rank
COPX Calmar Ratio Rank: 8585
Calmar Ratio Rank
COPX Martin Ratio Rank: 6666
Martin Ratio Rank
ICOP
ICOP Risk / Return Rank: 7373
Overall Rank
ICOP Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
ICOP Sortino Ratio Rank: 6868
Sortino Ratio Rank
ICOP Omega Ratio Rank: 6969
Omega Ratio Rank
ICOP Calmar Ratio Rank: 8080
Calmar Ratio Rank
ICOP Martin Ratio Rank: 6868
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

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.

COPXICOPDifference
Sharpe ratioReturn per unit of total volatility
2.15
2.06

+0.09

Sortino ratioReturn per unit of downside risk
2.50
2.47

+0.03

Omega ratioGain probability vs. loss probability

1.32

1.32

0.00

Calmar ratioReturn relative to maximum drawdown

3.56

3.22

+0.34

Martin ratioReturn relative to average drawdown

8.84

9.28

-0.44

COPX vs. ICOP - Sharpe Ratio Comparison

The current COPX Sharpe Ratio is 2.15, which is comparable to the ICOP Sharpe Ratio of 2.06. 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.

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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.

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Drawdown Indicators

COPXICOPDifference

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%

-38.67%

-1.05%

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

-11.94%

-8.98%

-2.96%

Average Drawdown

Average peak-to-trough decline

-39.10%

-11.76%

-27.34%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.18%

9.05%

+2.13%

Volatility

COPX vs. ICOP - Volatility Comparison

Global X Copper Miners ETF (COPX) has a higher volatility of 14.43% compared to iShares Copper and Metals Mining ETF (ICOP) at 13.06%. 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.

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Volatility by Period

COPXICOPDifference

Volatility (1M)

Calculated over the trailing 1-month period

14.43%

13.06%

+1.37%

Volatility (6M)

Calculated over the trailing 6-month period

38.76%

34.79%

+3.97%

Volatility (1Y)

Calculated over the trailing 1-year period

46.09%

40.96%

+5.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

37.37%

34.71%

+2.66%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

35.93%

34.71%

+1.22%

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 2.30%, more than ICOP's 1.69% yield.

PositionTTM20252024202320222021202020192018201720162015
COPX
Global X Copper Miners ETF		2.30%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		1.69%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

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.

COPX has higher volatility (14.43%) compared to ICOP (13.06%). In terms of maximum drawdown, COPX dropped -83.16% vs ICOP's -38.67%.

On 3-year performance, COPX leads with 30.56% vs 29.80% for ICOP. On fees, ICOP is cheaper at 0.47% per year. On volatility, ICOP has been the lower-risk option at 13.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, COPX has performed better with a 30.56% return vs 29.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

COPX has the higher dividend yield at 2.30%, compared with 1.69% for ICOP.

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.

COPX currently has the higher Sharpe Ratio (2.15 vs 2.06), 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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