COPX vs. IMO
COPX (Global X Copper Miners ETF) is Materials fund tracking the Solactive Global Copper Miners Total Return Index, while IMO (Imperial Oil Limited) is a stock. Over the past 10 years, COPX returned 21.86%/yr vs 17.61%/yr for IMO. At a 0.49 correlation, their price movements are largely independent.
Performance
COPX vs. IMO - Performance Comparison
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Returns By Period
In the year-to-date period, COPX achieves a 19.75% return, which is significantly lower than IMO's 41.99% return. Over the past 10 years, COPX has outperformed IMO with an annualized return of 21.86%, while IMO has yielded a comparatively lower 17.61% 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%
IMO
- 1D
- 0.26%
- 1M
- -7.42%
- YTD
- 41.99%
- 6M
- 33.35%
- 1Y
- 56.95%
- 3Y*
- 37.72%
- 5Y*
- 32.35%
- 10Y*
- 17.61%
COPX vs. IMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
IMO Imperial Oil Limited | 41.99% | 43.85% | 10.47% | 20.89% | 38.00% | 95.29% | -25.37% | 7.16% | -17.21% | -8.36% |
Correlation
The correlation between COPX and IMO is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 2010 | 0.49 |
Over the past year, the correlation between COPX and IMO has dropped to 0.19 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.
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Return for Risk
COPX vs. IMO — Risk / Return Rank
COPX
IMO
COPX vs. IMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Copper Miners ETF (COPX) and Imperial Oil Limited (IMO). 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.
| COPX | IMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.33 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.75 | 3.47 | +0.28 |
| Martin ratioReturn relative to average drawdown | 11.60 | 10.04 | +1.56 |
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Drawdowns
COPX vs. IMO - Drawdown Comparison
The maximum COPX drawdown since its inception was -83.16%, roughly equal to the maximum IMO drawdown of -84.82%. Use the drawdown chart below to compare losses from any high point for COPX and IMO.
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Drawdown Indicators
| COPX | IMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.16% | -84.82% | +1.66% |
Max Drawdown (1Y)Largest decline over 1 year | -27.82% | -16.51% | -11.31% |
Max Drawdown (3Y)Largest decline over 3 years | -39.72% | -22.95% | -16.77% |
Max Drawdown (5Y)Largest decline over 5 years | -42.12% | -29.72% | -12.40% |
Max Drawdown (10Y)Largest decline over 10 years | -65.41% | -76.96% | +11.55% |
Current DrawdownCurrent decline from peak | -10.17% | -11.88% | +1.71% |
Average DrawdownAverage peak-to-trough decline | -39.28% | -21.19% | -18.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.98% | 5.69% | +3.29% |
Volatility
COPX vs. IMO - Volatility Comparison
Global X Copper Miners ETF (COPX) has a higher volatility of 19.30% compared to Imperial Oil Limited (IMO) at 9.97%. This indicates that COPX's price experiences larger fluctuations and is considered to be riskier than IMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| COPX | IMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.30% | 9.97% | +9.33% |
Volatility (6M)Calculated over the trailing 6-month period | 38.15% | 22.21% | +15.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.66% | 27.31% | +16.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.00% | 32.66% | +4.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.75% | 35.55% | +0.20% |
Dividends
COPX vs. IMO - Dividend Comparison
COPX's dividend yield for the trailing twelve months is around 2.24%, more than IMO's 1.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IMO Imperial Oil Limited | 1.90% | 2.40% | 2.84% | 2.73% | 2.30% | 2.28% | 3.50% | 2.41% | 2.36% | 2.02% | 1.70% | 1.66% |
Frequently Asked Questions
COPX and IMO have a correlation of 0.19, 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 IMO (9.97%). In terms of maximum drawdown, COPX dropped -83.16% vs IMO's -84.82%.
COPX currently has the higher Sharpe Ratio (2.39 vs 2.10), 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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