COPX vs. MOAT

Last updated Jun 9, 2026

COPX (Global X Copper Miners ETF) and MOAT (VanEck Morningstar Wide Moat ETF) are both exchange-traded funds - COPX is a Materials fund tracking the Solactive Global Copper Miners Total Return Index, while MOAT is a Large Cap Blend Equities fund tracking the Morningstar Wide Moat Focus Index. Both are passively managed. Over the past 10 years, COPX returned 20.76%/yr vs 13.45%/yr for MOAT. A 0.53 correlation means they provide meaningful diversification when combined. COPX charges 0.65%/yr vs 0.47%/yr for MOAT.

Performance

COPX vs. MOAT - Performance Comparison

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

Returns By Period

In the year-to-date period, COPX achieves a 13.23% return, which is significantly higher than MOAT's -1.74% return. Over the past 10 years, COPX has outperformed MOAT with an annualized return of 20.76%, while MOAT has yielded a comparatively lower 13.45% annualized return.

COPX

• 1D: 0.81%
• 1M: -5.44%
• YTD: 13.23%
• 6M: 23.36%
• 1Y: 93.73%
• 3Y*: 32.33%
• 5Y*: 18.13%
• 10Y*: 20.76%

MOAT

• 1D: -0.28%
• 1M: 0.23%
• YTD: -1.74%
• 6M: -1.13%
• 1Y: 13.15%
• 3Y*: 10.81%
• 5Y*: 7.70%
• 10Y*: 13.45%

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

COPX vs. MOAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
COPX Global X Copper Miners ETF	13.23%	93.50%	3.57%	8.38%	-0.76%	23.39%	51.66%	12.48%	-31.31%	38.92%
MOAT VanEck Morningstar Wide Moat ETF	-1.74%	13.20%	10.73%	31.89%	-13.66%	24.12%	14.84%	34.79%	-1.28%	23.18%

Correlation

The correlation between COPX and MOAT is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Apr 26, 2012	0.53

The correlation between COPX and MOAT shifts across timeframes, from 0.41 (1 year) to 0.53 (all time), reflecting how their relationship changes across market environments.

COPX vs. MOAT - Sectors Allocation Comparison

Sectors	COPX	MOAT
Basic Materials	96.3%	-
Industrials	3.7%	13.5%
Communication Services	-	2.4%
Consumer Cyclical	-	10.3%
Consumer Defensive	-	17.5%
Energy	-	-
Financial Services	-	6.7%
Healthcare	-	16.0%
Real Estate	-	0.8%
Technology	-	32.8%
Utilities	-	-

Return for Risk

COPX vs. MOAT — Risk / Return Rank

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

COPX

COPX Risk / Return Rank: 67
COPX Sharpe Ratio Rank: 76
COPX Sortino Ratio Rank: 60
COPX Omega Ratio Rank: 62
COPX Calmar Ratio Rank: 74
COPX Martin Ratio Rank: 65

MOAT

MOAT Risk / Return Rank: 27
MOAT Sharpe Ratio Rank: 29
MOAT Sortino Ratio Rank: 29
MOAT Omega Ratio Rank: 27
MOAT Calmar Ratio Rank: 25
MOAT Martin Ratio Rank: 26

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. MOAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Copper Miners ETF (COPX) and VanEck Morningstar Wide Moat ETF (MOAT). 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	MOAT	Difference
Sharpe ratio: Return per unit of total volatility	2.20	0.95	+1.25
Sortino ratio: Return per unit of downside risk	2.54	1.45	+1.09
Omega ratio: Gain probability vs. loss probability	1.34	1.17	+0.18
Calmar ratio: Return relative to maximum drawdown	3.39	1.06	+2.33
Martin ratio: Return relative to average drawdown	10.72	3.29	+7.43
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. MOAT - Sharpe Ratio Comparison

The current COPX Sharpe Ratio is 2.20, which is higher than the MOAT Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of COPX and MOAT, 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	MOAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.20	0.95	+1.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.43	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.72	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.77	-0.60

Drawdowns

COPX vs. MOAT - Drawdown Comparison

The maximum COPX drawdown since its inception was -83.16%, which is greater than MOAT's maximum drawdown of -33.31%. Use the drawdown chart below to compare losses from any high point for COPX and MOAT.

Drawdown Indicators

	COPX	MOAT	Difference
Max Drawdown Largest peak-to-trough decline	-83.16%	-33.31%	-49.85%
Max Drawdown (1Y) Largest decline over 1 year	-27.82%	-12.43%	-15.39%
Max Drawdown (3Y) Largest decline over 3 years	-39.72%	-21.44%	-18.28%
Max Drawdown (5Y) Largest decline over 5 years	-42.12%	-23.96%	-18.16%
Max Drawdown (10Y) Largest decline over 10 years	-65.41%	-33.31%	-32.10%
Current Drawdown Current decline from peak	-15.06%	-5.49%	-9.57%
Average Drawdown Average peak-to-trough decline	-39.28%	-3.83%	-35.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.78%	4.01%	+4.77%

Volatility

COPX vs. MOAT - Volatility Comparison

Global X Copper Miners ETF (COPX) has a higher volatility of 18.19% compared to VanEck Morningstar Wide Moat ETF (MOAT) at 4.01%. This indicates that COPX's price experiences larger fluctuations and is considered to be riskier than MOAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COPX	MOAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.19%	4.01%	+14.18%
Volatility (6M) Calculated over the trailing 6-month period	37.27%	9.90%	+27.37%
Volatility (1Y) Calculated over the trailing 1-year period	42.89%	13.90%	+28.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.80%	18.19%	+18.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.68%	18.69%	+16.99%

COPX vs. MOAT - Expense Ratio Comparison

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

Dividends

COPX vs. MOAT - Dividend Comparison

COPX's dividend yield for the trailing twelve months is around 2.36%, more than MOAT's 1.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COPX Global X Copper Miners ETF	2.36%	2.68%	1.80%	2.39%	3.14%	1.48%	1.30%	1.37%	2.59%	1.57%	0.60%	1.20%
MOAT VanEck Morningstar Wide Moat ETF	1.38%	1.36%	1.37%	0.86%	1.25%	1.08%	1.46%	1.31%	1.79%	1.07%	1.17%	2.13%

Frequently Asked Questions

Can I hold both COPX and MOAT in my portfolio?

COPX and MOAT have a correlation of 0.41, 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 MOAT?

COPX has higher volatility (18.19%) compared to MOAT (4.01%). In terms of maximum drawdown, COPX dropped -83.16% vs MOAT's -33.31%.

Which ETF is better, COPX or MOAT?

On 10-year performance, COPX leads with 20.76% vs 13.45% for MOAT. On fees, MOAT is cheaper at 0.47% per year. On volatility, MOAT has been the lower-risk option at 4.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COPX or MOAT?

Over the 10-year period, COPX has performed better with a 20.76% return vs 13.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COPX or MOAT?

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

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

COPX has the higher dividend yield at 2.36%, compared with 1.38% for MOAT.

What is the main difference between COPX and MOAT?

COPX is categorized as Materials, while MOAT is Large Cap Blend Equities. COPX tracks Solactive Global Copper Miners Total Return Index, while MOAT tracks Morningstar Wide Moat Focus Index. They also come from different issuers: Global X and VanEck. Their fees differ too: 0.65% for COPX and 0.47% for MOAT.

Which has better risk-adjusted returns?

COPX currently has the higher Sharpe Ratio (2.20 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.