COPX vs. SHLD

Last updated Jun 5, 2026

COPX (Global X Copper Miners ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - COPX is a Materials fund tracking the Solactive Global Copper Miners Total Return Index, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, COPX returned 118.00% vs 11.52% for SHLD. At a 0.30 correlation, their price movements are largely independent. COPX charges 0.65%/yr vs 0.50%/yr for SHLD.

Performance

COPX vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Copper Miners ETF (COPX) and Global X Defense Tech ETF (SHLD). 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 SHLD's -0.74% 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%

SHLD

• 1D: 1.58%
• 1M: -4.77%
• YTD: -0.74%
• 6M: 2.22%
• 1Y: 11.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

COPX vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
COPX Global X Copper Miners ETF	25.67%	93.50%	3.57%	2.52%
SHLD Global X Defense Tech ETF	-0.74%	74.16%	35.03%	12.89%

Correlation

The correlation between COPX and SHLD is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.30

COPX vs. SHLD - Sectors Allocation Comparison

Sectors	COPX	SHLD
Basic Materials	96.3%	-
Industrials	3.7%	88.2%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	11.8%
Utilities	-	-

Return for Risk

COPX vs. SHLD — 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

SHLD

SHLD Risk / Return Rank: 17
SHLD Sharpe Ratio Rank: 17
SHLD Sortino Ratio Rank: 18
SHLD Omega Ratio Rank: 17
SHLD Calmar Ratio Rank: 16
SHLD Martin Ratio Rank: 16

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. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Copper Miners ETF (COPX) and Global X Defense Tech ETF (SHLD). 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	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	2.87	0.48	+2.39
Sortino ratio: Return per unit of downside risk	3.12	0.84	+2.28
Omega ratio: Gain probability vs. loss probability	1.41	1.10	+0.31
Calmar ratio: Return relative to maximum drawdown	4.27	0.58	+3.69
Martin ratio: Return relative to average drawdown	13.66	1.52	+12.14
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. SHLD - Sharpe Ratio Comparison

The current COPX Sharpe Ratio is 2.87, which is higher than the SHLD Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of COPX and SHLD, 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	SHLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.87	0.48	+2.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	2.03	-1.84

Drawdowns

COPX vs. SHLD - Drawdown Comparison

The maximum COPX drawdown since its inception was -83.16%, which is greater than SHLD's maximum drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for COPX and SHLD.

Drawdown Indicators

	COPX	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-83.16%	-20.10%	-63.06%
Max Drawdown (1Y) Largest decline over 1 year	-27.82%	-20.10%	-7.72%
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	-5.73%	-17.57%	+11.84%
Average Drawdown Average peak-to-trough decline	-39.29%	-3.21%	-36.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.67%	7.60%	+1.07%

Volatility

COPX vs. SHLD - Volatility Comparison

Global X Copper Miners ETF (COPX) has a higher volatility of 15.34% compared to Global X Defense Tech ETF (SHLD) at 8.02%. This indicates that COPX's price experiences larger fluctuations and is considered to be riskier than SHLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COPX	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.34%	8.02%	+7.32%
Volatility (6M) Calculated over the trailing 6-month period	35.68%	19.39%	+16.29%
Volatility (1Y) Calculated over the trailing 1-year period	41.41%	24.08%	+17.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.50%	21.14%	+15.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.54%	21.14%	+14.40%

COPX vs. SHLD - Expense Ratio Comparison

COPX has a 0.65% expense ratio, which is higher than SHLD's 0.50% expense ratio.

Dividends

COPX vs. SHLD - Dividend Comparison

COPX's dividend yield for the trailing twelve months is around 2.13%, more than SHLD's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COPX Global X Copper Miners ETF	2.13%	2.68%	1.80%	2.39%	3.14%	1.48%	1.30%	1.37%	2.59%	1.57%	0.60%	1.20%
SHLD Global X Defense Tech ETF	0.55%	0.55%	0.53%	0.26%	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 SHLD in my portfolio?

COPX and SHLD have a correlation of 0.32, 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 SHLD?

COPX has higher volatility (15.34%) compared to SHLD (8.02%). In terms of maximum drawdown, COPX dropped -83.16% vs SHLD's -20.10%.

Which ETF is better, COPX or SHLD?

On 1-year performance, COPX leads with 118.00% vs 11.52% for SHLD. On fees, SHLD is cheaper at 0.50% per year. On volatility, SHLD has been the lower-risk option at 8.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COPX or SHLD?

Over the 1-year period, COPX has performed better with a 118.00% return vs 11.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COPX or SHLD?

SHLD is cheaper with a 0.50% expense ratio, compared with 0.65% for COPX.

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

COPX has the higher dividend yield at 2.13%, compared with 0.55% for SHLD.

What is the main difference between COPX and SHLD?

COPX is categorized as Materials, while SHLD is Aerospace & Defense. COPX tracks Solactive Global Copper Miners Total Return Index, while SHLD tracks Global X Defense Tech Index. Their fees differ too: 0.65% for COPX and 0.50% for SHLD.

Which has better risk-adjusted returns?

COPX currently has the higher Sharpe Ratio (2.87 vs 0.48), 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.