COPX vs. UGA
COPX (Global X Copper Miners ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - COPX is a Copper fund tracking the Solactive Global Copper Miners Total Return Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, COPX returned 20.81%/yr vs 14.31%/yr for UGA. At a 0.31 correlation, their price movements are largely independent. COPX charges 0.65%/yr vs 0.75%/yr for UGA.
Performance
COPX vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, COPX achieves a 10.71% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, COPX has outperformed UGA with an annualized return of 20.81%, while UGA has yielded a comparatively lower 14.31% annualized return.
COPX
- 1D
- -6.37%
- 1M
- -4.64%
- YTD
- 10.71%
- 6M
- 10.01%
- 1Y
- 92.36%
- 3Y*
- 31.59%
- 5Y*
- 19.08%
- 10Y*
- 20.81%
UGA
- 1D
- -1.12%
- 1M
- -12.11%
- YTD
- 64.09%
- 6M
- 60.42%
- 1Y
- 59.74%
- 3Y*
- 18.95%
- 5Y*
- 22.69%
- 10Y*
- 14.31%
COPX vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
COPX Global X Copper Miners ETF | 10.71% | 93.50% | 3.57% | 8.38% | -0.76% | 23.39% | 51.66% | 12.48% | -31.31% | 38.92% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between COPX and UGA is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 2010 | 0.31 |
The correlation between COPX and UGA shifts across timeframes, from -0.18 (1 year) to 0.31 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
COPX vs. UGA — Risk / Return Rank
COPX
UGA
COPX vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Copper Miners ETF (COPX) and United States Gasoline Fund LP (UGA). 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 | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.30 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.34 | 3.17 | +0.17 |
| Martin ratioReturn relative to average drawdown | 10.16 | 9.39 | +0.77 |
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Drawdowns
COPX vs. UGA - Drawdown Comparison
The maximum COPX drawdown since its inception was -83.16%, roughly equal to the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for COPX and UGA.
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Drawdown Indicators
| COPX | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.16% | -86.59% | +3.43% |
Max Drawdown (1Y)Largest decline over 1 year | -27.82% | -18.96% | -8.86% |
Max Drawdown (3Y)Largest decline over 3 years | -39.72% | -26.68% | -13.04% |
Max Drawdown (5Y)Largest decline over 5 years | -42.12% | -38.11% | -4.01% |
Max Drawdown (10Y)Largest decline over 10 years | -65.41% | -75.89% | +10.48% |
Current DrawdownCurrent decline from peak | -16.95% | -18.05% | +1.10% |
Average DrawdownAverage peak-to-trough decline | -39.24% | -36.69% | -2.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.12% | 6.43% | +2.69% |
Volatility
COPX vs. UGA - Volatility Comparison
Global X Copper Miners ETF (COPX) has a higher volatility of 19.05% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that COPX's price experiences larger fluctuations and is considered to be riskier than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| COPX | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.05% | 9.24% | +9.81% |
Volatility (6M)Calculated over the trailing 6-month period | 39.12% | 30.57% | +8.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.42% | 35.22% | +9.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.03% | 34.45% | +2.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.74% | 37.22% | -1.48% |
COPX vs. UGA - Expense Ratio Comparison
COPX has a 0.65% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
COPX vs. UGA - Dividend Comparison
COPX's dividend yield for the trailing twelve months is around 2.42%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
COPX Global X Copper Miners ETF | 2.42% | 2.68% | 1.80% | 2.39% | 3.14% | 1.48% | 1.30% | 1.37% | 2.59% | 1.57% | 0.60% | 1.20% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
COPX and UGA have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
COPX has higher volatility (19.05%) compared to UGA (9.24%). In terms of maximum drawdown, COPX dropped -83.16% vs UGA's -86.59%.
On 10-year performance, COPX leads with 20.81% vs 14.31% for UGA. On fees, COPX is cheaper at 0.65% per year. On volatility, UGA has been the lower-risk option at 9.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, COPX has performed better with a 20.81% return vs 14.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
COPX is cheaper with a 0.65% expense ratio, compared with 0.75% for UGA.
COPX has the higher dividend yield at 2.42%, compared with 0.00% for UGA.
COPX is categorized as Copper, while UGA is Oil & Gas. COPX tracks Solactive Global Copper Miners Total Return Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Global X and Concierge Technologies. Their fees differ too: 0.65% for COPX and 0.75% for UGA.
COPX currently has the higher Sharpe Ratio (2.09 vs 1.73), 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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