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COPX vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

COPX vs. USO

Last updated Jun 5, 2026

COPX (Global X Copper Miners ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - COPX is a Materials fund tracking the Solactive Global Copper Miners Total Return Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, COPX returned 21.46%/yr vs 3.57%/yr for USO. At a 0.35 correlation, their price movements are largely independent. COPX charges 0.65%/yr vs 0.86%/yr for USO.

Performance

COPX vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Copper Miners ETF (COPX) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, COPX achieves a 25.67% return, which is significantly lower than USO's 97.72% return. Over the past 10 years, COPX has outperformed USO with an annualized return of 21.46%, while USO has yielded a comparatively lower 3.57% annualized 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%

USO

1D
-2.92%
1M
-5.15%
YTD
97.72%
6M
91.54%
1Y
97.20%
3Y*
28.78%
5Y*
23.67%
10Y*
3.57%
*Multi-year figures are annualized to reflect compound growth (CAGR)

COPX vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
COPX
Global X Copper Miners ETF		25.67%93.50%3.57%8.38%-0.76%23.39%51.66%12.48%-31.31%38.92%
USO
United States Oil Fund LP		97.72%-8.46%13.35%-4.94%28.97%64.68%-67.79%32.61%-19.57%2.47%

Correlation

The correlation between COPX and USO is -0.22, 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

-0.22

Correlation (3Y)
Calculated over the trailing 3-year period

0.08

Correlation (5Y)
Calculated over the trailing 5-year period

0.22

Correlation (10Y)
Calculated over the trailing 10-year period

0.27

Correlation (All Time)
Calculated using the full available price history since Apr 21, 2010

0.35

The correlation between COPX and USO shifts across timeframes, from -0.22 (1 year) to 0.35 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Global X Copper Miners ETF

United States Oil Fund LP

Often compared with COPX:
COPX vs. CPERCOPX vs. ICOPCOPX vs. COPPCOPX vs. COPA.LCOPX vs. COPJCOPX vs. GDXCOPX vs. REMX
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

COPX vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
COPX
COPX Risk / Return Rank: 7777
Overall Rank
COPX Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
COPX Sortino Ratio Rank: 7070
Sortino Ratio Rank
COPX Omega Ratio Rank: 7070
Omega Ratio Rank
COPX Calmar Ratio Rank: 8282
Calmar Ratio Rank
COPX Martin Ratio Rank: 7474
Martin Ratio Rank
USO
USO Risk / Return Rank: 6666
Overall Rank
USO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
USO Sortino Ratio Rank: 6161
Sortino Ratio Rank
USO Omega Ratio Rank: 6262
Omega Ratio Rank
USO Calmar Ratio Rank: 8686
Calmar Ratio Rank
USO Martin Ratio Rank: 5454
Martin Ratio Rank
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. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Copper Miners ETF (COPX) and United States Oil Fund LP (USO). 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.

COPXUSODifference
Sharpe ratioReturn per unit of total volatility
2.87
2.21

+0.66

Sortino ratioReturn per unit of downside risk
3.12
2.80

+0.32

Omega ratioGain probability vs. loss probability

1.41

1.37

+0.04

Calmar ratioReturn relative to maximum drawdown

4.27

4.79

-0.53

Martin ratioReturn relative to average drawdown

13.66

9.00

+4.67

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. USO - Sharpe Ratio Comparison

The current COPX Sharpe Ratio is 2.87, which is comparable to the USO Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of COPX and USO, 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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Sharpe Ratios by Period

COPXUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.87

2.21

+0.66

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.55

0.66

-0.11

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.61

0.09

+0.51

Sharpe Ratio (All Time)

Calculated using the full available price history

0.19

-0.18

+0.37

Drawdowns

COPX vs. USO - Drawdown Comparison

The maximum COPX drawdown since its inception was -83.16%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for COPX and USO.

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Drawdown Indicators

COPXUSODifference

Max Drawdown

Largest peak-to-trough decline

-83.16%

-98.19%

+15.03%

Max Drawdown (1Y)

Largest decline over 1 year

-27.82%

-20.39%

-7.43%

Max Drawdown (3Y)

Largest decline over 3 years

-39.72%

-26.05%

-13.67%

Max Drawdown (5Y)

Largest decline over 5 years

-42.12%

-36.23%

-5.89%

Max Drawdown (10Y)

Largest decline over 10 years

-65.41%

-86.75%

+21.34%

Current Drawdown

Current decline from peak

-5.73%

-85.45%

+79.72%

Average Drawdown

Average peak-to-trough decline

-39.29%

-75.30%

+36.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.67%

10.84%

-2.17%

Volatility

COPX vs. USO - Volatility Comparison

Global X Copper Miners ETF (COPX) and United States Oil Fund LP (USO) have volatilities of 15.34% and 14.97%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

COPXUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

15.34%

14.97%

+0.37%

Volatility (6M)

Calculated over the trailing 6-month period

35.68%

38.35%

-2.67%

Volatility (1Y)

Calculated over the trailing 1-year period

41.41%

44.32%

-2.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.50%

36.09%

+0.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

35.54%

39.00%

-3.46%

COPX vs. USO - Expense Ratio Comparison

COPX has a 0.65% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

COPX vs. USO - Dividend Comparison

COPX's dividend yield for the trailing twelve months is around 2.13%, while USO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
USO
United States Oil 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 USO have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

COPX has higher volatility (15.34%) compared to USO (14.97%). In terms of maximum drawdown, COPX dropped -83.16% vs USO's -98.19%.

On 10-year performance, COPX leads with 21.46% vs 3.57% for USO. On fees, COPX is cheaper at 0.65% per year. On volatility, USO has been the lower-risk option at 14.97%. 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 21.46% return vs 3.57%. 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 0.86% for USO.

COPX has the higher dividend yield at 2.13%, compared with 0.00% for USO.

COPX is categorized as Materials, while USO is Oil & Gas. COPX tracks Solactive Global Copper Miners Total Return Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Global X and USCF. Their fees differ too: 0.65% for COPX and 0.86% for USO.

COPX currently has the higher Sharpe Ratio (2.87 vs 2.21), 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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