COPX vs. VLO

Last updated Jun 13, 2026

COPX (Global X Copper Miners ETF) is Materials fund tracking the Solactive Global Copper Miners Total Return Index, while VLO (Valero Energy Corporation) is a stock. Over the past 10 years, COPX returned 21.86%/yr vs 22.25%/yr for VLO. At a 0.38 correlation, their price movements are largely independent.

Performance

COPX vs. VLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Copper Miners ETF (COPX) and Valero Energy Corporation (VLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, COPX achieves a 19.75% return, which is significantly lower than VLO's 60.63% return. Both investments have delivered pretty close results over the past 10 years, with COPX having a 21.86% annualized return and VLO not far ahead at 22.25%.

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%

VLO

• 1D: 1.20%
• 1M: 6.47%
• YTD: 60.63%
• 6M: 55.37%
• 1Y: 98.72%
• 3Y*: 35.62%
• 5Y*: 30.28%
• 10Y*: 22.25%

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

COPX vs. VLO - 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%
VLO Valero Energy Corporation	60.63%	36.97%	-2.96%	5.86%	74.95%	40.25%	-35.69%	30.27%	-15.73%	38.66%

Correlation

The correlation between COPX and VLO is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since Apr 20, 2010	0.38

The correlation between COPX and VLO shifts across timeframes, from -0.01 (1 year) to 0.38 (all time), reflecting how their relationship changes across market environments.

Return for Risk

COPX vs. VLO — Risk / Return Rank

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

COPX

COPX Risk / Return Rank: 76
COPX Sharpe Ratio Rank: 85
COPX Sortino Ratio Rank: 69
COPX Omega Ratio Rank: 70
COPX Calmar Ratio Rank: 81
COPX Martin Ratio Rank: 72

VLO

VLO Risk / Return Rank: 94
VLO Sharpe Ratio Rank: 95
VLO Sortino Ratio Rank: 93
VLO Omega Ratio Rank: 91
VLO Calmar Ratio Rank: 96
VLO Martin Ratio Rank: 95

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. VLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Copper Miners ETF (COPX) and Valero Energy Corporation (VLO). 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	VLO	Difference
Sharpe ratio: Return per unit of total volatility	2.39	2.85	-0.46
Sortino ratio: Return per unit of downside risk	2.70	3.42	-0.72
Omega ratio: Gain probability vs. loss probability	1.36	1.43	-0.07
Calmar ratio: Return relative to maximum drawdown	3.75	7.00	-3.25
Martin ratio: Return relative to average drawdown	11.60	17.41	-5.81

COPX vs. VLO - Sharpe Ratio Comparison

The current COPX Sharpe Ratio is 2.39, which is comparable to the VLO Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of COPX and VLO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

COPX vs. VLO - Drawdown Comparison

The maximum COPX drawdown since its inception was -83.16%, roughly equal to the maximum VLO drawdown of -87.50%. Use the drawdown chart below to compare losses from any high point for COPX and VLO.

Drawdown Indicators

	COPX	VLO	Difference
Max Drawdown Largest peak-to-trough decline	-83.16%	-87.50%	+4.34%
Max Drawdown (1Y) Largest decline over 1 year	-27.82%	-14.19%	-13.63%
Max Drawdown (3Y) Largest decline over 3 years	-39.72%	-41.22%	+1.50%
Max Drawdown (5Y) Largest decline over 5 years	-42.12%	-41.22%	-0.90%
Max Drawdown (10Y) Largest decline over 10 years	-65.41%	-71.88%	+6.47%
Current Drawdown Current decline from peak	-10.17%	-1.06%	-9.11%
Average Drawdown Average peak-to-trough decline	-39.28%	-34.25%	-5.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.98%	5.69%	+3.29%

Volatility

COPX vs. VLO - Volatility Comparison

Global X Copper Miners ETF (COPX) has a higher volatility of 19.30% compared to Valero Energy Corporation (VLO) at 9.80%. This indicates that COPX's price experiences larger fluctuations and is considered to be riskier than VLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COPX	VLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.30%	9.80%	+9.50%
Volatility (6M) Calculated over the trailing 6-month period	38.15%	27.42%	+10.73%
Volatility (1Y) Calculated over the trailing 1-year period	43.66%	34.83%	+8.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.00%	36.92%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.75%	40.36%	-4.61%

Dividends

COPX vs. VLO - Dividend Comparison

COPX's dividend yield for the trailing twelve months is around 2.24%, more than VLO's 1.80% 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%
VLO Valero Energy Corporation	1.80%	2.78%	3.49%	3.14%	3.09%	5.22%	6.93%	3.84%	4.27%	2.34%	3.51%	2.40%

Frequently Asked Questions

Can I hold both COPX and VLO in my portfolio?

COPX and VLO have a correlation of -0.01, 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 VLO?

COPX has higher volatility (19.30%) compared to VLO (9.80%). In terms of maximum drawdown, COPX dropped -83.16% vs VLO's -87.50%.

Which has better risk-adjusted returns?

VLO currently has the higher Sharpe Ratio (2.85 vs 2.39), 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.