COPZ vs. BILS

Last updated Jun 24, 2026

COPZ (Defiance Daily Target 2X Long Copper ETF) and BILS (SPDR Bloomberg 3-12 Month T-Bill ETF) are both exchange-traded funds - COPZ is a Copper fund actively managed by Defiance, while BILS is a Ultrashort Bond fund tracking the Bloomberg 3-12 Month U.S. Treasury Bill Index. COPZ is actively managed, while BILS is passively managed. At a 0.11 correlation, their price movements are largely independent. COPZ charges 0.95%/yr vs 0.14%/yr for BILS.

Performance

COPZ vs. BILS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long Copper ETF (COPZ) and SPDR Bloomberg 3-12 Month T-Bill ETF (BILS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

COPZ

• 1D: -12.01%
• 1M: -13.49%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BILS

• 1D: 0.00%
• 1M: 0.24%
• YTD: 1.57%
• 6M: 1.66%
• 1Y: 3.84%
• 3Y*: 4.61%
• 5Y*: 3.33%
• 10Y*: —

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

COPZ vs. BILS - Yearly Performance Comparison

	2026 (YTD)
COPZ Defiance Daily Target 2X Long Copper ETF	-28.95%
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	1.14%

Correlation

The correlation between COPZ and BILS is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 18, 2026	0.11

Return for Risk

COPZ vs. BILS — Risk / Return Rank

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

COPZ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BILS

BILS Risk / Return Rank: 100
BILS Sharpe Ratio Rank: 100
BILS Sortino Ratio Rank: 100
BILS Omega Ratio Rank: 100
BILS Calmar Ratio Rank: 100
BILS Martin Ratio Rank: 100

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.

COPZ vs. BILS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long Copper ETF (COPZ) and SPDR Bloomberg 3-12 Month T-Bill ETF (BILS). 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.

	COPZ	BILS	Difference
Sharpe ratio: Return per unit of total volatility	—	16.64	—
Sortino ratio: Return per unit of downside risk	—	87.69	—
Omega ratio: Gain probability vs. loss probability	—	34.24	—
Calmar ratio: Return relative to maximum drawdown	—	127.82	—
Martin ratio: Return relative to average drawdown	—	1,285.26	—

Drawdowns

COPZ vs. BILS - Drawdown Comparison

The maximum COPZ drawdown since its inception was -49.79%, which is greater than BILS's maximum drawdown of -0.41%. Use the drawdown chart below to compare losses from any high point for COPZ and BILS.

Drawdown Indicators

	COPZ	BILS	Difference
Max Drawdown Largest peak-to-trough decline	-49.79%	-0.41%	-49.38%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.03%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.04%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.37%	—
Current Drawdown Current decline from peak	-41.30%	0.00%	-41.30%
Average Drawdown Average peak-to-trough decline	-28.87%	-0.04%	-28.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.00%	—

Volatility

Volatility by Period

	COPZ	BILS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.06%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.14%	—
Volatility (1Y) Calculated over the trailing 1-year period	110.79%	0.23%	+110.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	110.79%	0.31%	+110.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	110.79%	0.30%	+110.49%

COPZ vs. BILS - Expense Ratio Comparison

COPZ has a 0.95% expense ratio, which is higher than BILS's 0.14% expense ratio.

Dividends

COPZ vs. BILS - Dividend Comparison

COPZ has not paid dividends to shareholders, while BILS's dividend yield for the trailing twelve months is around 3.81%.

Position	TTM	2025	2024	2023	2022
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	3.81%	4.08%	5.01%	4.98%	1.61%
COPZ Defiance Daily Target 2X Long Copper ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both COPZ and BILS in my portfolio?

COPZ and BILS have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, COPZ or BILS?

On fees, BILS is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, COPZ or BILS?

BILS is cheaper with a 0.14% expense ratio, compared with 0.95% for COPZ.

Which ETF pays a higher dividend yield, COPZ or BILS?

BILS has the higher dividend yield at 3.81%, compared with 0.00% for COPZ.

What is the main difference between COPZ and BILS?

COPZ is categorized as Copper, while BILS is Ultrashort Bond. They also come from different issuers: Defiance and State Street. Their fees differ too: 0.95% for COPZ and 0.14% for BILS.