COPZ vs. COPA

Last updated Jun 21, 2026

COPZ (Defiance Daily Target 2X Long Copper ETF) and COPA (Themes Copper Miners ETF) are both Copper funds. COPZ is actively managed, while COPA is passively managed. With a 0.95 correlation, they move nearly in lockstep. COPZ charges 0.95%/yr vs 0.35%/yr for COPA.

Performance

COPZ vs. COPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long Copper ETF (COPZ) and Themes Copper Miners ETF (COPA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

COPZ

• 1D: -2.52%
• 1M: 2.06%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

COPA

• 1D: -0.96%
• 1M: 7.32%
• YTD: 22.43%
• 6M: 29.39%
• 1Y: 115.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

COPZ vs. COPA - Yearly Performance Comparison

	2026 (YTD)
COPZ Defiance Daily Target 2X Long Copper ETF	-17.41%
COPA Themes Copper Miners ETF	8.39%

Correlation

The correlation between COPZ and COPA is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 18, 2026	0.95

Return for Risk

COPZ vs. COPA — 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.

COPA

COPA Risk / Return Rank: 77
COPA Sharpe Ratio Rank: 88
COPA Sortino Ratio Rank: 71
COPA Omega Ratio Rank: 72
COPA Calmar Ratio Rank: 81
COPA Martin Ratio Rank: 73

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. COPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long Copper ETF (COPZ) and Themes Copper Miners ETF (COPA). 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	COPA	Difference
Sharpe ratio: Return per unit of total volatility	—	2.77	—
Sortino ratio: Return per unit of downside risk	—	3.06	—
Omega ratio: Gain probability vs. loss probability	—	1.40	—
Calmar ratio: Return relative to maximum drawdown	—	4.07	—
Martin ratio: Return relative to average drawdown	—	13.25	—

Drawdowns

COPZ vs. COPA - Drawdown Comparison

The maximum COPZ drawdown since its inception was -49.79%, which is greater than COPA's maximum drawdown of -34.72%. Use the drawdown chart below to compare losses from any high point for COPZ and COPA.

Drawdown Indicators

	COPZ	COPA	Difference
Max Drawdown Largest peak-to-trough decline	-49.79%	-34.72%	-15.07%
Max Drawdown (1Y) Largest decline over 1 year	—	-28.05%	—
Current Drawdown Current decline from peak	-31.76%	-5.22%	-26.54%
Average Drawdown Average peak-to-trough decline	-28.67%	-9.55%	-19.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	8.59%	—

Volatility

Volatility by Period

	COPZ	COPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	16.35%	—
Volatility (6M) Calculated over the trailing 6-month period	—	35.47%	—
Volatility (1Y) Calculated over the trailing 1-year period	110.12%	41.10%	+69.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	110.12%	39.02%	+71.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	110.12%	39.02%	+71.10%

COPZ vs. COPA - Expense Ratio Comparison

COPZ has a 0.95% expense ratio, which is higher than COPA's 0.35% expense ratio.

Dividends

COPZ vs. COPA - Dividend Comparison

COPZ has not paid dividends to shareholders, while COPA's dividend yield for the trailing twelve months is around 3.48%.

Position	TTM	2025	2024
COPA Themes Copper Miners ETF	3.48%	4.26%	1.33%
COPZ Defiance Daily Target 2X Long Copper ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both COPZ and COPA in my portfolio?

With a correlation of 0.95, COPZ and COPA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, COPZ or COPA?

On fees, COPA is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, COPZ or COPA?

COPA is cheaper with a 0.35% expense ratio, compared with 0.95% for COPZ.

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

COPA has the higher dividend yield at 3.48%, compared with 0.00% for COPZ.

What is the main difference between COPZ and COPA?

They also come from different issuers: Defiance and Themes. Their fees differ too: 0.95% for COPZ and 0.35% for COPA.