COPZ vs. ICLO

Last updated Jul 17, 2026

COPZ (Defiance Daily Target 2X Long Copper ETF) and ICLO (Invesco Aaa CLO Floating Rate Note ETF) are both exchange-traded funds - COPZ is a Copper fund actively managed by Defiance, while ICLO is a CLO fund actively managed by Invesco. Both are actively managed. At a 0.23 correlation, their price movements are largely independent. COPZ charges 0.95%/yr vs 0.26%/yr for ICLO.

Performance

COPZ vs. ICLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long Copper ETF (COPZ) and Invesco Aaa CLO Floating Rate Note ETF (ICLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

COPZ

• 1D: -6.77%
• 1M: -32.86%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICLO

• 1D: -0.06%
• 1M: 0.18%
• 6M: 2.50%
• YTD: 2.62%
• 1Y: 4.96%
• 3Y*: 6.55%
• 5Y*: —
• 10Y*: —

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

COPZ vs. ICLO - Yearly Performance Comparison

	2026 (YTD)
COPZ Defiance Daily Target 2X Long Copper ETF	-38.59%
ICLO Invesco Aaa CLO Floating Rate Note ETF	1.84%

Correlation

The correlation between COPZ and ICLO is 0.23, 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	0.23

Return for Risk

COPZ vs. ICLO — 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.

ICLO

ICLO Risk / Return Rank: 98
ICLO Sharpe Ratio Rank: 97
ICLO Sortino Ratio Rank: 98
ICLO Omega Ratio Rank: 97
ICLO Calmar Ratio Rank: 98
ICLO Martin Ratio Rank: 98

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. ICLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long Copper ETF (COPZ) and Invesco Aaa CLO Floating Rate Note ETF (ICLO). 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	ICLO	Difference
Sharpe ratio: Return per unit of total volatility	—	3.82	—
Sortino ratio: Return per unit of downside risk	—	6.50	—
Omega ratio: Gain probability vs. loss probability	—	1.89	—
Calmar ratio: Return relative to maximum drawdown	—	14.18	—
Martin ratio: Return relative to average drawdown	—	62.46	—

Drawdowns

COPZ vs. ICLO - Drawdown Comparison

The maximum COPZ drawdown since its inception was -51.36%, which is greater than ICLO's maximum drawdown of -3.47%. Use the drawdown chart below to compare losses from any high point for COPZ and ICLO.

Drawdown Indicators

	COPZ	ICLO	Difference
Max Drawdown Largest peak-to-trough decline	-51.36%	-3.47%	-47.89%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.35%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-3.47%	—
Current Drawdown Current decline from peak	-49.26%	-0.06%	-49.20%
Average Drawdown Average peak-to-trough decline	-31.69%	-0.06%	-31.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.08%	—

Volatility

Volatility by Period

	COPZ	ICLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.33%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.82%	—
Volatility (1Y) Calculated over the trailing 1-year period	108.90%	1.31%	+107.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	108.90%	2.40%	+106.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	108.90%	2.40%	+106.50%

COPZ vs. ICLO - Expense Ratio Comparison

COPZ has a 0.95% expense ratio, which is higher than ICLO's 0.26% expense ratio.

Dividends

COPZ vs. ICLO - Dividend Comparison

COPZ has not paid dividends to shareholders, while ICLO's dividend yield for the trailing twelve months is around 5.01%.

Position	TTM	2025	2024	2023
COPZ Defiance Daily Target 2X Long Copper ETF	0.00%	0.00%	0.00%	0.00%
ICLO Invesco Aaa CLO Floating Rate Note ETF	5.01%	5.49%	6.51%	7.01%

Frequently Asked Questions

Can I hold both COPZ and ICLO in my portfolio?

COPZ and ICLO have a correlation of 0.23, 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 ICLO?

On fees, ICLO is cheaper at 0.26% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, COPZ or ICLO?

ICLO is cheaper with a 0.26% expense ratio, compared with 0.95% for COPZ.

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

ICLO has the higher dividend yield at 5.01%, compared with 0.00% for COPZ.

What is the main difference between COPZ and ICLO?

COPZ is categorized as Copper, while ICLO is CLO. They also come from different issuers: Defiance and Invesco. Their fees differ too: 0.95% for COPZ and 0.26% for ICLO.