CPA vs. ASEA

Last updated Jun 25, 2026

CPA (Copa Holdings, S.A.) is a stock, while ASEA (Global X FTSE Southeast Asia ETF) is Asia Pacific Equities fund tracking the FTSE/ASEAN 40 Index. Over the past 10 years, CPA returned 14.72%/yr vs 7.65%/yr for ASEA. At a 0.36 correlation, their price movements are largely independent.

Performance

CPA vs. ASEA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Copa Holdings, S.A. (CPA) and Global X FTSE Southeast Asia ETF (ASEA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPA achieves a 33.18% return, which is significantly higher than ASEA's 8.57% return. Over the past 10 years, CPA has outperformed ASEA with an annualized return of 14.72%, while ASEA has yielded a comparatively lower 7.65% annualized return.

CPA

• 1D: 3.24%
• 1M: 15.89%
• YTD: 33.18%
• 6M: 32.09%
• 1Y: 56.73%
• 3Y*: 18.91%
• 5Y*: 19.64%
• 10Y*: 14.72%

ASEA

• 1D: -0.75%
• 1M: -0.10%
• YTD: 8.57%
• 6M: 7.87%
• 1Y: 26.09%
• 3Y*: 14.86%
• 5Y*: 10.26%
• 10Y*: 7.65%

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

CPA vs. ASEA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CPA Copa Holdings, S.A.	33.18%	45.60%	-11.54%	32.38%	0.62%	7.03%	-27.90%	41.09%	-39.17%	50.74%
ASEA Global X FTSE Southeast Asia ETF	8.57%	19.80%	9.82%	4.88%	5.24%	4.66%	-7.88%	8.34%	-7.58%	35.06%

Correlation

The correlation between CPA and ASEA is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Feb 17, 2011	0.36

Return for Risk

CPA vs. ASEA — Risk / Return Rank

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

CPA

CPA Risk / Return Rank: 79
CPA Sharpe Ratio Rank: 81
CPA Sortino Ratio Rank: 79
CPA Omega Ratio Rank: 79
CPA Calmar Ratio Rank: 76
CPA Martin Ratio Rank: 77

ASEA

ASEA Risk / Return Rank: 62
ASEA Sharpe Ratio Rank: 62
ASEA Sortino Ratio Rank: 65
ASEA Omega Ratio Rank: 60
ASEA Calmar Ratio Rank: 71
ASEA Martin Ratio Rank: 55

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.

CPA vs. ASEA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Copa Holdings, S.A. (CPA) and Global X FTSE Southeast Asia ETF (ASEA). 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.

	CPA	ASEA	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.83	-0.44
Sortino ratio: Return per unit of downside risk	2.15	2.66	-0.51
Omega ratio: Gain probability vs. loss probability	1.28	1.33	-0.05
Calmar ratio: Return relative to maximum drawdown	1.95	3.16	-1.21
Martin ratio: Return relative to average drawdown	5.06	8.48	-3.42

CPA vs. ASEA - Sharpe Ratio Comparison

The current CPA Sharpe Ratio is 1.39, which is comparable to the ASEA Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of CPA and ASEA, 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

CPA vs. ASEA - Drawdown Comparison

The maximum CPA drawdown since its inception was -78.99%, which is greater than ASEA's maximum drawdown of -44.16%. Use the drawdown chart below to compare losses from any high point for CPA and ASEA.

Drawdown Indicators

	CPA	ASEA	Difference
Max Drawdown Largest peak-to-trough decline	-78.99%	-44.16%	-34.83%
Max Drawdown (1Y) Largest decline over 1 year	-29.22%	-8.28%	-20.94%
Max Drawdown (3Y) Largest decline over 3 years	-33.47%	-22.20%	-11.27%
Max Drawdown (5Y) Largest decline over 5 years	-42.52%	-22.20%	-20.32%
Max Drawdown (10Y) Largest decline over 10 years	-78.94%	-44.16%	-34.78%
Current Drawdown Current decline from peak	0.00%	-3.63%	+3.63%
Average Drawdown Average peak-to-trough decline	-27.74%	-10.63%	-17.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.26%	3.09%	+8.17%

Volatility

CPA vs. ASEA - Volatility Comparison

Copa Holdings, S.A. (CPA) has a higher volatility of 13.33% compared to Global X FTSE Southeast Asia ETF (ASEA) at 4.56%. This indicates that CPA's price experiences larger fluctuations and is considered to be riskier than ASEA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPA	ASEA	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.33%	4.56%	+8.77%
Volatility (6M) Calculated over the trailing 6-month period	35.37%	11.64%	+23.73%
Volatility (1Y) Calculated over the trailing 1-year period	41.15%	14.40%	+26.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.39%	14.73%	+21.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.94%	17.53%	+27.41%

Dividends

CPA vs. ASEA - Dividend Comparison

CPA's dividend yield for the trailing twelve months is around 4.23%, more than ASEA's 3.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASEA Global X FTSE Southeast Asia ETF	3.64%	3.95%	3.61%	3.76%	2.23%	4.19%	2.27%	2.51%	3.08%	1.59%	2.78%	3.64%
CPA Copa Holdings, S.A.	4.23%	5.34%	7.33%	3.09%	0.00%	0.00%	1.04%	2.41%	4.42%	1.88%	2.25%	6.96%

Frequently Asked Questions

Can I hold both CPA and ASEA in my portfolio?

CPA and ASEA have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPA or ASEA?

CPA has higher volatility (13.33%) compared to ASEA (4.56%). In terms of maximum drawdown, CPA dropped -78.99% vs ASEA's -44.16%.

Which has better risk-adjusted returns?

ASEA currently has the higher Sharpe Ratio (1.83 vs 1.39), 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.