CPER vs. ^SPNY

Last updated Jun 3, 2026

CPER (United States Copper Index Fund) is Metals fund tracking the SummerHaven Copper Index Total Return, while ^SPNY (S&P 500 Energy Index) is an index. Over the past 10 years, CPER returned 11.24%/yr vs 5.83%/yr for ^SPNY. At a 0.30 correlation, their price movements are largely independent.

Performance

CPER vs. ^SPNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Copper Index Fund (CPER) and S&P 500 Energy Index (^SPNY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPER achieves a 16.13% return, which is significantly lower than ^SPNY's 26.69% return. Over the past 10 years, CPER has outperformed ^SPNY with an annualized return of 11.24%, while ^SPNY has yielded a comparatively lower 5.83% annualized return.

CPER

• 1D: 1.60%
• 1M: 12.06%
• YTD: 16.13%
• 6M: 26.32%
• 1Y: 33.68%
• 3Y*: 20.89%
• 5Y*: 8.13%
• 10Y*: 11.24%

^SPNY

• 1D: 1.86%
• 1M: -3.06%
• YTD: 26.69%
• 6M: 27.30%
• 1Y: 39.00%
• 3Y*: 12.57%
• 5Y*: 16.14%
• 10Y*: 5.83%

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

CPER vs. ^SPNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CPER United States Copper Index Fund	16.13%	38.95%	4.23%	4.55%	-15.14%	25.21%	23.90%	6.66%	-21.91%	28.80%
^SPNY S&P 500 Energy Index	26.69%	4.96%	2.31%	-4.80%	59.04%	47.74%	-37.31%	7.64%	-20.50%	-3.80%

Correlation

The correlation between CPER and ^SPNY is 0.08, 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	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Nov 16, 2011	0.30

Over the past year, the correlation between CPER and ^SPNY has dropped to 0.08 - well below their long-term average of 0.30, suggesting their price drivers have been diverging.

Return for Risk

CPER vs. ^SPNY — Risk / Return Rank

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

CPER

CPER Risk / Return Rank: 28
CPER Sharpe Ratio Rank: 27
CPER Sortino Ratio Rank: 25
CPER Omega Ratio Rank: 34
CPER Calmar Ratio Rank: 31
CPER Martin Ratio Rank: 24

^SPNY

^SPNY Risk / Return Rank: 66
^SPNY Sharpe Ratio Rank: 66
^SPNY Sortino Ratio Rank: 62
^SPNY Omega Ratio Rank: 61
^SPNY Calmar Ratio Rank: 79
^SPNY Martin Ratio Rank: 61

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.

CPER vs. ^SPNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Copper Index Fund (CPER) and S&P 500 Energy Index (^SPNY). 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.

	CPER	^SPNY	Difference
Sharpe ratio Return per unit of total volatility	0.99	1.97	-0.99
Sortino ratio Return per unit of downside risk	1.34	2.57	-1.23
Omega ratio Gain probability vs. loss probability	1.23	1.32	-0.09
Calmar ratio Return relative to maximum drawdown	1.55	3.20	-1.65
Martin ratio Return relative to average drawdown	3.21	9.15	-5.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPER vs. ^SPNY - Sharpe Ratio Comparison

The current CPER Sharpe Ratio is 0.99, which is lower than the ^SPNY Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of CPER and ^SPNY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CPER	^SPNY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.99	1.97	-0.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.62	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.20	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.26	-0.12

Drawdowns

CPER vs. ^SPNY - Drawdown Comparison

The maximum CPER drawdown since its inception was -54.04%, smaller than the maximum ^SPNY drawdown of -75.59%. Use the drawdown chart below to compare losses from any high point for CPER and ^SPNY.

Drawdown Indicators

	CPER	^SPNY	Difference
Max Drawdown Largest peak-to-trough decline	-54.04%	-75.59%	+21.55%
Max Drawdown (1Y) Largest decline over 1 year	-24.77%	-12.40%	-12.37%
Max Drawdown (3Y) Largest decline over 3 years	-24.77%	-21.58%	-3.19%
Max Drawdown (5Y) Largest decline over 5 years	-34.75%	-26.33%	-8.42%
Max Drawdown (10Y) Largest decline over 10 years	-38.42%	-68.94%	+30.52%
Current Drawdown Current decline from peak	0.00%	-9.51%	+9.51%
Average Drawdown Average peak-to-trough decline	-25.41%	-16.77%	-8.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.92%	4.33%	+7.59%

Volatility

CPER vs. ^SPNY - Volatility Comparison

United States Copper Index Fund (CPER) has a higher volatility of 9.37% compared to S&P 500 Energy Index (^SPNY) at 8.12%. This indicates that CPER's price experiences larger fluctuations and is considered to be riskier than ^SPNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPER	^SPNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.37%	8.12%	+1.25%
Volatility (6M) Calculated over the trailing 6-month period	22.64%	16.78%	+5.86%
Volatility (1Y) Calculated over the trailing 1-year period	34.51%	20.71%	+13.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.97%	26.02%	+0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.03%	29.57%	-5.54%

Frequently Asked Questions

Can I hold both CPER and ^SPNY in my portfolio?

CPER and ^SPNY have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPER or ^SPNY?

CPER has higher volatility (9.37%) compared to ^SPNY (8.12%). In terms of maximum drawdown, CPER dropped -54.04% vs ^SPNY's -75.59%.

Which has better risk-adjusted returns?

^SPNY currently has the higher Sharpe Ratio (1.97 vs 0.99), 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.