CPER vs. COPA

Last updated Jun 23, 2026

CPER (United States Copper Index Fund) and COPA (Themes Copper Miners ETF) are both Copper funds - CPER tracks the SummerHaven Copper Index Total Return while COPA tracks the BITA Global Copper Mining Select Index. Both are passively managed. Over the past year, CPER returned 28.13% vs 115.62% for COPA. A 0.76 correlation means they provide meaningful diversification when combined. CPER charges 1.06%/yr vs 0.35%/yr for COPA.

Performance

CPER vs. COPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Copper Index Fund (CPER) and Themes Copper Miners ETF (COPA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPER achieves a 11.01% return, which is significantly lower than COPA's 22.43% return.

CPER

• 1D: -0.13%
• 1M: -0.28%
• YTD: 11.01%
• 6M: 15.06%
• 1Y: 28.13%
• 3Y*: 18.14%
• 5Y*: 8.01%
• 10Y*: 10.81%

COPA

• 1D: -0.96%
• 1M: 6.49%
• YTD: 22.43%
• 6M: 29.39%
• 1Y: 115.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPER vs. COPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CPER United States Copper Index Fund	11.01%	38.95%	-7.53%
COPA Themes Copper Miners ETF	22.43%	100.86%	-13.18%

Correlation

The correlation between CPER and COPA is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (All Time) Calculated using the full available price history since Sep 24, 2024	0.76

The correlation between CPER and COPA has been stable across timeframes, ranging from 0.76 to 0.76 - a consistent structural relationship.

Return for Risk

CPER vs. COPA — Risk / Return Rank

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

CPER

CPER Risk / Return Rank: 24
CPER Sharpe Ratio Rank: 23
CPER Sortino Ratio Rank: 22
CPER Omega Ratio Rank: 29
CPER Calmar Ratio Rank: 24
CPER Martin Ratio Rank: 20

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.

CPER vs. COPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Copper Index Fund (CPER) 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.

	CPER	COPA	Difference
Sharpe ratio: Return per unit of total volatility	0.81	2.77	-1.96
Sortino ratio: Return per unit of downside risk	1.16	3.06	-1.89
Omega ratio: Gain probability vs. loss probability	1.19	1.40	-0.21
Calmar ratio: Return relative to maximum drawdown	1.14	4.07	-2.93
Martin ratio: Return relative to average drawdown	2.36	13.25	-10.89

CPER vs. COPA - Sharpe Ratio Comparison

The current CPER Sharpe Ratio is 0.81, which is lower than the COPA Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of CPER and COPA, 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

CPER vs. COPA - Drawdown Comparison

The maximum CPER drawdown since its inception was -54.04%, which is greater than COPA's maximum drawdown of -34.72%. Use the drawdown chart below to compare losses from any high point for CPER and COPA.

Drawdown Indicators

	CPER	COPA	Difference
Max Drawdown Largest peak-to-trough decline	-54.04%	-34.72%	-19.32%
Max Drawdown (1Y) Largest decline over 1 year	-24.77%	-28.05%	+3.28%
Max Drawdown (3Y) Largest decline over 3 years	-24.77%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-34.75%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.42%	—	—
Current Drawdown Current decline from peak	-4.41%	-5.22%	+0.81%
Average Drawdown Average peak-to-trough decline	-25.33%	-9.55%	-15.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.96%	8.59%	+3.37%

Volatility

CPER vs. COPA - Volatility Comparison

The current volatility for United States Copper Index Fund (CPER) is 8.46%, while Themes Copper Miners ETF (COPA) has a volatility of 16.35%. This indicates that CPER experiences smaller price fluctuations and is considered to be less risky than COPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPER	COPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.46%	16.35%	-7.89%
Volatility (6M) Calculated over the trailing 6-month period	23.27%	35.47%	-12.20%
Volatility (1Y) Calculated over the trailing 1-year period	34.91%	41.10%	-6.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.02%	39.02%	-12.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.09%	39.02%	-14.93%

CPER vs. COPA - Expense Ratio Comparison

CPER has a 1.06% expense ratio, which is higher than COPA's 0.35% expense ratio.

Dividends

CPER vs. COPA - Dividend Comparison

CPER 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%
CPER United States Copper Index Fund	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPER and COPA in my portfolio?

CPER and COPA have a correlation of 0.76, 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 COPA?

COPA has higher volatility (16.35%) compared to CPER (8.46%). In terms of maximum drawdown, CPER dropped -54.04% vs COPA's -34.72%.

Which ETF is better, CPER or COPA?

On 1-year performance, COPA leads with 115.62% vs 28.13% for CPER. On fees, COPA is cheaper at 0.35% per year. On volatility, CPER has been the lower-risk option at 8.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPER or COPA?

Over the 1-year period, COPA has performed better with a 115.62% return vs 28.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPER or COPA?

COPA is cheaper with a 0.35% expense ratio, compared with 1.06% for CPER.

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

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

What is the main difference between CPER and COPA?

CPER tracks SummerHaven Copper Index Total Return, while COPA tracks BITA Global Copper Mining Select Index. They also come from different issuers: USCF and Themes. Their fees differ too: 1.06% for CPER and 0.35% for COPA.

Which has better risk-adjusted returns?

COPA currently has the higher Sharpe Ratio (2.77 vs 0.81), 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.