CPER vs. CPXR

Last updated Aug 2, 2026

CPER (United States Copper Index Fund) and CPXR (USCF Daily Target 2X Copper Index ETF) are both Copper funds from USCF - CPER tracks the SummerHaven Copper Index Total Return while CPXR tracks the SummerHaven Copper Index. Both are passively managed. Over the past year, CPER returned 43.49% vs 83.67% for CPXR. Their 0.99 correlation means they have historically moved very closely together. CPER charges 1.06%/yr vs 1.20%/yr for CPXR.

Performance

CPER vs. CPXR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Copper Index Fund (CPER) and USCF Daily Target 2X Copper Index ETF (CPXR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPER achieves a 13.16% return, which is significantly lower than CPXR's 20.21% return.

CPER

• 1D: 0.56%
• 1M: 6.09%
• 6M: 8.59%
• YTD: 13.16%
• 1Y: 43.49%
• 3Y*: 17.80%
• 5Y*: 7.64%
• 10Y*: 10.57%
• ALL TIME*: 3.14%

CPXR

• 1D: 1.31%
• 1M: 11.94%
• 6M: 12.04%
• YTD: 20.21%
• 1Y: 83.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 37.96%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CPER United States Copper Index Fund	$16.98M	$14.74M	$24.58M
CPXR USCF Daily Target 2X Copper Index ETF	$409.02K	$351.97K	$733.40K

CPER vs. CPXR - Yearly Performance Comparison

	2026 (YTD)	2025
CPER United States Copper Index Fund	13.16%	28.39%
CPXR USCF Daily Target 2X Copper Index ETF	20.21%	35.65%

Correlation

The correlation between CPER and CPXR is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.99
Correlation (All Time) Calculated using the full available price history since Jan 22, 2025	0.99

The correlation between CPER and CPXR has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

CPER vs. CPXR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CPER

CPER Risk / Return Rank: 70
CPER Sharpe Ratio Rank: 70
CPER Sortino Ratio Rank: 65
CPER Omega Ratio Rank: 67
CPER Calmar Ratio Rank: 77
CPER Martin Ratio Rank: 69

CPXR

CPXR Risk / Return Rank: 66
CPXR Sharpe Ratio Rank: 67
CPXR Sortino Ratio Rank: 61
CPXR Omega Ratio Rank: 63
CPXR Calmar Ratio Rank: 76
CPXR Martin Ratio Rank: 65

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CPER vs. CPXR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Copper Index Fund (CPER) and USCF Daily Target 2X Copper Index ETF (CPXR). 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	CPXR	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.55	+0.03
Sortino ratio: Return per unit of downside risk	2.15	2.07	+0.08
Omega ratio: Gain probability vs. loss probability	1.28	1.27	+0.01
Calmar ratio: Return relative to maximum drawdown	2.70	2.71	-0.01
Martin ratio: Return relative to average drawdown	8.40	7.86	+0.55

CPER vs. CPXR - Sharpe Ratio Comparison

The current CPER Sharpe Ratio is 1.58, which is comparable to the CPXR Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of CPER and CPXR, 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. CPXR - Drawdown Comparison

The maximum CPER drawdown since its inception was -54.04%, which is greater than CPXR's maximum drawdown of -47.87%. Use the drawdown chart below to compare losses from any high point for CPER and CPXR.

Drawdown Indicators

	CPER	CPXR	Difference
Max Drawdown Largest peak-to-trough decline	-54.04%	-47.87%	-6.17%
Max Drawdown (1Y) Largest decline over 1 year	-16.43%	-31.64%	+15.21%
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	-2.56%	-6.19%	+3.63%
Average Drawdown Average peak-to-trough decline	-25.19%	-18.96%	-6.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.26%	10.90%	-5.64%

Volatility

CPER vs. CPXR - Volatility Comparison

The current volatility for United States Copper Index Fund (CPER) is 6.29%, while USCF Daily Target 2X Copper Index ETF (CPXR) has a volatility of 12.08%. This indicates that CPER experiences smaller price fluctuations and is considered to be less risky than CPXR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPER	CPXR	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.29%	12.08%	-5.79%
Volatility (6M) Calculated over the trailing 6-month period	21.59%	42.09%	-20.50%
Volatility (1Y) Calculated over the trailing 1-year period	28.15%	56.10%	-27.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.08%	66.91%	-39.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.11%	66.91%	-42.80%

CPER vs. CPXR - Expense Ratio Comparison

CPER has a 1.06% expense ratio, which is lower than CPXR's 1.20% expense ratio.

Dividends

CPER vs. CPXR - Dividend Comparison

CPER has not paid dividends to shareholders, while CPXR's dividend yield for the trailing twelve months is around 0.58%.

Position	TTM	2025
CPER United States Copper Index Fund	0.00%	0.00%
CPXR USCF Daily Target 2X Copper Index ETF	0.58%	0.70%

Frequently Asked Questions

Can I hold both CPER and CPXR in my portfolio?

With a correlation of 0.99, CPER and CPXR 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 is riskier, CPER or CPXR?

CPXR has higher volatility (12.08%) compared to CPER (6.29%). In terms of maximum drawdown, CPER dropped -54.04% vs CPXR's -47.87%.

Which ETF is better, CPER or CPXR?

On 1-year performance, CPXR leads with 83.67% vs 43.49% for CPER. On fees, CPER is cheaper at 1.06% per year. On volatility, CPER has been the lower-risk option at 6.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPER or CPXR?

Over the 1-year period, CPXR has performed better with a 83.67% return vs 43.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPER or CPXR?

CPER is cheaper with a 1.06% expense ratio, compared with 1.20% for CPXR.

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

CPXR has the higher dividend yield at 0.58%, compared with 0.00% for CPER.

What is the main difference between CPER and CPXR?

CPER tracks SummerHaven Copper Index Total Return, while CPXR tracks SummerHaven Copper Index. Their fees differ too: 1.06% for CPER and 1.20% for CPXR.

Which has better risk-adjusted returns?

CPER currently has the higher Sharpe Ratio (1.58 vs 1.55), 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.