CPER vs. FEZ
CPER (United States Copper Index Fund) and FEZ (SPDR EURO STOXX 50 ETF) are both exchange-traded funds - CPER is a Metals fund tracking the SummerHaven Copper Index Total Return, while FEZ is a Europe Equities fund tracking the EURO STOXX 50 Index. Both are passively managed. Over the past 10 years, CPER returned 11.08%/yr vs 10.66%/yr for FEZ. At a 0.37 correlation, their price movements are largely independent. CPER charges 1.06%/yr vs 0.29%/yr for FEZ.
Performance
CPER vs. FEZ - Performance Comparison
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Returns By Period
In the year-to-date period, CPER achieves a 10.27% return, which is significantly higher than FEZ's 4.68% return. Both investments have delivered pretty close results over the past 10 years, with CPER having a 11.08% annualized return and FEZ not far behind at 10.66%.
CPER
- 1D
- 1.23%
- 1M
- 0.73%
- YTD
- 10.27%
- 6M
- 15.97%
- 1Y
- 27.52%
- 3Y*
- 18.31%
- 5Y*
- 6.72%
- 10Y*
- 11.08%
FEZ
- 1D
- 0.63%
- 1M
- 0.33%
- YTD
- 4.68%
- 6M
- 6.49%
- 1Y
- 15.20%
- 3Y*
- 17.76%
- 5Y*
- 9.78%
- 10Y*
- 10.66%
CPER vs. FEZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CPER United States Copper Index Fund | 10.27% | 38.95% | 4.23% | 4.55% | -15.14% | 25.21% | 23.90% | 6.66% | -21.91% | 28.80% |
FEZ SPDR EURO STOXX 50 ETF | 4.68% | 37.81% | 3.57% | 27.16% | -14.27% | 14.84% | 4.84% | 26.04% | -15.85% | 24.80% |
Correlation
The correlation between CPER and FEZ is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2011 | 0.37 |
The correlation between CPER and FEZ shifts across timeframes, from 0.37 (all time) to 0.52 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CPER vs. FEZ — Risk / Return Rank
CPER
FEZ
CPER vs. FEZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Copper Index Fund (CPER) and SPDR EURO STOXX 50 ETF (FEZ). 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 | FEZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.16 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.12 | 1.12 | 0.00 |
| Martin ratioReturn relative to average drawdown | 2.31 | 3.81 | -1.50 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CPER | FEZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.80 | 0.84 | -0.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | 0.48 | -0.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.46 | 0.51 | -0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.13 | 0.30 | -0.17 |
Drawdowns
CPER vs. FEZ - Drawdown Comparison
The maximum CPER drawdown since its inception was -54.04%, smaller than the maximum FEZ drawdown of -64.21%. Use the drawdown chart below to compare losses from any high point for CPER and FEZ.
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Drawdown Indicators
| CPER | FEZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.04% | -64.21% | +10.17% |
Max Drawdown (1Y)Largest decline over 1 year | -24.77% | -13.63% | -11.14% |
Max Drawdown (3Y)Largest decline over 3 years | -24.77% | -15.85% | -8.92% |
Max Drawdown (5Y)Largest decline over 5 years | -34.75% | -35.05% | +0.30% |
Max Drawdown (10Y)Largest decline over 10 years | -38.42% | -39.69% | +1.27% |
Current DrawdownCurrent decline from peak | -5.05% | -2.79% | -2.26% |
Average DrawdownAverage peak-to-trough decline | -25.39% | -17.07% | -8.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.94% | 4.00% | +7.94% |
Volatility
CPER vs. FEZ - Volatility Comparison
United States Copper Index Fund (CPER) has a higher volatility of 10.22% compared to SPDR EURO STOXX 50 ETF (FEZ) at 5.64%. This indicates that CPER's price experiences larger fluctuations and is considered to be riskier than FEZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CPER | FEZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.22% | 5.64% | +4.58% |
Volatility (6M)Calculated over the trailing 6-month period | 23.14% | 15.06% | +8.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.78% | 18.11% | +16.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.04% | 20.64% | +6.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.07% | 21.12% | +2.95% |
CPER vs. FEZ - Expense Ratio Comparison
CPER has a 1.06% expense ratio, which is higher than FEZ's 0.29% expense ratio.
Dividends
CPER vs. FEZ - Dividend Comparison
CPER has not paid dividends to shareholders, while FEZ's dividend yield for the trailing twelve months is around 2.58%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CPER United States Copper Index Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FEZ SPDR EURO STOXX 50 ETF | 2.58% | 2.78% | 2.94% | 2.75% | 3.06% | 2.61% | 2.13% | 2.61% | 3.45% | 2.44% | 3.35% | 3.03% |
Frequently Asked Questions
CPER and FEZ have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CPER has higher volatility (10.22%) compared to FEZ (5.64%). In terms of maximum drawdown, CPER dropped -54.04% vs FEZ's -64.21%.
On 10-year performance, CPER leads with 11.08% vs 10.66% for FEZ. On fees, FEZ is cheaper at 0.29% per year. On volatility, FEZ has been the lower-risk option at 5.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CPER has performed better with a 11.08% return vs 10.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FEZ is cheaper with a 0.29% expense ratio, compared with 1.06% for CPER.
FEZ has the higher dividend yield at 2.58%, compared with 0.00% for CPER.
CPER is categorized as Metals, while FEZ is Europe Equities. CPER tracks SummerHaven Copper Index Total Return, while FEZ tracks EURO STOXX 50 Index. They also come from different issuers: USCF and State Street. Their fees differ too: 1.06% for CPER and 0.29% for FEZ.
FEZ currently has the higher Sharpe Ratio (0.84 vs 0.80), 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.
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