CPER vs. ISTM

Last updated Jun 3, 2026

CPER (United States Copper Index Fund) and ISTM (iShares Strategic Metals ETF) are both Metals funds - CPER tracks the SummerHaven Copper Index Total Return while ISTM tracks the ICE Strategic Re-Industrialization Metals Index. Both are passively managed. Over the past year, CPER returned 33.68% vs 61.67% for ISTM. Their correlation of 0.82 suggests significant overlap in exposure. CPER charges 1.06%/yr vs 0.49%/yr for ISTM.

Performance

CPER vs. ISTM - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with CPER having a 16.13% return and ISTM slightly lower at 15.63%.

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%

ISTM

• 1D: 1.23%
• 1M: 4.96%
• YTD: 15.63%
• 6M: 28.78%
• 1Y: 61.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPER vs. ISTM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CPER United States Copper Index Fund	16.13%	38.95%	4.23%	5.38%
ISTM iShares Strategic Metals ETF	15.63%	54.07%	6.95%	2.69%

Correlation

The correlation between CPER and ISTM is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (All Time) Calculated using the full available price history since Sep 29, 2023	0.82

The correlation between CPER and ISTM has been stable across timeframes, ranging from 0.81 to 0.82 - a consistent structural relationship.

Return for Risk

CPER vs. ISTM — 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

ISTM

ISTM Risk / Return Rank: 53
ISTM Sharpe Ratio Rank: 59
ISTM Sortino Ratio Rank: 45
ISTM Omega Ratio Rank: 59
ISTM Calmar Ratio Rank: 59
ISTM Martin Ratio Rank: 45

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. ISTM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Copper Index Fund (CPER) and iShares Strategic Metals ETF (ISTM). 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	ISTM	Difference
Sharpe ratio Return per unit of total volatility	0.99	2.03	-1.04
Sortino ratio Return per unit of downside risk	1.34	2.29	-0.95
Omega ratio Gain probability vs. loss probability	1.23	1.37	-0.15
Calmar ratio Return relative to maximum drawdown	1.55	2.99	-1.44
Martin ratio Return relative to average drawdown	3.21	7.52	-4.31
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. ISTM - Sharpe Ratio Comparison

The current CPER Sharpe Ratio is 0.99, which is lower than the ISTM Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of CPER and ISTM, 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	ISTM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.99	2.03	-1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	1.19	-1.05

Drawdowns

CPER vs. ISTM - Drawdown Comparison

The maximum CPER drawdown since its inception was -54.04%, which is greater than ISTM's maximum drawdown of -22.20%. Use the drawdown chart below to compare losses from any high point for CPER and ISTM.

Drawdown Indicators

	CPER	ISTM	Difference
Max Drawdown Largest peak-to-trough decline	-54.04%	-22.20%	-31.84%
Max Drawdown (1Y) Largest decline over 1 year	-24.77%	-22.20%	-2.57%
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	0.00%	-9.08%	+9.08%
Average Drawdown Average peak-to-trough decline	-25.41%	-6.48%	-18.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.92%	8.82%	+3.10%

Volatility

CPER vs. ISTM - Volatility Comparison

United States Copper Index Fund (CPER) has a higher volatility of 9.37% compared to iShares Strategic Metals ETF (ISTM) at 8.64%. This indicates that CPER's price experiences larger fluctuations and is considered to be riskier than ISTM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPER	ISTM	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.37%	8.64%	+0.73%
Volatility (6M) Calculated over the trailing 6-month period	22.64%	27.98%	-5.34%
Volatility (1Y) Calculated over the trailing 1-year period	34.51%	30.70%	+3.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.97%	24.08%	+2.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.03%	24.08%	-0.05%

CPER vs. ISTM - Expense Ratio Comparison

CPER has a 1.06% expense ratio, which is higher than ISTM's 0.49% expense ratio.

Dividends

CPER vs. ISTM - Dividend Comparison

CPER has not paid dividends to shareholders, while ISTM's dividend yield for the trailing twelve months is around 12.78%.

Position	TTM	2025	2024	2023
CPER United States Copper Index Fund	0.00%	0.00%	0.00%	0.00%
ISTM iShares Strategic Metals ETF	12.78%	14.78%	29.62%	1.02%

Frequently Asked Questions

Can I hold both CPER and ISTM in my portfolio?

CPER and ISTM have a correlation of 0.81, 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 ISTM?

CPER has higher volatility (9.37%) compared to ISTM (8.64%). In terms of maximum drawdown, CPER dropped -54.04% vs ISTM's -22.20%.

Which ETF is better, CPER or ISTM?

On 1-year performance, ISTM leads with 61.67% vs 33.68% for CPER. On fees, ISTM is cheaper at 0.49% per year. On volatility, ISTM has been the lower-risk option at 8.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPER or ISTM?

Over the 1-year period, ISTM has performed better with a 61.67% return vs 33.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPER or ISTM?

ISTM is cheaper with a 0.49% expense ratio, compared with 1.06% for CPER.

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

ISTM has the higher dividend yield at 12.78%, compared with 0.00% for CPER.

What is the main difference between CPER and ISTM?

CPER tracks SummerHaven Copper Index Total Return, while ISTM tracks ICE Strategic Re-Industrialization Metals Index. They also come from different issuers: USCF and iShares. Their fees differ too: 1.06% for CPER and 0.49% for ISTM.

Which has better risk-adjusted returns?

ISTM currently has the higher Sharpe Ratio (2.03 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.