CPER vs. NHYDY

Last updated Aug 2, 2026

CPER (United States Copper Index Fund) is Copper fund tracking the SummerHaven Copper Index Total Return, while NHYDY (Norsk Hydro ASA ADR) is a stock. Over the past 10 years, CPER returned 10.57%/yr vs 13.75%/yr for NHYDY. Their 0.47 correlation means their historical movements had little consistent relationship.

Performance

CPER vs. NHYDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Copper Index Fund (CPER) and Norsk Hydro ASA ADR (NHYDY). 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 NHYDY's 21.69% return. Over the past 10 years, CPER has underperformed NHYDY with an annualized return of 10.57%, while NHYDY has yielded a comparatively higher 13.75% annualized 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%

NHYDY

• 1D: 0.22%
• 1M: 5.99%
• 6M: 6.48%
• YTD: 21.69%
• 1Y: 57.33%
• 3Y*: 16.33%
• 5Y*: 12.79%
• 10Y*: 13.75%
• ALL TIME*: 14.73%

*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
NHYDY Norsk Hydro ASA ADR	$2.66M	$6.18M	$3.40M

CPER vs. NHYDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CPER United States Copper Index Fund	13.16%	38.95%	4.23%	4.55%	-15.14%	25.21%	23.90%	6.66%	-21.91%	28.80%
NHYDY Norsk Hydro ASA ADR	21.69%	47.30%	-14.94%	-4.18%	5.95%	76.35%	34.91%	-15.68%	-38.01%	65.31%

Correlation

The correlation between CPER and NHYDY is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (3Y) Balances recent behavior with more history.	0.49
Correlation (5Y) Shows whether the relationship held over a longer period.	0.53
Correlation (10Y) Provides a long-term view across more market conditions.	0.48
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.47

The correlation between CPER and NHYDY has been stable across timeframes, ranging from 0.47 to 0.53 - a consistent structural relationship.

Return for Risk

CPER vs. NHYDY — 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

NHYDY

NHYDY Risk / Return Rank: 81
NHYDY Sharpe Ratio Rank: 87
NHYDY Sortino Ratio Rank: 83
NHYDY Omega Ratio Rank: 80
NHYDY Calmar Ratio Rank: 76
NHYDY Martin Ratio Rank: 80

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. NHYDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Copper Index Fund (CPER) and Norsk Hydro ASA ADR (NHYDY). 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	NHYDY	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.63	-0.04
Sortino ratio: Return per unit of downside risk	2.15	2.17	-0.03
Omega ratio: Gain probability vs. loss probability	1.28	1.27	+0.01
Calmar ratio: Return relative to maximum drawdown	2.70	1.68	+1.02
Martin ratio: Return relative to average drawdown	8.40	5.05	+3.36

CPER vs. NHYDY - Sharpe Ratio Comparison

The current CPER Sharpe Ratio is 1.58, which is comparable to the NHYDY Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of CPER and NHYDY, 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. NHYDY - Drawdown Comparison

The maximum CPER drawdown since its inception was -54.04%, smaller than the maximum NHYDY drawdown of -73.90%. Use the drawdown chart below to compare losses from any high point for CPER and NHYDY.

Drawdown Indicators

	CPER	NHYDY	Difference
Max Drawdown Largest peak-to-trough decline	-54.04%	-73.90%	+19.86%
Max Drawdown (1Y) Largest decline over 1 year	-16.43%	-33.87%	+17.44%
Max Drawdown (3Y) Largest decline over 3 years	-24.77%	-33.87%	+9.10%
Max Drawdown (5Y) Largest decline over 5 years	-34.75%	-46.67%	+11.92%
Max Drawdown (10Y) Largest decline over 10 years	-38.42%	-73.90%	+35.48%
Current Drawdown Current decline from peak	-2.56%	-29.34%	+26.78%
Average Drawdown Average peak-to-trough decline	-25.19%	-25.26%	+0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.26%	11.23%	-5.97%

Volatility

CPER vs. NHYDY - Volatility Comparison

The current volatility for United States Copper Index Fund (CPER) is 6.29%, while Norsk Hydro ASA ADR (NHYDY) has a volatility of 11.23%. This indicates that CPER experiences smaller price fluctuations and is considered to be less risky than NHYDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPER	NHYDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.29%	11.23%	-4.94%
Volatility (6M) Calculated over the trailing 6-month period	21.59%	30.77%	-9.18%
Volatility (1Y) Calculated over the trailing 1-year period	28.15%	34.97%	-6.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.08%	39.41%	-12.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.11%	39.42%	-15.31%

Dividends

CPER vs. NHYDY - Dividend Comparison

CPER has not paid dividends to shareholders, while NHYDY's dividend yield for the trailing twelve months is around 3.45%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
NHYDY Norsk Hydro ASA ADR	3.45%	2.65%	4.30%	8.10%	9.59%	1.86%	5.44%	3.92%	4.96%	1.91%	2.60%

Frequently Asked Questions

Can I hold both CPER and NHYDY in my portfolio?

CPER and NHYDY have a correlation of 0.47, 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 NHYDY?

NHYDY has higher volatility (11.23%) compared to CPER (6.29%). In terms of maximum drawdown, CPER dropped -54.04% vs NHYDY's -73.90%.

Which has better risk-adjusted returns?

NHYDY currently has the higher Sharpe Ratio (1.63 vs 1.58), 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.