CPER vs. SLX
CPER (United States Copper Index Fund) and SLX (VanEck Vectors Steel ETF) are both exchange-traded funds - CPER is a Metals fund tracking the SummerHaven Copper Index Total Return, while SLX is a Materials fund tracking the NYSE Arca Steel Index. Both are passively managed. Over the past 10 years, CPER returned 11.24%/yr vs 19.86%/yr for SLX. At a 0.48 correlation, their price movements are largely independent. CPER charges 1.06%/yr vs 0.56%/yr for SLX.
Performance
CPER vs. SLX - Performance Comparison
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Returns By Period
In the year-to-date period, CPER achieves a 16.13% return, which is significantly lower than SLX's 33.83% return. Over the past 10 years, CPER has underperformed SLX with an annualized return of 11.24%, while SLX has yielded a comparatively higher 19.86% annualized return.
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%
SLX
- 1D
- 1.74%
- 1M
- 9.78%
- YTD
- 33.83%
- 6M
- 41.91%
- 1Y
- 80.96%
- 3Y*
- 27.16%
- 5Y*
- 16.60%
- 10Y*
- 19.86%
CPER vs. SLX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CPER United States Copper Index Fund | 16.13% | 38.95% | 4.23% | 4.55% | -15.14% | 25.21% | 23.90% | 6.66% | -21.91% | 28.80% |
SLX VanEck Vectors Steel ETF | 33.83% | 47.45% | -17.94% | 31.25% | 14.28% | 27.69% | 20.57% | 12.01% | -19.27% | 24.59% |
Correlation
The correlation between CPER and SLX is 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2011 | 0.48 |
The correlation between CPER and SLX has been stable across timeframes, ranging from 0.48 to 0.54 - a consistent structural relationship.
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Return for Risk
CPER vs. SLX — Risk / Return Rank
CPER
SLX
CPER vs. SLX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Copper Index Fund (CPER) and VanEck Vectors Steel ETF (SLX). 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 | SLX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.99 | 3.41 | -2.42 |
Sortino ratioReturn per unit of downside risk | 1.34 | 4.20 | -2.86 |
Omega ratioGain probability vs. loss probability | 1.23 | 1.54 | -0.31 |
Calmar ratioReturn relative to maximum drawdown | 1.55 | 5.29 | -3.74 |
Martin ratioReturn relative to average drawdown | 3.21 | 18.53 | -15.32 |
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 | SLX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.99 | 3.41 | -2.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.30 | 0.60 | -0.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.47 | 0.64 | -0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | 0.22 | -0.08 |
Drawdowns
CPER vs. SLX - Drawdown Comparison
The maximum CPER drawdown since its inception was -54.04%, smaller than the maximum SLX drawdown of -82.14%. Use the drawdown chart below to compare losses from any high point for CPER and SLX.
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Drawdown Indicators
| CPER | SLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.04% | -82.14% | +28.10% |
Max Drawdown (1Y)Largest decline over 1 year | -24.77% | -16.35% | -8.42% |
Max Drawdown (3Y)Largest decline over 3 years | -24.77% | -27.39% | +2.62% |
Max Drawdown (5Y)Largest decline over 5 years | -34.75% | -33.62% | -1.13% |
Max Drawdown (10Y)Largest decline over 10 years | -38.42% | -61.64% | +23.22% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -25.41% | -38.73% | +13.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.92% | 4.67% | +7.25% |
Volatility
CPER vs. SLX - Volatility Comparison
United States Copper Index Fund (CPER) has a higher volatility of 9.37% compared to VanEck Vectors Steel ETF (SLX) at 7.85%. This indicates that CPER's price experiences larger fluctuations and is considered to be riskier than SLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CPER | SLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.37% | 7.85% | +1.52% |
Volatility (6M)Calculated over the trailing 6-month period | 22.64% | 17.87% | +4.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.51% | 24.04% | +10.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.97% | 27.72% | -0.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.03% | 31.03% | -7.00% |
CPER vs. SLX - Expense Ratio Comparison
CPER has a 1.06% expense ratio, which is higher than SLX's 0.56% expense ratio.
Dividends
CPER vs. SLX - Dividend Comparison
CPER has not paid dividends to shareholders, while SLX's dividend yield for the trailing twelve months is around 1.16%.
| 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% |
SLX VanEck Vectors Steel ETF | 1.16% | 1.55% | 3.56% | 2.80% | 4.97% | 7.07% | 1.87% | 3.44% | 6.26% | 2.50% | 1.06% | 5.35% |
Frequently Asked Questions
CPER and SLX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CPER has higher volatility (9.37%) compared to SLX (7.85%). In terms of maximum drawdown, CPER dropped -54.04% vs SLX's -82.14%.
On 10-year performance, SLX leads with 19.86% vs 11.24% for CPER. On fees, SLX is cheaper at 0.56% per year. On volatility, SLX has been the lower-risk option at 7.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SLX has performed better with a 19.86% return vs 11.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SLX is cheaper with a 0.56% expense ratio, compared with 1.06% for CPER.
SLX has the higher dividend yield at 1.16%, compared with 0.00% for CPER.
CPER is categorized as Metals, while SLX is Materials. CPER tracks SummerHaven Copper Index Total Return, while SLX tracks NYSE Arca Steel Index. They also come from different issuers: USCF and VanEck. Their fees differ too: 1.06% for CPER and 0.56% for SLX.
SLX currently has the higher Sharpe Ratio (3.41 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.
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