CPER vs. XME
CPER (United States Copper Index Fund) and XME (SPDR S&P Metals & Mining ETF) are both exchange-traded funds - CPER is a Copper fund tracking the SummerHaven Copper Index Total Return, while XME is a Materials fund tracking the S&P Metals & Mining Select Industry Index. Both are passively managed. Over the past 10 years, CPER returned 11.25%/yr vs 19.14%/yr for XME. At a 0.46 correlation, their price movements are largely independent. CPER charges 1.06%/yr vs 0.35%/yr for XME.
Performance
CPER vs. XME - Performance Comparison
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Returns By Period
In the year-to-date period, CPER achieves a 13.42% return, which is significantly lower than XME's 16.50% return. Over the past 10 years, CPER has underperformed XME with an annualized return of 11.25%, while XME has yielded a comparatively higher 19.14% annualized return.
CPER
- 1D
- 0.25%
- 1M
- 3.96%
- YTD
- 13.42%
- 6M
- 19.61%
- 1Y
- 33.19%
- 3Y*
- 18.43%
- 5Y*
- 8.39%
- 10Y*
- 11.25%
XME
- 1D
- 0.16%
- 1M
- 4.36%
- YTD
- 16.50%
- 6M
- 19.83%
- 1Y
- 85.37%
- 3Y*
- 35.28%
- 5Y*
- 22.93%
- 10Y*
- 19.14%
CPER vs. XME - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CPER United States Copper Index Fund | 13.42% | 38.95% | 4.23% | 4.55% | -15.14% | 25.21% | 23.90% | 6.66% | -21.91% | 28.80% |
XME SPDR S&P Metals & Mining ETF | 16.50% | 83.47% | -4.54% | 21.51% | 13.13% | 34.92% | 15.95% | 14.69% | -26.78% | 21.17% |
Correlation
The correlation between CPER and XME is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2011 | 0.46 |
The correlation between CPER and XME shifts across timeframes, from 0.46 (all time) to 0.57 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CPER vs. XME — Risk / Return Rank
CPER
XME
CPER vs. XME - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Copper Index Fund (CPER) and SPDR S&P Metals & Mining ETF (XME). 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 | XME | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.42 | ||
| Sortino ratioReturn per unit of downside risk | -1.52 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.37 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.35 | 3.80 | -2.45 |
| Martin ratioReturn relative to average drawdown | 2.78 | 9.44 | -6.66 |
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Drawdowns
CPER vs. XME - Drawdown Comparison
The maximum CPER drawdown since its inception was -54.04%, smaller than the maximum XME drawdown of -85.89%. Use the drawdown chart below to compare losses from any high point for CPER and XME.
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Drawdown Indicators
| CPER | XME | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.04% | -85.89% | +31.85% |
Max Drawdown (1Y)Largest decline over 1 year | -24.77% | -22.60% | -2.17% |
Max Drawdown (3Y)Largest decline over 3 years | -24.77% | -30.47% | +5.70% |
Max Drawdown (5Y)Largest decline over 5 years | -34.75% | -37.27% | +2.52% |
Max Drawdown (10Y)Largest decline over 10 years | -38.42% | -61.69% | +23.27% |
Current DrawdownCurrent decline from peak | -2.34% | -9.18% | +6.84% |
Average DrawdownAverage peak-to-trough decline | -25.35% | -44.08% | +18.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.95% | 9.07% | +2.88% |
Volatility
CPER vs. XME - Volatility Comparison
The current volatility for United States Copper Index Fund (CPER) is 10.05%, while SPDR S&P Metals & Mining ETF (XME) has a volatility of 15.14%. This indicates that CPER experiences smaller price fluctuations and is considered to be less risky than XME based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CPER | XME | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.05% | 15.14% | -5.09% |
Volatility (6M)Calculated over the trailing 6-month period | 23.31% | 28.15% | -4.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.88% | 36.17% | -1.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.03% | 32.83% | -5.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.09% | 32.93% | -8.84% |
CPER vs. XME - Expense Ratio Comparison
CPER has a 1.06% expense ratio, which is higher than XME's 0.35% expense ratio.
Dividends
CPER vs. XME - Dividend Comparison
CPER has not paid dividends to shareholders, while XME's dividend yield for the trailing twelve months is around 0.32%.
| 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% |
XME SPDR S&P Metals & Mining ETF | 0.32% | 0.38% | 0.65% | 1.00% | 1.64% | 0.70% | 0.99% | 2.43% | 2.23% | 1.15% | 1.02% | 2.61% |
Frequently Asked Questions
CPER and XME have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XME has higher volatility (15.14%) compared to CPER (10.05%). In terms of maximum drawdown, CPER dropped -54.04% vs XME's -85.89%.
On 10-year performance, XME leads with 19.14% vs 11.25% for CPER. On fees, XME is cheaper at 0.35% per year. On volatility, CPER has been the lower-risk option at 10.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XME has performed better with a 19.14% return vs 11.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XME is cheaper with a 0.35% expense ratio, compared with 1.06% for CPER.
XME has the higher dividend yield at 0.32%, compared with 0.00% for CPER.
CPER is categorized as Copper, while XME is Materials. CPER tracks SummerHaven Copper Index Total Return, while XME tracks S&P Metals & Mining Select Industry Index. They also come from different issuers: USCF and State Street. Their fees differ too: 1.06% for CPER and 0.35% for XME.
XME currently has the higher Sharpe Ratio (2.38 vs 0.96), 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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