CPXR vs. COPA

Last updated Jun 23, 2026

CPXR (USCF Daily Target 2X Copper Index ETF) and COPA (Themes Copper Miners ETF) are both Copper funds - CPXR tracks the SummerHaven Copper Index while COPA tracks the BITA Global Copper Mining Select Index. Both are passively managed. Over the past year, CPXR returned 33.95% vs 114.93% for COPA. A 0.75 correlation means they provide meaningful diversification when combined. CPXR charges 1.20%/yr vs 0.35%/yr for COPA.

Performance

CPXR vs. COPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USCF Daily Target 2X Copper Index ETF (CPXR) and Themes Copper Miners ETF (COPA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPXR achieves a 16.38% return, which is significantly lower than COPA's 22.04% return.

CPXR

• 1D: -0.73%
• 1M: -1.52%
• YTD: 16.38%
• 6M: 23.89%
• 1Y: 33.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

COPA

• 1D: -0.32%
• 1M: 6.15%
• YTD: 22.04%
• 6M: 25.51%
• 1Y: 114.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPXR vs. COPA - Yearly Performance Comparison

	2026 (YTD)	2025
CPXR USCF Daily Target 2X Copper Index ETF	16.38%	35.65%
COPA Themes Copper Miners ETF	22.04%	90.73%

Correlation

The correlation between CPXR and COPA is 0.77, 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	0.77
Correlation (All Time) Calculated using the full available price history since Jan 22, 2025	0.75

The correlation between CPXR and COPA has been stable across timeframes, ranging from 0.75 to 0.77 - a consistent structural relationship.

Return for Risk

CPXR vs. COPA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CPXR

CPXR Risk / Return Rank: 19
CPXR Sharpe Ratio Rank: 16
CPXR Sortino Ratio Rank: 19
CPXR Omega Ratio Rank: 26
CPXR Calmar Ratio Rank: 17
CPXR Martin Ratio Rank: 15

COPA

COPA Risk / Return Rank: 77
COPA Sharpe Ratio Rank: 89
COPA Sortino Ratio Rank: 71
COPA Omega Ratio Rank: 72
COPA Calmar Ratio Rank: 81
COPA Martin Ratio Rank: 73

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.

CPXR vs. COPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF Daily Target 2X Copper Index ETF (CPXR) and Themes Copper Miners ETF (COPA). 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.

	CPXR	COPA	Difference
Sharpe ratio: Return per unit of total volatility	0.49	2.81	-2.32
Sortino ratio: Return per unit of downside risk	1.05	3.09	-2.04
Omega ratio: Gain probability vs. loss probability	1.17	1.41	-0.24
Calmar ratio: Return relative to maximum drawdown	0.71	4.12	-3.41
Martin ratio: Return relative to average drawdown	1.31	13.41	-12.11

CPXR vs. COPA - Sharpe Ratio Comparison

The current CPXR Sharpe Ratio is 0.49, which is lower than the COPA Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of CPXR and COPA, 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

CPXR vs. COPA - Drawdown Comparison

The maximum CPXR drawdown since its inception was -47.87%, which is greater than COPA's maximum drawdown of -34.72%. Use the drawdown chart below to compare losses from any high point for CPXR and COPA.

Drawdown Indicators

	CPXR	COPA	Difference
Max Drawdown Largest peak-to-trough decline	-47.87%	-34.72%	-13.15%
Max Drawdown (1Y) Largest decline over 1 year	-47.87%	-28.05%	-19.82%
Current Drawdown Current decline from peak	-9.18%	-5.52%	-3.66%
Average Drawdown Average peak-to-trough decline	-19.43%	-9.54%	-9.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.00%	8.60%	+17.40%

Volatility

CPXR vs. COPA - Volatility Comparison

USCF Daily Target 2X Copper Index ETF (CPXR) and Themes Copper Miners ETF (COPA) have volatilities of 16.01% and 15.99%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPXR	COPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.01%	15.99%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	45.81%	35.47%	+10.34%
Volatility (1Y) Calculated over the trailing 1-year period	69.49%	41.17%	+28.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.18%	38.97%	+29.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.18%	38.97%	+29.21%

CPXR vs. COPA - Expense Ratio Comparison

CPXR has a 1.20% expense ratio, which is higher than COPA's 0.35% expense ratio.

Dividends

CPXR vs. COPA - Dividend Comparison

CPXR's dividend yield for the trailing twelve months is around 0.60%, less than COPA's 3.49% yield.

Position	TTM	2025	2024
COPA Themes Copper Miners ETF	3.49%	4.26%	1.33%
CPXR USCF Daily Target 2X Copper Index ETF	0.60%	0.70%	0.00%

Frequently Asked Questions

Can I hold both CPXR and COPA in my portfolio?

CPXR and COPA have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPXR or COPA?

CPXR has higher volatility (16.01%) compared to COPA (15.99%). In terms of maximum drawdown, CPXR dropped -47.87% vs COPA's -34.72%.

Which ETF is better, CPXR or COPA?

On 1-year performance, COPA leads with 114.93% vs 33.95% for CPXR. On fees, COPA is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPXR or COPA?

Over the 1-year period, COPA has performed better with a 114.93% return vs 33.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPXR or COPA?

COPA is cheaper with a 0.35% expense ratio, compared with 1.20% for CPXR.

Which ETF pays a higher dividend yield, CPXR or COPA?

COPA has the higher dividend yield at 3.49%, compared with 0.60% for CPXR.

What is the main difference between CPXR and COPA?

CPXR tracks SummerHaven Copper Index, while COPA tracks BITA Global Copper Mining Select Index. They also come from different issuers: USCF and Themes. Their fees differ too: 1.20% for CPXR and 0.35% for COPA.

Which has better risk-adjusted returns?

COPA currently has the higher Sharpe Ratio (2.81 vs 0.49), 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.