CPXR vs. CPER

Last updated Jun 25, 2026

CPXR (USCF Daily Target 2X Copper Index ETF) and CPER (United States Copper Index Fund) are both Copper funds from USCF - CPXR tracks the SummerHaven Copper Index while CPER tracks the SummerHaven Copper Index Total Return. Both are passively managed. Over the past year, CPXR returned 14.65% vs 18.31% for CPER. With a 0.99 correlation, they move nearly in lockstep. CPXR charges 1.20%/yr vs 1.06%/yr for CPER.

Performance

CPXR vs. CPER - Performance Comparison

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

Returns By Period

In the year-to-date period, CPXR achieves a 2.23% return, which is significantly lower than CPER's 3.86% return.

CPXR

• 1D: -5.58%
• 1M: -13.49%
• YTD: 2.23%
• 6M: 5.86%
• 1Y: 14.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPER

• 1D: -2.71%
• 1M: -6.71%
• YTD: 3.86%
• 6M: 6.17%
• 1Y: 18.31%
• 3Y*: 15.54%
• 5Y*: 6.60%
• 10Y*: 10.07%

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

CPXR vs. CPER - Yearly Performance Comparison

	2026 (YTD)	2025
CPXR USCF Daily Target 2X Copper Index ETF	2.23%	35.65%
CPER United States Copper Index Fund	3.86%	28.39%

Correlation

The correlation between CPXR and CPER is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jan 22, 2025	0.99

The correlation between CPXR and CPER has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

CPXR vs. CPER — Risk / Return Rank

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

CPXR

CPXR Risk / Return Rank: 14
CPXR Sharpe Ratio Rank: 12
CPXR Sortino Ratio Rank: 16
CPXR Omega Ratio Rank: 19
CPXR Calmar Ratio Rank: 12
CPXR Martin Ratio Rank: 12

CPER

CPER Risk / Return Rank: 18
CPER Sharpe Ratio Rank: 17
CPER Sortino Ratio Rank: 17
CPER Omega Ratio Rank: 21
CPER Calmar Ratio Rank: 18
CPER Martin Ratio Rank: 16

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. CPER - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF Daily Target 2X Copper Index ETF (CPXR) and United States Copper Index Fund (CPER). 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	CPER	Difference
Sharpe ratio: Return per unit of total volatility	0.21	0.52	-0.31
Sortino ratio: Return per unit of downside risk	0.75	0.86	-0.10
Omega ratio: Gain probability vs. loss probability	1.12	1.14	-0.02
Calmar ratio: Return relative to maximum drawdown	0.31	0.74	-0.43
Martin ratio: Return relative to average drawdown	0.56	1.53	-0.97

CPXR vs. CPER - Sharpe Ratio Comparison

The current CPXR Sharpe Ratio is 0.21, which is lower than the CPER Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of CPXR and CPER, 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. CPER - Drawdown Comparison

The maximum CPXR drawdown since its inception was -47.87%, smaller than the maximum CPER drawdown of -54.04%. Use the drawdown chart below to compare losses from any high point for CPXR and CPER.

Drawdown Indicators

	CPXR	CPER	Difference
Max Drawdown Largest peak-to-trough decline	-47.87%	-54.04%	+6.17%
Max Drawdown (1Y) Largest decline over 1 year	-47.87%	-24.77%	-23.10%
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	-20.22%	-10.57%	-9.65%
Average Drawdown Average peak-to-trough decline	-19.43%	-25.32%	+5.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.05%	11.99%	+14.06%

Volatility

CPXR vs. CPER - Volatility Comparison

USCF Daily Target 2X Copper Index ETF (CPXR) has a higher volatility of 18.23% compared to United States Copper Index Fund (CPER) at 9.62%. This indicates that CPXR's price experiences larger fluctuations and is considered to be riskier than CPER based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPXR	CPER	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.23%	9.62%	+8.61%
Volatility (6M) Calculated over the trailing 6-month period	46.72%	23.77%	+22.95%
Volatility (1Y) Calculated over the trailing 1-year period	69.92%	35.16%	+34.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.43%	27.09%	+41.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.43%	24.12%	+44.31%

CPXR vs. CPER - Expense Ratio Comparison

CPXR has a 1.20% expense ratio, which is higher than CPER's 1.06% expense ratio.

Dividends

CPXR vs. CPER - Dividend Comparison

CPXR's dividend yield for the trailing twelve months is around 0.69%, while CPER has not paid dividends to shareholders.

Position	TTM	2025
CPER United States Copper Index Fund	0.00%	0.00%
CPXR USCF Daily Target 2X Copper Index ETF	0.69%	0.70%

Frequently Asked Questions

Can I hold both CPXR and CPER in my portfolio?

With a correlation of 0.99, CPXR and CPER move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CPXR or CPER?

CPXR has higher volatility (18.23%) compared to CPER (9.62%). In terms of maximum drawdown, CPXR dropped -47.87% vs CPER's -54.04%.

Which ETF is better, CPXR or CPER?

On 1-year performance, CPER leads with 18.31% vs 14.65% for CPXR. On fees, CPER is cheaper at 1.06% per year. On volatility, CPER has been the lower-risk option at 9.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPXR or CPER?

Over the 1-year period, CPER has performed better with a 18.31% return vs 14.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPXR or CPER?

CPER is cheaper with a 1.06% expense ratio, compared with 1.20% for CPXR.

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

CPXR has the higher dividend yield at 0.69%, compared with 0.00% for CPER.

What is the main difference between CPXR and CPER?

CPXR tracks SummerHaven Copper Index, while CPER tracks SummerHaven Copper Index Total Return. Their fees differ too: 1.20% for CPXR and 1.06% for CPER.

Which has better risk-adjusted returns?

CPER currently has the higher Sharpe Ratio (0.52 vs 0.21), 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.