CSH2.L vs. COPX

Last updated Jul 21, 2026

CSH2.L (Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc) and COPX (Global X Copper Miners ETF) are both exchange-traded funds - CSH2.L is a Money Market fund tracking the SONIA Compounded (GBP Hedged), while COPX is a Copper fund tracking the Solactive Global Copper Miners Total Return Index. Both are passively managed. Over the past 10 years, CSH2.L returned 2.12%/yr vs 18.10%/yr for COPX. At a correlation of -0.06, they often move in opposite directions. CSH2.L charges 0.10%/yr vs 0.65%/yr for COPX.

Performance

CSH2.L vs. COPX - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc (CSH2.L) and Global X Copper Miners ETF (COPX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CSH2.L is traded in GBp, while COPX is traded in USD. To make them comparable, the COPX values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, CSH2.L achieves a 2.24% return, which is significantly lower than COPX's 3.54% return. Over the past 10 years, CSH2.L has underperformed COPX with an annualized return of 2.12%, while COPX has yielded a comparatively higher 18.10% annualized return.

CSH2.L

• 1D: 0.01%
• 1M: 0.32%
• 6M: 2.07%
• YTD: 2.24%
• 1Y: 4.32%
• 3Y*: 4.95%
• 5Y*: 3.76%
• 10Y*: 2.12%
• ALL TIME*: 1.98%

COPX

• 1D: 0.85%
• 1M: -14.75%
• 6M: -8.63%
• YTD: 3.54%
• 1Y: 72.74%
• 3Y*: 24.37%
• 5Y*: 18.99%
• 10Y*: 18.10%
• ALL TIME*: 6.23%

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

CSH2.L vs. COPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSH2.L Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc	2.24%	4.67%	5.61%	4.72%	1.54%	0.13%	0.30%	0.82%	0.70%	0.42%
COPX Global X Copper Miners ETF	3.54%	79.71%	5.38%	2.96%	11.04%	24.55%	47.20%	8.20%	-27.23%	26.91%

Correlation

The correlation between CSH2.L and COPX is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (5Y) Calculated over the trailing 5-year period	-0.06
Correlation (10Y) Calculated over the trailing 10-year period	-0.07
Correlation (All Time) Calculated using the full available price history since May 29, 2015	-0.06

Return for Risk

CSH2.L vs. COPX — Risk / Return Rank

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

CSH2.L

CSH2.L Risk / Return Rank: 99
CSH2.L Sharpe Ratio Rank: 99
CSH2.L Sortino Ratio Rank: 99
CSH2.L Omega Ratio Rank: 99
CSH2.L Calmar Ratio Rank: 99
CSH2.L Martin Ratio Rank: 99

COPX

COPX Risk / Return Rank: 61
COPX Sharpe Ratio Rank: 66
COPX Sortino Ratio Rank: 56
COPX Omega Ratio Rank: 56
COPX Calmar Ratio Rank: 71
COPX Martin Ratio Rank: 54

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.

CSH2.L vs. COPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc (CSH2.L) and Global X Copper Miners ETF (COPX). 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.

	CSH2.L	COPX	Difference
Sharpe ratio: Return per unit of total volatility	8.84	1.71	+7.13
Sortino ratio: Return per unit of downside risk	16.65	2.13	+14.52
Omega ratio: Gain probability vs. loss probability	5.37	1.28	+4.09
Calmar ratio: Return relative to maximum drawdown	27.30	2.70	+24.60
Martin ratio: Return relative to average drawdown	174.87	7.18	+167.69

CSH2.L vs. COPX - Sharpe Ratio Comparison

The current CSH2.L Sharpe Ratio is 8.84, which is higher than the COPX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of CSH2.L and COPX, 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

CSH2.L vs. COPX - Drawdown Comparison

The maximum CSH2.L drawdown since its inception was -0.37%, smaller than the maximum COPX drawdown of -81.19%. Use the drawdown chart below to compare losses from any high point for CSH2.L and COPX.

Drawdown Indicators

	CSH2.L	COPX	Difference
Max Drawdown Largest peak-to-trough decline	-0.37%	-81.19%	+80.82%
Max Drawdown (1Y) Largest decline over 1 year	-0.16%	-27.06%	+26.90%
Max Drawdown (3Y) Largest decline over 3 years	-0.29%	-40.03%	+39.74%
Max Drawdown (5Y) Largest decline over 5 years	-0.29%	-40.03%	+39.74%
Max Drawdown (10Y) Largest decline over 10 years	-0.37%	-59.06%	+58.69%
Current Drawdown Current decline from peak	0.00%	-22.28%	+22.28%
Average Drawdown Average peak-to-trough decline	-0.00%	-34.86%	+34.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	10.16%	-10.14%

Volatility

CSH2.L vs. COPX - Volatility Comparison

The current volatility for Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc (CSH2.L) is 0.05%, while Global X Copper Miners ETF (COPX) has a volatility of 12.94%. This indicates that CSH2.L experiences smaller price fluctuations and is considered to be less risky than COPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSH2.L	COPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	12.94%	-12.89%
Volatility (6M) Calculated over the trailing 6-month period	0.19%	37.15%	-36.96%
Volatility (1Y) Calculated over the trailing 1-year period	0.49%	42.84%	-42.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.56%	33.87%	-33.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.44%	33.55%	-33.11%

CSH2.L vs. COPX - Expense Ratio Comparison

CSH2.L has a 0.10% expense ratio, which is lower than COPX's 0.65% expense ratio.

Dividends

CSH2.L vs. COPX - Dividend Comparison

CSH2.L has not paid dividends to shareholders, while COPX's dividend yield for the trailing twelve months is around 2.61%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COPX Global X Copper Miners ETF	2.61%	2.68%	1.80%	2.39%	3.14%	1.48%	1.30%	1.37%	2.59%	1.57%	0.60%	1.20%
CSH2.L Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CSH2.L and COPX in my portfolio?

CSH2.L and COPX have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CSH2.L or COPX?

On fees, CSH2.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CSH2.L or COPX?

CSH2.L is cheaper with a 0.10% expense ratio, compared with 0.65% for COPX.

What is the main difference between CSH2.L and COPX?

CSH2.L is categorized as Money Market, while COPX is Copper. CSH2.L tracks SONIA Compounded (GBP Hedged), while COPX tracks Solactive Global Copper Miners Total Return Index. They also come from different issuers: Amundi and Global X. Their fees differ too: 0.10% for CSH2.L and 0.65% for COPX.