DULL vs. ICOP
DULL (MicroSectors Gold -3X Inverse Leveraged ETN) and ICOP (iShares Copper and Metals Mining ETF) are both exchange-traded funds - DULL is a Inverse Commodities fund tracking the LBMA Gold Price PM ($/ozt) (-300%), while ICOP is a Copper fund tracking the STOXX Global Copper and Metals Mining Index. Both are passively managed. Over the past 3 years, DULL returned -58.83%/yr vs 27.69%/yr for ICOP. Their -0.53 correlation means they have often moved in opposite directions in the past. DULL charges 0.95%/yr vs 0.47%/yr for ICOP.
Performance
DULL vs. ICOP - Performance Comparison
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Returns By Period
In the year-to-date period, DULL achieves a -12.17% return, which is significantly lower than ICOP's 14.04% return.
DULL
- 1D
- -0.01%
- 1M
- 3.76%
- 6M
- 20.95%
- YTD
- -12.17%
- 1Y
- -61.47%
- 3Y*
- -58.83%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -56.11%
ICOP
- 1D
- 0.66%
- 1M
- 2.10%
- 6M
- -2.00%
- YTD
- 14.04%
- 1Y
- 76.40%
- 3Y*
- 27.69%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 29.16%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $408.60K | $774.21K | $681.81K | |
| $3.44M | $3.33M | $5.53M |
DULL vs. ICOP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DULL MicroSectors Gold -3X Inverse Leveraged ETN | -12.17% | -80.59% | -51.68% | -18.07% |
ICOP iShares Copper and Metals Mining ETF | 14.04% | 78.01% | 1.10% | 8.08% |
Correlation
The correlation between DULL and ICOP is -0.65, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.65 |
Correlation (3Y) Balances recent behavior with more history. | -0.53 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023 | -0.53 |
The correlation between DULL and ICOP shifts across timeframes, from -0.65 (1 year) to -0.53 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DULL vs. ICOP — Risk / Return Rank
DULL
ICOP
DULL vs. ICOP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold -3X Inverse Leveraged ETN (DULL) and iShares Copper and Metals Mining ETF (ICOP). 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.
| DULL | ICOP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.63 | ||
| Sortino ratioReturn per unit of downside risk | -3.45 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.30 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | 2.94 | -3.70 |
| Martin ratioReturn relative to average drawdown | -1.02 | 8.49 | -9.50 |
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Drawdowns
DULL vs. ICOP - Drawdown Comparison
The maximum DULL drawdown since its inception was -97.12%, which is greater than ICOP's maximum drawdown of -38.67%. Use the drawdown chart below to compare losses from any high point for DULL and ICOP.
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Drawdown Indicators
| DULL | ICOP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.12% | -38.67% | -58.45% |
Max Drawdown (1Y)Largest decline over 1 year | -81.20% | -26.13% | -55.07% |
Max Drawdown (3Y)Largest decline over 3 years | -97.12% | -38.67% | -58.45% |
Current DrawdownCurrent decline from peak | -94.33% | -13.36% | -80.97% |
Average DrawdownAverage peak-to-trough decline | -60.91% | -11.76% | -49.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 60.53% | 9.03% | +51.50% |
Volatility
DULL vs. ICOP - Volatility Comparison
MicroSectors Gold -3X Inverse Leveraged ETN (DULL) has a higher volatility of 17.41% compared to iShares Copper and Metals Mining ETF (ICOP) at 12.19%. This indicates that DULL's price experiences larger fluctuations and is considered to be riskier than ICOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DULL | ICOP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.41% | 12.19% | +5.22% |
Volatility (6M)Calculated over the trailing 6-month period | 62.40% | 34.45% | +27.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 82.72% | 40.76% | +41.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.09% | 34.62% | +24.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.09% | 34.62% | +24.47% |
DULL vs. ICOP - Expense Ratio Comparison
DULL has a 0.95% expense ratio, which is higher than ICOP's 0.47% expense ratio.
Dividends
DULL vs. ICOP - Dividend Comparison
DULL has not paid dividends to shareholders, while ICOP's dividend yield for the trailing twelve months is around 1.78%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
DULL MicroSectors Gold -3X Inverse Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% |
ICOP iShares Copper and Metals Mining ETF | 1.78% | 2.08% | 1.87% | 2.15% |
Frequently Asked Questions
DULL and ICOP have a correlation of -0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DULL has higher volatility (17.41%) compared to ICOP (12.19%). In terms of maximum drawdown, DULL dropped -97.12% vs ICOP's -38.67%.
On 3-year performance, ICOP leads with 27.69% vs -58.83% for DULL. On fees, ICOP is cheaper at 0.47% per year. On volatility, ICOP has been the lower-risk option at 12.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, ICOP has performed better with a 27.69% return vs -58.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ICOP is cheaper with a 0.47% expense ratio, compared with 0.95% for DULL.
ICOP has the higher dividend yield at 1.78%, compared with 0.00% for DULL.
DULL is categorized as Inverse Commodities, while ICOP is Copper. DULL tracks LBMA Gold Price PM ($/ozt) (-300%), while ICOP tracks STOXX Global Copper and Metals Mining Index. They also come from different issuers: REX and iShares. Their fees differ too: 0.95% for DULL and 0.47% for ICOP.
ICOP currently has the higher Sharpe Ratio (1.89 vs -0.75), 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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