FEZ vs. CPER
FEZ (State Street SPDR EURO STOXX 50 ETF) and CPER (United States Copper Index Fund) are both exchange-traded funds - FEZ is a Europe Equities fund tracking the EURO STOXX 50 Index, while CPER is a Copper fund tracking the SummerHaven Copper Index Total Return. Both are passively managed. Over the past 10 years, FEZ returned 11.34%/yr vs 11.36%/yr for CPER. At a 0.38 correlation, their price movements are largely independent. FEZ charges 0.29%/yr vs 1.06%/yr for CPER.
Performance
FEZ vs. CPER - Performance Comparison
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Returns By Period
In the year-to-date period, FEZ achieves a 7.29% return, which is significantly lower than CPER's 13.13% return. Both investments have delivered pretty close results over the past 10 years, with FEZ having a 11.34% annualized return and CPER not far ahead at 11.36%.
FEZ
- 1D
- 0.09%
- 1M
- 6.20%
- YTD
- 7.29%
- 6M
- 8.07%
- 1Y
- 19.95%
- 3Y*
- 17.98%
- 5Y*
- 10.21%
- 10Y*
- 11.34%
CPER
- 1D
- 1.57%
- 1M
- -1.17%
- YTD
- 13.13%
- 6M
- 20.47%
- 1Y
- 32.85%
- 3Y*
- 18.85%
- 5Y*
- 7.15%
- 10Y*
- 11.36%
FEZ vs. CPER - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FEZ State Street SPDR EURO STOXX 50 ETF | 7.29% | 37.81% | 3.57% | 27.16% | -14.27% | 14.84% | 4.84% | 26.04% | -15.85% | 24.80% |
CPER United States Copper Index Fund | 13.13% | 38.95% | 4.23% | 4.55% | -15.14% | 25.21% | 23.90% | 6.66% | -21.91% | 28.80% |
Correlation
The correlation between FEZ and CPER is 0.53, 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 | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2011 | 0.38 |
The correlation between FEZ and CPER shifts across timeframes, from 0.38 (all time) to 0.53 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FEZ vs. CPER — Risk / Return Rank
FEZ
CPER
FEZ vs. CPER - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR EURO STOXX 50 ETF (FEZ) 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.
| FEZ | CPER | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.21 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.29 | 1.25 | +0.05 |
| Martin ratioReturn relative to average drawdown | 4.40 | 2.58 | +1.82 |
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Drawdowns
FEZ vs. CPER - Drawdown Comparison
The maximum FEZ drawdown since its inception was -64.21%, which is greater than CPER's maximum drawdown of -54.04%. Use the drawdown chart below to compare losses from any high point for FEZ and CPER.
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Drawdown Indicators
| FEZ | CPER | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.21% | -54.04% | -10.17% |
Max Drawdown (1Y)Largest decline over 1 year | -13.63% | -24.77% | +11.14% |
Max Drawdown (3Y)Largest decline over 3 years | -15.85% | -24.77% | +8.92% |
Max Drawdown (5Y)Largest decline over 5 years | -35.05% | -34.75% | -0.30% |
Max Drawdown (10Y)Largest decline over 10 years | -39.69% | -38.42% | -1.27% |
Current DrawdownCurrent decline from peak | -0.37% | -2.59% | +2.22% |
Average DrawdownAverage peak-to-trough decline | -17.05% | -25.36% | +8.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.01% | 11.95% | -7.94% |
Volatility
FEZ vs. CPER - Volatility Comparison
The current volatility for State Street SPDR EURO STOXX 50 ETF (FEZ) is 6.57%, while United States Copper Index Fund (CPER) has a volatility of 10.06%. This indicates that FEZ experiences smaller price fluctuations and is considered to be less risky than CPER based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FEZ | CPER | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.57% | 10.06% | -3.49% |
Volatility (6M)Calculated over the trailing 6-month period | 15.48% | 23.36% | -7.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.45% | 34.86% | -16.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.70% | 27.08% | -6.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.11% | 24.09% | -2.98% |
FEZ vs. CPER - Expense Ratio Comparison
FEZ has a 0.29% expense ratio, which is lower than CPER's 1.06% expense ratio.
Dividends
FEZ vs. CPER - Dividend Comparison
FEZ's dividend yield for the trailing twelve months is around 2.52%, while CPER has not paid dividends to shareholders.
| 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% |
FEZ State Street SPDR EURO STOXX 50 ETF | 2.52% | 2.78% | 2.94% | 2.75% | 3.06% | 2.61% | 2.13% | 2.61% | 3.45% | 2.44% | 3.35% | 3.03% |
Frequently Asked Questions
FEZ and CPER have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CPER has higher volatility (10.06%) compared to FEZ (6.57%). In terms of maximum drawdown, FEZ dropped -64.21% vs CPER's -54.04%.
On 10-year performance, CPER leads with 11.36% vs 11.34% for FEZ. On fees, FEZ is cheaper at 0.29% per year. On volatility, FEZ has been the lower-risk option at 6.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CPER has performed better with a 11.36% return vs 11.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FEZ is cheaper with a 0.29% expense ratio, compared with 1.06% for CPER.
FEZ has the higher dividend yield at 2.52%, compared with 0.00% for CPER.
FEZ is categorized as Europe Equities, while CPER is Copper. FEZ tracks EURO STOXX 50 Index, while CPER tracks SummerHaven Copper Index Total Return. They also come from different issuers: State Street and USCF. Their fees differ too: 0.29% for FEZ and 1.06% for CPER.
FEZ currently has the higher Sharpe Ratio (0.96 vs 0.88), 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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