FMTL vs. COPA

Last updated Jun 6, 2026

FMTL (First Trust Indxx Critical Metals ETF) and COPA (Themes Copper Miners ETF) are both Commodity Producers Equities funds - FMTL tracks the Indxx Global Critical Metals Index while COPA tracks the BITA Global Copper Mining Select Index. Both are passively managed. Their correlation of 0.92 suggests significant overlap in exposure. FMTL charges 0.65%/yr vs 0.35%/yr for COPA.

Performance

FMTL vs. COPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Indxx Critical Metals ETF (FMTL) 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, FMTL achieves a 19.55% return, which is significantly higher than COPA's 12.67% return.

FMTL

• 1D: -7.48%
• 1M: -6.16%
• YTD: 19.55%
• 6M: 28.10%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

COPA

• 1D: -9.59%
• 1M: -1.58%
• YTD: 12.67%
• 6M: 23.61%
• 1Y: 94.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FMTL vs. COPA - Yearly Performance Comparison

	2026 (YTD)	2025
FMTL First Trust Indxx Critical Metals ETF	19.55%	21.20%
COPA Themes Copper Miners ETF	12.67%	25.21%

Correlation

The correlation between FMTL and COPA is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 6, 2025	0.92

Return for Risk

FMTL vs. COPA — Risk / Return Rank

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

COPA

COPA Risk / Return Rank: 69
COPA Sharpe Ratio Rank: 79
COPA Sortino Ratio Rank: 63
COPA Omega Ratio Rank: 65
COPA Calmar Ratio Rank: 72
COPA Martin Ratio Rank: 66

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.

FMTL vs. COPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Indxx Critical Metals ETF (FMTL) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	FMTL	COPA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.25	1.23	+1.02

Drawdowns

FMTL vs. COPA - Drawdown Comparison

The maximum FMTL drawdown since its inception was -22.44%, smaller than the maximum COPA drawdown of -34.72%. Use the drawdown chart below to compare losses from any high point for FMTL and COPA.

Drawdown Indicators

	FMTL	COPA	Difference
Max Drawdown Largest peak-to-trough decline	-22.44%	-34.72%	+12.28%
Max Drawdown (1Y) Largest decline over 1 year	—	-28.05%	—
Current Drawdown Current decline from peak	-10.37%	-12.78%	+2.41%
Average Drawdown Average peak-to-trough decline	-5.09%	-9.61%	+4.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	8.44%	—

Volatility

Volatility by Period

	FMTL	COPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	16.52%	—
Volatility (6M) Calculated over the trailing 6-month period	—	34.46%	—
Volatility (1Y) Calculated over the trailing 1-year period	40.29%	40.20%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.29%	38.78%	+1.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.29%	38.78%	+1.51%

FMTL vs. COPA - Expense Ratio Comparison

FMTL has a 0.65% expense ratio, which is higher than COPA's 0.35% expense ratio.

Dividends

FMTL vs. COPA - Dividend Comparison

FMTL's dividend yield for the trailing twelve months is around 0.05%, less than COPA's 3.78% yield.

Position	TTM	2025	2024
COPA Themes Copper Miners ETF	3.78%	4.26%	1.33%
FMTL First Trust Indxx Critical Metals ETF	0.05%	0.06%	0.00%

Frequently Asked Questions

Can I hold both FMTL and COPA in my portfolio?

With a correlation of 0.92, FMTL and COPA 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 ETF is better, FMTL or COPA?

On fees, COPA is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FMTL or COPA?

COPA is cheaper with a 0.35% expense ratio, compared with 0.65% for FMTL.

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

COPA has the higher dividend yield at 3.78%, compared with 0.05% for FMTL.

What is the main difference between FMTL and COPA?

FMTL tracks Indxx Global Critical Metals Index, while COPA tracks BITA Global Copper Mining Select Index. They also come from different issuers: First Trust and Themes. Their fees differ too: 0.65% for FMTL and 0.35% for COPA.