GDX vs. COPJ

Last updated Jun 13, 2026

GDX (VanEck Gold Miners ETF) and COPJ (Sprott Junior Copper Miners ETF) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while COPJ is a Commodity Producers Equities fund tracking the Nasdaq Sprott Junior Copper Miners Index. Both are passively managed. Over the past 3 years, GDX returned 38.96%/yr vs 41.69%/yr for COPJ. A 0.59 correlation means they provide meaningful diversification when combined. GDX charges 0.51%/yr vs 0.78%/yr for COPJ.

Performance

GDX vs. COPJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Gold Miners ETF (GDX) and Sprott Junior Copper Miners ETF (COPJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDX achieves a -6.69% return, which is significantly lower than COPJ's 8.25% return.

GDX

• 1D: 2.97%
• 1M: -14.82%
• YTD: -6.69%
• 6M: -5.89%
• 1Y: 48.02%
• 3Y*: 38.96%
• 5Y*: 17.51%
• 10Y*: 13.29%

COPJ

• 1D: 4.06%
• 1M: -7.22%
• YTD: 8.25%
• 6M: 18.98%
• 1Y: 100.49%
• 3Y*: 41.69%
• 5Y*: —
• 10Y*: —

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

GDX vs. COPJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GDX VanEck Gold Miners ETF	-6.69%	154.77%	10.63%	-3.73%
COPJ Sprott Junior Copper Miners ETF	8.25%	140.63%	11.07%	-6.47%

Correlation

The correlation between GDX and COPJ is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.59

The correlation between GDX and COPJ has been stable across timeframes, ranging from 0.59 to 0.61 - a consistent structural relationship.

GDX vs. COPJ - Sectors Allocation Comparison

Sectors	GDX	COPJ
Basic Materials	100.0%	100.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	3.6%
Utilities	-	-

Return for Risk

GDX vs. COPJ — Risk / Return Rank

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

GDX

GDX Risk / Return Rank: 33
GDX Sharpe Ratio Rank: 34
GDX Sortino Ratio Rank: 31
GDX Omega Ratio Rank: 36
GDX Calmar Ratio Rank: 32
GDX Martin Ratio Rank: 30

COPJ

COPJ Risk / Return Rank: 70
COPJ Sharpe Ratio Rank: 84
COPJ Sortino Ratio Rank: 66
COPJ Omega Ratio Rank: 72
COPJ Calmar Ratio Rank: 72
COPJ Martin Ratio Rank: 57

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.

GDX vs. COPJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and Sprott Junior Copper Miners ETF (COPJ). 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.

	GDX	COPJ	Difference
Sharpe ratio: Return per unit of total volatility	1.09	2.33	-1.25
Sortino ratio: Return per unit of downside risk	1.51	2.62	-1.11
Omega ratio: Gain probability vs. loss probability	1.21	1.37	-0.16
Calmar ratio: Return relative to maximum drawdown	1.40	3.21	-1.81
Martin ratio: Return relative to average drawdown	3.87	8.96	-5.09

GDX vs. COPJ - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 1.09, which is lower than the COPJ Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of GDX and COPJ, 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

GDX vs. COPJ - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, which is greater than COPJ's maximum drawdown of -32.28%. Use the drawdown chart below to compare losses from any high point for GDX and COPJ.

Drawdown Indicators

	GDX	COPJ	Difference
Max Drawdown Largest peak-to-trough decline	-80.34%	-32.28%	-48.06%
Max Drawdown (1Y) Largest decline over 1 year	-36.28%	-32.28%	-4.00%
Max Drawdown (3Y) Largest decline over 3 years	-36.28%	-32.28%	-4.00%
Max Drawdown (5Y) Largest decline over 5 years	-46.51%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-49.79%	—	—
Current Drawdown Current decline from peak	-30.91%	-17.26%	-13.65%
Average Drawdown Average peak-to-trough decline	-40.41%	-11.97%	-28.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.11%	11.53%	+1.58%

Volatility

GDX vs. COPJ - Volatility Comparison

The current volatility for VanEck Gold Miners ETF (GDX) is 17.20%, while Sprott Junior Copper Miners ETF (COPJ) has a volatility of 19.44%. This indicates that GDX experiences smaller price fluctuations and is considered to be less risky than COPJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDX	COPJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.20%	19.44%	-2.24%
Volatility (6M) Calculated over the trailing 6-month period	39.15%	37.98%	+1.17%
Volatility (1Y) Calculated over the trailing 1-year period	46.89%	44.42%	+2.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.74%	35.48%	+1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.34%	35.48%	+1.86%

GDX vs. COPJ - Expense Ratio Comparison

GDX has a 0.51% expense ratio, which is lower than COPJ's 0.78% expense ratio.

Dividends

GDX vs. COPJ - Dividend Comparison

GDX's dividend yield for the trailing twelve months is around 0.79%, less than COPJ's 10.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COPJ Sprott Junior Copper Miners ETF	10.69%	11.57%	11.64%	2.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GDX VanEck Gold Miners ETF	0.79%	0.74%	1.19%	1.61%	1.66%	1.67%	0.53%	0.67%	0.50%	0.76%	0.26%	0.85%

Frequently Asked Questions

Can I hold both GDX and COPJ in my portfolio?

GDX and COPJ have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDX or COPJ?

COPJ has higher volatility (19.44%) compared to GDX (17.20%). In terms of maximum drawdown, GDX dropped -80.34% vs COPJ's -32.28%.

Which ETF is better, GDX or COPJ?

On 3-year performance, COPJ leads with 41.69% vs 38.96% for GDX. On fees, GDX is cheaper at 0.51% per year. On volatility, GDX has been the lower-risk option at 17.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDX or COPJ?

Over the 3-year period, COPJ has performed better with a 41.69% return vs 38.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDX or COPJ?

GDX is cheaper with a 0.51% expense ratio, compared with 0.78% for COPJ.

Which ETF pays a higher dividend yield, GDX or COPJ?

COPJ has the higher dividend yield at 10.69%, compared with 0.79% for GDX.

What is the main difference between GDX and COPJ?

GDX is categorized as Gold, while COPJ is Commodity Producers Equities. GDX tracks NYSE MarketVector Global Gold Miners Index, while COPJ tracks Nasdaq Sprott Junior Copper Miners Index. They also come from different issuers: VanEck and Sprott. Their fees differ too: 0.51% for GDX and 0.78% for COPJ.

Which has better risk-adjusted returns?

COPJ currently has the higher Sharpe Ratio (2.33 vs 1.09), 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.