GDXD vs. ICOP
GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040) and ICOP (iShares Copper and Metals Mining ETF) are both exchange-traded funds - GDXD is a Inverse Equities fund tracking the S-Network MicroSectors Gold Miners Index, while ICOP is a Copper fund tracking the STOXX Global Copper and Metals Mining Index. Both are passively managed. Over the past 3 years, GDXD returned -83.55%/yr vs 26.30%/yr for ICOP. Their -0.67 correlation means they have often moved in opposite directions in the past. GDXD charges 0.95%/yr vs 0.47%/yr for ICOP.
Performance
GDXD vs. ICOP - Performance Comparison
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Returns By Period
In the year-to-date period, GDXD achieves a -42.32% return, which is significantly lower than ICOP's 13.30% return.
GDXD
- 1D
- 10.48%
- 1M
- 10.38%
- 6M
- -10.42%
- YTD
- -42.32%
- 1Y
- -91.93%
- 3Y*
- -83.55%
- 5Y*
- -73.29%
- 10Y*
- —
- ALL TIME*
- -70.78%
ICOP
- 1D
- -1.40%
- 1M
- 1.44%
- 6M
- -1.66%
- YTD
- 13.30%
- 1Y
- 75.25%
- 3Y*
- 26.30%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 28.98%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $19.58M | $21.95M | $29.87M | |
| $3.24M | $3.32M | $5.52M |
GDXD vs. ICOP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 | -42.32% | -97.53% | -57.78% | -33.88% |
ICOP iShares Copper and Metals Mining ETF | 13.30% | 78.01% | 1.10% | 8.08% |
Correlation
The correlation between GDXD and ICOP is -0.76, 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. | -0.76 |
Correlation (3Y) Balances recent behavior with more history. | -0.67 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023 | -0.67 |
The correlation between GDXD and ICOP has been stable across timeframes, ranging from -0.76 to -0.67 - a consistent structural relationship.
GDXD vs. ICOP - Sectors Allocation Comparison
Sectors
GDXD
ICOP
Basic Materials
Communication Services
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Consumer Cyclical
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Consumer Defensive
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-
Energy
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-
Financial Services
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-
Healthcare
-
-
Industrials
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-
Real Estate
-
-
Technology
-
-
Utilities
-
-
Basic Materials
GDXD
ICOP
Communication Services
GDXD
-
ICOP
-
Consumer Cyclical
GDXD
-
ICOP
-
Consumer Defensive
GDXD
-
ICOP
-
Energy
GDXD
-
ICOP
-
Financial Services
GDXD
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ICOP
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Healthcare
GDXD
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ICOP
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Industrials
GDXD
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ICOP
-
Real Estate
GDXD
-
ICOP
-
Technology
GDXD
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ICOP
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Utilities
GDXD
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ICOP
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Return for Risk
GDXD vs. ICOP — Risk / Return Rank
GDXD
ICOP
GDXD vs. ICOP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 (GDXD) 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.
| GDXD | ICOP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.48 | ||
| Sortino ratioReturn per unit of downside risk | -3.78 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.30 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 2.88 | -3.84 |
| Martin ratioReturn relative to average drawdown | -1.11 | 8.34 | -9.45 |
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Drawdowns
GDXD vs. ICOP - Drawdown Comparison
The maximum GDXD drawdown since its inception was -99.96%, which is greater than ICOP's maximum drawdown of -38.67%. Use the drawdown chart below to compare losses from any high point for GDXD and ICOP.
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Drawdown Indicators
| GDXD | ICOP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.96% | -38.67% | -61.29% |
Max Drawdown (1Y)Largest decline over 1 year | -95.95% | -26.13% | -69.82% |
Max Drawdown (3Y)Largest decline over 3 years | -99.86% | -38.67% | -61.19% |
Max Drawdown (5Y)Largest decline over 5 years | -99.96% | — | — |
Current DrawdownCurrent decline from peak | -99.92% | -13.92% | -86.00% |
Average DrawdownAverage peak-to-trough decline | -72.59% | -11.76% | -60.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 83.56% | 8.99% | +74.57% |
Volatility
GDXD vs. ICOP - Volatility Comparison
MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 (GDXD) has a higher volatility of 40.76% compared to iShares Copper and Metals Mining ETF (ICOP) at 12.26%. This indicates that GDXD'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
| GDXD | ICOP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 40.76% | 12.26% | +28.50% |
Volatility (6M)Calculated over the trailing 6-month period | 118.25% | 35.69% | +82.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 146.68% | 40.68% | +106.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 112.62% | 34.64% | +77.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 110.97% | 34.64% | +76.33% |
GDXD vs. ICOP - Expense Ratio Comparison
GDXD has a 0.95% expense ratio, which is higher than ICOP's 0.47% expense ratio.
Dividends
GDXD vs. ICOP - Dividend Comparison
GDXD has not paid dividends to shareholders, while ICOP's dividend yield for the trailing twelve months is around 1.79%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 | 0.00% | 0.00% | 0.00% | 0.00% |
ICOP iShares Copper and Metals Mining ETF | 1.79% | 2.08% | 1.87% | 2.15% |
Frequently Asked Questions
GDXD and ICOP have a correlation of -0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDXD has higher volatility (40.76%) compared to ICOP (12.26%). In terms of maximum drawdown, GDXD dropped -99.96% vs ICOP's -38.67%.
On 3-year performance, ICOP leads with 26.30% vs -83.55% for GDXD. On fees, ICOP is cheaper at 0.47% per year. On volatility, ICOP has been the lower-risk option at 12.26%. 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 26.30% return vs -83.55%. 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 GDXD.
ICOP has the higher dividend yield at 1.79%, compared with 0.00% for GDXD.
GDXD is categorized as Inverse Equities, while ICOP is Copper. GDXD tracks S-Network MicroSectors Gold Miners Index, while ICOP tracks STOXX Global Copper and Metals Mining Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.95% for GDXD and 0.47% for ICOP.
ICOP currently has the higher Sharpe Ratio (1.85 vs -0.63), 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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