GOEX vs. COPX

Last updated Jun 24, 2026

GOEX (Global X Gold Explorers ETF) and COPX (Global X Copper Miners ETF) are both exchange-traded funds - GOEX is a Gold fund tracking the Solactive Global Gold Explorers & Developers Total Return, while COPX is a Copper fund tracking the Solactive Global Copper Miners Total Return Index. Both are passively managed. Over the past 10 years, GOEX returned 11.97%/yr vs 20.81%/yr for COPX. At a 0.49 correlation, their price movements are largely independent. Both charge a 0.65% expense ratio.

Performance

GOEX vs. COPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Gold Explorers ETF (GOEX) and Global X Copper Miners ETF (COPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GOEX achieves a -10.87% return, which is significantly lower than COPX's 10.71% return. Over the past 10 years, GOEX has underperformed COPX with an annualized return of 11.97%, while COPX has yielded a comparatively higher 20.81% annualized return.

GOEX

• 1D: -4.76%
• 1M: -7.11%
• YTD: -10.87%
• 6M: -15.49%
• 1Y: 57.11%
• 3Y*: 46.70%
• 5Y*: 19.54%
• 10Y*: 11.97%

COPX

• 1D: -6.37%
• 1M: -4.64%
• YTD: 10.71%
• 6M: 10.01%
• 1Y: 92.36%
• 3Y*: 31.59%
• 5Y*: 19.08%
• 10Y*: 20.81%

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

GOEX vs. COPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GOEX Global X Gold Explorers ETF	-10.87%	179.50%	19.38%	1.99%	-14.63%	-14.45%	34.98%	36.73%	-14.84%	12.61%
COPX Global X Copper Miners ETF	10.71%	93.50%	3.57%	8.38%	-0.76%	23.39%	51.66%	12.48%	-31.31%	38.92%

Correlation

The correlation between GOEX and COPX is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Nov 4, 2010	0.49

The correlation between GOEX and COPX shifts across timeframes, from 0.49 (10 years) to 0.67 (1 year), reflecting how their relationship changes across market environments.

GOEX vs. COPX - Sectors Allocation Comparison

Sectors	GOEX	COPX
Basic Materials	100.0%	96.7%
Industrials	0.1%	3.3%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

GOEX vs. COPX — Risk / Return Rank

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

GOEX

GOEX Risk / Return Rank: 31
GOEX Sharpe Ratio Rank: 32
GOEX Sortino Ratio Rank: 31
GOEX Omega Ratio Rank: 33
GOEX Calmar Ratio Rank: 30
GOEX Martin Ratio Rank: 29

COPX

COPX Risk / Return Rank: 60
COPX Sharpe Ratio Rank: 67
COPX Sortino Ratio Rank: 52
COPX Omega Ratio Rank: 54
COPX Calmar Ratio Rank: 69
COPX Martin Ratio Rank: 59

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.

GOEX vs. COPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Gold Explorers ETF (GOEX) and Global X Copper Miners ETF (COPX). 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.

	GOEX	COPX	Difference
Sharpe ratio: Return per unit of total volatility	1.11	2.09	-0.98
Sortino ratio: Return per unit of downside risk	1.58	2.46	-0.88
Omega ratio: Gain probability vs. loss probability	1.21	1.32	-0.11
Calmar ratio: Return relative to maximum drawdown	1.45	3.34	-1.89
Martin ratio: Return relative to average drawdown	3.84	10.16	-6.32

GOEX vs. COPX - Sharpe Ratio Comparison

The current GOEX Sharpe Ratio is 1.11, which is lower than the COPX Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of GOEX and COPX, 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

GOEX vs. COPX - Drawdown Comparison

The maximum GOEX drawdown since its inception was -88.83%, which is greater than COPX's maximum drawdown of -83.16%. Use the drawdown chart below to compare losses from any high point for GOEX and COPX.

Drawdown Indicators

	GOEX	COPX	Difference
Max Drawdown Largest peak-to-trough decline	-88.83%	-83.16%	-5.67%
Max Drawdown (1Y) Largest decline over 1 year	-39.64%	-27.82%	-11.82%
Max Drawdown (3Y) Largest decline over 3 years	-39.64%	-39.72%	+0.08%
Max Drawdown (5Y) Largest decline over 5 years	-47.16%	-42.12%	-5.04%
Max Drawdown (10Y) Largest decline over 10 years	-53.66%	-65.41%	+11.75%
Current Drawdown Current decline from peak	-34.22%	-16.95%	-17.27%
Average Drawdown Average peak-to-trough decline	-63.47%	-39.24%	-24.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.92%	9.12%	+5.80%

Volatility

GOEX vs. COPX - Volatility Comparison

Global X Gold Explorers ETF (GOEX) and Global X Copper Miners ETF (COPX) have volatilities of 18.46% and 19.05%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GOEX	COPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.46%	19.05%	-0.59%
Volatility (6M) Calculated over the trailing 6-month period	42.70%	39.12%	+3.58%
Volatility (1Y) Calculated over the trailing 1-year period	51.52%	44.42%	+7.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.57%	37.03%	+2.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.17%	35.74%	+4.43%

GOEX vs. COPX - Expense Ratio Comparison

Both GOEX and COPX have an expense ratio of 0.65%.

Dividends

GOEX vs. COPX - Dividend Comparison

GOEX's dividend yield for the trailing twelve months is around 2.33%, less than COPX's 2.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COPX Global X Copper Miners ETF	2.42%	2.68%	1.80%	2.39%	3.14%	1.48%	1.30%	1.37%	2.59%	1.57%	0.60%	1.20%
GOEX Global X Gold Explorers ETF	2.33%	2.08%	2.46%	0.05%	1.04%	2.35%	2.62%	1.60%	0.00%	0.00%	38.91%	11.70%

Frequently Asked Questions

Can I hold both GOEX and COPX in my portfolio?

GOEX and COPX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GOEX or COPX?

COPX has higher volatility (19.05%) compared to GOEX (18.46%). In terms of maximum drawdown, GOEX dropped -88.83% vs COPX's -83.16%.

Which ETF is better, GOEX or COPX?

On 10-year performance, COPX leads with 20.81% vs 11.97% for GOEX. Both ETFs have the same 0.65% expense ratio. On volatility, GOEX has been the lower-risk option at 18.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GOEX or COPX?

Over the 10-year period, COPX has performed better with a 20.81% return vs 11.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GOEX or COPX?

GOEX and COPX have the same expense ratio: 0.65% per year.

Which ETF pays a higher dividend yield, GOEX or COPX?

COPX has the higher dividend yield at 2.42%, compared with 2.33% for GOEX.

What is the main difference between GOEX and COPX?

GOEX is categorized as Gold, while COPX is Copper. GOEX tracks Solactive Global Gold Explorers & Developers Total Return, while COPX tracks Solactive Global Copper Miners Total Return Index.

Which has better risk-adjusted returns?

COPX currently has the higher Sharpe Ratio (2.09 vs 1.11), 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.