GUNR vs. COPA

Last updated Jun 4, 2026

GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) and COPA (Themes Copper Miners ETF) are both Commodity Producers Equities funds - GUNR tracks the Morningstar Global Upstream Natural Resources Index while COPA tracks the BITA Global Copper Mining Select Index. Both are passively managed. Over the past year, GUNR returned 41.45% vs 125.91% for COPA. A 0.67 correlation means they provide meaningful diversification when combined. GUNR charges 0.46%/yr vs 0.35%/yr for COPA.

Performance

GUNR vs. COPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) 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, GUNR achieves a 19.20% return, which is significantly lower than COPA's 25.73% return.

GUNR

• 1D: -0.69%
• 1M: 0.04%
• YTD: 19.20%
• 6M: 21.67%
• 1Y: 41.45%
• 3Y*: 14.42%
• 5Y*: 9.93%
• 10Y*: 11.17%

COPA

• 1D: -2.67%
• 1M: 19.35%
• YTD: 25.73%
• 6M: 38.86%
• 1Y: 125.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GUNR vs. COPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	19.20%	30.03%	-10.44%
COPA Themes Copper Miners ETF	25.73%	100.86%	-14.59%

Correlation

The correlation between GUNR and COPA is 0.62, 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	0.62
Correlation (All Time) Calculated using the full available price history since Sep 25, 2024	0.67

The correlation between GUNR and COPA has been stable across timeframes, ranging from 0.62 to 0.67 - a consistent structural relationship.

Return for Risk

GUNR vs. COPA — Risk / Return Rank

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

GUNR

GUNR Risk / Return Rank: 84
GUNR Sharpe Ratio Rank: 83
GUNR Sortino Ratio Rank: 76
GUNR Omega Ratio Rank: 79
GUNR Calmar Ratio Rank: 92
GUNR Martin Ratio Rank: 92

COPA

COPA Risk / Return Rank: 82
COPA Sharpe Ratio Rank: 92
COPA Sortino Ratio Rank: 78
COPA Omega Ratio Rank: 77
COPA Calmar Ratio Rank: 84
COPA Martin Ratio Rank: 78

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.

GUNR vs. COPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) 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.

	GUNR	COPA	Difference
Sharpe ratio Return per unit of total volatility	2.75	3.25	-0.50
Sortino ratio Return per unit of downside risk	3.48	3.48	0.00
Omega ratio Gain probability vs. loss probability	1.48	1.46	+0.02
Calmar ratio Return relative to maximum drawdown	6.12	4.52	+1.60
Martin ratio Return relative to average drawdown	23.21	15.06	+8.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GUNR vs. COPA - Sharpe Ratio Comparison

The current GUNR Sharpe Ratio is 2.75, which is comparable to the COPA Sharpe Ratio of 3.25. The chart below compares the historical Sharpe Ratios of GUNR and COPA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GUNR	COPA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	3.25	-0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	1.53	-1.20

Drawdowns

GUNR vs. COPA - Drawdown Comparison

The maximum GUNR drawdown since its inception was -45.64%, which is greater than COPA's maximum drawdown of -34.72%. Use the drawdown chart below to compare losses from any high point for GUNR and COPA.

Drawdown Indicators

	GUNR	COPA	Difference
Max Drawdown Largest peak-to-trough decline	-45.64%	-34.72%	-10.92%
Max Drawdown (1Y) Largest decline over 1 year	-6.81%	-28.05%	+21.24%
Max Drawdown (3Y) Largest decline over 3 years	-19.59%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.06%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.04%	—	—
Current Drawdown Current decline from peak	-2.56%	-2.67%	+0.11%
Average Drawdown Average peak-to-trough decline	-10.40%	-9.62%	-0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	8.39%	-6.60%

Volatility

GUNR vs. COPA - Volatility Comparison

The current volatility for FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) is 4.39%, while Themes Copper Miners ETF (COPA) has a volatility of 14.11%. This indicates that GUNR experiences smaller price fluctuations and is considered to be less risky than COPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GUNR	COPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	14.11%	-9.72%
Volatility (6M) Calculated over the trailing 6-month period	12.57%	33.12%	-20.55%
Volatility (1Y) Calculated over the trailing 1-year period	15.14%	38.98%	-23.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.98%	38.12%	-19.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.42%	38.12%	-17.70%

GUNR vs. COPA - Expense Ratio Comparison

GUNR has a 0.46% expense ratio, which is higher than COPA's 0.35% expense ratio.

Dividends

GUNR vs. COPA - Dividend Comparison

GUNR's dividend yield for the trailing twelve months is around 2.24%, less than COPA's 3.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COPA Themes Copper Miners ETF	3.39%	4.26%	1.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	2.24%	2.81%	3.39%	3.55%	4.12%	3.61%	2.79%	3.25%	3.27%	2.00%	1.73%	4.50%

Frequently Asked Questions

Can I hold both GUNR and COPA in my portfolio?

GUNR and COPA have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GUNR or COPA?

COPA has higher volatility (14.11%) compared to GUNR (4.39%). In terms of maximum drawdown, GUNR dropped -45.64% vs COPA's -34.72%.

Which ETF is better, GUNR or COPA?

On 1-year performance, COPA leads with 125.91% vs 41.45% for GUNR. On fees, COPA is cheaper at 0.35% per year. On volatility, GUNR has been the lower-risk option at 4.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GUNR or COPA?

Over the 1-year period, COPA has performed better with a 125.91% return vs 41.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GUNR or COPA?

COPA is cheaper with a 0.35% expense ratio, compared with 0.46% for GUNR.

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

COPA has the higher dividend yield at 3.39%, compared with 2.24% for GUNR.

What is the main difference between GUNR and COPA?

GUNR tracks Morningstar Global Upstream Natural Resources Index, while COPA tracks BITA Global Copper Mining Select Index. They also come from different issuers: Northern Trust and Themes. Their fees differ too: 0.46% for GUNR and 0.35% for COPA.

Which has better risk-adjusted returns?

COPA currently has the higher Sharpe Ratio (3.25 vs 2.75), 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.