GXLE.L vs. COPX

Last updated Jun 5, 2026

GXLE.L (SPDR S&P US Energy Select Sector UCITS ETF) and COPX (Global X Copper Miners ETF) are both exchange-traded funds - GXLE.L is a Energy Equities fund tracking the MSCI World/Energy NR USD, while COPX is a Materials fund tracking the Solactive Global Copper Miners Total Return Index. Both are passively managed. Over the past 3 years, GXLE.L returned 14.18%/yr vs 34.52%/yr for COPX. At a 0.18 correlation, their price movements are largely independent. GXLE.L charges 0.15%/yr vs 0.65%/yr for COPX.

Performance

GXLE.L vs. COPX - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR S&P US Energy Select Sector UCITS ETF (GXLE.L) and Global X Copper Miners ETF (COPX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GXLE.L is traded in GBP, while COPX is traded in USD. To make them comparable, the COPX values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, GXLE.L achieves a 30.65% return, which is significantly higher than COPX's 26.18% return.

GXLE.L

• 1D: -0.48%
• 1M: -0.13%
• YTD: 30.65%
• 6M: 28.41%
• 1Y: 47.66%
• 3Y*: 14.18%
• 5Y*: —
• 10Y*: —

COPX

• 1D: -0.03%
• 1M: 16.41%
• YTD: 26.18%
• 6M: 36.45%
• 1Y: 120.11%
• 3Y*: 34.52%
• 5Y*: 21.16%
• 10Y*: 22.37%

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

GXLE.L vs. COPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GXLE.L SPDR S&P US Energy Select Sector UCITS ETF	30.65%	2.22%	5.51%	-5.03%	26.48%
COPX Global X Copper Miners ETF	26.18%	79.71%	5.38%	2.96%	-15.22%

Correlation

The correlation between GXLE.L and COPX is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022	0.18

The correlation between GXLE.L and COPX shifts across timeframes, from -0.09 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GXLE.L vs. COPX — Risk / Return Rank

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

GXLE.L

GXLE.L Risk / Return Rank: 56
GXLE.L Sharpe Ratio Rank: 61
GXLE.L Sortino Ratio Rank: 51
GXLE.L Omega Ratio Rank: 59
GXLE.L Calmar Ratio Rank: 58
GXLE.L Martin Ratio Rank: 53

COPX

COPX Risk / Return Rank: 77
COPX Sharpe Ratio Rank: 87
COPX Sortino Ratio Rank: 70
COPX Omega Ratio Rank: 70
COPX Calmar Ratio Rank: 82
COPX Martin Ratio Rank: 74

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.

GXLE.L vs. COPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P US Energy Select Sector UCITS ETF (GXLE.L) 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.

	GXLE.L	COPX	Difference
Sharpe ratio: Return per unit of total volatility	2.00	3.11	-1.11
Sortino ratio: Return per unit of downside risk	2.45	3.32	-0.87
Omega ratio: Gain probability vs. loss probability	1.35	1.45	-0.09
Calmar ratio: Return relative to maximum drawdown	2.85	4.46	-1.61
Martin ratio: Return relative to average drawdown	9.07	14.58	-5.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GXLE.L vs. COPX - Sharpe Ratio Comparison

The current GXLE.L Sharpe Ratio is 2.00, which is lower than the COPX Sharpe Ratio of 3.11. The chart below compares the historical Sharpe Ratios of GXLE.L 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.

Sharpe Ratios by Period

	GXLE.L	COPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	3.11	-1.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.64	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.23	+0.30

Drawdowns

GXLE.L vs. COPX - Drawdown Comparison

The maximum GXLE.L drawdown since its inception was -23.60%, smaller than the maximum COPX drawdown of -81.19%. Use the drawdown chart below to compare losses from any high point for GXLE.L and COPX.

Drawdown Indicators

	GXLE.L	COPX	Difference
Max Drawdown Largest peak-to-trough decline	-23.60%	-81.19%	+57.59%
Max Drawdown (1Y) Largest decline over 1 year	-16.63%	-27.06%	+10.43%
Max Drawdown (3Y) Largest decline over 3 years	-23.60%	-40.03%	+16.43%
Max Drawdown (5Y) Largest decline over 5 years	—	-40.03%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-59.06%	—
Current Drawdown Current decline from peak	-8.95%	-5.28%	-3.67%
Average Drawdown Average peak-to-trough decline	-10.77%	-34.97%	+24.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.24%	8.27%	-3.03%

Volatility

GXLE.L vs. COPX - Volatility Comparison

The current volatility for SPDR S&P US Energy Select Sector UCITS ETF (GXLE.L) is 9.27%, while Global X Copper Miners ETF (COPX) has a volatility of 14.49%. This indicates that GXLE.L experiences smaller price fluctuations and is considered to be less risky than COPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GXLE.L	COPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.27%	14.49%	-5.22%
Volatility (6M) Calculated over the trailing 6-month period	20.29%	33.20%	-12.91%
Volatility (1Y) Calculated over the trailing 1-year period	23.82%	38.87%	-15.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.52%	33.11%	-7.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.52%	33.15%	-7.63%

GXLE.L vs. COPX - Expense Ratio Comparison

GXLE.L has a 0.15% expense ratio, which is lower than COPX's 0.65% expense ratio.

Dividends

GXLE.L vs. COPX - Dividend Comparison

GXLE.L has not paid dividends to shareholders, while COPX's dividend yield for the trailing twelve months is around 2.13%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COPX Global X Copper Miners ETF	2.13%	2.68%	1.80%	2.39%	3.14%	1.48%	1.30%	1.37%	2.59%	1.57%	0.60%	1.20%
GXLE.L SPDR S&P US Energy Select Sector UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GXLE.L and COPX in my portfolio?

GXLE.L and COPX have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GXLE.L or COPX?

On fees, GXLE.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GXLE.L or COPX?

GXLE.L is cheaper with a 0.15% expense ratio, compared with 0.65% for COPX.

What is the main difference between GXLE.L and COPX?

GXLE.L is categorized as Energy Equities, while COPX is Materials. GXLE.L tracks MSCI World/Energy NR USD, while COPX tracks Solactive Global Copper Miners Total Return Index. They also come from different issuers: State Street and Global X. Their fees differ too: 0.15% for GXLE.L and 0.65% for COPX.