HG=F vs. BZ=F

Last updated Apr 3, 2026

Compare and contrast key facts about Copper (HG=F) and Crude Oil Brent (BZ=F).

Performance

HG=F vs. BZ=F - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Copper (HG=F) and Crude Oil Brent (BZ=F). The values are adjusted to include any dividend payments, if applicable.

HG=F vs. BZ=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HG=F Copper	0.91%	39.82%	3.50%	2.10%	-14.63%	26.84%	25.81%	6.31%	-20.28%	31.73%
BZ=F Crude Oil Brent	79.21%	-18.48%	-3.12%	-10.32%	10.45%	50.15%	-21.52%	22.68%	-19.55%	17.69%

Returns By Period

In the year-to-date period, HG=F achieves a 0.91% return, which is significantly lower than BZ=F's 79.21% return. Over the past 10 years, HG=F has underperformed BZ=F with an annualized return of 10.23%, while BZ=F has yielded a comparatively higher 11.21% annualized return.

HG=F

• 1D: 1.02%
• 1M: -1.59%
• YTD: 0.91%
• 6M: 16.00%
• 1Y: 12.72%
• 3Y*: 11.95%
• 5Y*: 7.30%
• 10Y*: 10.23%

BZ=F

• 1D: 7.80%
• 1M: 33.97%
• YTD: 79.21%
• 6M: 70.10%
• 1Y: 45.50%
• 3Y*: 8.69%
• 5Y*: 10.95%
• 10Y*: 11.21%

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

Return for Risk

HG=F vs. BZ=F — Risk / Return Rank

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

HG=F

HG=F Risk / Return Rank: 4
HG=F Sharpe Ratio Rank: 6
HG=F Sortino Ratio Rank: 6
HG=F Omega Ratio Rank: 6
HG=F Calmar Ratio Rank: 0
HG=F Martin Ratio Rank: 0

BZ=F

BZ=F Risk / Return Rank: 52
BZ=F Sharpe Ratio Rank: 46
BZ=F Sortino Ratio Rank: 45
BZ=F Omega Ratio Rank: 43
BZ=F Calmar Ratio Rank: 85
BZ=F Martin Ratio Rank: 41

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.

HG=F vs. BZ=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Copper (HG=F) and Crude Oil Brent (BZ=F). 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.

	HG=F	BZ=F	Difference
Sharpe ratio Return per unit of total volatility	0.30	0.93	-0.63
Sortino ratio Return per unit of downside risk	0.61	1.42	-0.81
Omega ratio Gain probability vs. loss probability	1.11	1.21	-0.10
Calmar ratio Return relative to maximum drawdown	0.86	2.93	-2.07
Martin ratio Return relative to average drawdown	1.79	5.15	-3.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HG=F vs. BZ=F - Sharpe Ratio Comparison

The current HG=F Sharpe Ratio is 0.30, which is lower than the BZ=F Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of HG=F and BZ=F, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HG=F	BZ=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.30	0.93	-0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.29	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.28	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	0.15	-0.14

Correlation

The correlation between HG=F and BZ=F is 0.20, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

HG=F vs. BZ=F - Drawdown Comparison

The maximum HG=F drawdown since its inception was -99.27%, which is greater than BZ=F's maximum drawdown of -86.77%. Use the drawdown chart below to compare losses from any high point for HG=F and BZ=F.

Drawdown Indicators

	HG=F	BZ=F	Difference
Max Drawdown Largest peak-to-trough decline	-99.27%	-86.77%	-12.50%
Max Drawdown (1Y) Largest decline over 1 year	-25.17%	-23.58%	-1.59%
Max Drawdown (5Y) Largest decline over 5 years	-34.96%	-53.96%	+19.00%
Max Drawdown (10Y) Largest decline over 10 years	-36.54%	-77.60%	+41.06%
Current Drawdown Current decline from peak	-8.00%	-25.35%	+17.35%
Average Drawdown Average peak-to-trough decline	-29.73%	-41.03%	+11.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.06%	13.39%	-1.33%

Volatility

HG=F vs. BZ=F - Volatility Comparison

The current volatility for Copper (HG=F) is 6.96%, while Crude Oil Brent (BZ=F) has a volatility of 32.56%. This indicates that HG=F experiences smaller price fluctuations and is considered to be less risky than BZ=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HG=F	BZ=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.96%	32.56%	-25.60%
Volatility (6M) Calculated over the trailing 6-month period	20.78%	37.42%	-16.64%
Volatility (1Y) Calculated over the trailing 1-year period	36.93%	42.56%	-5.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.75%	35.84%	-9.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.53%	38.61%	-15.08%