HG=F vs. COPX

Last updated Jun 4, 2026

HG=F (Copper) is an asset, while COPX (Global X Copper Miners ETF) is Materials fund tracking the Solactive Global Copper Miners Index. Over the past 10 years, HG=F returned 11.85%/yr vs 21.95%/yr for COPX. A 0.64 correlation means they provide meaningful diversification when combined.

Performance

HG=F vs. COPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Copper (HG=F) 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, HG=F achieves a 15.17% return, which is significantly lower than COPX's 25.71% return. Over the past 10 years, HG=F has underperformed COPX with an annualized return of 11.85%, while COPX has yielded a comparatively higher 21.95% annualized return.

HG=F

• 1D: -2.49%
• 1M: 11.89%
• YTD: 15.17%
• 6M: 20.32%
• 1Y: 34.13%
• 3Y*: 20.19%
• 5Y*: 7.43%
• 10Y*: 11.85%

COPX

• 1D: -3.64%
• 1M: 17.74%
• YTD: 25.71%
• 6M: 36.90%
• 1Y: 120.82%
• 3Y*: 37.36%
• 5Y*: 19.87%
• 10Y*: 21.95%

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

HG=F vs. COPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HG=F Copper	15.17%	39.82%	3.50%	2.10%	-14.63%	26.84%	25.81%	6.31%	-20.28%	31.73%
COPX Global X Copper Miners ETF	25.71%	93.50%	3.57%	8.38%	-0.76%	23.39%	51.66%	12.48%	-31.31%	38.92%

Correlation

The correlation between HG=F and COPX is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Apr 21, 2010	0.64

The correlation between HG=F and COPX has been stable across timeframes, ranging from 0.64 to 0.70 - a consistent structural relationship.

Return for Risk

HG=F vs. COPX — 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: 18
HG=F Sharpe Ratio Rank: 16
HG=F Sortino Ratio Rank: 11
HG=F Omega Ratio Rank: 25
HG=F Calmar Ratio Rank: 19
HG=F Martin Ratio Rank: 21

COPX

COPX Risk / Return Rank: 75
COPX Sharpe Ratio Rank: 86
COPX Sortino Ratio Rank: 67
COPX Omega Ratio Rank: 67
COPX Calmar Ratio Rank: 82
COPX Martin Ratio Rank: 73

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. COPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Copper (HG=F) 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.

	HG=F	COPX	Difference
Sharpe ratio Return per unit of total volatility	0.84	2.93	-2.09
Sortino ratio Return per unit of downside risk	1.22	3.17	-1.95
Omega ratio Gain probability vs. loss probability	1.22	1.42	-0.20
Calmar ratio Return relative to maximum drawdown	1.19	4.37	-3.18
Martin ratio Return relative to average drawdown	2.60	14.00	-11.40
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. COPX - Sharpe Ratio Comparison

The current HG=F Sharpe Ratio is 0.84, which is lower than the COPX Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of HG=F 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

	HG=F	COPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.84	2.93	-2.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.55	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.62	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.19	+0.02

Drawdowns

HG=F vs. COPX - Drawdown Comparison

The maximum HG=F drawdown since its inception was -68.86%, smaller than the maximum COPX drawdown of -83.16%. Use the drawdown chart below to compare losses from any high point for HG=F and COPX.

Drawdown Indicators

	HG=F	COPX	Difference
Max Drawdown Largest peak-to-trough decline	-68.86%	-83.16%	+14.30%
Max Drawdown (1Y) Largest decline over 1 year	-25.17%	-27.82%	+2.65%
Max Drawdown (3Y) Largest decline over 3 years	-25.17%	-39.72%	+14.55%
Max Drawdown (5Y) Largest decline over 5 years	-34.96%	-42.12%	+7.16%
Max Drawdown (10Y) Largest decline over 10 years	-36.54%	-65.41%	+28.87%
Current Drawdown Current decline from peak	-2.49%	-5.69%	+3.20%
Average Drawdown Average peak-to-trough decline	-29.58%	-39.30%	+9.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.17%	8.66%	+3.51%

Volatility

HG=F vs. COPX - Volatility Comparison

The current volatility for Copper (HG=F) is 9.08%, while Global X Copper Miners ETF (COPX) has a volatility of 15.38%. This indicates that HG=F 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

	HG=F	COPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.08%	15.38%	-6.30%
Volatility (6M) Calculated over the trailing 6-month period	22.03%	35.68%	-13.65%
Volatility (1Y) Calculated over the trailing 1-year period	35.56%	41.41%	-5.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.88%	36.51%	-9.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.67%	35.55%	-11.88%

Frequently Asked Questions

Can I hold both HG=F and COPX in my portfolio?

HG=F and COPX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HG=F or COPX?

COPX has higher volatility (15.38%) compared to HG=F (9.08%). In terms of maximum drawdown, HG=F dropped -68.86% vs COPX's -83.16%.

Which has better risk-adjusted returns?

COPX currently has the higher Sharpe Ratio (2.93 vs 0.84), 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.