IBIT vs. ICOP

Last updated Aug 1, 2026

IBIT (iShares Bitcoin Trust ETF) and ICOP (iShares Copper and Metals Mining ETF) are both exchange-traded funds - IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while ICOP is a Copper fund tracking the STOXX Global Copper and Metals Mining Index. Both are passively managed. Over the past year, IBIT returned -46.26% vs 74.78% for ICOP. Their 0.30 correlation means their historical movements had little consistent relationship. IBIT charges 0.25%/yr vs 0.47%/yr for ICOP.

Performance

IBIT vs. ICOP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Bitcoin Trust ETF (IBIT) and iShares Copper and Metals Mining ETF (ICOP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBIT achieves a -28.22% return, which is significantly lower than ICOP's 13.30% return.

IBIT

• 1D: -2.89%
• 1M: 4.82%
• 6M: -24.95%
• YTD: -28.22%
• 1Y: -46.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.01%

ICOP

• 1D: -1.40%
• 1M: 2.90%
• 6M: -1.66%
• YTD: 13.30%
• 1Y: 74.78%
• 3Y*: 26.30%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 28.98%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IBIT iShares Bitcoin Trust ETF	$1.30B	$1.34B	$1.68B
ICOP iShares Copper and Metals Mining ETF	$3.24M	$3.32M	$5.52M

IBIT vs. ICOP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBIT iShares Bitcoin Trust ETF	-28.22%	-6.41%	89.87%
ICOP iShares Copper and Metals Mining ETF	13.30%	78.01%	4.47%

Correlation

The correlation between IBIT and ICOP is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.40
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.30

Return for Risk

IBIT vs. ICOP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IBIT

IBIT Risk / Return Rank: 1
IBIT Sharpe Ratio Rank: 1
IBIT Sortino Ratio Rank: 1
IBIT Omega Ratio Rank: 2
IBIT Calmar Ratio Rank: 2
IBIT Martin Ratio Rank: 1

ICOP

ICOP Risk / Return Rank: 75
ICOP Sharpe Ratio Rank: 81
ICOP Sortino Ratio Rank: 71
ICOP Omega Ratio Rank: 73
ICOP Calmar Ratio Rank: 80
ICOP Martin Ratio Rank: 69

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IBIT vs. ICOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust ETF (IBIT) and iShares Copper and Metals Mining ETF (ICOP). 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.

	IBIT	ICOP	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	1.85	-2.89
Sortino ratio: Return per unit of downside risk	-1.57	2.29	-3.86
Omega ratio: Gain probability vs. loss probability	0.83	1.30	-0.47
Calmar ratio: Return relative to maximum drawdown	-0.87	2.88	-3.75
Martin ratio: Return relative to average drawdown	-1.34	8.34	-9.68

IBIT vs. ICOP - Sharpe Ratio Comparison

The current IBIT Sharpe Ratio is -1.04, which is lower than the ICOP Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of IBIT and ICOP, 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

IBIT vs. ICOP - Drawdown Comparison

The maximum IBIT drawdown since its inception was -53.30%, which is greater than ICOP's maximum drawdown of -38.67%. Use the drawdown chart below to compare losses from any high point for IBIT and ICOP.

Drawdown Indicators

	IBIT	ICOP	Difference
Max Drawdown Largest peak-to-trough decline	-53.30%	-38.67%	-14.63%
Max Drawdown (1Y) Largest decline over 1 year	-53.30%	-26.13%	-27.17%
Max Drawdown (3Y) Largest decline over 3 years	—	-38.67%	—
Current Drawdown Current decline from peak	-50.01%	-13.92%	-36.09%
Average Drawdown Average peak-to-trough decline	-18.24%	-11.76%	-6.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.66%	8.99%	+25.67%

Volatility

IBIT vs. ICOP - Volatility Comparison

The current volatility for iShares Bitcoin Trust ETF (IBIT) is 9.21%, while iShares Copper and Metals Mining ETF (ICOP) has a volatility of 12.26%. This indicates that IBIT experiences smaller price fluctuations and is considered to be less risky than ICOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBIT	ICOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.21%	12.26%	-3.05%
Volatility (6M) Calculated over the trailing 6-month period	33.74%	35.69%	-1.95%
Volatility (1Y) Calculated over the trailing 1-year period	44.46%	40.68%	+3.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.60%	34.64%	+14.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.60%	34.64%	+14.96%

IBIT vs. ICOP - Expense Ratio Comparison

IBIT has a 0.25% expense ratio, which is lower than ICOP's 0.47% expense ratio.

Dividends

IBIT vs. ICOP - Dividend Comparison

IBIT has not paid dividends to shareholders, while ICOP's dividend yield for the trailing twelve months is around 1.79%.

Position	TTM	2025	2024	2023
IBIT iShares Bitcoin Trust ETF	0.00%	0.00%	0.00%	0.00%
ICOP iShares Copper and Metals Mining ETF	1.79%	2.08%	1.87%	2.15%

Frequently Asked Questions

Can I hold both IBIT and ICOP in my portfolio?

IBIT and ICOP have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBIT or ICOP?

ICOP has higher volatility (12.26%) compared to IBIT (9.21%). In terms of maximum drawdown, IBIT dropped -53.30% vs ICOP's -38.67%.

Which ETF is better, IBIT or ICOP?

On 1-year performance, ICOP leads with 74.78% vs -46.26% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 9.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBIT or ICOP?

Over the 1-year period, ICOP has performed better with a 74.78% return vs -46.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBIT or ICOP?

IBIT is cheaper with a 0.25% expense ratio, compared with 0.47% for ICOP.

Which ETF pays a higher dividend yield, IBIT or ICOP?

ICOP has the higher dividend yield at 1.79%, compared with 0.00% for IBIT.

What is the main difference between IBIT and ICOP?

IBIT is categorized as Cryptocurrency, while ICOP is Copper. IBIT tracks CME CF Bitcoin Reference Rate - New York Variant, while ICOP tracks STOXX Global Copper and Metals Mining Index. Their fees differ too: 0.25% for IBIT and 0.47% for ICOP.

Which has better risk-adjusted returns?

ICOP currently has the higher Sharpe Ratio (1.85 vs -1.04), 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.