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ICOP vs. COPM.AS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ICOP vs. COPM.AS

Last updated Jun 4, 2026

ICOP (iShares Copper and Metals Mining ETF) and COPM.AS (iShares Copper Miners UCITS ETF) are both Commodity Producers Equities funds from iShares - ICOP tracks the STOXX Global Copper and Metals Mining Index while COPM.AS tracks the STOXX Global Copper Miners Index. Both are passively managed. Over the past year, ICOP returned 102.60% vs 110.00% for COPM.AS. A 0.76 correlation means they provide meaningful diversification when combined. ICOP charges 0.47%/yr vs 0.55%/yr for COPM.AS.

Performance

ICOP vs. COPM.AS - Performance Comparison

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

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Returns By Period

The year-to-date returns for both investments are quite close, with ICOP having a 27.29% return and COPM.AS slightly higher at 27.79%.

ICOP

1D
-3.29%
1M
17.09%
YTD
27.29%
6M
37.08%
1Y
102.60%
3Y*
—
5Y*
—
10Y*
—

COPM.AS

1D
-2.44%
1M
16.46%
YTD
27.79%
6M
38.45%
1Y
110.00%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ICOP vs. COPM.AS - Yearly Performance Comparison

2026 (YTD)202520242023
ICOP
iShares Copper and Metals Mining ETF		27.29%78.01%1.10%6.74%
COPM.AS
iShares Copper Miners UCITS ETF		27.79%82.17%0.45%4.71%

Correlation

The correlation between ICOP and COPM.AS is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.81

Correlation (All Time)
Calculated using the full available price history since Jun 27, 2023

0.76

The correlation between ICOP and COPM.AS has been stable across timeframes, ranging from 0.76 to 0.81 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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iShares Copper and Metals Mining ETF

iShares Copper Miners UCITS ETF

Often compared with ICOP:
ICOP vs. COPXICOP vs. CPERICOP vs. COPPICOP vs. PICKICOP vs. COPJICOP vs. IAUICOP vs. NIKL
Often compared with COPM.AS:
COPM.AS vs. COPXCOPM.AS vs. CNDX.ASCOPM.AS vs. IWDA.ASCOPM.AS vs. AMEL.DECOPM.AS vs. EUEA.ASCOPM.AS vs. CSPX.ASCOPM.AS vs. BRNT.L

Return for Risk

ICOP vs. COPM.AS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ICOP
ICOP Risk / Return Rank: 7474
Overall Rank
ICOP Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
ICOP Sortino Ratio Rank: 6666
Sortino Ratio Rank
ICOP Omega Ratio Rank: 6868
Omega Ratio Rank
ICOP Calmar Ratio Rank: 7777
Calmar Ratio Rank
ICOP Martin Ratio Rank: 7575
Martin Ratio Rank
COPM.AS
COPM.AS Risk / Return Rank: 8080
Overall Rank
COPM.AS Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
COPM.AS Sortino Ratio Rank: 7777
Sortino Ratio Rank
COPM.AS Omega Ratio Rank: 7171
Omega Ratio Rank
COPM.AS Calmar Ratio Rank: 8282
Calmar Ratio Rank
COPM.AS Martin Ratio Rank: 8080
Martin Ratio Rank
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.

ICOP vs. COPM.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Copper and Metals Mining ETF (ICOP) and iShares Copper Miners UCITS ETF (COPM.AS). 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.

ICOPCOPM.ASDifference
Sharpe ratioReturn per unit of total volatility
2.77
2.91

-0.14

Sortino ratioReturn per unit of downside risk
3.11
3.45

-0.34

Omega ratioGain probability vs. loss probability

1.42

1.42

0.00

Calmar ratioReturn relative to maximum drawdown

3.95

4.32

-0.37

Martin ratioReturn relative to average drawdown

14.50

15.56

-1.05

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICOP vs. COPM.AS - Sharpe Ratio Comparison

The current ICOP Sharpe Ratio is 2.77, which is comparable to the COPM.AS Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of ICOP and COPM.AS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

ICOPCOPM.ASDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.77

2.91

-0.14

Sharpe Ratio (All Time)

Calculated using the full available price history

1.08

1.13

-0.05

Drawdowns

ICOP vs. COPM.AS - Drawdown Comparison

The maximum ICOP drawdown since its inception was -38.67%, roughly equal to the maximum COPM.AS drawdown of -37.12%. Use the drawdown chart below to compare losses from any high point for ICOP and COPM.AS.

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Drawdown Indicators

ICOPCOPM.ASDifference

Max Drawdown

Largest peak-to-trough decline

-38.67%

-37.12%

-1.55%

Max Drawdown (1Y)

Largest decline over 1 year

-26.13%

-25.05%

-1.08%

Current Drawdown

Current decline from peak

-3.29%

-2.44%

-0.85%

Average Drawdown

Average peak-to-trough decline

-11.67%

-11.55%

-0.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.10%

6.98%

+0.12%

Volatility

ICOP vs. COPM.AS - Volatility Comparison

The current volatility for iShares Copper and Metals Mining ETF (ICOP) is 13.69%, while iShares Copper Miners UCITS ETF (COPM.AS) has a volatility of 14.68%. This indicates that ICOP experiences smaller price fluctuations and is considered to be less risky than COPM.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ICOPCOPM.ASDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.69%

14.68%

-0.99%

Volatility (6M)

Calculated over the trailing 6-month period

32.28%

31.95%

+0.33%

Volatility (1Y)

Calculated over the trailing 1-year period

37.29%

37.22%

+0.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

33.77%

34.34%

-0.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.77%

34.34%

-0.57%

ICOP vs. COPM.AS - Expense Ratio Comparison

ICOP has a 0.47% expense ratio, which is lower than COPM.AS's 0.55% expense ratio.

Dividends

ICOP vs. COPM.AS - Dividend Comparison

ICOP's dividend yield for the trailing twelve months is around 1.63%, while COPM.AS has not paid dividends to shareholders.

PositionTTM202520242023
COPM.AS
iShares Copper Miners UCITS ETF		0.00%0.00%0.00%0.00%
ICOP
iShares Copper and Metals Mining ETF		1.63%2.08%1.87%2.15%

Frequently Asked Questions

ICOP and COPM.AS have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ICOP is cheaper at 0.47% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ICOP is cheaper with a 0.47% expense ratio, compared with 0.55% for COPM.AS.

ICOP tracks STOXX Global Copper and Metals Mining Index, while COPM.AS tracks STOXX Global Copper Miners Index. Their fees differ too: 0.47% for ICOP and 0.55% for COPM.AS.

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