ICOP vs. COPX

Last updated Jun 13, 2026

ICOP (iShares Copper and Metals Mining ETF) and COPX (Global X Copper Miners ETF) are both exchange-traded funds - ICOP is a Commodity Producers Equities fund tracking the STOXX Global Copper and Metals Mining Index, while COPX is a Materials fund tracking the Solactive Global Copper Miners Total Return Index. Both are passively managed. Over the past year, ICOP returned 90.33% vs 103.76% for COPX. With a 0.96 correlation, they move nearly in lockstep. ICOP charges 0.47%/yr vs 0.65%/yr for COPX.

Performance

ICOP vs. COPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Copper and Metals Mining ETF (ICOP) 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, ICOP achieves a 22.34% return, which is significantly higher than COPX's 19.75% return.

ICOP

• 1D: 2.81%
• 1M: -4.41%
• YTD: 22.34%
• 6M: 29.21%
• 1Y: 90.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

COPX

• 1D: 3.38%
• 1M: -6.46%
• YTD: 19.75%
• 6M: 29.13%
• 1Y: 103.76%
• 3Y*: 33.96%
• 5Y*: 19.28%
• 10Y*: 21.86%

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

ICOP vs. COPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ICOP iShares Copper and Metals Mining ETF	22.34%	78.01%	1.10%	8.08%
COPX Global X Copper Miners ETF	19.75%	93.50%	3.57%	-0.13%

Correlation

The correlation between ICOP and COPX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023	0.96

The correlation between ICOP and COPX has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

ICOP vs. COPX - Sectors Allocation Comparison

Sectors	ICOP	COPX
Basic Materials	100.0%	96.3%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	3.7%
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

ICOP vs. COPX — Risk / Return Rank

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

ICOP

ICOP Risk / Return Rank: 75
ICOP Sharpe Ratio Rank: 83
ICOP Sortino Ratio Rank: 69
ICOP Omega Ratio Rank: 72
ICOP Calmar Ratio Rank: 77
ICOP Martin Ratio Rank: 75

COPX

COPX Risk / Return Rank: 76
COPX Sharpe Ratio Rank: 85
COPX Sortino Ratio Rank: 69
COPX Omega Ratio Rank: 70
COPX Calmar Ratio Rank: 81
COPX Martin Ratio Rank: 72

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. COPX - Risk-Adjusted Trends Comparison

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

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.

	ICOP	COPX	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.39	-0.07
Sortino ratio: Return per unit of downside risk	2.70	2.70	0.00
Omega ratio: Gain probability vs. loss probability	1.37	1.36	+0.01
Calmar ratio: Return relative to maximum drawdown	3.48	3.75	-0.27
Martin ratio: Return relative to average drawdown	12.38	11.60	+0.78

ICOP vs. COPX - Sharpe Ratio Comparison

The current ICOP Sharpe Ratio is 2.32, which is comparable to the COPX Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of ICOP 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.

Drawdowns

ICOP vs. COPX - Drawdown Comparison

The maximum ICOP drawdown since its inception was -38.67%, smaller than the maximum COPX drawdown of -83.16%. Use the drawdown chart below to compare losses from any high point for ICOP and COPX.

Drawdown Indicators

	ICOP	COPX	Difference
Max Drawdown Largest peak-to-trough decline	-38.67%	-83.16%	+44.49%
Max Drawdown (1Y) Largest decline over 1 year	-26.13%	-27.82%	+1.69%
Max Drawdown (3Y) Largest decline over 3 years	—	-39.72%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-42.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-65.41%	—
Current Drawdown Current decline from peak	-7.05%	-10.17%	+3.12%
Average Drawdown Average peak-to-trough decline	-11.64%	-39.28%	+27.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.32%	8.98%	-1.66%

Volatility

ICOP vs. COPX - Volatility Comparison

The current volatility for iShares Copper and Metals Mining ETF (ICOP) is 16.71%, while Global X Copper Miners ETF (COPX) has a volatility of 19.30%. This indicates that ICOP 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

	ICOP	COPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.71%	19.30%	-2.59%
Volatility (6M) Calculated over the trailing 6-month period	34.30%	38.15%	-3.85%
Volatility (1Y) Calculated over the trailing 1-year period	39.08%	43.66%	-4.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.30%	37.00%	-2.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.30%	35.75%	-1.45%

ICOP vs. COPX - Expense Ratio Comparison

ICOP has a 0.47% expense ratio, which is lower than COPX's 0.65% expense ratio.

Dividends

ICOP vs. COPX - Dividend Comparison

ICOP's dividend yield for the trailing twelve months is around 1.70%, less than COPX's 2.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COPX Global X Copper Miners ETF	2.24%	2.68%	1.80%	2.39%	3.14%	1.48%	1.30%	1.37%	2.59%	1.57%	0.60%	1.20%
ICOP iShares Copper and Metals Mining ETF	1.70%	2.08%	1.87%	2.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ICOP and COPX in my portfolio?

With a correlation of 0.97, ICOP and COPX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ICOP or COPX?

COPX has higher volatility (19.30%) compared to ICOP (16.71%). In terms of maximum drawdown, ICOP dropped -38.67% vs COPX's -83.16%.

Which ETF is better, ICOP or COPX?

On 1-year performance, COPX leads with 103.76% vs 90.33% for ICOP. On fees, ICOP is cheaper at 0.47% per year. On volatility, ICOP has been the lower-risk option at 16.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICOP or COPX?

Over the 1-year period, COPX has performed better with a 103.76% return vs 90.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICOP or COPX?

ICOP is cheaper with a 0.47% expense ratio, compared with 0.65% for COPX.

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

COPX has the higher dividend yield at 2.24%, compared with 1.70% for ICOP.

What is the main difference between ICOP and COPX?

ICOP is categorized as Commodity Producers Equities, while COPX is Materials. ICOP tracks STOXX Global Copper and Metals Mining Index, while COPX tracks Solactive Global Copper Miners Total Return Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.47% for ICOP and 0.65% for COPX.

Which has better risk-adjusted returns?

COPX currently has the higher Sharpe Ratio (2.39 vs 2.32), 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.