ICOP vs. ERO
ICOP (iShares Copper and Metals Mining ETF) is Commodity Producers Equities fund tracking the STOXX Global Copper and Metals Mining Index, while ERO (Ero Copper Corp) is a stock. Over the past year, ICOP returned 102.60% vs 111.40% for ERO. A 0.80 correlation means they provide meaningful diversification when combined.
Performance
ICOP vs. ERO - Performance Comparison
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Returns By Period
In the year-to-date period, ICOP achieves a 27.29% return, which is significantly higher than ERO's 9.47% return.
ICOP
- 1D
- -3.29%
- 1M
- 17.09%
- YTD
- 27.29%
- 6M
- 37.08%
- 1Y
- 102.60%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ERO
- 1D
- -3.82%
- 1M
- 26.61%
- YTD
- 9.47%
- 6M
- 22.85%
- 1Y
- 111.40%
- 3Y*
- 20.41%
- 5Y*
- 6.13%
- 10Y*
- —
ICOP vs. ERO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ICOP iShares Copper and Metals Mining ETF | 27.29% | 78.01% | 1.10% | 8.08% |
ERO Ero Copper Corp | 9.47% | 109.87% | -14.63% | -20.93% |
Correlation
The correlation between ICOP and ERO is 0.77, 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 | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2023 | 0.80 |
The correlation between ICOP and ERO has been stable across timeframes, ranging from 0.77 to 0.80 - a consistent structural relationship.
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Return for Risk
ICOP vs. ERO — Risk / Return Rank
ICOP
ERO
ICOP vs. ERO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Copper and Metals Mining ETF (ICOP) and Ero Copper Corp (ERO). 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.
| ICOP | ERO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.74 | ||
| Sortino ratioReturn per unit of downside risk | +0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.31 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 3.95 | 2.95 | +1.00 |
| Martin ratioReturn relative to average drawdown | 14.50 | 6.53 | +7.98 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ICOP | ERO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.77 | 2.03 | +0.74 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.11 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.08 | 0.54 | +0.54 |
Drawdowns
ICOP vs. ERO - Drawdown Comparison
The maximum ICOP drawdown since its inception was -38.67%, smaller than the maximum ERO drawdown of -67.17%. Use the drawdown chart below to compare losses from any high point for ICOP and ERO.
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Drawdown Indicators
| ICOP | ERO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.67% | -67.17% | +28.50% |
Max Drawdown (1Y)Largest decline over 1 year | -26.13% | -37.97% | +11.84% |
Max Drawdown (3Y)Largest decline over 3 years | — | -59.84% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -64.56% | — |
Current DrawdownCurrent decline from peak | -3.29% | -18.56% | +15.27% |
Average DrawdownAverage peak-to-trough decline | -11.67% | -27.05% | +15.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.10% | 17.13% | -10.03% |
Volatility
ICOP vs. ERO - Volatility Comparison
The current volatility for iShares Copper and Metals Mining ETF (ICOP) is 13.69%, while Ero Copper Corp (ERO) has a volatility of 20.07%. This indicates that ICOP experiences smaller price fluctuations and is considered to be less risky than ERO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICOP | ERO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.69% | 20.07% | -6.38% |
Volatility (6M)Calculated over the trailing 6-month period | 32.28% | 42.84% | -10.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.29% | 55.27% | -17.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.77% | 54.41% | -20.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.77% | 59.08% | -25.31% |
Dividends
ICOP vs. ERO - Dividend Comparison
ICOP's dividend yield for the trailing twelve months is around 1.63%, while ERO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
ERO Ero Copper Corp | 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 ERO have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ERO has higher volatility (20.07%) compared to ICOP (13.69%). In terms of maximum drawdown, ICOP dropped -38.67% vs ERO's -67.17%.
ICOP currently has the higher Sharpe Ratio (2.77 vs 2.03), 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.
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