ICOP vs. IAU
ICOP (iShares Copper and Metals Mining ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - ICOP is a Copper fund tracking the STOXX Global Copper and Metals Mining Index, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 3 years, ICOP returned 26.30%/yr vs 27.40%/yr for IAU. Their 0.53 correlation means they have sometimes moved together and sometimes differently. ICOP charges 0.47%/yr vs 0.25%/yr for IAU.
Performance
ICOP vs. IAU - Performance Comparison
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Returns By Period
In the year-to-date period, ICOP achieves a 13.30% return, which is significantly higher than IAU's -6.16% return.
ICOP
- 1D
- -1.40%
- 1M
- 1.44%
- 6M
- -1.66%
- YTD
- 13.30%
- 1Y
- 75.25%
- 3Y*
- 26.30%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 28.98%
IAU
- 1D
- -1.46%
- 1M
- -1.73%
- 6M
- -16.48%
- YTD
- -6.16%
- 1Y
- 20.35%
- 3Y*
- 27.40%
- 5Y*
- 17.12%
- 10Y*
- 11.21%
- ALL TIME*
- 10.71%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $349.43M | $363.40M | $472.72M | |
| $3.24M | $3.32M | $5.52M |
ICOP vs. IAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ICOP iShares Copper and Metals Mining ETF | 13.30% | 78.01% | 1.10% | 8.08% |
IAU iShares Gold Trust | -6.16% | 63.95% | 26.85% | 7.64% |
Correlation
The correlation between ICOP and IAU is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.65 |
Correlation (3Y) Balances recent behavior with more history. | 0.53 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023 | 0.53 |
The correlation between ICOP and IAU shifts across timeframes, from 0.53 (all time) to 0.65 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ICOP vs. IAU — Risk / Return Rank
ICOP
IAU
ICOP vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Copper and Metals Mining ETF (ICOP) and iShares Gold Trust (IAU). 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 | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.03 | ||
| Sortino ratioReturn per unit of downside risk | +1.11 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.17 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.88 | 0.87 | +2.01 |
| Martin ratioReturn relative to average drawdown | 8.34 | 1.88 | +6.46 |
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Drawdowns
ICOP vs. IAU - Drawdown Comparison
The maximum ICOP drawdown since its inception was -38.67%, smaller than the maximum IAU drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for ICOP and IAU.
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Drawdown Indicators
| ICOP | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.67% | -45.14% | +6.47% |
Max Drawdown (1Y)Largest decline over 1 year | -26.13% | -26.36% | +0.23% |
Max Drawdown (3Y)Largest decline over 3 years | -38.67% | -26.36% | -12.31% |
Max Drawdown (5Y)Largest decline over 5 years | — | -26.36% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.36% | — |
Current DrawdownCurrent decline from peak | -13.92% | -25.01% | +11.09% |
Average DrawdownAverage peak-to-trough decline | -11.76% | -16.02% | +4.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.99% | 12.16% | -3.17% |
Volatility
ICOP vs. IAU - Volatility Comparison
iShares Copper and Metals Mining ETF (ICOP) has a higher volatility of 12.26% compared to iShares Gold Trust (IAU) at 6.35%. This indicates that ICOP's price experiences larger fluctuations and is considered to be riskier than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICOP | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.26% | 6.35% | +5.91% |
Volatility (6M)Calculated over the trailing 6-month period | 35.69% | 23.35% | +12.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.68% | 27.92% | +12.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.64% | 18.42% | +16.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.64% | 16.08% | +18.56% |
ICOP vs. IAU - Expense Ratio Comparison
ICOP has a 0.47% expense ratio, which is higher than IAU's 0.25% expense ratio.
Dividends
ICOP vs. IAU - Dividend Comparison
ICOP's dividend yield for the trailing twelve months is around 1.79%, while IAU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
IAU iShares Gold Trust | 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
ICOP and IAU have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICOP has higher volatility (12.26%) compared to IAU (6.35%). In terms of maximum drawdown, ICOP dropped -38.67% vs IAU's -45.14%.
On 3-year performance, IAU leads with 27.40% vs 26.30% for ICOP. On fees, IAU is cheaper at 0.25% per year. On volatility, IAU has been the lower-risk option at 6.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IAU has performed better with a 27.40% return vs 26.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAU is cheaper with a 0.25% expense ratio, compared with 0.47% for ICOP.
ICOP has the higher dividend yield at 1.79%, compared with 0.00% for IAU.
ICOP is categorized as Copper, while IAU is Gold. ICOP tracks STOXX Global Copper and Metals Mining Index, while IAU tracks LBMA Gold Price. Their fees differ too: 0.47% for ICOP and 0.25% for IAU.
ICOP currently has the higher Sharpe Ratio (1.85 vs 0.82), 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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