ICOP vs. IAUM
ICOP (iShares Copper and Metals Mining ETF) and IAUM (iShares Gold Trust Micro) are both exchange-traded funds - ICOP is a Copper fund tracking the STOXX Global Copper and Metals Mining Index, while IAUM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 3 years, ICOP returned 26.30%/yr vs 27.63%/yr for IAUM. Their 0.53 correlation means they have sometimes moved together and sometimes differently. ICOP charges 0.47%/yr vs 0.09%/yr for IAUM.
Performance
ICOP vs. IAUM - 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 IAUM's -6.09% return.
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%
IAUM
- 1D
- -1.46%
- 1M
- 0.27%
- 6M
- -16.73%
- YTD
- -6.09%
- 1Y
- 23.04%
- 3Y*
- 27.63%
- 5Y*
- 17.35%
- 10Y*
- —
- ALL TIME*
- 17.70%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $77.48M | $77.88M | $93.44M | |
| $3.24M | $3.32M | $5.52M |
ICOP vs. IAUM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ICOP iShares Copper and Metals Mining ETF | 13.30% | 78.01% | 1.10% | 8.08% |
IAUM iShares Gold Trust Micro | -6.09% | 64.27% | 27.04% | 7.74% |
Correlation
The correlation between ICOP and IAUM 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 IAUM 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. IAUM — Risk / Return Rank
ICOP
IAUM
ICOP vs. IAUM - 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 Micro (IAUM). 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 | IAUM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.02 | ||
| Sortino ratioReturn per unit of downside risk | +1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.17 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.88 | 0.88 | +2.00 |
| Martin ratioReturn relative to average drawdown | 8.34 | 1.90 | +6.44 |
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Drawdowns
ICOP vs. IAUM - Drawdown Comparison
The maximum ICOP drawdown since its inception was -38.67%, which is greater than IAUM's maximum drawdown of -26.31%. Use the drawdown chart below to compare losses from any high point for ICOP and IAUM.
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Drawdown Indicators
| ICOP | IAUM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.67% | -26.31% | -12.36% |
Max Drawdown (1Y)Largest decline over 1 year | -26.13% | -26.31% | +0.18% |
Max Drawdown (3Y)Largest decline over 3 years | -38.67% | -26.31% | -12.36% |
Max Drawdown (5Y)Largest decline over 5 years | — | -26.31% | — |
Current DrawdownCurrent decline from peak | -13.92% | -24.95% | +11.03% |
Average DrawdownAverage peak-to-trough decline | -11.76% | -5.87% | -5.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.99% | 12.14% | -3.15% |
Volatility
ICOP vs. IAUM - Volatility Comparison
iShares Copper and Metals Mining ETF (ICOP) has a higher volatility of 12.26% compared to iShares Gold Trust Micro (IAUM) at 6.29%. This indicates that ICOP's price experiences larger fluctuations and is considered to be riskier than IAUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICOP | IAUM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.26% | 6.29% | +5.97% |
Volatility (6M)Calculated over the trailing 6-month period | 35.69% | 23.21% | +12.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.68% | 27.81% | +12.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.64% | 18.33% | +16.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.64% | 18.19% | +16.45% |
ICOP vs. IAUM - Expense Ratio Comparison
ICOP has a 0.47% expense ratio, which is higher than IAUM's 0.09% expense ratio.
Dividends
ICOP vs. IAUM - Dividend Comparison
ICOP's dividend yield for the trailing twelve months is around 1.79%, while IAUM has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
IAUM iShares Gold Trust Micro | 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 IAUM 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 IAUM (6.29%). In terms of maximum drawdown, ICOP dropped -38.67% vs IAUM's -26.31%.
On 3-year performance, IAUM leads with 27.63% vs 26.30% for ICOP. On fees, IAUM is cheaper at 0.09% per year. On volatility, IAUM has been the lower-risk option at 6.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IAUM has performed better with a 27.63% return vs 26.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAUM is cheaper with a 0.09% expense ratio, compared with 0.47% for ICOP.
ICOP has the higher dividend yield at 1.79%, compared with 0.00% for IAUM.
ICOP is categorized as Copper, while IAUM is Gold. ICOP tracks STOXX Global Copper and Metals Mining Index, while IAUM tracks LBMA Gold Price PM. Their fees differ too: 0.47% for ICOP and 0.09% for IAUM.
ICOP currently has the higher Sharpe Ratio (1.85 vs 0.83), 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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