ICOP vs. SPMD
ICOP (iShares Copper and Metals Mining ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both exchange-traded funds - ICOP is a Copper fund tracking the STOXX Global Copper and Metals Mining Index, while SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index. Both are passively managed. Over the past year, ICOP returned 98.32% vs 28.46% for SPMD. A 0.50 correlation means they provide meaningful diversification when combined. ICOP charges 0.47%/yr vs 0.05%/yr for SPMD.
Performance
ICOP vs. SPMD - Performance Comparison
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Returns By Period
In the year-to-date period, ICOP achieves a 27.00% return, which is significantly higher than SPMD's 15.96% return.
ICOP
- 1D
- 3.80%
- 1M
- 8.46%
- YTD
- 27.00%
- 6M
- 33.16%
- 1Y
- 98.32%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPMD
- 1D
- 0.39%
- 1M
- 5.72%
- YTD
- 15.96%
- 6M
- 14.71%
- 1Y
- 28.46%
- 3Y*
- 15.58%
- 5Y*
- 8.72%
- 10Y*
- 11.85%
ICOP vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ICOP iShares Copper and Metals Mining ETF | 27.00% | 78.01% | 1.10% | 8.08% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 15.96% | 7.44% | 13.91% | 10.29% |
Correlation
The correlation between ICOP and SPMD is 0.52, 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 | 0.52 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023 | 0.50 |
The correlation between ICOP and SPMD has been stable across timeframes, ranging from 0.50 to 0.52 - a consistent structural relationship.
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Return for Risk
ICOP vs. SPMD — Risk / Return Rank
ICOP
SPMD
ICOP vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Copper and Metals Mining ETF (ICOP) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD). 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 | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.71 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.32 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.78 | 3.23 | +0.56 |
| Martin ratioReturn relative to average drawdown | 13.47 | 11.84 | +1.63 |
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Drawdowns
ICOP vs. SPMD - Drawdown Comparison
The maximum ICOP drawdown since its inception was -38.67%, smaller than the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for ICOP and SPMD.
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Drawdown Indicators
| ICOP | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.67% | -57.62% | +18.95% |
Max Drawdown (1Y)Largest decline over 1 year | -26.13% | -8.86% | -17.27% |
Max Drawdown (3Y)Largest decline over 3 years | — | -24.08% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.08% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.86% | — |
Current DrawdownCurrent decline from peak | -3.51% | 0.00% | -3.51% |
Average DrawdownAverage peak-to-trough decline | -11.63% | -8.11% | -3.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.33% | 2.41% | +4.92% |
Volatility
ICOP vs. SPMD - Volatility Comparison
iShares Copper and Metals Mining ETF (ICOP) has a higher volatility of 17.02% compared to SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) at 5.07%. This indicates that ICOP's price experiences larger fluctuations and is considered to be riskier than SPMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICOP | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.02% | 5.07% | +11.95% |
Volatility (6M)Calculated over the trailing 6-month period | 34.42% | 11.74% | +22.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.31% | 15.86% | +23.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.34% | 19.75% | +14.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.34% | 21.20% | +13.14% |
ICOP vs. SPMD - Expense Ratio Comparison
ICOP has a 0.47% expense ratio, which is higher than SPMD's 0.05% expense ratio.
Dividends
ICOP vs. SPMD - Dividend Comparison
ICOP's dividend yield for the trailing twelve months is around 2.13%, more than SPMD's 1.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICOP iShares Copper and Metals Mining ETF | 2.13% | 2.08% | 1.87% | 2.15% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 1.21% | 1.39% | 1.42% | 1.47% | 1.64% | 1.24% | 1.30% | 1.57% | 1.85% | 1.97% | 2.13% | 5.33% |
Frequently Asked Questions
ICOP and SPMD have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICOP has higher volatility (17.02%) compared to SPMD (5.07%). In terms of maximum drawdown, ICOP dropped -38.67% vs SPMD's -57.62%.
On 1-year performance, ICOP leads with 98.32% vs 28.46% for SPMD. On fees, SPMD is cheaper at 0.05% per year. On volatility, SPMD has been the lower-risk option at 5.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ICOP has performed better with a 98.32% return vs 28.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMD is cheaper with a 0.05% expense ratio, compared with 0.47% for ICOP.
ICOP has the higher dividend yield at 2.13%, compared with 1.21% for SPMD.
ICOP is categorized as Copper, while SPMD is Mid Cap Blend Equities. ICOP tracks STOXX Global Copper and Metals Mining Index, while SPMD tracks S&P MidCap 400 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.47% for ICOP and 0.05% for SPMD.
ICOP currently has the higher Sharpe Ratio (2.52 vs 1.81), 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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