ICOP vs. TLT
ICOP (iShares Copper and Metals Mining ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - ICOP is a Commodity Producers Equities fund tracking the STOXX Global Copper and Metals Mining Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past year, ICOP returned 102.60% vs 4.93% for TLT. At a 0.14 correlation, their price movements are largely independent. ICOP charges 0.47%/yr vs 0.15%/yr for TLT.
Performance
ICOP vs. TLT - 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 TLT's -0.27% return.
ICOP
- 1D
- -3.29%
- 1M
- 17.09%
- YTD
- 27.29%
- 6M
- 37.08%
- 1Y
- 102.60%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TLT
- 1D
- -0.40%
- 1M
- 0.81%
- YTD
- -0.27%
- 6M
- -2.02%
- 1Y
- 4.93%
- 3Y*
- -1.80%
- 5Y*
- -6.31%
- 10Y*
- -1.66%
ICOP vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ICOP iShares Copper and Metals Mining ETF | 27.29% | 78.01% | 1.10% | 8.08% |
TLT iShares 20+ Year Treasury Bond ETF | -0.27% | 4.25% | -8.05% | -2.24% |
Correlation
The correlation between ICOP and TLT is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2023 | 0.14 |
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Return for Risk
ICOP vs. TLT — Risk / Return Rank
ICOP
TLT
ICOP vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Copper and Metals Mining ETF (ICOP) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.26 | ||
| Sortino ratioReturn per unit of downside risk | +2.31 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.09 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 3.95 | 0.65 | +3.30 |
| Martin ratioReturn relative to average drawdown | 14.50 | 1.63 | +12.88 |
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 | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.77 | 0.51 | +2.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.40 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.11 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.08 | 0.26 | +0.82 |
Drawdowns
ICOP vs. TLT - Drawdown Comparison
The maximum ICOP drawdown since its inception was -38.67%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for ICOP and TLT.
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Drawdown Indicators
| ICOP | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.67% | -48.35% | +9.68% |
Max Drawdown (1Y)Largest decline over 1 year | -26.13% | -7.58% | -18.55% |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.18% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -3.29% | -40.44% | +37.15% |
Average DrawdownAverage peak-to-trough decline | -11.67% | -13.82% | +2.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.10% | 3.04% | +4.06% |
Volatility
ICOP vs. TLT - Volatility Comparison
iShares Copper and Metals Mining ETF (ICOP) has a higher volatility of 13.69% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.76%. This indicates that ICOP's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICOP | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.69% | 2.76% | +10.93% |
Volatility (6M)Calculated over the trailing 6-month period | 32.28% | 6.50% | +25.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.29% | 9.77% | +27.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.77% | 15.87% | +17.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.77% | 14.91% | +18.86% |
ICOP vs. TLT - Expense Ratio Comparison
ICOP has a 0.47% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
ICOP vs. TLT - Dividend Comparison
ICOP's dividend yield for the trailing twelve months is around 1.63%, less than TLT's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICOP iShares Copper and Metals Mining ETF | 1.63% | 2.08% | 1.87% | 2.15% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.59% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
ICOP and TLT have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICOP has higher volatility (13.69%) compared to TLT (2.76%). In terms of maximum drawdown, ICOP dropped -38.67% vs TLT's -48.35%.
On 1-year performance, ICOP leads with 102.60% vs 4.93% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.76%. 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 102.60% return vs 4.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.47% for ICOP.
TLT has the higher dividend yield at 4.59%, compared with 1.63% for ICOP.
ICOP is categorized as Commodity Producers Equities, while TLT is Government Bonds. ICOP tracks STOXX Global Copper and Metals Mining Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.47% for ICOP and 0.15% for TLT.
ICOP currently has the higher Sharpe Ratio (2.77 vs 0.51), 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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