ICOP vs. USFR

Last updated Jun 16, 2026

ICOP (iShares Copper and Metals Mining ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - ICOP is a Copper fund tracking the STOXX Global Copper and Metals Mining Index, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. Both are passively managed. Over the past year, ICOP returned 98.32% vs 4.01% for USFR. At a correlation of -0.01, they often move in opposite directions. ICOP charges 0.47%/yr vs 0.15%/yr for USFR.

Performance

ICOP vs. USFR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Copper and Metals Mining ETF (ICOP) and WisdomTree Floating Rate Treasury Fund (USFR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICOP achieves a 27.00% return, which is significantly higher than USFR's 1.72% return.

ICOP

• 1D: 3.80%
• 1M: 8.46%
• YTD: 27.00%
• 6M: 33.16%
• 1Y: 98.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USFR

• 1D: 0.00%
• 1M: 0.29%
• YTD: 1.72%
• 6M: 1.92%
• 1Y: 4.01%
• 3Y*: 4.74%
• 5Y*: 3.70%
• 10Y*: 2.42%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ICOP vs. USFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ICOP iShares Copper and Metals Mining ETF	27.00%	78.01%	1.10%	8.08%
USFR WisdomTree Floating Rate Treasury Fund	1.72%	4.23%	5.47%	2.67%

Correlation

The correlation between ICOP and USFR is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023	-0.01

Return for Risk

ICOP vs. USFR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ICOP

ICOP Risk / Return Rank: 77
ICOP Sharpe Ratio Rank: 86
ICOP Sortino Ratio Rank: 70
ICOP Omega Ratio Rank: 73
ICOP Calmar Ratio Rank: 80
ICOP Martin Ratio Rank: 78

USFR

USFR Risk / Return Rank: 100
USFR Sharpe Ratio Rank: 100
USFR Sortino Ratio Rank: 100
USFR Omega Ratio Rank: 100
USFR Calmar Ratio Rank: 100
USFR Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ICOP vs. USFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Copper and Metals Mining ETF (ICOP) and WisdomTree Floating Rate Treasury Fund (USFR). 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	USFR	Difference
Sharpe ratio: Return per unit of total volatility	2.52	14.85	-12.33
Sortino ratio: Return per unit of downside risk	2.86	50.39	-47.53
Omega ratio: Gain probability vs. loss probability	1.39	13.37	-11.98
Calmar ratio: Return relative to maximum drawdown	3.78	202.37	-198.59
Martin ratio: Return relative to average drawdown	13.47	783.80	-770.33

ICOP vs. USFR - Sharpe Ratio Comparison

The current ICOP Sharpe Ratio is 2.52, which is lower than the USFR Sharpe Ratio of 14.85. The chart below compares the historical Sharpe Ratios of ICOP and USFR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ICOP vs. USFR - Drawdown Comparison

The maximum ICOP drawdown since its inception was -38.67%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for ICOP and USFR.

Drawdown Indicators

	ICOP	USFR	Difference
Max Drawdown Largest peak-to-trough decline	-38.67%	-1.36%	-37.31%
Max Drawdown (1Y) Largest decline over 1 year	-26.13%	-0.02%	-26.11%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.06%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.18%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.80%	—
Current Drawdown Current decline from peak	-3.51%	0.00%	-3.51%
Average Drawdown Average peak-to-trough decline	-11.63%	-0.16%	-11.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.33%	0.01%	+7.32%

Volatility

ICOP vs. USFR - Volatility Comparison

iShares Copper and Metals Mining ETF (ICOP) has a higher volatility of 17.02% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.08%. This indicates that ICOP's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICOP	USFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.02%	0.08%	+16.94%
Volatility (6M) Calculated over the trailing 6-month period	34.42%	0.19%	+34.23%
Volatility (1Y) Calculated over the trailing 1-year period	39.31%	0.27%	+39.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.34%	0.40%	+33.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.34%	0.78%	+33.56%

ICOP vs. USFR - Expense Ratio Comparison

ICOP has a 0.47% expense ratio, which is higher than USFR's 0.15% expense ratio.

Dividends

ICOP vs. USFR - Dividend Comparison

ICOP's dividend yield for the trailing twelve months is around 2.13%, less than USFR's 3.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
USFR WisdomTree Floating Rate Treasury Fund	3.91%	4.15%	5.17%	5.12%	1.78%	0.01%	0.40%	2.08%	1.67%	1.03%	0.29%

Frequently Asked Questions

Can I hold both ICOP and USFR in my portfolio?

ICOP and USFR have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ICOP or USFR?

ICOP has higher volatility (17.02%) compared to USFR (0.08%). In terms of maximum drawdown, ICOP dropped -38.67% vs USFR's -1.36%.

Which ETF is better, ICOP or USFR?

On 1-year performance, ICOP leads with 98.32% vs 4.01% for USFR. On fees, USFR is cheaper at 0.15% per year. On volatility, USFR has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICOP or USFR?

Over the 1-year period, ICOP has performed better with a 98.32% return vs 4.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICOP or USFR?

USFR is cheaper with a 0.15% expense ratio, compared with 0.47% for ICOP.

Which ETF pays a higher dividend yield, ICOP or USFR?

USFR has the higher dividend yield at 3.91%, compared with 2.13% for ICOP.

What is the main difference between ICOP and USFR?

ICOP is categorized as Copper, while USFR is Government Bonds. ICOP tracks STOXX Global Copper and Metals Mining Index, while USFR tracks Bloomberg U.S. Treasury Floating Rate Bond Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.47% for ICOP and 0.15% for USFR.

Which has better risk-adjusted returns?

USFR currently has the higher Sharpe Ratio (14.85 vs 2.52), 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.