ISTM vs. CPER

Last updated Jun 24, 2026

ISTM (iShares Strategic Metals ETF) and CPER (United States Copper Index Fund) are both exchange-traded funds - ISTM is a Rare Earth & Strategic Metals fund tracking the ICE Strategic Re-Industrialization Metals Index, while CPER is a Copper fund tracking the SummerHaven Copper Index Total Return. Both are passively managed. Over the past year, ISTM returned 39.44% vs 21.76% for CPER. Their correlation of 0.82 suggests significant overlap in exposure. ISTM charges 0.49%/yr vs 1.06%/yr for CPER.

Performance

ISTM vs. CPER - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Strategic Metals ETF (ISTM) and United States Copper Index Fund (CPER). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ISTM achieves a 3.12% return, which is significantly lower than CPER's 6.75% return.

ISTM

• 1D: -3.40%
• 1M: -9.19%
• YTD: 3.12%
• 6M: 3.55%
• 1Y: 39.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPER

• 1D: -3.84%
• 1M: -4.11%
• YTD: 6.75%
• 6M: 9.28%
• 1Y: 21.76%
• 3Y*: 16.60%
• 5Y*: 7.10%
• 10Y*: 10.37%

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

ISTM vs. CPER - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ISTM iShares Strategic Metals ETF	3.12%	54.07%	6.95%	2.69%
CPER United States Copper Index Fund	6.75%	38.95%	4.23%	7.29%

Correlation

The correlation between ISTM and CPER is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (All Time) Calculated using the full available price history since Sep 28, 2023	0.82

The correlation between ISTM and CPER has been stable across timeframes, ranging from 0.81 to 0.82 - a consistent structural relationship.

Return for Risk

ISTM vs. CPER — Risk / Return Rank

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

ISTM

ISTM Risk / Return Rank: 36
ISTM Sharpe Ratio Rank: 38
ISTM Sortino Ratio Rank: 32
ISTM Omega Ratio Rank: 41
ISTM Calmar Ratio Rank: 39
ISTM Martin Ratio Rank: 31

CPER

CPER Risk / Return Rank: 20
CPER Sharpe Ratio Rank: 19
CPER Sortino Ratio Rank: 18
CPER Omega Ratio Rank: 23
CPER Calmar Ratio Rank: 20
CPER Martin Ratio Rank: 17

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.

ISTM vs. CPER - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Strategic Metals ETF (ISTM) and United States Copper Index Fund (CPER). 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.

	ISTM	CPER	Difference
Sharpe ratio: Return per unit of total volatility	1.27	0.62	+0.64
Sortino ratio: Return per unit of downside risk	1.60	0.97	+0.63
Omega ratio: Gain probability vs. loss probability	1.25	1.16	+0.09
Calmar ratio: Return relative to maximum drawdown	1.78	0.88	+0.90
Martin ratio: Return relative to average drawdown	4.17	1.82	+2.35

ISTM vs. CPER - Sharpe Ratio Comparison

The current ISTM Sharpe Ratio is 1.27, which is higher than the CPER Sharpe Ratio of 0.62. The chart below compares the historical Sharpe Ratios of ISTM and CPER, 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

ISTM vs. CPER - Drawdown Comparison

The maximum ISTM drawdown since its inception was -22.20%, smaller than the maximum CPER drawdown of -54.04%. Use the drawdown chart below to compare losses from any high point for ISTM and CPER.

Drawdown Indicators

	ISTM	CPER	Difference
Max Drawdown Largest peak-to-trough decline	-22.20%	-54.04%	+31.84%
Max Drawdown (1Y) Largest decline over 1 year	-22.20%	-24.77%	+2.57%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.77%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.75%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-38.42%	—
Current Drawdown Current decline from peak	-18.92%	-8.08%	-10.84%
Average Drawdown Average peak-to-trough decline	-6.64%	-25.32%	+18.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.48%	11.97%	-2.49%

Volatility

ISTM vs. CPER - Volatility Comparison

The current volatility for iShares Strategic Metals ETF (ISTM) is 7.62%, while United States Copper Index Fund (CPER) has a volatility of 9.34%. This indicates that ISTM experiences smaller price fluctuations and is considered to be less risky than CPER based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISTM	CPER	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.62%	9.34%	-1.72%
Volatility (6M) Calculated over the trailing 6-month period	28.67%	23.62%	+5.05%
Volatility (1Y) Calculated over the trailing 1-year period	31.35%	35.07%	-3.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.24%	27.06%	-2.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.24%	24.11%	+0.13%

ISTM vs. CPER - Expense Ratio Comparison

ISTM has a 0.49% expense ratio, which is lower than CPER's 1.06% expense ratio.

Dividends

ISTM vs. CPER - Dividend Comparison

ISTM's dividend yield for the trailing twelve months is around 14.33%, while CPER has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CPER United States Copper Index Fund	0.00%	0.00%	0.00%	0.00%
ISTM iShares Strategic Metals ETF	14.33%	14.78%	29.62%	1.02%

Frequently Asked Questions

Can I hold both ISTM and CPER in my portfolio?

ISTM and CPER have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ISTM or CPER?

CPER has higher volatility (9.34%) compared to ISTM (7.62%). In terms of maximum drawdown, ISTM dropped -22.20% vs CPER's -54.04%.

Which ETF is better, ISTM or CPER?

On 1-year performance, ISTM leads with 39.44% vs 21.76% for CPER. On fees, ISTM is cheaper at 0.49% per year. On volatility, ISTM has been the lower-risk option at 7.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISTM or CPER?

Over the 1-year period, ISTM has performed better with a 39.44% return vs 21.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISTM or CPER?

ISTM is cheaper with a 0.49% expense ratio, compared with 1.06% for CPER.

Which ETF pays a higher dividend yield, ISTM or CPER?

ISTM has the higher dividend yield at 14.33%, compared with 0.00% for CPER.

What is the main difference between ISTM and CPER?

ISTM is categorized as Rare Earth & Strategic Metals, while CPER is Copper. ISTM tracks ICE Strategic Re-Industrialization Metals Index, while CPER tracks SummerHaven Copper Index Total Return. They also come from different issuers: iShares and USCF. Their fees differ too: 0.49% for ISTM and 1.06% for CPER.

Which has better risk-adjusted returns?

ISTM currently has the higher Sharpe Ratio (1.26 vs 0.62), 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.