IWM vs. COPX

Last updated Jun 13, 2026

IWM (iShares Russell 2000 ETF) and COPX (Global X Copper Miners ETF) are both exchange-traded funds - IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index, while COPX is a Materials fund tracking the Solactive Global Copper Miners Total Return Index. Both are passively managed. Over the past 10 years, IWM returned 11.27%/yr vs 21.86%/yr for COPX. A 0.57 correlation means they provide meaningful diversification when combined. IWM charges 0.19%/yr vs 0.65%/yr for COPX.

Performance

IWM vs. COPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2000 ETF (IWM) and Global X Copper Miners ETF (COPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with IWM having a 19.22% return and COPX slightly higher at 19.75%. Over the past 10 years, IWM has underperformed COPX with an annualized return of 11.27%, while COPX has yielded a comparatively higher 21.86% annualized return.

IWM

• 1D: 0.87%
• 1M: 3.64%
• YTD: 19.22%
• 6M: 16.00%
• 1Y: 39.16%
• 3Y*: 17.23%
• 5Y*: 6.07%
• 10Y*: 11.27%

COPX

• 1D: 3.38%
• 1M: -6.46%
• YTD: 19.75%
• 6M: 29.13%
• 1Y: 103.76%
• 3Y*: 33.96%
• 5Y*: 19.28%
• 10Y*: 21.86%

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

IWM vs. COPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWM iShares Russell 2000 ETF	19.22%	12.66%	11.38%	16.83%	-20.48%	14.54%	20.03%	25.39%	-11.12%	14.58%
COPX Global X Copper Miners ETF	19.75%	93.50%	3.57%	8.38%	-0.76%	23.39%	51.66%	12.48%	-31.31%	38.92%

Correlation

The correlation between IWM and COPX is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Apr 20, 2010	0.57

The correlation between IWM and COPX has been stable across timeframes, ranging from 0.51 to 0.57 - a consistent structural relationship.

IWM vs. COPX - Sectors Allocation Comparison

Sectors	IWM	COPX
Technology	19.5%	-
Industrials	17.2%	3.7%
Healthcare	16.1%	-
Financial Services	15.6%	-
Consumer Cyclical	7.9%	-
Energy	5.8%	-
Real Estate	5.6%	-
Basic Materials	4.5%	96.3%
Utilities	3.0%	-
Consumer Defensive	2.1%	-
Communication Services	2.1%	-

Return for Risk

IWM vs. COPX — Risk / Return Rank

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

IWM

IWM Risk / Return Rank: 72
IWM Sharpe Ratio Rank: 71
IWM Sortino Ratio Rank: 71
IWM Omega Ratio Rank: 63
IWM Calmar Ratio Rank: 79
IWM Martin Ratio Rank: 76

COPX

COPX Risk / Return Rank: 76
COPX Sharpe Ratio Rank: 85
COPX Sortino Ratio Rank: 69
COPX Omega Ratio Rank: 70
COPX Calmar Ratio Rank: 81
COPX Martin Ratio Rank: 72

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.

IWM vs. COPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 ETF (IWM) and Global X Copper Miners ETF (COPX). 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.

	IWM	COPX	Difference
Sharpe ratio: Return per unit of total volatility	1.99	2.39	-0.39
Sortino ratio: Return per unit of downside risk	2.75	2.70	+0.05
Omega ratio: Gain probability vs. loss probability	1.33	1.36	-0.03
Calmar ratio: Return relative to maximum drawdown	3.57	3.75	-0.18
Martin ratio: Return relative to average drawdown	12.63	11.60	+1.03

IWM vs. COPX - Sharpe Ratio Comparison

The current IWM Sharpe Ratio is 1.99, which is comparable to the COPX Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of IWM and COPX, 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

IWM vs. COPX - Drawdown Comparison

The maximum IWM drawdown since its inception was -59.05%, smaller than the maximum COPX drawdown of -83.16%. Use the drawdown chart below to compare losses from any high point for IWM and COPX.

Drawdown Indicators

	IWM	COPX	Difference
Max Drawdown Largest peak-to-trough decline	-59.05%	-83.16%	+24.11%
Max Drawdown (1Y) Largest decline over 1 year	-11.03%	-27.82%	+16.79%
Max Drawdown (3Y) Largest decline over 3 years	-27.50%	-39.72%	+12.22%
Max Drawdown (5Y) Largest decline over 5 years	-31.91%	-42.12%	+10.21%
Max Drawdown (10Y) Largest decline over 10 years	-41.13%	-65.41%	+24.28%
Current Drawdown Current decline from peak	0.00%	-10.17%	+10.17%
Average Drawdown Average peak-to-trough decline	-10.76%	-39.28%	+28.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	8.98%	-5.86%

Volatility

IWM vs. COPX - Volatility Comparison

The current volatility for iShares Russell 2000 ETF (IWM) is 7.16%, while Global X Copper Miners ETF (COPX) has a volatility of 19.30%. This indicates that IWM experiences smaller price fluctuations and is considered to be less risky than COPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWM	COPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.16%	19.30%	-12.14%
Volatility (6M) Calculated over the trailing 6-month period	14.29%	38.15%	-23.86%
Volatility (1Y) Calculated over the trailing 1-year period	19.73%	43.66%	-23.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.61%	37.00%	-14.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.08%	35.75%	-12.67%

IWM vs. COPX - Expense Ratio Comparison

IWM has a 0.19% expense ratio, which is lower than COPX's 0.65% expense ratio.

Dividends

IWM vs. COPX - Dividend Comparison

IWM's dividend yield for the trailing twelve months is around 0.87%, less than COPX's 2.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COPX Global X Copper Miners ETF	2.24%	2.68%	1.80%	2.39%	3.14%	1.48%	1.30%	1.37%	2.59%	1.57%	0.60%	1.20%
IWM iShares Russell 2000 ETF	0.87%	1.04%	1.15%	1.35%	1.48%	0.94%	1.04%	1.26%	1.40%	1.26%	1.38%	1.54%

Frequently Asked Questions

Can I hold both IWM and COPX in my portfolio?

IWM and COPX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWM or COPX?

COPX has higher volatility (19.30%) compared to IWM (7.16%). In terms of maximum drawdown, IWM dropped -59.05% vs COPX's -83.16%.

Which ETF is better, IWM or COPX?

On 10-year performance, COPX leads with 21.86% vs 11.27% for IWM. On fees, IWM is cheaper at 0.19% per year. On volatility, IWM has been the lower-risk option at 7.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWM or COPX?

Over the 10-year period, COPX has performed better with a 21.86% return vs 11.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWM or COPX?

IWM is cheaper with a 0.19% expense ratio, compared with 0.65% for COPX.

Which ETF pays a higher dividend yield, IWM or COPX?

COPX has the higher dividend yield at 2.24%, compared with 0.87% for IWM.

What is the main difference between IWM and COPX?

IWM is categorized as Small Cap Blend Equities, while COPX is Materials. IWM tracks Russell 2000 Index, while COPX tracks Solactive Global Copper Miners Total Return Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.19% for IWM and 0.65% for COPX.

Which has better risk-adjusted returns?

COPX currently has the higher Sharpe Ratio (2.39 vs 1.99), 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.