LIMI vs. ICOP

Last updated Jun 4, 2026

LIMI (Themes Lithium & Battery Metal Miners ETF) and ICOP (iShares Copper and Metals Mining ETF) are both Commodity Producers Equities funds - LIMI tracks the BITA Global Lithium and Battery Metals Select Index while ICOP tracks the STOXX Global Copper and Metals Mining Index. Both are passively managed. Over the past year, LIMI returned 160.78% vs 102.60% for ICOP. A 0.56 correlation means they provide meaningful diversification when combined. LIMI charges 0.35%/yr vs 0.47%/yr for ICOP.

Performance

LIMI vs. ICOP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Lithium & Battery Metal Miners ETF (LIMI) and iShares Copper and Metals Mining ETF (ICOP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LIMI achieves a 19.24% return, which is significantly lower than ICOP's 27.29% return.

LIMI

• 1D: -2.97%
• 1M: -7.76%
• YTD: 19.24%
• 6M: 32.07%
• 1Y: 160.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICOP

• 1D: -3.29%
• 1M: 17.09%
• YTD: 27.29%
• 6M: 37.08%
• 1Y: 102.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LIMI vs. ICOP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
LIMI Themes Lithium & Battery Metal Miners ETF	19.24%	91.22%	-1.18%
ICOP iShares Copper and Metals Mining ETF	27.29%	78.01%	-17.61%

Correlation

The correlation between LIMI and ICOP is 0.51, 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	0.51
Correlation (All Time) Calculated using the full available price history since Sep 25, 2024	0.56

The correlation between LIMI and ICOP has been stable across timeframes, ranging from 0.51 to 0.56 - a consistent structural relationship.

Return for Risk

LIMI vs. ICOP — Risk / Return Rank

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

LIMI

LIMI Risk / Return Rank: 89
LIMI Sharpe Ratio Rank: 94
LIMI Sortino Ratio Rank: 85
LIMI Omega Ratio Rank: 81
LIMI Calmar Ratio Rank: 94
LIMI Martin Ratio Rank: 91

ICOP

ICOP Risk / Return Rank: 74
ICOP Sharpe Ratio Rank: 83
ICOP Sortino Ratio Rank: 66
ICOP Omega Ratio Rank: 68
ICOP Calmar Ratio Rank: 77
ICOP Martin Ratio Rank: 75

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.

LIMI vs. ICOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Lithium & Battery Metal Miners ETF (LIMI) and iShares Copper and Metals Mining ETF (ICOP). 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.

	LIMI	ICOP	Difference
Sharpe ratio: Return per unit of total volatility	3.71	2.77	+0.94
Sortino ratio: Return per unit of downside risk	3.82	3.11	+0.71
Omega ratio: Gain probability vs. loss probability	1.48	1.42	+0.07
Calmar ratio: Return relative to maximum drawdown	7.03	3.95	+3.08
Martin ratio: Return relative to average drawdown	21.57	14.50	+7.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LIMI vs. ICOP - Sharpe Ratio Comparison

The current LIMI Sharpe Ratio is 3.71, which is higher than the ICOP Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of LIMI and ICOP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	LIMI	ICOP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.71	2.77	+0.94
Sharpe Ratio (All Time) Calculated using the full available price history	1.50	1.08	+0.43

Drawdowns

LIMI vs. ICOP - Drawdown Comparison

The maximum LIMI drawdown since its inception was -43.77%, which is greater than ICOP's maximum drawdown of -38.67%. Use the drawdown chart below to compare losses from any high point for LIMI and ICOP.

Drawdown Indicators

	LIMI	ICOP	Difference
Max Drawdown Largest peak-to-trough decline	-43.77%	-38.67%	-5.10%
Max Drawdown (1Y) Largest decline over 1 year	-23.00%	-26.13%	+3.13%
Current Drawdown Current decline from peak	-11.69%	-3.29%	-8.40%
Average Drawdown Average peak-to-trough decline	-13.02%	-11.67%	-1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.48%	7.10%	+0.38%

Volatility

LIMI vs. ICOP - Volatility Comparison

The current volatility for Themes Lithium & Battery Metal Miners ETF (LIMI) is 9.74%, while iShares Copper and Metals Mining ETF (ICOP) has a volatility of 13.69%. This indicates that LIMI experiences smaller price fluctuations and is considered to be less risky than ICOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LIMI	ICOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.74%	13.69%	-3.95%
Volatility (6M) Calculated over the trailing 6-month period	29.23%	32.28%	-3.05%
Volatility (1Y) Calculated over the trailing 1-year period	43.66%	37.29%	+6.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.41%	33.77%	+7.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.41%	33.77%	+7.64%

LIMI vs. ICOP - Expense Ratio Comparison

LIMI has a 0.35% expense ratio, which is lower than ICOP's 0.47% expense ratio.

Dividends

LIMI vs. ICOP - Dividend Comparison

LIMI's dividend yield for the trailing twelve months is around 0.45%, less than ICOP's 1.63% yield.

Position	TTM	2025	2024	2023
ICOP iShares Copper and Metals Mining ETF	1.63%	2.08%	1.87%	2.15%
LIMI Themes Lithium & Battery Metal Miners ETF	0.45%	0.54%	8.14%	0.00%

Frequently Asked Questions

Can I hold both LIMI and ICOP in my portfolio?

LIMI and ICOP have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LIMI or ICOP?

ICOP has higher volatility (13.69%) compared to LIMI (9.74%). In terms of maximum drawdown, LIMI dropped -43.77% vs ICOP's -38.67%.

Which ETF is better, LIMI or ICOP?

On 1-year performance, LIMI leads with 160.78% vs 102.60% for ICOP. On fees, LIMI is cheaper at 0.35% per year. On volatility, LIMI has been the lower-risk option at 9.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LIMI or ICOP?

Over the 1-year period, LIMI has performed better with a 160.78% return vs 102.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LIMI or ICOP?

LIMI is cheaper with a 0.35% expense ratio, compared with 0.47% for ICOP.

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

ICOP has the higher dividend yield at 1.63%, compared with 0.45% for LIMI.

What is the main difference between LIMI and ICOP?

LIMI tracks BITA Global Lithium and Battery Metals Select Index, while ICOP tracks STOXX Global Copper and Metals Mining Index. They also come from different issuers: Themes and iShares. Their fees differ too: 0.35% for LIMI and 0.47% for ICOP.

Which has better risk-adjusted returns?

LIMI currently has the higher Sharpe Ratio (3.71 vs 2.77), 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.