MUX vs. COPX
MUX (McEwen Mining Inc.) is a stock, while COPX (Global X Copper Miners ETF) is Copper fund tracking the Solactive Global Copper Miners Total Return Index. Over the past 10 years, MUX returned -9.01%/yr vs 18.83%/yr for COPX. Their 0.40 correlation means their historical movements had little consistent relationship.
Performance
MUX vs. COPX - Performance Comparison
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Returns By Period
In the year-to-date period, MUX achieves a -6.59% return, which is significantly lower than COPX's 10.22% return. Over the past 10 years, MUX has underperformed COPX with an annualized return of -9.01%, while COPX has yielded a comparatively higher 18.83% annualized return.
MUX
- 1D
- -2.26%
- 1M
- -8.52%
- 6M
- -28.41%
- YTD
- -6.59%
- 1Y
- 72.38%
- 3Y*
- 28.97%
- 5Y*
- 7.58%
- 10Y*
- -9.01%
- ALL TIME*
- -1.01%
COPX
- 1D
- -0.81%
- 1M
- 2.88%
- 6M
- -6.70%
- YTD
- 10.22%
- 1Y
- 89.44%
- 3Y*
- 27.01%
- 5Y*
- 18.54%
- 10Y*
- 18.83%
- ALL TIME*
- 5.76%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $193.89M | $197.23M | $300.83M | |
| $13.08M | $14.43M | $22.88M |
MUX vs. COPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MUX McEwen Mining Inc. | -6.59% | 137.92% | 7.91% | 23.04% | -33.90% | -10.00% | -22.44% | -30.01% | -19.78% | -21.37% |
COPX Global X Copper Miners ETF | 10.22% | 93.50% | 3.57% | 8.38% | -0.76% | 23.39% | 51.66% | 12.48% | -31.31% | 38.92% |
Correlation
The correlation between MUX and COPX is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.66 |
Correlation (3Y) Balances recent behavior with more history. | 0.59 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.56 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.41 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 2010 | 0.40 |
Over the past year, MUX and COPX have become more correlated (0.66) than their long-term average of 0.40, meaning their price movements have been converging.
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Return for Risk
MUX vs. COPX — Risk / Return Rank
MUX
COPX
MUX vs. COPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for McEwen Mining Inc. (MUX) 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.
| MUX | COPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.89 | ||
| Sortino ratioReturn per unit of downside risk | -0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.30 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.62 | 3.18 | -1.57 |
| Martin ratioReturn relative to average drawdown | 3.26 | 7.96 | -4.70 |
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Drawdowns
MUX vs. COPX - Drawdown Comparison
The maximum MUX drawdown since its inception was -99.67%, which is greater than COPX's maximum drawdown of -83.16%. Use the drawdown chart below to compare losses from any high point for MUX and COPX.
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Drawdown Indicators
| MUX | COPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.67% | -83.16% | -16.51% |
Max Drawdown (1Y)Largest decline over 1 year | -43.65% | -27.82% | -15.83% |
Max Drawdown (3Y)Largest decline over 3 years | -46.49% | -39.72% | -6.77% |
Max Drawdown (5Y)Largest decline over 5 years | -75.92% | -42.12% | -33.80% |
Max Drawdown (10Y)Largest decline over 10 years | -93.89% | -65.41% | -28.48% |
Current DrawdownCurrent decline from peak | -94.25% | -17.32% | -76.93% |
Average DrawdownAverage peak-to-trough decline | -86.50% | -39.11% | -47.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.62% | 11.11% | +10.51% |
Volatility
MUX vs. COPX - Volatility Comparison
McEwen Mining Inc. (MUX) has a higher volatility of 15.38% compared to Global X Copper Miners ETF (COPX) at 13.58%. This indicates that MUX's price experiences larger fluctuations and is considered to be riskier than COPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUX | COPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.38% | 13.58% | +1.80% |
Volatility (6M)Calculated over the trailing 6-month period | 50.25% | 39.74% | +10.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 67.72% | 45.77% | +21.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.37% | 37.28% | +26.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.47% | 35.87% | +27.60% |
Dividends
MUX vs. COPX - Dividend Comparison
MUX has not paid dividends to shareholders, while COPX's dividend yield for the trailing twelve months is around 2.45%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
COPX Global X Copper Miners ETF | 2.45% | 2.68% | 1.80% | 2.39% | 3.14% | 1.48% | 1.30% | 1.37% | 2.59% | 1.57% | 0.60% | 1.20% |
MUX McEwen Mining Inc. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.39% | 0.55% | 0.44% | 0.34% | 0.47% |
Frequently Asked Questions
MUX and COPX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUX has higher volatility (15.38%) compared to COPX (13.58%). In terms of maximum drawdown, MUX dropped -99.67% vs COPX's -83.16%.
COPX currently has the higher Sharpe Ratio (1.94 vs 1.04), 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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