NRES vs. COPA

Last updated Jun 23, 2026

NRES (Xtrackers RREEF Global Natural Resources ETF) and COPA (Themes Copper Miners ETF) are both exchange-traded funds - NRES is a Natural Resources fund actively managed by Xtrackers, while COPA is a Copper fund tracking the BITA Global Copper Mining Select Index. NRES is actively managed, while COPA is passively managed. Over the past year, NRES returned 27.15% vs 114.93% for COPA. A 0.69 correlation means they provide meaningful diversification when combined. NRES charges 0.45%/yr vs 0.35%/yr for COPA.

Performance

NRES vs. COPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers RREEF Global Natural Resources ETF (NRES) and Themes Copper Miners ETF (COPA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NRES achieves a 9.86% return, which is significantly lower than COPA's 22.04% return.

NRES

• 1D: -0.31%
• 1M: -5.25%
• YTD: 9.86%
• 6M: 9.71%
• 1Y: 27.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

COPA

• 1D: -0.32%
• 1M: 6.15%
• YTD: 22.04%
• 6M: 25.51%
• 1Y: 114.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NRES vs. COPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NRES Xtrackers RREEF Global Natural Resources ETF	9.86%	27.08%	-9.81%
COPA Themes Copper Miners ETF	22.04%	100.86%	-13.18%

Correlation

The correlation between NRES and COPA is 0.66, 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	0.66
Correlation (All Time) Calculated using the full available price history since Sep 24, 2024	0.69

The correlation between NRES and COPA has been stable across timeframes, ranging from 0.66 to 0.69 - a consistent structural relationship.

Return for Risk

NRES vs. COPA — Risk / Return Rank

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

NRES

NRES Risk / Return Rank: 49
NRES Sharpe Ratio Rank: 47
NRES Sortino Ratio Rank: 43
NRES Omega Ratio Rank: 43
NRES Calmar Ratio Rank: 58
NRES Martin Ratio Rank: 56

COPA

COPA Risk / Return Rank: 77
COPA Sharpe Ratio Rank: 89
COPA Sortino Ratio Rank: 71
COPA Omega Ratio Rank: 72
COPA Calmar Ratio Rank: 81
COPA Martin Ratio Rank: 73

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.

NRES vs. COPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers RREEF Global Natural Resources ETF (NRES) and Themes Copper Miners ETF (COPA). 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.

	NRES	COPA	Difference
Sharpe ratio: Return per unit of total volatility	1.56	2.81	-1.25
Sortino ratio: Return per unit of downside risk	2.11	3.09	-0.98
Omega ratio: Gain probability vs. loss probability	1.27	1.41	-0.14
Calmar ratio: Return relative to maximum drawdown	2.80	4.12	-1.32
Martin ratio: Return relative to average drawdown	9.51	13.41	-3.90

NRES vs. COPA - Sharpe Ratio Comparison

The current NRES Sharpe Ratio is 1.56, which is lower than the COPA Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of NRES and COPA, 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

NRES vs. COPA - Drawdown Comparison

The maximum NRES drawdown since its inception was -22.22%, smaller than the maximum COPA drawdown of -34.72%. Use the drawdown chart below to compare losses from any high point for NRES and COPA.

Drawdown Indicators

	NRES	COPA	Difference
Max Drawdown Largest peak-to-trough decline	-22.22%	-34.72%	+12.50%
Max Drawdown (1Y) Largest decline over 1 year	-9.74%	-28.05%	+18.31%
Current Drawdown Current decline from peak	-9.74%	-5.52%	-4.22%
Average Drawdown Average peak-to-trough decline	-5.26%	-9.54%	+4.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	8.60%	-5.74%

Volatility

NRES vs. COPA - Volatility Comparison

The current volatility for Xtrackers RREEF Global Natural Resources ETF (NRES) is 5.68%, while Themes Copper Miners ETF (COPA) has a volatility of 15.99%. This indicates that NRES experiences smaller price fluctuations and is considered to be less risky than COPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NRES	COPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.68%	15.99%	-10.31%
Volatility (6M) Calculated over the trailing 6-month period	13.86%	35.47%	-21.61%
Volatility (1Y) Calculated over the trailing 1-year period	17.48%	41.17%	-23.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.14%	38.97%	-20.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.14%	38.97%	-20.83%

NRES vs. COPA - Expense Ratio Comparison

NRES has a 0.45% expense ratio, which is higher than COPA's 0.35% expense ratio.

Dividends

NRES vs. COPA - Dividend Comparison

NRES's dividend yield for the trailing twelve months is around 2.58%, less than COPA's 3.49% yield.

Position	TTM	2025	2024
COPA Themes Copper Miners ETF	3.49%	4.26%	1.33%
NRES Xtrackers RREEF Global Natural Resources ETF	2.58%	2.65%	3.23%

Frequently Asked Questions

Can I hold both NRES and COPA in my portfolio?

NRES and COPA 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.

Which is riskier, NRES or COPA?

COPA has higher volatility (15.99%) compared to NRES (5.68%). In terms of maximum drawdown, NRES dropped -22.22% vs COPA's -34.72%.

Which ETF is better, NRES or COPA?

On 1-year performance, COPA leads with 114.93% vs 27.15% for NRES. On fees, COPA is cheaper at 0.35% per year. On volatility, NRES has been the lower-risk option at 5.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NRES or COPA?

Over the 1-year period, COPA has performed better with a 114.93% return vs 27.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NRES or COPA?

COPA is cheaper with a 0.35% expense ratio, compared with 0.45% for NRES.

Which ETF pays a higher dividend yield, NRES or COPA?

COPA has the higher dividend yield at 3.49%, compared with 2.58% for NRES.

What is the main difference between NRES and COPA?

NRES is categorized as Natural Resources, while COPA is Copper. They also come from different issuers: Xtrackers and Themes. Their fees differ too: 0.45% for NRES and 0.35% for COPA.

Which has better risk-adjusted returns?

COPA currently has the higher Sharpe Ratio (2.81 vs 1.56), 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.