PICK vs. CPER
PICK (iShares MSCI Global Metals & Mining Producers ETF) and CPER (United States Copper Index Fund) are both exchange-traded funds - PICK is a Metals fund tracking the MSCI ACWI Select Metals & Mining Producers ex Gold and Silver Investable Market Index, while CPER is a Copper fund tracking the SummerHaven Copper Index Total Return. Both are passively managed. Over the past 10 years, PICK returned 17.20%/yr vs 10.81%/yr for CPER. A 0.56 correlation means they provide meaningful diversification when combined. PICK charges 0.39%/yr vs 1.06%/yr for CPER.
Performance
PICK vs. CPER - Performance Comparison
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Returns By Period
In the year-to-date period, PICK achieves a 22.74% return, which is significantly higher than CPER's 11.01% return. Over the past 10 years, PICK has outperformed CPER with an annualized return of 17.20%, while CPER has yielded a comparatively lower 10.81% annualized return.
PICK
- 1D
- -0.67%
- 1M
- -0.87%
- YTD
- 22.74%
- 6M
- 23.41%
- 1Y
- 79.31%
- 3Y*
- 20.05%
- 5Y*
- 11.96%
- 10Y*
- 17.20%
CPER
- 1D
- -0.13%
- 1M
- -0.28%
- YTD
- 11.01%
- 6M
- 15.06%
- 1Y
- 28.13%
- 3Y*
- 18.14%
- 5Y*
- 8.01%
- 10Y*
- 10.81%
PICK vs. CPER - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PICK iShares MSCI Global Metals & Mining Producers ETF | 22.74% | 51.89% | -16.37% | 9.69% | 2.54% | 22.61% | 27.46% | 16.47% | -18.65% | 38.42% |
CPER United States Copper Index Fund | 11.01% | 38.95% | 4.23% | 4.55% | -15.14% | 25.21% | 23.90% | 6.66% | -21.91% | 28.80% |
Correlation
The correlation between PICK and CPER is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012 | 0.56 |
The correlation between PICK and CPER shifts across timeframes, from 0.56 (all time) to 0.74 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PICK vs. CPER — Risk / Return Rank
PICK
CPER
PICK vs. CPER - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Metals & Mining Producers ETF (PICK) 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.
| PICK | CPER | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.87 | ||
| Sortino ratioReturn per unit of downside risk | +1.98 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.19 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 4.08 | 1.14 | +2.94 |
| Martin ratioReturn relative to average drawdown | 15.49 | 2.36 | +13.13 |
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Drawdowns
PICK vs. CPER - Drawdown Comparison
The maximum PICK drawdown since its inception was -68.87%, which is greater than CPER's maximum drawdown of -54.04%. Use the drawdown chart below to compare losses from any high point for PICK and CPER.
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Drawdown Indicators
| PICK | CPER | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.87% | -54.04% | -14.83% |
Max Drawdown (1Y)Largest decline over 1 year | -19.54% | -24.77% | +5.23% |
Max Drawdown (3Y)Largest decline over 3 years | -32.52% | -24.77% | -7.75% |
Max Drawdown (5Y)Largest decline over 5 years | -36.37% | -34.75% | -1.62% |
Max Drawdown (10Y)Largest decline over 10 years | -52.72% | -38.42% | -14.30% |
Current DrawdownCurrent decline from peak | -8.58% | -4.41% | -4.17% |
Average DrawdownAverage peak-to-trough decline | -24.06% | -25.33% | +1.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.14% | 11.96% | -6.82% |
Volatility
PICK vs. CPER - Volatility Comparison
iShares MSCI Global Metals & Mining Producers ETF (PICK) has a higher volatility of 12.41% compared to United States Copper Index Fund (CPER) at 8.46%. This indicates that PICK's price experiences larger fluctuations and is considered to be riskier than CPER based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PICK | CPER | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.41% | 8.46% | +3.95% |
Volatility (6M)Calculated over the trailing 6-month period | 26.15% | 23.27% | +2.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.84% | 34.91% | -5.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.07% | 27.02% | +1.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.43% | 24.09% | +4.34% |
PICK vs. CPER - Expense Ratio Comparison
PICK has a 0.39% expense ratio, which is lower than CPER's 1.06% expense ratio.
Dividends
PICK vs. CPER - Dividend Comparison
PICK's dividend yield for the trailing twelve months is around 2.11%, while CPER has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CPER United States Copper Index Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PICK iShares MSCI Global Metals & Mining Producers ETF | 2.11% | 2.88% | 3.26% | 4.19% | 6.93% | 5.89% | 2.27% | 5.51% | 4.77% | 2.41% | 1.15% | 15.77% |
Frequently Asked Questions
PICK and CPER have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PICK has higher volatility (12.41%) compared to CPER (8.46%). In terms of maximum drawdown, PICK dropped -68.87% vs CPER's -54.04%.
On 10-year performance, PICK leads with 17.20% vs 10.81% for CPER. On fees, PICK is cheaper at 0.39% per year. On volatility, CPER has been the lower-risk option at 8.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PICK has performed better with a 17.20% return vs 10.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PICK is cheaper with a 0.39% expense ratio, compared with 1.06% for CPER.
PICK has the higher dividend yield at 2.11%, compared with 0.00% for CPER.
PICK is categorized as Metals, while CPER is Copper. PICK tracks MSCI ACWI Select Metals & Mining Producers ex Gold and Silver Investable Market Index, while CPER tracks SummerHaven Copper Index Total Return. They also come from different issuers: iShares and USCF. Their fees differ too: 0.39% for PICK and 1.06% for CPER.
PICK currently has the higher Sharpe Ratio (2.68 vs 0.81), 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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