PICK vs. ICOP

Last updated Jun 23, 2026

PICK (iShares MSCI Global Metals & Mining Producers ETF) and ICOP (iShares Copper and Metals Mining ETF) 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 ICOP is a Copper fund tracking the STOXX Global Copper and Metals Mining Index. Both are passively managed. Over the past 3 years, PICK returned 20.05%/yr vs 32.78%/yr for ICOP. Their correlation of 0.92 suggests significant overlap in exposure. PICK charges 0.39%/yr vs 0.47%/yr for ICOP.

Performance

PICK vs. ICOP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Global Metals & Mining Producers ETF (PICK) 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, PICK achieves a 22.74% return, which is significantly higher than ICOP's 20.35% 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%

ICOP

• 1D: -1.49%
• 1M: 2.28%
• YTD: 20.35%
• 6M: 20.43%
• 1Y: 94.43%
• 3Y*: 32.78%
• 5Y*: —
• 10Y*: —

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

PICK vs. ICOP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PICK iShares MSCI Global Metals & Mining Producers ETF	22.74%	51.89%	-16.37%	8.66%
ICOP iShares Copper and Metals Mining ETF	20.35%	78.01%	1.10%	8.08%

Correlation

The correlation between PICK and ICOP is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023	0.92

The correlation between PICK and ICOP has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

PICK vs. ICOP - Sectors Allocation Comparison

Sectors	PICK	ICOP
Basic Materials	96.0%	100.0%
Industrials	3.1%	-
Technology	0.9%	-
Financial Services	0.1%	-
Consumer Defensive	0.1%	-
Energy	0.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

PICK vs. ICOP — Risk / Return Rank

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

PICK

PICK Risk / Return Rank: 80
PICK Sharpe Ratio Rank: 86
PICK Sortino Ratio Rank: 73
PICK Omega Ratio Rank: 78
PICK Calmar Ratio Rank: 81
PICK Martin Ratio Rank: 81

ICOP

ICOP Risk / Return Rank: 70
ICOP Sharpe Ratio Rank: 79
ICOP Sortino Ratio Rank: 61
ICOP Omega Ratio Rank: 65
ICOP Calmar Ratio Rank: 74
ICOP Martin Ratio Rank: 71

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.

PICK vs. ICOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Metals & Mining Producers ETF (PICK) 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.

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	ICOP	Difference
Sharpe ratio: Return per unit of total volatility	2.68	2.42	+0.26
Sortino ratio: Return per unit of downside risk	3.14	2.78	+0.36
Omega ratio: Gain probability vs. loss probability	1.44	1.37	+0.07
Calmar ratio: Return relative to maximum drawdown	4.08	3.63	+0.45
Martin ratio: Return relative to average drawdown	15.49	12.87	+2.62

PICK vs. ICOP - Sharpe Ratio Comparison

The current PICK Sharpe Ratio is 2.68, which is comparable to the ICOP Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of PICK 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.

Drawdowns

PICK vs. ICOP - Drawdown Comparison

The maximum PICK drawdown since its inception was -68.87%, which is greater than ICOP's maximum drawdown of -38.67%. Use the drawdown chart below to compare losses from any high point for PICK and ICOP.

Drawdown Indicators

	PICK	ICOP	Difference
Max Drawdown Largest peak-to-trough decline	-68.87%	-38.67%	-30.20%
Max Drawdown (1Y) Largest decline over 1 year	-19.54%	-26.13%	+6.59%
Max Drawdown (3Y) Largest decline over 3 years	-32.52%	-38.67%	+6.15%
Max Drawdown (5Y) Largest decline over 5 years	-36.37%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-52.72%	—	—
Current Drawdown Current decline from peak	-8.58%	-8.56%	-0.02%
Average Drawdown Average peak-to-trough decline	-24.06%	-11.60%	-12.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.14%	7.36%	-2.22%

Volatility

PICK vs. ICOP - Volatility Comparison

The current volatility for iShares MSCI Global Metals & Mining Producers ETF (PICK) is 12.41%, while iShares Copper and Metals Mining ETF (ICOP) has a volatility of 15.37%. This indicates that PICK 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

	PICK	ICOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.41%	15.37%	-2.96%
Volatility (6M) Calculated over the trailing 6-month period	26.15%	34.55%	-8.40%
Volatility (1Y) Calculated over the trailing 1-year period	29.84%	39.35%	-9.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.07%	34.32%	-6.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.43%	34.32%	-5.89%

PICK vs. ICOP - Expense Ratio Comparison

PICK has a 0.39% expense ratio, which is lower than ICOP's 0.47% expense ratio.

Dividends

PICK vs. ICOP - Dividend Comparison

PICK's dividend yield for the trailing twelve months is around 2.11%, more than ICOP's 1.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICOP iShares Copper and Metals Mining ETF	1.68%	2.08%	1.87%	2.15%	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

Can I hold both PICK and ICOP in my portfolio?

With a correlation of 0.95, PICK and ICOP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PICK or ICOP?

ICOP has higher volatility (15.37%) compared to PICK (12.41%). In terms of maximum drawdown, PICK dropped -68.87% vs ICOP's -38.67%.

Which ETF is better, PICK or ICOP?

On 3-year performance, ICOP leads with 32.78% vs 20.05% for PICK. On fees, PICK is cheaper at 0.39% per year. On volatility, PICK has been the lower-risk option at 12.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PICK or ICOP?

Over the 3-year period, ICOP has performed better with a 32.78% return vs 20.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PICK or ICOP?

PICK is cheaper with a 0.39% expense ratio, compared with 0.47% for ICOP.

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

PICK has the higher dividend yield at 2.11%, compared with 1.68% for ICOP.

What is the main difference between PICK and ICOP?

PICK is categorized as Metals, while ICOP is Copper. PICK tracks MSCI ACWI Select Metals & Mining Producers ex Gold and Silver Investable Market Index, while ICOP tracks STOXX Global Copper and Metals Mining Index. Their fees differ too: 0.39% for PICK and 0.47% for ICOP.

Which has better risk-adjusted returns?

PICK currently has the higher Sharpe Ratio (2.68 vs 2.42), 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.