PIZ vs. ICOP

Last updated Jun 16, 2026

PIZ (Invesco DWA Developed Markets Momentum ETF) and ICOP (iShares Copper and Metals Mining ETF) are both exchange-traded funds - PIZ is a Momentum fund tracking the Dorsey Wright Developed Markets Technical Leaders Index, while ICOP is a Copper fund tracking the STOXX Global Copper and Metals Mining Index. Both are passively managed. Over the past year, PIZ returned 27.72% vs 98.32% for ICOP. A 0.59 correlation means they provide meaningful diversification when combined. PIZ charges 0.80%/yr vs 0.47%/yr for ICOP.

Performance

PIZ vs. ICOP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Developed Markets Momentum ETF (PIZ) 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, PIZ achieves a 15.65% return, which is significantly lower than ICOP's 27.00% return.

PIZ

• 1D: 1.75%
• 1M: 0.68%
• YTD: 15.65%
• 6M: 16.40%
• 1Y: 27.72%
• 3Y*: 24.07%
• 5Y*: 10.26%
• 10Y*: 11.14%

ICOP

• 1D: 3.80%
• 1M: 8.46%
• YTD: 27.00%
• 6M: 33.16%
• 1Y: 98.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PIZ vs. ICOP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PIZ Invesco DWA Developed Markets Momentum ETF	15.65%	37.22%	16.30%	6.08%
ICOP iShares Copper and Metals Mining ETF	27.00%	78.01%	1.10%	8.08%

Correlation

The correlation between PIZ and ICOP is 0.70, 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	0.70
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023	0.59

The correlation between PIZ and ICOP shifts across timeframes, from 0.59 (all time) to 0.70 (1 year), reflecting how their relationship changes across market environments.

PIZ vs. ICOP - Sectors Allocation Comparison

Sectors	PIZ	ICOP
Industrials	42.3%	-
Financial Services	25.4%	-
Technology	13.1%	-
Basic Materials	4.0%	100.0%
Consumer Cyclical	1.7%	-
Utilities	1.6%	-
Energy	1.2%	-
Consumer Defensive	1.1%	-
Healthcare	0.8%	-
Real Estate	0.4%	-
Communication Services	-	-

Return for Risk

PIZ vs. ICOP — Risk / Return Rank

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

PIZ

PIZ Risk / Return Rank: 41
PIZ Sharpe Ratio Rank: 39
PIZ Sortino Ratio Rank: 39
PIZ Omega Ratio Rank: 39
PIZ Calmar Ratio Rank: 42
PIZ Martin Ratio Rank: 47

ICOP

ICOP Risk / Return Rank: 77
ICOP Sharpe Ratio Rank: 86
ICOP Sortino Ratio Rank: 70
ICOP Omega Ratio Rank: 73
ICOP Calmar Ratio Rank: 80
ICOP Martin Ratio Rank: 78

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.

PIZ vs. ICOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Developed Markets Momentum ETF (PIZ) 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.

	PIZ	ICOP	Difference
Sharpe ratio: Return per unit of total volatility	1.28	2.52	-1.24
Sortino ratio: Return per unit of downside risk	1.88	2.86	-0.98
Omega ratio: Gain probability vs. loss probability	1.24	1.39	-0.15
Calmar ratio: Return relative to maximum drawdown	1.94	3.78	-1.84
Martin ratio: Return relative to average drawdown	7.19	13.47	-6.28

PIZ vs. ICOP - Sharpe Ratio Comparison

The current PIZ Sharpe Ratio is 1.28, which is lower than the ICOP Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of PIZ 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

PIZ vs. ICOP - Drawdown Comparison

The maximum PIZ drawdown since its inception was -60.61%, which is greater than ICOP's maximum drawdown of -38.67%. Use the drawdown chart below to compare losses from any high point for PIZ and ICOP.

Drawdown Indicators

	PIZ	ICOP	Difference
Max Drawdown Largest peak-to-trough decline	-60.61%	-38.67%	-21.94%
Max Drawdown (1Y) Largest decline over 1 year	-14.35%	-26.13%	+11.78%
Max Drawdown (3Y) Largest decline over 3 years	-14.67%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-40.93%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.93%	—	—
Current Drawdown Current decline from peak	-4.76%	-3.51%	-1.25%
Average Drawdown Average peak-to-trough decline	-14.90%	-11.63%	-3.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	7.33%	-3.47%

Volatility

PIZ vs. ICOP - Volatility Comparison

The current volatility for Invesco DWA Developed Markets Momentum ETF (PIZ) is 10.15%, while iShares Copper and Metals Mining ETF (ICOP) has a volatility of 17.02%. This indicates that PIZ 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

	PIZ	ICOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.15%	17.02%	-6.87%
Volatility (6M) Calculated over the trailing 6-month period	19.52%	34.42%	-14.90%
Volatility (1Y) Calculated over the trailing 1-year period	21.80%	39.31%	-17.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.23%	34.34%	-14.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.77%	34.34%	-14.57%

PIZ vs. ICOP - Expense Ratio Comparison

PIZ has a 0.80% expense ratio, which is higher than ICOP's 0.47% expense ratio.

Dividends

PIZ vs. ICOP - Dividend Comparison

PIZ's dividend yield for the trailing twelve months is around 1.35%, less than ICOP's 2.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICOP iShares Copper and Metals Mining ETF	2.13%	2.08%	1.87%	2.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PIZ Invesco DWA Developed Markets Momentum ETF	1.35%	1.55%	1.68%	1.86%	2.04%	1.01%	0.37%	1.58%	1.06%	1.30%	2.21%	1.09%

Frequently Asked Questions

Can I hold both PIZ and ICOP in my portfolio?

PIZ and ICOP have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIZ or ICOP?

ICOP has higher volatility (17.02%) compared to PIZ (10.15%). In terms of maximum drawdown, PIZ dropped -60.61% vs ICOP's -38.67%.

Which ETF is better, PIZ or ICOP?

On 1-year performance, ICOP leads with 98.32% vs 27.72% for PIZ. On fees, ICOP is cheaper at 0.47% per year. On volatility, PIZ has been the lower-risk option at 10.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIZ or ICOP?

Over the 1-year period, ICOP has performed better with a 98.32% return vs 27.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIZ or ICOP?

ICOP is cheaper with a 0.47% expense ratio, compared with 0.80% for PIZ.

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

ICOP has the higher dividend yield at 2.13%, compared with 1.35% for PIZ.

What is the main difference between PIZ and ICOP?

PIZ is categorized as Momentum, while ICOP is Copper. PIZ tracks Dorsey Wright Developed Markets Technical Leaders Index, while ICOP tracks STOXX Global Copper and Metals Mining Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.80% for PIZ and 0.47% for ICOP.

Which has better risk-adjusted returns?

ICOP currently has the higher Sharpe Ratio (2.52 vs 1.28), 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.