SCOP vs. USE

Last updated Jul 18, 2026

SCOP (Sprott Physical Copper Trust) and USE (USCF Energy Commodity Strategy Absolute Return Fund) are both exchange-traded funds - SCOP is a Copper fund actively managed by Sprott, while USE is a Commodities fund actively managed by USCF. Both are actively managed. At a correlation of -0.08, they often move in opposite directions. SCOP charges 1.30%/yr vs 0.79%/yr for USE.

Performance

SCOP vs. USE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Physical Copper Trust (SCOP) and USCF Energy Commodity Strategy Absolute Return Fund (USE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SCOP

• 1D: -1.66%
• 1M: -13.74%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

USE

• 1D: 3.63%
• 1M: 9.96%
• 6M: 32.30%
• YTD: 35.40%
• 1Y: 15.47%
• 3Y*: 11.57%
• 5Y*: —
• 10Y*: —

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

SCOP vs. USE - Yearly Performance Comparison

	2026 (YTD)
SCOP Sprott Physical Copper Trust	-13.67%
USE USCF Energy Commodity Strategy Absolute Return Fund	-8.71%

Correlation

The correlation between SCOP and USE is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 4, 2026	-0.08

Return for Risk

SCOP vs. USE — Risk / Return Rank

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

SCOP

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

USE

USE Risk / Return Rank: 18
USE Sharpe Ratio Rank: 18
USE Sortino Ratio Rank: 20
USE Omega Ratio Rank: 19
USE Calmar Ratio Rank: 18
USE Martin Ratio Rank: 16

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.

SCOP vs. USE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Copper Trust (SCOP) and USCF Energy Commodity Strategy Absolute Return Fund (USE). 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.

	SCOP	USE	Difference
Sharpe ratio: Return per unit of total volatility	—	0.45	—
Sortino ratio: Return per unit of downside risk	—	0.88	—
Omega ratio: Gain probability vs. loss probability	—	1.10	—
Calmar ratio: Return relative to maximum drawdown	—	0.53	—
Martin ratio: Return relative to average drawdown	—	0.99	—

Drawdowns

SCOP vs. USE - Drawdown Comparison

The maximum SCOP drawdown since its inception was -21.04%, smaller than the maximum USE drawdown of -28.17%. Use the drawdown chart below to compare losses from any high point for SCOP and USE.

Drawdown Indicators

	SCOP	USE	Difference
Max Drawdown Largest peak-to-trough decline	-21.04%	-28.17%	+7.13%
Max Drawdown (1Y) Largest decline over 1 year	—	-28.17%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-28.17%	—
Current Drawdown Current decline from peak	-20.73%	-12.99%	-7.74%
Average Drawdown Average peak-to-trough decline	-9.30%	-8.39%	-0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	15.05%	—

Volatility

Volatility by Period

	SCOP	USE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	13.45%	—
Volatility (6M) Calculated over the trailing 6-month period	—	29.54%	—
Volatility (1Y) Calculated over the trailing 1-year period	37.99%	33.29%	+4.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.99%	28.02%	+9.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.99%	28.02%	+9.97%

SCOP vs. USE - Expense Ratio Comparison

SCOP has a 1.30% expense ratio, which is higher than USE's 0.79% expense ratio.

Dividends

SCOP vs. USE - Dividend Comparison

SCOP has not paid dividends to shareholders, while USE's dividend yield for the trailing twelve months is around 2.26%.

Position	TTM	2025	2024	2023
SCOP Sprott Physical Copper Trust	0.00%	0.00%	0.00%	0.00%
USE USCF Energy Commodity Strategy Absolute Return Fund	2.26%	3.06%	38.65%	4.83%

Frequently Asked Questions

Can I hold both SCOP and USE in my portfolio?

SCOP and USE have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SCOP or USE?

On fees, USE is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SCOP or USE?

USE is cheaper with a 0.79% expense ratio, compared with 1.30% for SCOP.

Which ETF pays a higher dividend yield, SCOP or USE?

USE has the higher dividend yield at 2.26%, compared with 0.00% for SCOP.

What is the main difference between SCOP and USE?

SCOP is categorized as Copper, while USE is Commodities. They also come from different issuers: Sprott and USCF. Their fees differ too: 1.30% for SCOP and 0.79% for USE.