SIVR vs. ICOP

Last updated Jun 16, 2026

SIVR (abrdn Physical Silver Shares ETF) and ICOP (iShares Copper and Metals Mining ETF) are both exchange-traded funds - SIVR is a Silver fund tracking the LBMA Silver Price ($/ozt), while ICOP is a Copper fund tracking the STOXX Global Copper and Metals Mining Index. Both are passively managed. Over the past year, SIVR returned 92.86% vs 98.32% for ICOP. A 0.63 correlation means they provide meaningful diversification when combined. SIVR charges 0.30%/yr vs 0.47%/yr for ICOP.

Performance

SIVR vs. ICOP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in abrdn Physical Silver Shares ETF (SIVR) 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, SIVR achieves a -1.40% return, which is significantly lower than ICOP's 27.00% return.

SIVR

• 1D: 3.51%
• 1M: -8.06%
• YTD: -1.40%
• 6M: 9.35%
• 1Y: 92.86%
• 3Y*: 42.25%
• 5Y*: 20.46%
• 10Y*: 14.57%

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)

SIVR vs. ICOP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SIVR abrdn Physical Silver Shares ETF	-1.40%	145.34%	21.08%	6.20%
ICOP iShares Copper and Metals Mining ETF	27.00%	78.01%	1.10%	8.08%

Correlation

The correlation between SIVR and ICOP is 0.69, 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	0.69
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023	0.63

The correlation between SIVR and ICOP has been stable across timeframes, ranging from 0.63 to 0.69 - a consistent structural relationship.

Return for Risk

SIVR vs. ICOP — Risk / Return Rank

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

SIVR

SIVR Risk / Return Rank: 44
SIVR Sharpe Ratio Rank: 50
SIVR Sortino Ratio Rank: 39
SIVR Omega Ratio Rank: 54
SIVR Calmar Ratio Rank: 45
SIVR Martin Ratio Rank: 33

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.

SIVR vs. ICOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for abrdn Physical Silver Shares ETF (SIVR) 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.

	SIVR	ICOP	Difference
Sharpe ratio: Return per unit of total volatility	1.56	2.52	-0.96
Sortino ratio: Return per unit of downside risk	1.85	2.86	-1.01
Omega ratio: Gain probability vs. loss probability	1.31	1.39	-0.08
Calmar ratio: Return relative to maximum drawdown	2.06	3.78	-1.72
Martin ratio: Return relative to average drawdown	4.44	13.47	-9.03

SIVR vs. ICOP - Sharpe Ratio Comparison

The current SIVR Sharpe Ratio is 1.56, which is lower than the ICOP Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of SIVR 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

SIVR vs. ICOP - Drawdown Comparison

The maximum SIVR drawdown since its inception was -75.85%, which is greater than ICOP's maximum drawdown of -38.67%. Use the drawdown chart below to compare losses from any high point for SIVR and ICOP.

Drawdown Indicators

	SIVR	ICOP	Difference
Max Drawdown Largest peak-to-trough decline	-75.85%	-38.67%	-37.18%
Max Drawdown (1Y) Largest decline over 1 year	-45.33%	-26.13%	-19.20%
Max Drawdown (3Y) Largest decline over 3 years	-45.33%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-45.33%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.33%	—	—
Current Drawdown Current decline from peak	-39.85%	-3.51%	-36.34%
Average Drawdown Average peak-to-trough decline	-47.83%	-11.63%	-36.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.00%	7.33%	+13.67%

Volatility

SIVR vs. ICOP - Volatility Comparison

abrdn Physical Silver Shares ETF (SIVR) and iShares Copper and Metals Mining ETF (ICOP) have volatilities of 16.52% and 17.02%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SIVR	ICOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.52%	17.02%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	59.14%	34.42%	+24.72%
Volatility (1Y) Calculated over the trailing 1-year period	59.96%	39.31%	+20.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.53%	34.34%	+2.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.05%	34.34%	-2.29%

SIVR vs. ICOP - Expense Ratio Comparison

SIVR has a 0.30% expense ratio, which is lower than ICOP's 0.47% expense ratio.

Dividends

SIVR vs. ICOP - Dividend Comparison

SIVR has not paid dividends to shareholders, while ICOP's dividend yield for the trailing twelve months is around 2.13%.

Position	TTM	2025	2024	2023
ICOP iShares Copper and Metals Mining ETF	2.13%	2.08%	1.87%	2.15%
SIVR abrdn Physical Silver Shares ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SIVR and ICOP in my portfolio?

SIVR and ICOP have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SIVR or ICOP?

ICOP has higher volatility (17.02%) compared to SIVR (16.52%). In terms of maximum drawdown, SIVR dropped -75.85% vs ICOP's -38.67%.

Which ETF is better, SIVR or ICOP?

On 1-year performance, ICOP leads with 98.32% vs 92.86% for SIVR. On fees, SIVR is cheaper at 0.30% per year. On volatility, SIVR has been the lower-risk option at 16.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SIVR or ICOP?

Over the 1-year period, ICOP has performed better with a 98.32% return vs 92.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIVR or ICOP?

SIVR is cheaper with a 0.30% expense ratio, compared with 0.47% for ICOP.

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

ICOP has the higher dividend yield at 2.13%, compared with 0.00% for SIVR.

What is the main difference between SIVR and ICOP?

SIVR is categorized as Silver, while ICOP is Copper. SIVR tracks LBMA Silver Price ($/ozt), while ICOP tracks STOXX Global Copper and Metals Mining Index. They also come from different issuers: abrdn and iShares. Their fees differ too: 0.30% for SIVR and 0.47% for ICOP.

Which has better risk-adjusted returns?

ICOP currently has the higher Sharpe Ratio (2.52 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.