SLX vs. CPER
SLX (VanEck Vectors Steel ETF) and CPER (United States Copper Index Fund) are both exchange-traded funds - SLX is a Materials fund tracking the NYSE Arca Steel Index, while CPER is a Copper fund tracking the SummerHaven Copper Index Total Return. Both are passively managed. Over the past 10 years, SLX returned 18.83%/yr vs 10.37%/yr for CPER. At a 0.48 correlation, their price movements are largely independent. SLX charges 0.56%/yr vs 1.06%/yr for CPER.
Performance
SLX vs. CPER - Performance Comparison
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Returns By Period
In the year-to-date period, SLX achieves a 19.94% return, which is significantly higher than CPER's 6.75% return. Over the past 10 years, SLX has outperformed CPER with an annualized return of 18.83%, while CPER has yielded a comparatively lower 10.37% annualized return.
SLX
- 1D
- -2.86%
- 1M
- -4.58%
- YTD
- 19.94%
- 6M
- 19.56%
- 1Y
- 60.79%
- 3Y*
- 21.27%
- 5Y*
- 14.70%
- 10Y*
- 18.83%
CPER
- 1D
- -3.84%
- 1M
- -4.11%
- YTD
- 6.75%
- 6M
- 9.28%
- 1Y
- 21.76%
- 3Y*
- 16.60%
- 5Y*
- 7.10%
- 10Y*
- 10.37%
SLX vs. CPER - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SLX VanEck Vectors Steel ETF | 19.94% | 47.45% | -17.94% | 31.25% | 14.28% | 27.69% | 20.57% | 12.01% | -19.27% | 24.59% |
CPER United States Copper Index Fund | 6.75% | 38.95% | 4.23% | 4.55% | -15.14% | 25.21% | 23.90% | 6.66% | -21.91% | 28.80% |
Correlation
The correlation between SLX and CPER is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2011 | 0.48 |
The correlation between SLX and CPER has been stable across timeframes, ranging from 0.48 to 0.56 - a consistent structural relationship.
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Return for Risk
SLX vs. CPER — Risk / Return Rank
SLX
CPER
SLX vs. CPER - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Steel ETF (SLX) 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.
| SLX | CPER | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.80 | ||
| Sortino ratioReturn per unit of downside risk | +2.18 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.16 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 3.74 | 0.88 | +2.85 |
| Martin ratioReturn relative to average drawdown | 12.59 | 1.82 | +10.77 |
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Drawdowns
SLX vs. CPER - Drawdown Comparison
The maximum SLX drawdown since its inception was -82.14%, which is greater than CPER's maximum drawdown of -54.04%. Use the drawdown chart below to compare losses from any high point for SLX and CPER.
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Drawdown Indicators
| SLX | CPER | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.14% | -54.04% | -28.10% |
Max Drawdown (1Y)Largest decline over 1 year | -16.35% | -24.77% | +8.42% |
Max Drawdown (3Y)Largest decline over 3 years | -27.39% | -24.77% | -2.62% |
Max Drawdown (5Y)Largest decline over 5 years | -33.62% | -34.75% | +1.13% |
Max Drawdown (10Y)Largest decline over 10 years | -61.64% | -38.42% | -23.22% |
Current DrawdownCurrent decline from peak | -10.38% | -8.08% | -2.30% |
Average DrawdownAverage peak-to-trough decline | -38.63% | -25.32% | -13.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.84% | 11.97% | -7.13% |
Volatility
SLX vs. CPER - Volatility Comparison
VanEck Vectors Steel ETF (SLX) and United States Copper Index Fund (CPER) have volatilities of 9.40% and 9.34%, 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.
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Volatility by Period
| SLX | CPER | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.40% | 9.34% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 19.29% | 23.62% | -4.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.19% | 35.07% | -9.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.84% | 27.06% | +0.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.90% | 24.11% | +6.79% |
SLX vs. CPER - Expense Ratio Comparison
SLX has a 0.56% expense ratio, which is lower than CPER's 1.06% expense ratio.
Dividends
SLX vs. CPER - Dividend Comparison
SLX's dividend yield for the trailing twelve months is around 1.29%, 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% |
SLX VanEck Vectors Steel ETF | 1.29% | 1.55% | 3.56% | 2.80% | 4.97% | 7.07% | 1.87% | 3.44% | 6.26% | 2.50% | 1.06% | 5.35% |
Frequently Asked Questions
SLX and CPER have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLX has higher volatility (9.40%) compared to CPER (9.34%). In terms of maximum drawdown, SLX dropped -82.14% vs CPER's -54.04%.
On 10-year performance, SLX leads with 18.83% vs 10.37% for CPER. On fees, SLX is cheaper at 0.56% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SLX has performed better with a 18.83% return vs 10.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SLX is cheaper with a 0.56% expense ratio, compared with 1.06% for CPER.
SLX has the higher dividend yield at 1.29%, compared with 0.00% for CPER.
SLX is categorized as Materials, while CPER is Copper. SLX tracks NYSE Arca Steel Index, while CPER tracks SummerHaven Copper Index Total Return. They also come from different issuers: VanEck and USCF. Their fees differ too: 0.56% for SLX and 1.06% for CPER.
SLX currently has the higher Sharpe Ratio (2.43 vs 0.62), 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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