SPAG.L vs. COPX.L
SPAG.L (iShares Agribusiness UCITS ETF USD (Acc)) and COPX.L (Global X Copper Miners UCITS ETF USD (Acc)) are both exchange-traded funds - SPAG.L is a Materials fund tracking the S&P Commodity Producers Agribusiness Index NTR, while COPX.L is a Copper fund tracking the Solactive Global Copper Miners v2 Index. Both are passively managed. Over the past 3 years, SPAG.L returned 4.27%/yr vs 24.31%/yr for COPX.L. At a 0.35 correlation, their price movements are largely independent. Both charge a 0.55% expense ratio.
Performance
SPAG.L vs. COPX.L - Performance Comparison
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Different Trading Currencies
SPAG.L is traded in GBp, while COPX.L is traded in USD. To make them comparable, the COPX.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, SPAG.L achieves a 13.12% return, which is significantly higher than COPX.L's 2.19% return.
SPAG.L
- 1D
- 0.79%
- 1M
- 2.73%
- 6M
- 6.06%
- YTD
- 13.12%
- 1Y
- 16.53%
- 3Y*
- 4.27%
- 5Y*
- 5.31%
- 10Y*
- 7.13%
COPX.L
- 1D
- -2.65%
- 1M
- -19.83%
- 6M
- -8.93%
- YTD
- 2.19%
- 1Y
- 71.76%
- 3Y*
- 24.31%
- 5Y*
- —
- 10Y*
- —
SPAG.L vs. COPX.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPAG.L iShares Agribusiness UCITS ETF USD (Acc) | 13.12% | 8.75% | -4.21% | -13.78% | 15.09% | 0.71% |
COPX.L Global X Copper Miners UCITS ETF USD (Acc) | 2.19% | 81.18% | 3.91% | 3.59% | 12.52% | 0.97% |
Correlation
The correlation between SPAG.L and COPX.L is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Nov 22, 2021 | 0.35 |
Over the past year, the correlation between SPAG.L and COPX.L has dropped to 0.14 - well below their long-term average of 0.35, suggesting their price drivers have been diverging.
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Return for Risk
SPAG.L vs. COPX.L — Risk / Return Rank
SPAG.L
COPX.L
SPAG.L vs. COPX.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Agribusiness UCITS ETF USD (Acc) (SPAG.L) and Global X Copper Miners UCITS ETF USD (Acc) (COPX.L). 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.
| SPAG.L | COPX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.27 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.72 | 2.68 | -0.96 |
| Martin ratioReturn relative to average drawdown | 4.42 | 7.07 | -2.65 |
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Drawdowns
SPAG.L vs. COPX.L - Drawdown Comparison
The maximum SPAG.L drawdown since its inception was -43.95%, which is greater than COPX.L's maximum drawdown of -38.53%. Use the drawdown chart below to compare losses from any high point for SPAG.L and COPX.L.
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Drawdown Indicators
| SPAG.L | COPX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.95% | -38.53% | -5.42% |
Max Drawdown (1Y)Largest decline over 1 year | -9.56% | -26.66% | +17.10% |
Max Drawdown (3Y)Largest decline over 3 years | -27.60% | -38.53% | +10.93% |
Max Drawdown (5Y)Largest decline over 5 years | -31.95% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -31.95% | — | — |
Current DrawdownCurrent decline from peak | -9.23% | -23.25% | +14.02% |
Average DrawdownAverage peak-to-trough decline | -17.43% | -13.71% | -3.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.73% | 10.12% | -6.39% |
Volatility
SPAG.L vs. COPX.L - Volatility Comparison
The current volatility for iShares Agribusiness UCITS ETF USD (Acc) (SPAG.L) is 3.41%, while Global X Copper Miners UCITS ETF USD (Acc) (COPX.L) has a volatility of 12.84%. This indicates that SPAG.L experiences smaller price fluctuations and is considered to be less risky than COPX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPAG.L | COPX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.41% | 12.84% | -9.43% |
Volatility (6M)Calculated over the trailing 6-month period | 10.09% | 36.73% | -26.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.80% | 42.48% | -29.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.67% | 34.85% | -14.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.97% | 34.85% | -15.88% |
SPAG.L vs. COPX.L - Expense Ratio Comparison
Both SPAG.L and COPX.L have an expense ratio of 0.55%.
Dividends
SPAG.L vs. COPX.L - Dividend Comparison
Neither SPAG.L nor COPX.L has paid dividends to shareholders.
Frequently Asked Questions
SPAG.L and COPX.L have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.55% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
SPAG.L and COPX.L have the same expense ratio: 0.55% per year.
SPAG.L is categorized as Materials, while COPX.L is Copper. SPAG.L tracks S&P Commodity Producers Agribusiness Index NTR, while COPX.L tracks Solactive Global Copper Miners v2 Index. They also come from different issuers: iShares and Global X.
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