UPAL vs. COPZ

Last updated Jul 17, 2026

UPAL (ProShares Ultra Palladium K-1 Free ETF) and COPZ (Defiance Daily Target 2X Long Copper ETF) are both exchange-traded funds - UPAL is a Leveraged Commodities fund actively managed by ProShares, while COPZ is a Copper fund actively managed by Defiance. Both are actively managed. A 0.66 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

UPAL vs. COPZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Palladium K-1 Free ETF (UPAL) and Defiance Daily Target 2X Long Copper ETF (COPZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

UPAL

• 1D: -8.41%
• 1M: -16.49%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

COPZ

• 1D: -6.77%
• 1M: -32.86%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UPAL vs. COPZ - Yearly Performance Comparison

	2026 (YTD)
UPAL ProShares Ultra Palladium K-1 Free ETF	-41.23%
COPZ Defiance Daily Target 2X Long Copper ETF	-32.37%

Correlation

The correlation between UPAL and COPZ is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 21, 2026	0.66

Return for Risk

UPAL vs. COPZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Palladium K-1 Free ETF (UPAL) and Defiance Daily Target 2X Long Copper ETF (COPZ). 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.

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

Drawdowns

UPAL vs. COPZ - Drawdown Comparison

The maximum UPAL drawdown since its inception was -48.54%, smaller than the maximum COPZ drawdown of -51.36%. Use the drawdown chart below to compare losses from any high point for UPAL and COPZ.

Drawdown Indicators

	UPAL	COPZ	Difference
Max Drawdown Largest peak-to-trough decline	-48.54%	-51.36%	+2.82%
Current Drawdown Current decline from peak	-41.23%	-49.26%	+8.03%
Average Drawdown Average peak-to-trough decline	-28.11%	-31.69%	+3.58%

Volatility

Volatility by Period

	UPAL	COPZ	Difference
Volatility (1Y) Calculated over the trailing 1-year period	80.74%	108.90%	-28.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.74%	108.90%	-28.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.74%	108.90%	-28.16%

UPAL vs. COPZ - Expense Ratio Comparison

Both UPAL and COPZ have an expense ratio of 0.95%.

Dividends

UPAL vs. COPZ - Dividend Comparison

UPAL's dividend yield for the trailing twelve months is around 0.26%, while COPZ has not paid dividends to shareholders.

Position	TTM
COPZ Defiance Daily Target 2X Long Copper ETF	0.00%
UPAL ProShares Ultra Palladium K-1 Free ETF	0.26%

Frequently Asked Questions

Can I hold both UPAL and COPZ in my portfolio?

UPAL and COPZ have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UPAL or COPZ?

Both ETFs have the same 0.95% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UPAL or COPZ?

UPAL and COPZ have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, UPAL or COPZ?

UPAL has the higher dividend yield at 0.26%, compared with 0.00% for COPZ.

What is the main difference between UPAL and COPZ?

UPAL is categorized as Leveraged Commodities, while COPZ is Copper. They also come from different issuers: ProShares and Defiance.