ZMT.TO vs. COPX

Last updated Jun 4, 2026

ZMT.TO (BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged)) and COPX (Global X Copper Miners ETF) are both exchange-traded funds - ZMT.TO is a Energy Equities fund tracking the Solactive Equal Weight Global Base Metals Index Canadian Dollar Hedged, while COPX is a Materials fund tracking the Solactive Global Copper Miners Total Return Index. Both are passively managed. Over the past 10 years, ZMT.TO returned 17.71%/yr vs 22.83%/yr for COPX. A 0.75 correlation means they provide meaningful diversification when combined. ZMT.TO charges 0.61%/yr vs 0.65%/yr for COPX.

Performance

ZMT.TO vs. COPX - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged) (ZMT.TO) and Global X Copper Miners ETF (COPX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZMT.TO is traded in CAD, while COPX is traded in USD. To make them comparable, the COPX values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZMT.TO achieves a 39.44% return, which is significantly higher than COPX's 27.31% return. Over the past 10 years, ZMT.TO has underperformed COPX with an annualized return of 17.71%, while COPX has yielded a comparatively higher 22.83% annualized return.

ZMT.TO

• 1D: -3.52%
• 1M: 16.19%
• YTD: 39.44%
• 6M: 46.49%
• 1Y: 109.69%
• 3Y*: 42.46%
• 5Y*: 20.69%
• 10Y*: 17.71%

COPX

• 1D: -3.25%
• 1M: 20.09%
• YTD: 27.31%
• 6M: 36.37%
• 1Y: 123.67%
• 3Y*: 38.95%
• 5Y*: 23.30%
• 10Y*: 22.83%

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

ZMT.TO vs. COPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZMT.TO BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged)	39.44%	63.17%	15.30%	14.54%	-6.65%	11.04%	14.70%	15.82%	-34.17%	37.76%
COPX Global X Copper Miners ETF	27.31%	84.63%	12.46%	5.99%	6.31%	22.27%	49.09%	6.95%	-25.48%	30.08%

Correlation

The correlation between ZMT.TO and COPX 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 (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Apr 21, 2010	0.75

The correlation between ZMT.TO and COPX shifts across timeframes, from 0.62 (3 years) to 0.75 (all time), reflecting how their relationship changes across market environments.

ZMT.TO vs. COPX - Sectors Allocation Comparison

Sectors	ZMT.TO	COPX
Basic Materials	89.9%	96.3%
Industrials	10.1%	3.7%
Energy	3.7%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

ZMT.TO vs. COPX — Risk / Return Rank

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

ZMT.TO

ZMT.TO Risk / Return Rank: 78
ZMT.TO Sharpe Ratio Rank: 85
ZMT.TO Sortino Ratio Rank: 70
ZMT.TO Omega Ratio Rank: 73
ZMT.TO Calmar Ratio Rank: 84
ZMT.TO Martin Ratio Rank: 76

COPX

COPX Risk / Return Rank: 75
COPX Sharpe Ratio Rank: 86
COPX Sortino Ratio Rank: 67
COPX Omega Ratio Rank: 67
COPX Calmar Ratio Rank: 82
COPX Martin Ratio Rank: 73

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.

ZMT.TO vs. COPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged) (ZMT.TO) and Global X Copper Miners ETF (COPX). 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.

	ZMT.TO	COPX	Difference
Sharpe ratio: Return per unit of total volatility	2.84	3.11	-0.27
Sortino ratio: Return per unit of downside risk	3.23	3.34	-0.11
Omega ratio: Gain probability vs. loss probability	1.44	1.44	0.00
Calmar ratio: Return relative to maximum drawdown	4.63	4.54	+0.09
Martin ratio: Return relative to average drawdown	14.58	14.98	-0.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZMT.TO vs. COPX - Sharpe Ratio Comparison

The current ZMT.TO Sharpe Ratio is 2.84, which is comparable to the COPX Sharpe Ratio of 3.11. The chart below compares the historical Sharpe Ratios of ZMT.TO and COPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZMT.TO	COPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.84	3.11	-0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.70	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.71	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	0.28	-0.28

Drawdowns

ZMT.TO vs. COPX - Drawdown Comparison

The maximum ZMT.TO drawdown since its inception was -80.73%, which is greater than COPX's maximum drawdown of -75.17%. Use the drawdown chart below to compare losses from any high point for ZMT.TO and COPX.

Drawdown Indicators

	ZMT.TO	COPX	Difference
Max Drawdown Largest peak-to-trough decline	-80.73%	-75.17%	-5.56%
Max Drawdown (1Y) Largest decline over 1 year	-23.81%	-27.39%	+3.58%
Max Drawdown (3Y) Largest decline over 3 years	-33.28%	-36.90%	+3.62%
Max Drawdown (5Y) Largest decline over 5 years	-41.01%	-39.37%	-1.64%
Max Drawdown (10Y) Largest decline over 10 years	-67.51%	-59.78%	-7.73%
Current Drawdown Current decline from peak	-3.52%	-3.91%	+0.39%
Average Drawdown Average peak-to-trough decline	-43.15%	-31.72%	-11.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.55%	8.29%	-0.74%

Volatility

ZMT.TO vs. COPX - Volatility Comparison

The current volatility for BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged) (ZMT.TO) is 14.55%, while Global X Copper Miners ETF (COPX) has a volatility of 15.34%. This indicates that ZMT.TO experiences smaller price fluctuations and is considered to be less risky than COPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZMT.TO	COPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.55%	15.34%	-0.79%
Volatility (6M) Calculated over the trailing 6-month period	31.86%	34.54%	-2.68%
Volatility (1Y) Calculated over the trailing 1-year period	38.81%	40.01%	-1.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.74%	33.35%	+0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.32%	32.49%	+0.83%

ZMT.TO vs. COPX - Expense Ratio Comparison

ZMT.TO has a 0.61% expense ratio, which is lower than COPX's 0.65% expense ratio.

Dividends

ZMT.TO vs. COPX - Dividend Comparison

ZMT.TO's dividend yield for the trailing twelve months is around 0.15%, less than COPX's 2.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COPX Global X Copper Miners ETF	2.13%	2.68%	1.80%	2.39%	3.14%	1.48%	1.30%	1.37%	2.59%	1.57%	0.60%	1.20%
ZMT.TO BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged)	0.15%	0.21%	0.34%	0.87%	1.46%	2.82%	1.03%	2.34%	3.95%	1.29%	1.24%	1.10%

Frequently Asked Questions

Can I hold both ZMT.TO and COPX in my portfolio?

ZMT.TO and COPX 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 ETF is better, ZMT.TO or COPX?

On fees, ZMT.TO is cheaper at 0.61% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZMT.TO or COPX?

ZMT.TO is cheaper with a 0.61% expense ratio, compared with 0.65% for COPX.

What is the main difference between ZMT.TO and COPX?

ZMT.TO is categorized as Energy Equities, while COPX is Materials. ZMT.TO tracks Solactive Equal Weight Global Base Metals Index Canadian Dollar Hedged, while COPX tracks Solactive Global Copper Miners Total Return Index. They also come from different issuers: BMO and Global X. Their fees differ too: 0.61% for ZMT.TO and 0.65% for COPX.