ZMT.TO vs. COPX

Last updated Aug 6, 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 Materials fund tracking the Solactive Equal Weight Global Base Metals Index Canadian Dollar Hedged, while COPX is a Copper fund tracking the Solactive Global Copper Miners Total Return Index. Both are passively managed. Over the past 10 years, ZMT.TO returned 14.37%/yr vs 21.03%/yr for COPX. Their 0.73 correlation means they have sometimes moved together and sometimes differently. 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 26.63% return, which is significantly higher than COPX's 24.49% return. Over the past 10 years, ZMT.TO has underperformed COPX with an annualized return of 14.37%, while COPX has yielded a comparatively higher 21.03% annualized return.

ZMT.TO

• 1D: 3.49%
• 1M: 3.84%
• 6M: 5.83%
• YTD: 26.63%
• 1Y: 81.28%
• 3Y*: 31.55%
• 5Y*: 20.93%
• 10Y*: 14.37%
• ALL TIME*: 4.16%

COPX

• 1D: 3.39%
• 1M: 9.42%
• 6M: 3.61%
• YTD: 24.49%
• 1Y: 107.34%
• 3Y*: 34.28%
• 5Y*: 24.11%
• 10Y*: 21.03%
• ALL TIME*: 8.64%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
COPX Global X Copper Miners ETF	CA$297.75M	CA$292.47M	CA$411.76M
ZMT.TO BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged)	CA$116.96K	CA$233.82K	CA$412.60K

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)	26.63%	63.17%	15.30%	14.54%	-6.65%	11.04%	14.70%	15.82%	-36.27%	36.32%
COPX Global X Copper Miners ETF	24.49%	84.67%	12.34%	5.80%	5.53%	23.32%	48.06%	7.84%	-25.53%	29.52%

Correlation

The correlation between ZMT.TO and COPX is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.71
Correlation (3Y) Balances recent behavior with more history.	0.60
Correlation (5Y) Shows whether the relationship held over a longer period.	0.67
Correlation (10Y) Provides a long-term view across more market conditions.	0.72
Correlation (All Time) Calculated using the full available price history since Apr 20, 2010	0.73

The correlation between ZMT.TO and COPX shifts across timeframes, from 0.60 (3 years) to 0.73 (all time), reflecting how their relationship changes across market environments.

ZMT.TO vs. COPX - Sectors Allocation Comparison

Sectors	ZMT.TO	COPX
Basic Materials	87.7%	96.9%
Industrials	12.4%	3.1%
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 historical risk-adjusted metric ranks over the past 12 months.

ZMT.TO

ZMT.TO Risk / Return Rank: 68
ZMT.TO Sharpe Ratio Rank: 73
ZMT.TO Sortino Ratio Rank: 62
ZMT.TO Omega Ratio Rank: 65
ZMT.TO Calmar Ratio Rank: 83
ZMT.TO Martin Ratio Rank: 59

COPX

COPX Risk / Return Rank: 76
COPX Sharpe Ratio Rank: 86
COPX Sortino Ratio Rank: 69
COPX Omega Ratio Rank: 70
COPX Calmar Ratio Rank: 86
COPX Martin Ratio Rank: 66

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

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.

	ZMT.TO	COPX	Difference
Sharpe ratio: Return per unit of total volatility	1.89	2.34	-0.45
Sortino ratio: Return per unit of downside risk	2.38	2.65	-0.28
Omega ratio: Gain probability vs. loss probability	1.31	1.34	-0.03
Calmar ratio: Return relative to maximum drawdown	3.43	3.93	-0.49
Martin ratio: Return relative to average drawdown	8.01	10.35	-2.34

ZMT.TO vs. COPX - Sharpe Ratio Comparison

The current ZMT.TO Sharpe Ratio is 1.89, which is comparable to the COPX Sharpe Ratio of 2.34. 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.

Drawdowns

ZMT.TO vs. COPX - Drawdown Comparison

The maximum ZMT.TO drawdown since its inception was -82.27%, which is greater than COPX's maximum drawdown of -75.20%. 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	-82.27%	-75.20%	-7.07%
Max Drawdown (1Y) Largest decline over 1 year	-23.81%	-27.50%	+3.69%
Max Drawdown (3Y) Largest decline over 3 years	-33.28%	-36.93%	+3.65%
Max Drawdown (5Y) Largest decline over 5 years	-41.01%	-39.94%	-1.07%
Max Drawdown (10Y) Largest decline over 10 years	-68.54%	-60.04%	-8.50%
Current Drawdown Current decline from peak	-12.39%	-6.48%	-5.91%
Average Drawdown Average peak-to-trough decline	-45.74%	-31.39%	-14.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.19%	10.41%	-0.22%

Volatility

ZMT.TO vs. COPX - Volatility Comparison

BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged) (ZMT.TO) has a higher volatility of 14.69% compared to Global X Copper Miners ETF (COPX) at 13.83%. This indicates that ZMT.TO's price experiences larger fluctuations and is considered to be riskier 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	14.69%	13.83%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	34.42%	38.39%	-3.97%
Volatility (1Y) Calculated over the trailing 1-year period	43.15%	46.10%	-2.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.50%	37.63%	-3.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.70%	36.22%	-2.52%

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 0.16%, less than COPX's 2.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COPX Global X Copper Miners ETF	2.23%	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)	0.16%	0.21%	0.34%	0.87%	1.46%	2.82%	1.03%	2.34%	0.79%	0.26%	0.25%	0.22%

Frequently Asked Questions

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

ZMT.TO and COPX have a correlation of 0.71, 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 Materials, while COPX is Copper. 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.