ZSB vs. CPER

Last updated Jun 3, 2026

ZSB (USCF Sustainable Battery Metals Strategy Fund) and CPER (United States Copper Index Fund) are both exchange-traded funds - ZSB is a Commodities fund tracking the S&P GSCI Electric Vehicle Meals Index, while CPER is a Metals fund tracking the SummerHaven Copper Index Total Return. Both are passively managed. Over the past 3 years, ZSB returned 6.63%/yr vs 20.89%/yr for CPER. A 0.53 correlation means they provide meaningful diversification when combined. ZSB charges 0.59%/yr vs 1.06%/yr for CPER.

Performance

ZSB vs. CPER - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USCF Sustainable Battery Metals Strategy Fund (ZSB) and United States Copper Index Fund (CPER). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZSB achieves a 14.02% return, which is significantly lower than CPER's 16.13% return.

ZSB

• 1D: 0.48%
• 1M: 2.34%
• YTD: 14.02%
• 6M: 28.85%
• 1Y: 78.36%
• 3Y*: 6.63%
• 5Y*: —
• 10Y*: —

CPER

• 1D: 1.60%
• 1M: 12.06%
• YTD: 16.13%
• 6M: 26.32%
• 1Y: 33.68%
• 3Y*: 20.89%
• 5Y*: 8.13%
• 10Y*: 11.24%

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

ZSB vs. CPER - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZSB USCF Sustainable Battery Metals Strategy Fund	14.02%	64.34%	-19.70%	-31.38%
CPER United States Copper Index Fund	16.13%	38.95%	4.23%	-4.74%

Correlation

The correlation between ZSB and CPER is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (All Time) Calculated using the full available price history since Jan 12, 2023	0.53

The correlation between ZSB and CPER has been stable across timeframes, ranging from 0.53 to 0.55 - a consistent structural relationship.

Return for Risk

ZSB vs. CPER — Risk / Return Rank

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

ZSB

ZSB Risk / Return Rank: 81
ZSB Sharpe Ratio Rank: 88
ZSB Sortino Ratio Rank: 73
ZSB Omega Ratio Rank: 86
ZSB Calmar Ratio Rank: 85
ZSB Martin Ratio Rank: 71

CPER

CPER Risk / Return Rank: 28
CPER Sharpe Ratio Rank: 27
CPER Sortino Ratio Rank: 25
CPER Omega Ratio Rank: 34
CPER Calmar Ratio Rank: 31
CPER Martin Ratio Rank: 24

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.

ZSB vs. CPER - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF Sustainable Battery Metals Strategy Fund (ZSB) 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.

	ZSB	CPER	Difference
Sharpe ratio Return per unit of total volatility	2.99	0.99	+2.01
Sortino ratio Return per unit of downside risk	3.38	1.34	+2.04
Omega ratio Gain probability vs. loss probability	1.54	1.23	+0.31
Calmar ratio Return relative to maximum drawdown	4.77	1.55	+3.22
Martin ratio Return relative to average drawdown	13.48	3.21	+10.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZSB vs. CPER - Sharpe Ratio Comparison

The current ZSB Sharpe Ratio is 2.99, which is higher than the CPER Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of ZSB and CPER, 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

	ZSB	CPER	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	0.99	+2.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.30	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.14	-0.09

Drawdowns

ZSB vs. CPER - Drawdown Comparison

The maximum ZSB drawdown since its inception was -49.26%, smaller than the maximum CPER drawdown of -54.04%. Use the drawdown chart below to compare losses from any high point for ZSB and CPER.

Drawdown Indicators

	ZSB	CPER	Difference
Max Drawdown Largest peak-to-trough decline	-49.26%	-54.04%	+4.78%
Max Drawdown (1Y) Largest decline over 1 year	-16.75%	-24.77%	+8.02%
Max Drawdown (3Y) Largest decline over 3 years	-43.22%	-24.77%	-18.45%
Max Drawdown (5Y) Largest decline over 5 years	—	-34.75%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-38.42%	—
Current Drawdown Current decline from peak	-3.87%	0.00%	-3.87%
Average Drawdown Average peak-to-trough decline	-30.98%	-25.41%	-5.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.92%	11.92%	-6.00%

Volatility

ZSB vs. CPER - Volatility Comparison

The current volatility for USCF Sustainable Battery Metals Strategy Fund (ZSB) is 5.39%, while United States Copper Index Fund (CPER) has a volatility of 9.37%. This indicates that ZSB experiences smaller price fluctuations and is considered to be less risky than CPER based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZSB	CPER	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.39%	9.37%	-3.98%
Volatility (6M) Calculated over the trailing 6-month period	22.64%	22.64%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	26.31%	34.51%	-8.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.60%	26.97%	-7.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.60%	24.03%	-4.43%

ZSB vs. CPER - Expense Ratio Comparison

ZSB has a 0.59% expense ratio, which is lower than CPER's 1.06% expense ratio.

Dividends

ZSB vs. CPER - Dividend Comparison

ZSB's dividend yield for the trailing twelve months is around 0.81%, while CPER has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CPER United States Copper Index Fund	0.00%	0.00%	0.00%	0.00%
ZSB USCF Sustainable Battery Metals Strategy Fund	0.81%	0.92%	2.96%	3.59%

Frequently Asked Questions

Can I hold both ZSB and CPER in my portfolio?

ZSB and CPER have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZSB or CPER?

CPER has higher volatility (9.37%) compared to ZSB (5.39%). In terms of maximum drawdown, ZSB dropped -49.26% vs CPER's -54.04%.

Which ETF is better, ZSB or CPER?

On 3-year performance, CPER leads with 20.89% vs 6.63% for ZSB. On fees, ZSB is cheaper at 0.59% per year. On volatility, ZSB has been the lower-risk option at 5.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZSB or CPER?

Over the 3-year period, CPER has performed better with a 20.89% return vs 6.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZSB or CPER?

ZSB is cheaper with a 0.59% expense ratio, compared with 1.06% for CPER.

Which ETF pays a higher dividend yield, ZSB or CPER?

ZSB has the higher dividend yield at 0.81%, compared with 0.00% for CPER.

What is the main difference between ZSB and CPER?

ZSB is categorized as Commodities, while CPER is Metals. ZSB tracks S&P GSCI Electric Vehicle Meals Index, while CPER tracks SummerHaven Copper Index Total Return. Their fees differ too: 0.59% for ZSB and 1.06% for CPER.

Which has better risk-adjusted returns?

ZSB currently has the higher Sharpe Ratio (2.99 vs 0.99), 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.