COPX vs CPER: The Miners or the Metal?
Same copper thesis, two different instruments. COPX owns the companies that dig copper out of the ground. CPER owns copper futures directly. They behave very differently.
COPX and CPER both bet on copper, but they are not the same trade. COPX (Global X Copper Miners) holds roughly 40 copper mining companies at 0.65%, so it is an equity bet: when copper prices rise, miners' profits rise faster than the metal, which is why COPX tends to swing harder in both directions. The cost is that you also take on operational risk, country risk (much of the mining is in Chile, Peru, and other emerging markets), and equity market beta. CPER (United States Copper Index Fund) holds copper futures contracts at 0.65%, giving you exposure to the copper price itself with no company risk, but futures carry a roll cost: when the market is in contango, rolling expiring contracts into later ones quietly erodes returns over time, and CPER is small (about $300M) and structured as a commodity pool, which brings a more complex K-1 tax form. The honest framing: if you want leverage to the electrification thesis and accept equity-style volatility, COPX gives you more upside and more risk. If you want cleaner exposure to the copper price as a diversifier or inflation hedge, CPER tracks the metal more directly but bleeds a little to the futures roll. Neither is a buy-and-hold core holding; both are tactical, volatile, single-commodity plays. Past performance does not guarantee future results.
📋 COPX vs CPER — Key Facts Side by Side
| Metric | COPX | CPER |
|---|---|---|
| Fund Name | Global X Copper Miners ETF | United States Copper Index Fund, LP |
| Issuer | Global X | USCF |
| Tracks Index | Solactive Global Copper Miners | SummerHaven Copper Index |
| Expense Ratio | 0.65% | 0.65% |
| Cost per $10K/yr | $65.00 | $65.00 |
| AUM | $8B | $700.5M |
| Holdings | 40 | 5 |
| Inception | 2010 | 2011 |
| 1-Year Return | +25.00% | +28.07% |
| 3-Year Return | +8.00% | +21.05% |
| 5-Year Return | +15.00% | +6.85% |
| Holdings Overlap | None. COPX holds copper mining stocks; CPER holds copper futures. They are two different ways to bet on the same metal. — see full overlap → | |
| Avg Bid-Ask Spread | 0.03% | 0.10% |
Expense ratio, AUM, and returns updated May 25, 2026 from ETF BFF database. Returns are annualised. Not investment advice.
📊 COPX vs CPER — Annualised Returns
Annualised returns (trailing, price-based). Past performance does not guarantee future results.
🎯 Should You Buy COPX or CPER?
- You want broader diversification (40 holdings vs 5)
- You already use Global X and prefer staying within their fund family
- You already use USCF and prefer staying within their fund family
💰 What the Fee Difference Actually Costs
Adjust the numbers for your situation. This models each fund's expense ratio compounding against your balance over time.
Assumes a constant annual return reinvested, with each fund's expense ratio deducted yearly. Illustrative only; actual returns vary. Past performance does not guarantee future results.
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❓ COPX vs CPER — Frequently Asked Questions
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