COPX vs XME ETF Comparison: AI Score, Valuation, Performance and Upside
COPX and XME both provide metals and mining ETF exposure but with different scope — COPX is a pure-play global copper mining ETF concentrated on the world's leading copper miners (Freeport-McMoRan, Southern Copper, Antofagasta), while XME is a diversified U.S.-focused metals and mining ETF spanning steel, aluminum, copper, gold, and coal with equal weighting. COPX is for investors with a specific copper thesis; XME is for broad metals sector exposure.
COPX vs XME is pure-play global copper mining exposure with direct leverage to energy transition copper demand (Global X's COPX tracking world's leading copper miners including Freeport-McMoRan and Southern Copper, driven by EVs, grid upgrades, and renewable energy copper intensity) versus diversified U.S. metals and mining equal-weighted exposure across steel, copper, aluminum, gold, and coal (SPDR's XME providing broad commodity sector coverage with steel and diversified mining company exposure alongside copper) — concentrated copper thesis versus broad metals diversification.
COPX holds the edge across 4 of 5 key metrics in this comparison. COPX has delivered stronger 1-year price return (+70.14% vs +22.43% for XME).
- Have a specific thesis on copper demand from EV adoption, grid electrification, and renewable energy infrastructure buildout driving copper prices and copper miner earnings higher
- Want global copper mining exposure including the world's best copper deposits regardless of listing country (Chile's SCCO, Canada's First Quantum, UK's Antofagasta alongside U.S.-listed FCX)
- Prefer concentrated single-commodity mining ETF for clear, direct expression of their copper market view without dilution from steel, gold, or coal exposures
- Want broad U.S. metals sector exposure across multiple commodity types including steel (Nucor, Steel Dynamics), copper (Freeport-McMoRan), and specialty metals without concentrating in a single metal
- Value XME's equal weighting for providing meaningful exposure to smaller, higher-beta mining companies that would be negligible in a market-cap weighted metals ETF
- Seek a single metals and mining ETF that captures both commodity price cycles and domestic U.S. manufacturing/construction cycles through steel company exposure
| Metric | COPX | XME |
|---|---|---|
| ETF scorei | 86.0 | 76.0 |
| Latest closei | $87.28 | $108.68 |
| 1M returni | -1.13% | -7.17% |
| 6M returni | +26.78% | +6.97% |
| 1Y returni | +70.14% | +22.43% |
The ETF score weights long-term returns and risk-adjusted performance most heavily, but still rewards low expense ratios, larger fund size, and broader diversification — so it can favor low-cost, broad, mega-cap funds over smaller thematic or actively-managed funds even when the latter have delivered stronger returns.
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | COPX | XME |
|---|---|---|
| 1Y ago | $17.47K (+74.7%) started 2025-09-18 | $12.29K (+22.9%) started 2025-09-18 |
| 5Y ago | $33.16K (+231.6%) started 2021-09-20 | $29.16K (+191.6%) started 2021-09-20 |
| 10Y ago | $82.27K (+722.7%) started 2016-09-19 | $55.94K (+459.4%) started 2016-09-19 |
Hypothetical — past performance does not guarantee future results.
| Metric | COPX | XME |
|---|---|---|
| Expense ratioi | 0.65% | 0.35% |
| Total assets (AUM)i | $8.44B | $4.89B |
| Dividend yieldi | 2.07% | 0.32% |
| Trailing P/Ei | 16.05 | 18.85 |
| Betai | 1.12 | 1.36 |
| 52-week change | 70.14% | 22.43% |
| Metric | COPX | XME |
|---|---|---|
| 1Y returni | +70.14% | +22.43% |
| 6M returni | +26.78% | +6.97% |
| 1M returni | -1.13% | -7.17% |
| 1Y Sharpe ratio | 1.27 | 0.61 |
| Betai | 1.12 | 1.36 |
| Dividend yieldi | 2.07% | 0.32% |
| 5Y CAGR | +24.03% | +22.78% |
Over the past year, COPX and XME have moved strongly in the same direction (correlation of 0.80), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | COPX | XME |
|---|---|---|---|
| 1Y | Growthi | +70.14% | +22.43% |
| CAGRi | +70.20% | +22.45% | |
| Volatilityi | 47.53% | 38.32% | |
| Sharpe ratioi | 1.27 | 0.61 | |
| Sortino ratioi | 1.81 | 0.86 | |
| Max drawdowni | 27.82% | 26.49% | |
| Current drawdowni | 9.51% | 18.13% | |
| Avg drawdowni | 8.75% | 10.74% | |
| Ulcer Indexi | 11.49% | 12.75% | |
| Max daily dropi | 10.62% | 7.81% | |
| Max wkly dropi | 16.46% | 12.60% | |
| 5Y | Growthi | +193.18% | +178.63% |
| CAGRi | +24.03% | +22.78% | |
| Volatilityi | 37.38% | 32.75% | |
| Sharpe ratioi | 0.65 | 0.66 | |
| Sortino ratioi | 0.93 | 0.94 | |
| Max drawdowni | 42.12% | 37.27% | |
| Current drawdowni | 9.51% | 18.13% | |
| Avg drawdowni | 15.15% | 12.95% | |
| Ulcer Indexi | 18.05% | 15.71% | |
| Max daily dropi | 10.62% | 7.81% | |
| Max wkly dropi | 20.59% | 16.54% | |
| 10Y | Growthi | +563.20% | +391.76% |
| CAGRi | +20.84% | +17.27% | |
| Volatilityi | 36.07% | 32.93% | |
| Sharpe ratioi | 0.58 | 0.51 | |
| Sortino ratioi | 0.83 | 0.73 | |
| Max drawdowni | 65.41% | 61.69% | |
| Current drawdowni | 9.51% | 18.13% | |
| Avg drawdowni | 17.96% | 15.47% | |
| Ulcer Indexi | 21.73% | 19.46% | |
| Max daily dropi | 17.44% | 14.85% | |
| Max wkly dropi | 25.82% | 28.53% |
| Category | COPX | XME |
|---|---|---|
| Fund name | Global X Copper Miners ETF | State Street SPDR S&P Metals & Mining ETF |
| Type | ETF | ETF |
| Expense ratioi | 0.65% | 0.35% |
| Total assets (AUM)i | $8.44B | $4.89B |
| Dividend yieldi | 2.07% | 0.32% |
- Pure-play copper exposure to the energy transition's most critical metal — copper is essential for virtually every electrification application; EVs use 3-4x more copper than gas cars; solar and wind installations require significant copper wiring; grid upgrades for EV charging and renewable integration create sustained structural demand
- Freeport-McMoRan and Southern Copper are world-class operators with multi-decade mine lives — FCX's Grasberg mine in Indonesia and SCCO's Latin American operations are among the world's largest and lowest-cost copper operations; these companies benefit disproportionately from copper price increases given their massive production volumes
- Global mining company exposure including Canadian, Australian, and emerging market producers — COPX's global mandate allows exposure to the world's best copper deposits regardless of home stock market listing
- Diversified multi-metal exposure reduces single commodity price risk — XME's exposure across copper, steel, aluminum, gold, silver, and coal means no single commodity price determines performance; different metals' cycles offset each other to some degree
- Equal weighting provides small-cap metal mining leverage — equal-weighted methodology gives smaller copper, gold, and specialty metal miners significant portfolio weight; small miners tend to be more leveraged to commodity prices (higher beta) than large diversified miners, which can amplify returns in commodity bull markets
- Steel sector exposure adds industrial production cycle sensitivity — XME's steel exposure (Nucor, Steel Dynamics) provides exposure to U.S. construction and manufacturing activity independent of global commodity prices; U.S. steelmakers benefit from domestic construction spending and tariff protection from foreign steel imports
- Copper price volatility creates significant NAV swings — copper is priced on global commodity markets; Chinese economic health (China consumes approximately 50% of global copper) is the most important single factor; slowdowns in Chinese construction and manufacturing severely impact copper demand and COPX NAV
- Mine supply disruptions in Chile and Peru add event risk — Chile and Peru together produce approximately 40% of global copper; labor strikes (common at Chilean copper mines), water restrictions, and government royalty changes create supply disruptions and price spikes that benefit miners short-term but introduce operational risk
- Long permitting timelines limit new copper supply — new large-scale copper mines typically require 10-20 years from discovery to production; while this supports long-term copper prices, it also means the mining companies can face production growth constraints
- Broad multi-metal exposure means XME doesn't cleanly express any single commodity thesis — investors bullish specifically on copper or gold will find XME's diversification dilutes their thesis; single-commodity ETFs (COPX, GDX) provide purer exposure
- Equal weighting creates rebalancing overhead and potential small-company liquidity risk — equal weighting means XME must rebalance frequently as prices diverge; smaller mining companies with limited liquidity can be expensive to trade at their equal-weighted portfolio allocation
- Coal company inclusion may create ESG issues for some investors — XME holds metallurgical coal companies (coal used in steelmaking); while different from thermal coal (electricity generation), ESG-focused investors may object to any coal exposure
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