Themes Copper Miners ETF (COPA) Performance
COPA total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +4.8% since Dec 31, 2025
- 1 year
- +28.9% total return
- Since first price
- +79.8% since 2024
COPA trailing returns vs SPY, QQQ, AGG
| Period | COPA total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −17.0% | −17.0% | −1.0% | −5.0% | +0.9% |
| 3 months | −5.8% | −5.8% | +3.2% | +1.9% | −0.4% |
| 6 months | −5.2% | −5.2% | +7.8% | +8.4% | −1.5% |
| YTD | +4.8% | +4.8% | +12.3% | +15.1% | −1.0% |
| 1 year | +28.9% | +23.2% | +14.4% | +15.9% | −1.1% |
| Since inceptionSep 24, 2024 | +79.8% | +69.7% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: COPA vs SPY
From Sep 24, 2024: COPA grew to $17,984, SPY to $13,609.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
COPA returns by calendar year
1 of 1 full years positive. Best 2025 (+100.9%), worst 2025 (+100.9%). 2026 is year to date.
COPA annual returns table
| Year | COPA | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +4.8% | −28.0% | +12.3% | +15.1% | −1.0% |
| 2025 | +100.9% | −27.5% | +17.7% | +20.8% | +7.2% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
COPA largest drawdowns
Now 23.2% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Oct 7, 2024 | −34.7% | Apr 8, 2025 | Jul 2, 2025 | 6 months | 9 months |
| Jan 29, 2026 | −28.0% | Mar 20, 2026 | Jun 2, 2026 | 50 days | 4 months |
| Aug 27, 2026 | −23.2% | Oct 23, 2026 | not yet | 57 days | 57 days so far |
| Jun 2, 2026 | −18.8% | Jul 17, 2026 | Aug 21, 2026 | 45 days | 3 months |
| Oct 13, 2025 | −11.1% | Nov 4, 2025 | Dec 1, 2025 | 22 days | 49 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
COPA risk statistics
| Statistic | Since 2024 |
|---|---|
| Annualized return | +41.3% |
| Volatility (annualized) | 35.0% |
| Sharpe ratio | 1.05 |
| Sortino ratio | 1.94 |
| Best month | +19.4% |
| Worst month | −19.6% |
| Best 12 months | +152.6% |
| Worst 12 months | +35.3% |
| Positive months | 58% |
| Beta vs S&P 500 | — |
| Correlation with S&P 500 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
COPA rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 14 | +25.7% | +87.8% | +152.6% | 100% |
Every holding period starting at a month-end since 2024. Returns for 3 years and longer are annualized.
COPA performance overview
Themes Copper Miners ETF (COPA) returned +28.9% over the past year, with distributions reinvested. Since its first recorded price on Sep 24, 2024 it has returned +79.8%. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −34.7%, from Oct 7, 2024 to Apr 8, 2025, and it took 3 months to get back to the old high. Volatility has been 35.0% a year.
Related: COPA chart, COPA holdings, COPA dividends. See the COPA overview for the latest quote and fund facts.
COPA performance FAQ
What is the COPA return over the past year?
COPA returned +28.9% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 23.2%.
How much would $10,000 invested in COPA be worth?
$10,000 invested in COPA at its first recorded close on September 24, 2024 would be worth about $17,984 on October 23, 2026 with distributions reinvested.
What is the biggest drawdown of COPA?
The largest peak-to-trough decline was −34.7% between October 7, 2024 and April 8, 2025. It recovered to the old high on July 2, 2025, 3 months after the bottom.
How volatile is COPA?
Over the past history COPA had an annualized volatility of 35.0% and a Sharpe ratio of 1.05 (excess return over 1–3 month T-bills per unit of risk).