United States Copper Index Fund LP (CPER) Performance
CPER total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +11.7% since Dec 31, 2025
- 1 year
- +24.4% total return
- 5 years
- +7.2% a year
- 10 years
- +11.0% a year
- Since first price
- +3.0% a year since 2011
CPER trailing returns vs SPY, QQQ, AGG
| Period | CPER total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −3.8% | −3.8% | −1.0% | −5.0% | +0.9% |
| 3 months | +2.1% | +2.1% | +3.2% | +1.9% | −0.4% |
| 6 months | +5.7% | +5.7% | +7.8% | +8.4% | −1.5% |
| YTD | +11.7% | +11.7% | +12.3% | +15.1% | −1.0% |
| 1 year | +24.4% | +24.4% | +14.4% | +15.9% | −1.1% |
| 3 years | +75.2%+20.6%/yr | +75.2% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +41.9%+7.2%/yr | +41.9% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +183.2%+11.0%/yr | +183.2% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| Since inceptionNov 15, 2011 | +55.1%+3.0%/yr | +55.1% | — | — | — |
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: CPER vs SPY
From Nov 15, 2011: CPER grew to $15,512, SPY to $78,269.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
CPER returns by calendar year
9 of 14 full years positive. Best 2025 (+39.0%), worst 2015 (−25.0%). 2026 is year to date.
CPER annual returns table
| Year | CPER | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +11.7% | −16.4% | +12.3% | +15.1% | −1.0% |
| 2025 | +39.0% | −24.8% | +17.7% | +20.8% | +7.2% |
| 2024 | +4.2% | −21.3% | +24.9% | +25.6% | +1.3% |
| 2023 | +4.5% | −15.5% | +26.2% | +54.9% | +5.7% |
| 2022 | −15.1% | −34.7% | −18.2% | −32.6% | −13.0% |
| 2021 | +25.2% | −16.5% | +28.7% | +27.4% | −1.8% |
| 2020 | +23.9% | −27.5% | +18.3% | +48.6% | +7.5% |
| 2019 | +6.7% | −14.6% | +31.2% | +39.0% | +8.5% |
| 2018 | −21.9% | −22.0% | −4.6% | −0.1% | +0.1% |
| 2017 | +28.8% | −11.8% | +21.7% | +32.7% | +3.6% |
| 2016 | +14.6% | −12.1% | +12.0% | +7.1% | +2.4% |
| 2015 | −25.0% | −37.4% | +1.2% | +9.4% | +0.5% |
| 2014 | −16.9% | −42.7% | +13.5% | +19.2% | +6.0% |
| 2013 | −8.4% | −21.0% | +32.3% | +36.6% | −2.0% |
| 2012 | +2.1% | −17.9% | +16.0% | +18.1% | +3.8% |
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.
CPER largest drawdowns
Now 5.7% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 9, 2012 | −57.8% | Feb 2, 2015 | May 6, 2021 | 3.0 years | 9.2 years |
| Mar 4, 2022 | −34.7% | Jul 14, 2022 | May 15, 2024 | 4 months | 2.2 years |
| Jul 24, 2025 | −24.8% | Aug 5, 2025 | Jan 5, 2026 | 12 days | 5 months |
| Mar 26, 2025 | −21.5% | Apr 8, 2025 | Jul 8, 2025 | 13 days | 3 months |
| May 21, 2024 | −21.3% | Aug 7, 2024 | Mar 19, 2025 | 3 months | 10 months |
| May 11, 2021 | −16.5% | Aug 19, 2021 | Mar 4, 2022 | 3 months | 10 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
CPER risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2011 |
|---|---|---|---|---|
| Annualized return | +20.0% | +9.7% | +10.6% | +3.1% |
| Volatility (annualized) | 19.7% | 20.2% | 20.4% | 19.6% |
| Sharpe ratio | 0.81 | 0.38 | 0.48 | 0.18 |
| Sortino ratio | 1.30 | 0.58 | 0.78 | 0.26 |
| Best month | +12.7% | +12.7% | +16.9% | +16.9% |
| Worst month | −13.2% | −14.4% | −14.4% | −14.4% |
| Best 12 months | +44.1% | +44.1% | +86.0% | +86.0% |
| Worst 12 months | +0.8% | −24.2% | −24.3% | −29.1% |
| Positive months | 67% | 57% | 55% | 52% |
| Beta vs S&P 500 | 0.10 | 0.47 | 0.61 | — |
| Correlation with S&P 500 | 0.07 | 0.37 | 0.46 | — |
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.
CPER rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 168 | −29.1% | +0.7% | +86.0% | 51% |
| 3-year (a year) | 144 | −19.6% | +3.3% | +21.6% | 63% |
| 5-year (a year) | 120 | −8.9% | +5.1% | +17.9% | 63% |
| 10-year (a year) | 60 | −2.3% | +2.0% | +11.3% | 82% |
Every holding period starting at a month-end since 2011. Returns for 3 years and longer are annualized.
CPER performance overview
United States Copper Index Fund LP (CPER) returned +24.4% over the past year and +11.0% a year over ten years, with distributions reinvested. Since its first recorded price in 2011 it has returned +3.0% a year, turning $10,000 into about $15,512. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −57.8%, from Feb 9, 2012 to Feb 2, 2015, and it took 6.3 years to get back to the old high. CPER finished 9 of its 14 full calendar years with a gain; the best year was 2025 (+39.0%) and the worst 2015 (−25.0%). Volatility has been 19.6% a year.
Related: CPER chart. See the CPER overview for the latest quote and fund facts.
CPER performance FAQ
What is the CPER return over the past year?
CPER returned +24.4% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 24.4%.
What is the average annual return of CPER?
CPER has returned +7.2% a year over 5 years, +11.0% a year over 10 years, +3.0% a year since November 15, 2011 (total return, distributions reinvested).
How much would $10,000 invested in CPER be worth?
$10,000 invested in CPER at its first recorded close on November 15, 2011 would be worth about $15,512 on October 23, 2026 with distributions reinvested.
What was the worst year for CPER?
The worst calendar year was 2015, with a total return of −25.0%. The best was 2025 at +39.0%.
What is the biggest drawdown of CPER?
The largest peak-to-trough decline was −57.8% between February 9, 2012 and February 2, 2015. It recovered to the old high on May 6, 2021, 6.3 years after the bottom.
How volatile is CPER?
Over the past 3 years CPER had an annualized volatility of 19.7% and a Sharpe ratio of 0.81 (excess return over 1–3 month T-bills per unit of risk).