iShares Copper and Metals Mining ETF (ICOP) Performance
ICOP total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +8.0% since Dec 31, 2025
- 1 year
- +28.6% total return
- 3 years
- +32.1% a year
- Since first price
- +24.9% a year since 2023
ICOP trailing returns vs SPY, QQQ, AGG
| Period | ICOP total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −13.0% | −13.0% | −1.0% | −5.0% | +0.9% |
| 3 months | −3.9% | −3.9% | +3.2% | +1.9% | −0.4% |
| 6 months | −7.3% | −7.7% | +7.8% | +8.4% | −1.5% |
| YTD | +8.0% | +7.5% | +12.3% | +15.1% | −1.0% |
| 1 year | +28.6% | +26.1% | +14.4% | +15.9% | −1.1% |
| 3 years | +130.5%+32.1%/yr | +115.2% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionJun 23, 2023 | +110.1%+24.9%/yr | +96.2% | — | — | — |
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: ICOP vs SPY
From Jun 23, 2023: ICOP grew to $21,012, SPY to $18,254.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
ICOP returns by calendar year
2 of 2 full years positive. Best 2025 (+78.0%), worst 2024 (+1.1%). 2026 is year to date.
ICOP annual returns table
| Year | ICOP | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +8.0% | −26.1% | +12.3% | +15.1% | −1.0% |
| 2025 | +78.0% | −24.8% | +17.7% | +20.8% | +7.2% |
| 2024 | +1.1% | −26.8% | +24.9% | +25.6% | +1.3% |
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.
ICOP largest drawdowns
Now 21.8% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| May 20, 2024 | −38.7% | Apr 8, 2025 | Sep 15, 2025 | 11 months | 1.3 years |
| Feb 25, 2026 | −26.1% | Mar 20, 2026 | Jun 2, 2026 | 23 days | 3 months |
| Aug 25, 2026 | −21.8% | Oct 23, 2026 | not yet | 59 days | 59 days so far |
| Jul 31, 2023 | −20.8% | Nov 10, 2023 | Mar 13, 2024 | 3 months | 7 months |
| Jun 2, 2026 | −19.7% | Jul 8, 2026 | Aug 21, 2026 | 36 days | 3 months |
| Jan 29, 2026 | −10.8% | Feb 5, 2026 | Feb 25, 2026 | 7 days | 27 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
ICOP risk statistics
| Statistic | 3 years | Since 2023 |
|---|---|---|
| Annualized return | +33.4% | +29.6% |
| Volatility (annualized) | 29.8% | 29.9% |
| Sharpe ratio | 0.97 | 0.87 |
| Sortino ratio | 1.75 | 1.54 |
| Best month | +16.8% | +16.8% |
| Worst month | −16.7% | −16.7% |
| Best 12 months | +130.6% | +130.6% |
| Worst 12 months | −14.0% | −14.0% |
| Positive months | 61% | 59% |
| Beta vs S&P 500 | 0.92 | — |
| Correlation with S&P 500 | 0.38 | — |
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.
ICOP rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 29 | −14.0% | +25.8% | +130.6% | 90% |
| 3-year (a year) | 5 | +25.3% | +32.7% | +36.3% | 100% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
ICOP performance overview
iShares Copper and Metals Mining ETF (ICOP) returned +28.6% over the past year, with distributions reinvested. Since its first recorded price in 2023 it has returned +24.9% a year, turning $10,000 into about $21,012. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −38.7%, from May 20, 2024 to Apr 8, 2025, and it took 5 months to get back to the old high. Volatility has been 29.9% a year.
Related: ICOP chart, ICOP holdings, ICOP dividends. See the ICOP overview for the latest quote and fund facts.
ICOP performance FAQ
What is the ICOP return over the past year?
ICOP returned +28.6% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 26.1%.
How much would $10,000 invested in ICOP be worth?
$10,000 invested in ICOP at its first recorded close on June 23, 2023 would be worth about $21,012 on October 23, 2026 with distributions reinvested.
What was the worst year for ICOP?
The worst calendar year was 2024, with a total return of +1.1%. The best was 2025 at +78.0%.
What is the biggest drawdown of ICOP?
The largest peak-to-trough decline was −38.7% between May 20, 2024 and April 8, 2025. It recovered to the old high on September 15, 2025, 5 months after the bottom.
How volatile is ICOP?
Over the past 3 years ICOP had an annualized volatility of 29.8% and a Sharpe ratio of 0.97 (excess return over 1–3 month T-bills per unit of risk).