Who are the world's major copper miners and which does COPX hold?

The world's largest copper producers are: Codelco — Chilean state-owned company, world's largest copper producer by volume (~1.7 million metric tons/year); Codelco is not publicly traded, so COPX cannot hold it. Freeport-McMoRan (FCX) — largest publicly traded copper miner; operates Grasberg in Indonesia (world's second-largest copper mine), Morenci in Arizona, and Cerro Verde in Peru; ~4 billion pounds of copper annually. Southern Copper (SCCO) — majority owned by Mexico's Grupo Mexico; operates Buenavista (Mexico) and Toquepala/Cuajone (Peru); ~1 million metric tons/year. BHP Group — world's largest mining company (Australian, ASX+NYSE listed); copper is a major segment alongside iron ore, coal, and potash. Glencore — Swiss/UK-listed; large copper producer alongside zinc, coal, nickel. Antofagasta — UK-listed, Chilean-focused copper miner. Anglo American — UK-listed; Los Bronces and Collahuasi mines in Chile. First Quantum Minerals — Canadian-listed; major Cobre Panama mine (subject to political risk) and Zambian operations. COPX holds all the publicly traded major copper miners globally, with Freeport-McMoRan typically the largest single holding at approximately 10-15% of the fund.

What is the difference between market-cap weighting and equal weighting in mining ETFs?

Market-cap weighting (most ETFs' default): each company is weighted by its total market capitalization relative to the index's total market cap; larger companies automatically receive higher weights; for copper, this means Freeport-McMoRan (largest public copper miner) dominates COPX at 10-15%; COPX is market-cap weighted. Equal weighting (XME's approach): each company in the index receives the same weight regardless of market capitalization; a small coal miner gets the same weight as Freeport-McMoRan; XME rebalances regularly to maintain equal weights as prices diverge. Implications: Equal-weighted ETFs tend to have more exposure to small-cap companies, which historically have provided higher returns (small-cap premium) but also higher volatility; equal-weighted ETFs have higher portfolio turnover (rebalancing) which increases trading costs; equal-weighted approaches can outperform during small-cap rallies and underperform when large-caps lead. For XME specifically: equal weighting means Nucor (large steel company) receives similar weight to small metallurgical coal producers; this gives XME different risk characteristics than a cap-weighted metals index and explains why XME can diverge significantly from cap-weighted commodity benchmarks in different market environments.

How does China's economy affect copper demand and commodity mining ETFs?

China's outsized copper demand influence: China consumes approximately 50% of global refined copper production (approximately 14 million metric tons of roughly 25 million metric ton global consumption); Chinese construction (residential, commercial real estate, infrastructure) is the single largest end-use for copper; Chinese manufacturing (electronics, appliances, electrical equipment) adds substantial industrial demand; China's economy is therefore the dominant driver of copper prices globally. Transmission to COPX and XME: Chinese economic slowdowns (as in 2015-2016 and 2022-2023 real estate downturn) create significant copper demand reductions and price declines, directly impacting COPX miner revenues and XME's copper holdings; Chinese stimulus (infrastructure investment programs, property market support, EV incentives) creates demand spikes that rapidly improve copper miner earnings. Why this matters more for COPX than XME: COPX is pure copper, so Chinese economic health is the dominant performance driver; XME's steel exposure is more U.S.-centric (U.S. steel consumption follows domestic construction/manufacturing, less directly tied to China); XME's diversification reduces China economic sensitivity relative to COPX.

brimindinvest.com / compare / copx-vs-xmeLIVE

COPX

Global X Copper Miners ETF (COPX) · ETF - Copper Mining

$85.48

+7.70% this month

VERSUS

⟷

COMPARE

XME

SPDR S&P Metals and Mining ETF (XME) · ETF - Diversified Metals & Mining

$117.02

+6.27% this month

Scoreboard verdict

Across expense ratio, momentum, yield, fund size, risk

COPX

4

XME

1

COPX LEADS 4/5

Comparison scoreboard

COPX LEADS 4/5

Exp. Ratio

COPX 0.65%

XME ✓0.35%

1Y Return

COPX ✓+104.53%

XME +76.26%

Div. Yield

COPX ✓2.18%

XME 0.31%

AUM

COPX ✓$7.99B

XME $5.27B

Beta

COPX ✓1.08

XME 1.27

Metrics last refreshed: 6/20/2026

Quick take

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.

Live analysis · updated 6/20/2026

COPX holds the edge across 4 of 5 key metrics in this comparison. COPX has delivered stronger 1-year price return (+104.53% vs +76.26% for XME).

Normalized 1Y performance

COPX

XME

Recent returns

COPX

XME

Who should consider this stock?

COPX may suit investors who:

→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

XME may suit investors who:

→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

Performance & AI score

Metric	COPX	XME
ETF score	57.0	63.0
Latest close	$85.48	$117.02
1M return	+7.70%	+6.27%
6M return	+27.25%	+16.04%
1Y return	+104.53%	+76.26%

$10,000 invested — hypothetical growth (dividends reinvested)

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	$21.04K (+110.4%) started 2025-06-18	$17.7K (+77.0%) started 2025-06-18
5Y ago	$31.4K (+214.0%) started 2021-06-18	$31.08K (+210.8%) started 2021-06-18
10Y ago	$83.41K (+734.1%) started 2016-06-20	$62.28K (+522.8%) started 2016-06-20

Hypothetical — past performance does not guarantee future results.

Fund characteristics

Metric	COPX	XME
Expense ratio	0.65%	0.35%
Total assets (AUM)	$7.99B	$5.27B
Dividend yield	2.18%	0.31%
Trailing P/E	19.72	22.40
Beta	1.08	1.27
52-week change	104.53%	76.26%

Risk & fund metrics

Metric	COPX	XME
1Y return	+104.53%	+76.26%
6M return	+27.25%	+16.04%
1M return	+7.70%	+6.27%
1Y Sharpe ratio	1.75	1.63
Beta	1.08	1.27
Dividend yield	2.18%	0.31%
5Y CAGR	+22.63%	+24.29%

Drawdown & downside risk

Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.

1Y risk snapshot

COPX max drawdown27.82%

XME max drawdown22.60%

COPX max wkly drop16.46%

XME max wkly drop12.60%

5Y risk snapshot

COPX max drawdown42.12%

XME max drawdown37.27%

COPX max wkly drop20.59%

XME max wkly drop16.54%

10Y risk snapshot

COPX max drawdown65.41%

XME max drawdown61.69%

COPX max wkly drop25.82%

XME max wkly drop28.53%

Performance metrics by period

Period	Metric	COPX	XME
1Y	Growth	+104.53%	+76.26%
	CAGR	+104.63%	+76.33%
	Sharpe ratio	1.75	1.63
	Max drawdown	27.82%	22.60%
	Max daily drop	10.62%	7.81%
	Max wkly drop	16.46%	12.60%
5Y	Growth	+177.29%	+196.61%
	CAGR	+22.63%	+24.29%
	Sharpe ratio	0.62	0.69
	Max drawdown	42.12%	37.27%
	Max daily drop	10.62%	7.81%
	Max wkly drop	20.59%	16.54%
10Y	Growth	+575.14%	+446.05%
	CAGR	+21.06%	+18.52%
	Sharpe ratio	0.59	0.55
	Max drawdown	65.41%	61.69%
	Max daily drop	17.44%	14.85%
	Max wkly drop	25.82%	28.53%

Fund overview

Category	COPX	XME
Fund name	Global X Copper Miners ETF	State Street SPDR S&P Metals & Mining ETF
Type	ETF	ETF
Expense ratio	0.65%	0.35%
Total assets (AUM)	$7.99B	$5.27B
Dividend yield	2.18%	0.31%

COPX strengths

→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

XME strengths

→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

Risks to watch — COPX

→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

Risks to watch — XME

→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

Frequently asked questions

Copper is the foundational conductor for electrification — its combination of high electrical conductivity, relatively low cost, and malleability makes it the preferred metal for virtually all electrical applications. Energy transition copper demand drivers: EVs use 3-4x more copper than internal combustion vehicles — a typical EV uses 80-100 lbs of copper versus 18-40 lbs in a gas car; in wiring, motors, charging systems, and power electronics. Solar panels — each megawatt of solar capacity requires approximately 5 metric tons of copper for wiring, mounting systems, and inverters. Wind turbines — offshore wind turbines require significantly more copper per MW than solar due to subsea cabling. EV charging infrastructure — fast chargers require substantial copper in transformers, wiring, and power electronics. Grid upgrades — modernizing electricity grids to handle bidirectional power flows (EV charging + rooftop solar + storage) requires replacing aging grid infrastructure with high-capacity copper-intensive wiring. Data centers — explosive growth in AI data center construction is a significant new copper demand driver, as each data center requires massive electrical infrastructure. Projections suggest global copper demand could increase 50-100% by 2040 under aggressive electrification scenarios, which would create significant price pressure given the slow pace of new mine development.

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COPX

+2.8%BUY

XME

+1.1%HOLD

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